[CoachKandSportsguy]

Could be that the future retiring buyers hoping for here are not getting their house sold back there, wherever, to the younger crowd, at the price they want, unless they are in a place where there are no more buildable lots and few houses being in a desirable area.

Here is mostly dependent on there unless people are very wealthy. .

lets wait and see but near zero interest rates were very much of an historical anomaly, and definitely not the norm.
Zillow / Redfin just released that 10% of the houses being sold are for people returning to the office, and moving back to where they were, more or less. . Extrapolating today way into the future > 3 years, is most likely incorrect in the people behavioral world.

we shall see what happens, I am watching and not pronosticating. .

[vintageogauge]

The good thing is you'll make a hansom profit when you do decide to sell.

[vintageogauge]

You are doing something wrong with your maps. According to the Daily Sun there were 281 new homes sold in TV in August which is right about where it has been for quite some time, the first half of the year they were averaging just about 10 per day every day., Sold prices went up just about 4% over last year. The MLS shows 3 more homes sold in TV in August compared with August 2022. So I don't see a slump and don't forget they are also selling new build family homes down on 470 which brings the numbers even higher.

[frayedends]

Originally Posted by Kelevision

I’m confused by these photos. The one on top has an entire section of mostly pending homes that’s not in the bottom photo.

To answer your question, they aren't showing because those people closed on their houses. I am one of the houses in Lake Denham that closed in the last few weeks.


Regarding houses not selling up north, not true at all. There is very low inventory so any sales are happening pretty quick. The inventory issue is partly due to the interest rates. People with a house at less than 3% aren't in a rush to sell and buy a house at 7%. Therefore, the buyers can't find anything.

As far as people buying in the area on the map, we bought knowing Eastport is coming and we are close to Sawgrass. When we drove through the Eastport area it was very lacking in any preserve areas. We wanted a preserve site and Lake Denham has a lot. Of course all the houses still for sale are mostly interior lots.

For this area, only ~30 minutes to Brownwood by cart. Preserve sites, long walking trail along preserve, close to Eastport when it opens. I think it has a lot going for it. Plus the Villages just bought a bunch more land just south of this area.

[Normal]

Originally Posted by vintageogauge

You are doing something wrong with your maps. According to the Daily Sun there were 281 new homes sold in TV in August which is right about where it has been for quite some time, the first half of the year they were averaging just about 10 per day every day., Sold prices went up just about 4% over last year. The MLS shows 3 more homes sold in TV in August compared with August 2022. So I don't see a slump and don't forget they are also selling new build family homes down on 470 which brings the numbers even higher.

The pictures are screen shots from a little over 3 weeks ago (August 31) and today (September 26). They are of the same village of course called Lake Denham. The completed houses have stopped selling.

[Bogie Shooter]

Just pictures……provide your own narrative.

[frayedends]

Originally Posted by Normal

The pictures are screen shots from a little over 3 weeks ago (August 31) and today (September 26). They are of the same village of course called Lake Denham. The completed houses have stopped selling.

I was confused by the pic because the first pic is the more recent.

The more recent pic has many more listings that weren’t yet available in the older pic. The preserve/view sites have sold very fast. The interior are taking longer, as expected.

Based on the Lake Denham FB page, there are houses being sold daily. I keep seeing new people.

[Catalina36]

Originally Posted by Normal

Two pictures of the sales map. One 3 weeks ago, one this morning. Is it location or the economy? Houses aren’t moving too well these days. I would measure the more “rentable” across from Brownwood is the reason for the wait? Leesburg taxes?

My quick response is,
#1 the higher interest rates are hurting retirement savings that are invested in the stock market. When the stock market is up people spend more money.
#2 The mortgage interest rates are hurting both preowned and new home sales.
#3 As much as the present homeowners in The Villages like the prices to go up and up. The higher the prices the homes will be pricing themselves out of the market. Remember in Florida your homes real estate taxes are based on the sale price of the house.

Higher Mortgage Interest and Higher Home prices is the reason for lower sales.
Just My Thought on home sales

[Normal]

Originally Posted by Catalina36

Higher Mortgage Interest and Higher Home prices is the reason for lower sales.
Just My Thought on home sales

We also know that 36% of all listings took a price reduction last week, mortgage applications have decreased 7 out of the last 8 weeks to the lowest since 1997, median prices nationally have decreased 40 k and housing starts have plummeted to levels prior to 2020. That said, the concern is lack of applications for home loans. If young couples aren’t buying homes, older couples aren’t selling theirs and moving.

[Susan1717]

Homes sales are slowing everywhere. We also have a beach condo on the water in southern florida. Been looking to upgrade that one to a larger condo and see many desirable ones on the market for over 100 days! That’s unheard of. Updated waterfront property used to sell within days or weeks. I’m thinking it is the poor economy, high inflation, and high interest rates.

[skippy05]

The economy.

[jimdecastro]

Originally Posted by Stu from NYC

Think this is all about higher interest rates will be up there for some time. Wonder if they will slow down building?

I am moved from Citrus Grove to Newell. My taxes are virtually identical. In addition, in a few years, when there are 10,000 homes here, the tax rates will go down like they did in Sumter. While my taxes went up about 30% my property is 42% bigger. Per square foot I pay lower taxes in Lake County.

[jimdecastro]

Originally Posted by Normal

Two pictures of the sales map. One 3 weeks ago, one this morning. Is it location or the economy? Houses aren’t moving too well these days. I would measure the more “rentable” across from Brownwood is the reason for the wait? Leesburg taxes?

There were two other factors I didn't see here. The past three weeks, about 25 homes were sold in Newell (will be at several reduced by as much is $40,000). In addition, lots are now being sold in Dabney. There are only 14 homes left in Newell. I do not believe any homes are available yet in Dabney. Currently, Lake Denham is where all the new homes are. There are probably less new homes available now than there was a year ago. Once anything opens in Eastport this area will be hopping. By the way, it takes me 43 minutes to get to Disney World.

[DeweyBeach]

Originally Posted by jimdecastro

There were two other factors I didn't see here. The past three weeks, about 25 homes were sold in Newell (will be at several reduced by as much is $40,000) .....

How does one determine if there was a price reduction on a new home?

[jimkerr]

Originally Posted by margaretmattson

Most people know the next areas to be built will be in the Eastport area. With Championship golf courses, country clubs, the square, and more commercial, I suspect people are waiting to purchase. Lower taxes in Sumter County help too. My guess is investors will be lining up to purchase in that area. Just like Richmond, there will be 30 people or more wanting the same houses and they will revert back to the lottery system. Some unlucky homeowners may find themselves on a street with many rentals like those in Lake Sumter Landing and Brownwood.

I'm staying away! Once my CYV near a square is sold, I am purchasing farther north. I have no interest in reliving a neighborhood full of rentals. In my next move, I am looking for peace and tranquility.

It will not be cheaper to live closer to Eastport because those people will be paying Wildwood taxes like I do.