Property Values in TV during last recession

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  #1  
Old 01-02-2020, 02:24 PM
Koapaka Koapaka is offline
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Default Property Values in TV during last recession

I tried searching this forum to see if anyone had asked and don't find any postings, so quick question for those of you that have been TV for a while now.

During the 2008-2012 recession, how much did the housing values drop in TV??? I remember that a LOT of FL took HUGE hits, but I was wondering if that was equally as bad in TV (was not sure how a retirement community would fare).

We did not do badly here in TX, but then our housing prices don't increase at the incredible leaps and bounds that FL does either.

Anyone that can help with info on how the market in TV fared, your input would be most appreciated.
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Old 01-02-2020, 04:42 PM
retiredguy123 retiredguy123 is offline
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I would check the county records to see what the new houses sold for in that time period. I have noticed that Villages houses built in 2005 - 2007 are now selling for only a small profit, but they are about 15 years old. So, I think The Villages experienced the same type of housing bubble and decline as the rest of the country, but to a lesser degree than most regions.
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Old 01-02-2020, 04:53 PM
peachpit peachpit is offline
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From my experience the worst anyone was hurt in ‘08 was 20% on new purchases. Since they were new very few had to eat the loss. Values came back and all are sitting pretty now. Florida real estate has always been volatile, but it seems much less so in The Villages. Remember 10,000 boomers are turning 65 every day.
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Old 01-02-2020, 05:15 PM
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We looked at a lot of properties in the 2010-2012 time frame. Any we were interested in prompted us to look at the county assessor’s website. Most that were purchased in ‘06-‘08 had lost value, though not a massive amount. Probably 10-20% was the typical”discount”. Many other places in Florida saw losses in value in excess of 50%. I would surmise that The Villages did not see significant losses because a: The homes were mostly relatively inexpensive, b: Because of the very specialized nature of TV, amenity rich, golf affordable, senior citizen destination. In 2011 one could find patio villas for $130,000 and Amarillo ranch homes for $160,000. We looked at a somewhat dated Lantana on a CC golf course for $250,000.
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Old 01-02-2020, 06:10 PM
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There have been numerous articles that stated that The Villages properties lost far less value during the economic downtown starting 2008 as compared to Florida real estate data. A search should turn up the percentages. My recall isn't what it used to be.
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Old 01-02-2020, 09:34 PM
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Thank you all for the info! That is EXACTLY the feedback I was hoping for. While the move to TV will be our LAST move, I was concerned because of the volatility of the FL markets in general when the lean times hit, but hearing that a retirement community was not nearly as devastated makes me feel much better about our purchase there and not "rolling the dice" on assets we would love to be able to leave our kids/grandkids. I figured worst case scenario is we can tell them IF we leave this big, blue marble while the market is down; I would like them to consider "renting it out" until market recovers. (or one of them is old enough and interested in buying out their siblings).
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Old 01-03-2020, 06:42 AM
GoPacers GoPacers is offline
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Don't take this post the wrong way but why would you worry about what you leave your kids/grandkids? If the move to The Villages is your last move then enjoy it. it's a great place for most people. The overwhelming majority of our kids/grandkids won't love us any more/less based on what we leave them. We won't ever know anyway because we're not here! Enjoy the time you have here, enjoy the opportunity to spend time with family and if your home is worth $50K more/less than when you purchased it, who really cares? I get it that nobody wants to "lose money" but how will this change your life?
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Old 01-03-2020, 09:14 AM
Nanny32162 Nanny32162 is offline
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Thank you for your reply. We don't want to lose money, but this should be our last home, the price is what it is. If you're interested in flipping houses, that may be a different story. But house flipping is not the intention of The Villages. It is a active retirement community, for the rest of most of our lives.
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Old 01-03-2020, 09:32 AM
gatorbill1 gatorbill1 is offline
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I lived in South Florida in 2008, where my house that had tripled in value in 4 years 2000-2004 all of sudden was worth less than what I had paid. I had my house on market while looking to move to TV. The Villages prices went down 10-15% only here, but also never had the big increase in value that the other parts of Florida had (South Florida and coastal Florida) prior to recession.
Hence what goes up fast, comes down just as fast.
I moved here in 2010 and purchased a property that had been built in 2000 and only paid about 10% over original price when built 10 years earlier. Then prices went up slowly since then.
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Old 01-03-2020, 11:06 AM
Dilligas Dilligas is offline
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We first looked in 2006 before the crash....then in 2009 at start of rebuild .... and bought in 2011. For the same type of house, on a golf course, on water, the 2006 was about $450k-$500k, 2009 about $350k, and in 2011 $400k+$425K. The 20% is a good approximation of the decline....however, the demand did increase and the inventory in 2009-2013 was very low. Little if any color or design choices when building. We came from FT Lauderdale where our home from 2000 to 2007 more than doubled from $325k to $700k+ and then sold in 2011 for $400k in a desireable area. Other coastal areas, especially in golf communities, dropped more than 50% and stayed until 2013.
As others have said, you can't buy based upon the future. Two years ago, everyone was predicting a recession because the 8-9 year recovery was the longest in history. Since then, the economy has increased dramatically. Buy for now, without depending on what's going to happen in the future. This should be your last home, so get one to enjoy.
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Old 01-03-2020, 12:14 PM
Dlbonivich Dlbonivich is offline
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I am a realtor in The Villages now, but in 2010, which was the bottom of the market in FL, I was a realtor in Houston TX. I can to FL in 2010 and bought 2 condos at the beach. I paid 1/3 of the value that they hit as a high. Needless to say the market recovered and I made a lot of money on those investments. I moved to The Villages 2 years ago. I think the prudent thing to look for when you make your move is fo not buy high (Premiere) or too low. Buy the middle of the road home. Many more buyers for that home if you should have to sell. 900 people a day are moving to Florida every day. Certainly a demand!
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Old 01-03-2020, 02:04 PM
lousandi lousandi is offline
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I have been watching the "For Sale" in The Villages and it seems that a lot of Home Owners are lowering their prices. I wonder why. I live in The Villages.
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Old 01-03-2020, 06:44 PM
Koapaka Koapaka is offline
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You all make good points and I am grateful. I just had questions since we are TOTALLY unfamiliar with FL real estate, and trying to do all the studying we can for this move. I have also heard that it is not uncommon for people to buy a home in TV and then buy ANOTHER, and possibly 3rd before they settle. We are just trying to do it smart and ONCE! LOL Oh, we are coming there to live and enjoy your beautiful community, just trying to decide if we should spend a little more or little less. Think the "middle of the road" info is good. So far, I thru studying think I want the block/stucco vs frame/siding. Any pros/cons there anyone has to add to the discussion would be most welcomed!
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Old 01-03-2020, 06:57 PM
Koapaka Koapaka is offline
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Quote:
Originally Posted by Nanny32162 View Post
Thank you for your reply. We don't want to lose money, but this should be our last home, the price is what it is. If you're interested in flipping houses, that may be a different story. But house flipping is not the intention of The Villages. It is a active retirement community, for the rest of most of our lives.
Totally agree...we were just trying to focus on what we want to be our price ceiling before we get there and SEE things and get emotional vs analytical about it. We both came from "have not" backgrounds, and have worked hard...and want to be able to hopefully leave much of what we have invested now for our kids/grands.
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Old 01-03-2020, 08:31 PM
mamamia54 mamamia54 is offline
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I think they are lowering their prices because the price was listed too high.
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housing, values, recession, property, badly

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