Real Estate Prices with excess supply

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  #61  
Old 10-28-2007, 06:09 PM
Becky Becky is offline
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Default Re: Real Estate Prices with excess supply

LG, I purchased a new home in TV in July and it did come with blinds and fans. No light kits. Had to have those installed. ;D. I know I am in the minority, but I liked buying a home I didn't have to make a lot of decisions with! Furnishing it has been quite enough!

Becky
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  #62  
Old 10-28-2007, 08:53 PM
jjdees jjdees is offline
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Default Re: Real Estate Prices with excess supply

Chuck, What bubble? the great great majority of homes in the US weren't part of the bubble. The areas that were, parts of the northeast, coastal properties, and California were a part of the bubble. I looked at homes in Newport Beach that were selling for 40,000 new in the seventies that would bring a million today. Where else has that happened? The entire nation's housing market is in the tank. The media started talking about a bubble bursting than switched to the subprime problem. That still doesn't explain the slowdown in the market. The media pushed the issue so much, there's a general fear that prices are going to go down substantially. For most people outside the bubble areas, that would mean selling houses for less than what was paid for them years ago. In the Villages, a house that sold for 160-180K in 1998, 1999 is selling in the high three hundreds today, some in the 400s. Compare the premier homes prices today against 6-8 years ago. Now compare that to the rest of the country where a new $400k home in '98, '99 is selling for 425K today. This whole scene makes no sense.
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  #63  
Old 10-28-2007, 11:01 PM
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Default Re: Real Estate Prices with excess supply

Newport Beach $40K houses from the early 70's are now about $2 Mil

(when I came to Calif in '73 the houses were about the same prices as those in the Chicago burbs - five years later they were 10 times higher!)

http://www.ziprealty.com/buy_a_home/...&cKey=rzhrhw69


Houses in Fla in 2003, 2004 and 2005 were going up at a rate of nearly 50% per year - that's why we bought in early 2004 even tho we aren't going to use it much until 2009.
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  #64  
Old 10-28-2007, 11:13 PM
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Default Re: Real Estate Prices with excess supply

A point of information for all, the developer is committed to be here until 2011 when he the Villages will be 110,000 residents. He has no inclination to remain here after that. The residents will own the Villages, a little bit at a time as the developer sells it to us. We will be on the hook after 2011 and the family completes its' deveopment.
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  #65  
Old 10-29-2007, 12:31 AM
Renee Renee is offline
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Default Re: Real Estate Prices with excess supply

It is my understanding that we will own nothing when the developer leaves. Unlike other communities like Del Webb Spruce Creek where the homeowners do own all the amenities except the golf course TV has sold and will sell everything to investors who can collect the monthly dues and they are the ones who will control the amenities. Once the developer is gone and everything is privately owned who knows what fees we might end up paying.
  #66  
Old 10-29-2007, 01:45 AM
jjdees jjdees is offline
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Default Re: Real Estate Prices with excess supply

Chuck, now I'm REALLY sorry I didn't buy one of those Newport Beach houses. We had friends living there at the time and my company wanted me to move west. Somehow, we ended up in Syracuse. I think the relocation opportunity was in '71 0r '72. We looked at houses in our friends neighborhood and they were about 40K. Later in the 70s, they got divorced and the wife visited with us in Syracuse and mentioned they had sold their house for 350K. That was prior to the end of '78 when we left Syracuse.
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  #67  
Old 10-29-2007, 04:31 AM
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Default Re: Real Estate Prices with excess supply

JJ:

I have a 35 yr old nephew who owns a remodeling construction company in Costa Mesa. He has made many millions in the past five to seven years in that area.

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  #68  
Old 10-29-2007, 12:26 PM
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Default Re: Real Estate Prices with excess supply

Renee you heard wrong. The developer builds then we buy from the developer. The Championship golf courses belong to the developer.
  #69  
Old 10-29-2007, 01:10 PM
Renee Renee is offline
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Default Re: Real Estate Prices with excess supply

Donna

This question was asked and answered on another site.

