Originally Posted by marvinh11791

Hello. I came down to The Villages and I came close to buying a new home in the village of Dunedin. This was in 2016. The home model was the Whitney Villa. 3bd/2bath.

The price then was $229,000 plus a remaining bond of $16,244.

Now a similar home is about $279,000 plus bond. I know, of course, home prices have risen but is this rise about right over the last 4-5 years? Or is price of lumber and raw materials risen that much to drive the price up to his extent?

And with the bond on a new home, the prices may have risen beyond what I can afford.

What are your thoughts on new home prices? Thank you. MarvinH

Yes construction materials have escalated in price. People are fleeing cities and states with their high taxes and crime as a few Florida officials have noted. But there are some new, very nice 2/2 villas w/carport still available around $200k. You can add a third bedroom later on. Also some nice mobile homes in the historic side. If housing prices crash homes here will experience the least decline.

[Stu from NYC]

Originally Posted by DavidCovid

The home price increase in The Villages are out of control.
Example-
A homeowner purchased his home new for 400,000 and listed his home for sale by owner for about 599,000 for approximately a week. The house was taken off the market and relisted with a real estate agent for 699,000 and sold within 10 days for near ask. What is going on with these prices???

Supply and demand

[Laurawilcox]

Marvin, I understand the surprise. We are needing to wait before we can purchase as well for a variety of reasons as well as pulling equity from current home. Have been aware of the 3-5% increase which is normal for the Villages. This last year has been insane in most markets. Lumber went skyrocketing and our home in Denver has gone up at least 12% this year alone. I hope you find an increase in your current market as well that can make it possible for you to make the Villages happen for you.

[marvinh11791]

Originally Posted by graciegirl

I went to thevillages.com to find a reasonably priced home and link it, and was unable to find the information. I called and asked why and was told their site is having difficulties and they don't know why. It has been unable to show homes yesterday and today.

My first jump to a conclusion is that it could have been hacked.

Which makes me worry about a lot of stuff.

I do know that new homes are still available at around $200,000, the last I checked which was probably about a month or two ago.

I hope you find a home you love here. We love it here.

I hope thevillages.com gets restored soon to functioning.

It still is a beautiful day in The Villages. AND I don't work for them...no more mean private messages. sheesh.

Hi Graciegirl,

Are you talking about a new home in the Villages for $200,000? I think there are some homes in the southern area with maybe 1 bedroom and a carport. I think those may be available for $200,000. Thanks. MarvinH

[charlieo1126@gmail.com]

If you are paying rent somewhere, a $279 , with bond with 20% down wold run you under $1,100 yes there are other hard cost but let’s say $1,500 a month and unless your living in a combat zone or with mommy that’s less then paying rent , on another point I want a fully paid Ferrari , but I settle for a fully paid good car instead , none of us get everything we want, the trick is to try to be happen with what you can have

[kkingston57]

Originally Posted by DavidCovid

The home price increase in The Villages are out of control.
Example-
A homeowner purchased his home new for 400,000 and listed his home for sale by owner for about 599,000 for approximately a week. The house was taken off the market and relisted with a real estate agent for 699,000 and sold within 10 days for near ask. What is going on with these prices???

This is happening almost everywhere with higher % changes than in TV, It is worse in areas where in there is a lack of undeveloped land.

At least this is not the early 2000's when banks were lending money with no money down and no proof that a person qualified for a mortgage.

[DAVES]

Originally Posted by marvinh11791

Hello. I came down to The Villages and I came close to buying a new home in the village of Dunedin. This was in 2016. The home model was the Whitney Villa. 3bd/2bath.

The price then was $229,000 plus a remaining bond of $16,244.

Now a similar home is about $279,000 plus bond. I know, of course, home prices have risen but is this rise about right over the last 4-5 years? Or is price of lumber and raw materials risen that much to drive the price up to his extent?

And with the bond on a new home, the prices may have risen beyond what I can afford.

What are your thoughts on new home prices? Thank you. MarvinH

We all tend to think focused on ourselves and often with a bit of shoulda coulda mighta but didn'ta tossed in.
Using your numbers 4-5 years ago was 229,000 plus 16,244 bond. Now it is 279,000
plus filled in by me 20,000 bond. So I will use four years ago it was 245, 244 it is now
299000 (279,000+ my estimate 20,000 for the bond). 246.244 +6% (1) +6% (2) +6% (3) +6% (4) it comes to 309,614.
I do not know you. More important I do not KNOW the future. What I think I see is that inflation is rising and if you will be taking a mortgage interest rates will also be going up.
Build-able land, labor and materials are all going up.
If, you currently own a home, that too has likely been going up as well too many people asking the same question forget that reality.