The residents own the executive golf courses, swimming pools and recreation centers.
Not true. The developer sold the amenities (Executive golf courses, recreation centers and associated swimming pools) to the Villages Center Community Development District (VCCDD) and the Sumter Landing Community Development District (SLCDD).

These commercial districts are controlled by the commercial landowners in these districts. No residents live in these districts. The developer of The Villages is the majority landowner in both districts and the commissioners elected by the commercial property owners makes all decisions relative to the management of the amenities. Bonds floated by the 2 central districts paid for the amenities purchased from the developer. A portion of the residents' monthly amenity fees is used to retire these bonds.
  #70  
Old 10-29-2007, 01:15 PM
Atlanta0744 Atlanta0744 is offline
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Default Re: Real Estate Prices with excess supply

Renee is correct, I researched this and all amenities are already sold or will be. Call TV is in doubt, don't take my word for it.
  #71  
Old 10-29-2007, 01:41 PM
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Default Re: Real Estate Prices with excess supply

Quote:
Originally Posted by jjdees

The media started talking about a bubble bursting than switched to the subprime problem. That still doesn't explain the slowdown in the market. The media pushed the issue so much, there's a general fear that prices are going to go down substantially.


Over the years, I've tended to blame the media for everything, maybe unfairly, I don't know.

But this housing market burst, and the sub-prime problem, I believe are ABSOLUTELY a fire being fanned by the incredible media attention!!!! The media has the average person, who is probably a bit gun-shy about pulling the trigger on a home purchase in the best of markets, petrified of buying a home at something other than the absolute lowest price point in history!!! If people would only calm down, and decide on their home purchase based on a consideration of the long run, they will realize their home value, while possibly dropping some over the short term, will be a good long term investment.
  #72  
Old 10-29-2007, 02:02 PM
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Default Re: Real Estate Prices with excess supply

Sorry :'( :redface:
  #73  
Old 10-29-2007, 02:38 PM
jjdees jjdees is offline
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Steve, you're absolutely correct. Here in Atlanta, we have a new phenomena. The few buyers out there aren't even looking at the used market. Unlike some situations in TV where a new house might be cheaper than a used one, we seem to have the opposite here. I've seen new subs all over the place where the properties offered are quite a bit more expensive than comparable used properties. We have a custom built 4 sided brick ranch with 2800 square feet on the main floor and another 2800 finished on the lower level on a 3/4 acre lot in a lake community. I've seen new houses on a slab, 22-2400 square feet and no lot, small garages, selling for 50K more than what we're asking. And, they're selling, not as fast as in the past, but people are buying them. Go figure.
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  #74  
Old 02-19-2008, 10:05 PM
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Default Re: Real Estate Prices with excess supply

Just wanting to bump this to the top and get a current perspective on housing prices,

especially in TV,, they seem a bit "softer" than a year ago,

and have also seen some new villas with 2 car garages, which I'd only seen on resales in the past year or two I've been watching

so..what's up there? LOL...
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  #75  
Old 02-19-2008, 10:25 PM
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Default Funny House Selling Story

We endured almost a year of too few showings of our beautiful family home in north suburban Chicago. But it sold just before we moved to TV. Thankfully!

Our house was situated in a beautiful woodland community and our neighbor across the street had a beautiful pond, which he kept stocked with fish for the neighbors and local kids to catch and release. It was beautiful to view from our front windows.

One day a twenty-something princess arrived to view our house with her realtor. We had left the house for the showing, but our son had stopped by, not knowing we were gone. The young woman came up the front walk wailing and moaning to her realtor that the listing didn't explain that there was "open water" across the street and asking whether it would be required that the pond be fenced to protect her children. My son (who had caught many a fish from that pond as a kid) happened to be at the front of the house and overheard this entire conversation.

He probably didn't further the prospects of the young princess making an offer when he observed to her..."I wouldn't worry about the pond at all, lady. There hasn't been a kid drown in it for MONTHS!"

My son always was a comedian. And the princess wasn't going to make an offer anyway!
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