[DAVES]

Originally Posted by Laurawilcox

Marvin, I understand the surprise. We are needing to wait before we can purchase as well for a variety of reasons as well as pulling equity from current home. Have been aware of the 3-5% increase which is normal for the Villages. This last year has been insane in most markets. Lumber went skyrocketing and our home in Denver has gone up at least 12% this year alone. I hope you find an increase in your current market as well that can make it possible for you to make the Villages happen for you.

All of us tend to focus on one thing. Reality is not that way it is everything happening at the same time. Home in denver up 12% the villages up 3-5% assuming your numbers are correct, The s&p average is up I think the last time i looked 48%. Loss of dollar value is down 6% in a year. The CPI consumer price index was up 4.2%. A home as an investment far different than say the stock market. There is a cost to sell and it sometimes sells in a day, a week a whatever but other times it takes far longer to sell. The price, the real price is what you net after the cost of getting it ready for sale, taxes, heat, lawn,moving, broker commissions etc etc etc

[CoachKandSportsguy]

The world is not flat nor linear at all times. As one can see, there can be rather slow moving randomness when the system is in relative balance, low growth, low inflation, and then the system can be thrown into chaos, which is unforeseeable and unpredictable in how humans react the chaotic changes. . . the last 40 years have been in relative balance, and now we have some chaos which has undermined that and humans are reacting a bit impulsively. . .

The employment scenario with state taxes and other changes have caused those who were considering relocating to execute on that decision at the same time. however, this won't last for ever, as both interest rates will rise, and people who are not as impulsive or not first movers may find opportunities among those who were impulsive.. . . be patient but be ready and have a plan

If you want to buy a house in the villages, the best bet is to rent a villa, and have all your cash and mortgage ready to pounce that day when you find a house which you can afford and like. Trolling the buyers wanted section of the villages dot com remotely will not nearly get you all opportunities which is available, which a realtor can provide you. . . and you are only dreaming and not acting if that is what you really want to do

you have to work for what you want. . .

btdt guy

[Catalina36]

BUY A RESALE with the Bond Already Paid Off. A much better investment. Most resales have nice landscaping and other improvements which can save you thousands of dollars.

[DavidCovid]

Originally Posted by Catalina36

BUY A RESALE with the Bond Already Paid Off. A much better investment. Most resales have nice landscaping and other improvements which can save you thousands of dollars.

This concept MAY not work in a sellers market as the seller will usually increase the ask price in order to recover the cost of the bond paid and all other improvements made. There is something about a brand new home that folks are willing to pay for.

[golfing eagles]

I agree, home prices are going nuts.
I bought 7 years ago for $542K, and now similar homes are SELLING (not asking price) for $850-900K. I plan on dying in this house, since it may be the best golf course view in TV, but might be a tidy profit for my heirs.

[vintageogauge]

Originally Posted by Catalina36

BUY A RESALE with the Bond Already Paid Off. A much better investment. Most resales have nice landscaping and other improvements which can save you thousands of dollars.

You'll also get less square footage for an equal price and a lot of aged stuff like windows, roof, HVAC, flooring, etc. which can cost you thousands of dollars. If there is a deal to be had out there it is gone within 24 hours.

[BayLady57]

Originally Posted by marvinh11791

Hello. I came down to The Villages and I came close to buying a new home in the village of Dunedin. This was in 2016. The home model was the Whitney Villa. 3bd/2bath.

The price then was $229,000 plus a remaining bond of $16,244.

Now a similar home is about $279,000 plus bond. I know, of course, home prices have risen but is this rise about right over the last 4-5 years? Or is price of lumber and raw materials risen that much to drive the price up to his extent?

And with the bond on a new home, the prices may have risen beyond what I can afford.

What are your thoughts on new home prices? Thank you. MarvinH

I was listening to a real estate show on the radio a few days ago while I was driving to work and according to what was relayed in this show the cost of lumber has gone up not because there is a shortage of trees, it is because the lumber mills are still not running at full capacity.

Around 2015 I started to consider TV as a possible retirement destination so I too followed what was happening in the community along with the prices of homes. With being +/- 7 years from retirement in 2015 I certainly expected both pre-owned and new home prices would rise in the interim years to my retirement especially since mortgage interests rates were still low. Maybe I am not sticker shocked as you regarding the rise in home prices in TV because when my late 1st husband and I began looking at buying or building a home right after we married in 1986 not only were the price of both pre-owned homes and the cost to build new high, the mortgage interest rates back then were in the double digits. After looking at what seemed to be a gazillion pre-owned homes which most all needed a good deal of work, we decided instead to build new no matter how long that took. A new development in my R.I. hometown at that time were releasing lots a section at a time and having saved like crazy working every hour of OT we could get for the next 3 years following our marriage we were able to purchase in cash a lot in this development for the non-negotiable price of $65k which was a good deal of money back then. In the year following purchasing our lot we lucked out in finding a fairly priced contactor that we could work with and that summer we began construction. Our year long construction mortgage had an 11% interest rate, and following because of a slight mortgage interest rate drop and having the equity of owning our land we were able to transition into a conventional 15 year term fixed rate mortgage at 9%.

Following building our home our next goal was to pay off our what we considered our high interest mortgage ASAP. So we continued on the grab every hour of OT path, drove old cars, passed on vacations, etc. and with a little help from my parents we were able to pay our mortgage off in 8 years instead of 15. When I add in the cost of the interest we paid over those 8 years to the cost to build our house 31 years ago, that total cost was pretty close to the current cost of the TV model you mentioned in your post minus the bond.

So from my experience and perspective with mortgage interest rates still low compared to the rate I had when I had a mortgage, then add to that property taxes are still relatively low in TV compared to mine and those who live in states like NY, NJ, etc. which are much higher, and with no Florida income tax which is very appealing to retirees I am actually surprised home prices in TV have not risen even higher than they have.

[DAVES]

Originally Posted by BayLady57

I was listening to a real estate show on the radio a few days ago while I was driving to work and according to what was relayed in this show the cost of lumber has gone up not because there is a shortage of trees, it is because the lumber mills are still not running at full capacity.

Around 2015 I started to consider TV as a possible retirement destination so I too followed what was happening in the community along with the prices of homes. With being +/- 7 years from retirement in 2015 I certainly expected both pre-owned and new home prices would rise in the interim years to my retirement especially since mortgage interests rates were still low. Maybe I am not sticker shocked as you regarding the rise in home prices in TV because when my late 1st husband and I began looking at buying or building a home right after we married in 1986 not only were the price of both pre-owned homes and the cost to build new high, the mortgage interest rates back then were in the double digits. After looking at what seemed to be a gazillion pre-owned homes which most all needed a good deal of work, we decided instead to build new no matter how long that took. A new development in my R.I. hometown at that time were releasing lots a section at a time and having saved like crazy working every hour of OT we could get for the next 3 years following our marriage we were able to purchase in cash a lot in this development for the non-negotiable price of $65k which was a good deal of money back then. In the year following purchasing our lot we lucked out in finding a fairly priced contactor that we could work with and that summer we began construction. Our year long construction mortgage had an 11% interest rate, and following because of a slight mortgage interest rate drop and having the equity of owning our land we were able to transition into a conventional 15 year term fixed rate mortgage at 9%.

Following building our home our next goal was to pay off our what we considered our high interest mortgage ASAP. So we continued on the grab every hour of OT path, drove old cars, passed on vacations, etc. and with a little help from my parents we were able to pay our mortgage off in 8 years instead of 15. When I add in the cost of the interest we paid over those 8 years to the cost to build our house 31 years ago, that total cost was pretty close to the current cost of the TV model you mentioned in your post minus the bond.

So from my experience and perspective with mortgage interest rates still low compared to the rate I had when I had a mortgage, then add to that property taxes are still relatively low in TV compared to mine and those who live in states like NY, NJ, etc. which are much higher, and with no Florida income tax which is very appealing to retirees I am actually surprised home prices in TV have not risen even higher than they have.

People do not think. A line from a now departed friend. I was an overnight success, it only took me 45 year of hard work, saving, investing etc.

We are ex-New Yorkers. I know people here from N.Y., N.J, Chicago, Calif, Hawaii. I ask,
are you trying to turn Florida into what you RAN AWAY FROM. We left behind a 6% state tax, 3% city tax. Some complain about the roads, electricity etc. Electricity in NY is among the highest in the nation. Roads? The Belt Parkway has been under repair for 40-50 years.