[784caroline]

If you can come up with 20% down payment and have a decent (not outstanding) FICO, you can get a loan.

Regarding the change in Cluster zoning...all that mean is that the price of housing will go up..along with the Bond fees..but granted you will have more space!

[gfmucci]

Originally Posted by rsetterlund

I have heard that Florida's zoning laws will change in 2012. The change is not allow cluster zoning, like TV, and require larger lots sizes.

"Zoning" is controlled by local government, either cities or counties, depending where the zoned land is located. All of TV is unincorporated, not in any city, but in one of three counties. The state does not "zone" or dictate zoning.

Age restrictions are allowed by Florida law and are enforced by deed restriction.

Florida Statutes, Title XLIV, CIVIL RIGHTS, Chapter 760, DISCRIMINATION IN THE TREATMENT OF PERSONS; MINORITY REPRESENTATION has an exemption section that allows age discrimination. The specific section that pertains to age 55 and older age restricted communities in Florida is quoted below:

3. Intended and operated for occupancy by persons 55 years of age or older that meets the following requirements:

a. At least 80 percent of the occupied units are occupied by at least one person 55 years of age or older.

b. The housing facility or community publishes and adheres to policies and procedures that demonstrate the intent required under this subparagraph [bold added for emphasis]. If the housing facility or community meets the requirements of sub-subparagraphs a. and c. and the recorded governing documents provide for an adult, senior, or retirement housing facility or community and the governing documents lack an amendatory procedure, prohibit amendments, or restrict amendments until a specified future date, then that housing facility or community shall be deemed housing for older persons intended and operated for occupancy by persons 55 years of age or older. If those documents further provide a prohibition against residents 16 years of age or younger, that provision shall be construed, for purposes of the Fair Housing Act, to only apply to residents 18 years of age or younger, in order to conform with federal law requirements. Governing documents which can be amended at a future date must be amended and properly recorded within 1 year after that date to reflect the requirements for consideration as housing for older persons, if that housing facility or community intends to continue as housing for older persons.

c. The housing facility or community complies with rules made by the Secretary of the United States Department of Housing and Urban Development pursuant to 24 C.F.R. part 100 for verification of occupancy, which rules provide for verification by reliable surveys and affidavits and include examples of the types of policies and procedures relevant to a determination of compliance with the requirements of sub-subparagraph b. Such surveys and affidavits are admissible in administrative and judicial proceedings for the purposes of such verification.

One must look further for the document specified in bold face type in the statute which states: [the] "community publishes and adheres to policies and procedures that demonstrate the intent required under this subparagraph." It is up to the community how long the age restrictions may be in force. The sales documents for homes in each village should contain a copy of these required "policies and procedures". Like virtually all deed restrictions or "restrictive covenants" I've seen, they have an expiration date.

From The Villages Community Development District website...

"Since The Villages has been in the process of development over the last 40 years, the restrictions for various communities within The Villages have evolved over time. The following is a summary of many items covered in the Declaration of Restrictions. Please refer to the Declaration of Restrictions for you individual neighborhood for more detailed information.

1. Age Restrictions: The Villages is an adult community designed to provide housing for persons 55 years of age or older. All homes must be occupied by at least one person who is fifty-five years of age. Persons under the age of 19 years may visit for a maximum of 30 days per year but may not reside permanently in a any dwelling."

I would gather from this that age restrictions are via deed restriction and not through zoning.

[gfmucci]

Here is an abstract of a study about a community in Arizona that lost it's age-restricted status. The home price premium the residents enjoyed because of the age-restricted status deflated within 12 to 18 months. Note that Youngtown's age restrictions were enacted through local zoning while The Villages age restriction is based on deed restrictions.


Loss of Age-Restricted Status and Property Values: Youngtown Arizona

Karl L. Guntermann
Arizona State University - Supply Chain Management

Gareth Thomas
Arizona State University

Journal of Real Estate Research Vol. 26, No. 3, 2004

Abstract:
This study finds evidence of a large premium in Youngtown Arizona house prices that persisted over time and could be attributed to the town's age-restricted status. Age restrictions may act as a signal that the community provides facilities and services that meet the needs of the senior population and the assurance that those facilities and services will be available in the future. This assurance reduces uncertainty for future owners and it is the reduced uncertainty that is capitalized into house prices. The loss of the age restriction resulted in the elimination of the premium over approximately twelve to eighteen months.

The complete study can be viewed here: http://www.allbusiness.com/accountin...1014230-1.html

[Russ_Boston]

Good research but read the whole article.

Florida is NOT going to endanger its economy at any point in the future by disallowing age-restricted developments. TV is not a whole city despite its size. It is a single, albeit large, real estate deeded development that is age-restricted to 80/20 over 55. TV has no reason to ask for these restrictions to be removed. To my knowledge it is no where near the 20% under 55 anyway. I think you are off base if you feel that TV would be kids town in the future. There must be HUNDREDS of 55+ communities in FLA and thousands more across the country. They are not gimmicks.

Just my opinion.

[gfmucci]

Originally Posted by Russ_Boston

Good research but read the whole article.

Thanks. And I did.

I think you are off base if you feel that TV would be kids town in the future. There must be HUNDREDS of 55+ communities in FLA and thousands more across the country.
Just my opinion.

And without calling you "off base"*, my opinion is that in 20 years, after the baby-boomer demographic bubble has evaporated, and there is substantially less demand for "age-restricted retirement communities" we, or those who come after us, may find there is a much smaller market for the sale of TV homes - especially 30 to 40 year old homes. And the fact that there are "HUNDREDS of 55+ communities in FLA and thousands more across the country" makes the demographic shift even MORE significant. If this is true, than there there will be a much greater supply of age-restricted housing than demand and prices will fall relative to other housing options. If that happens, the owners of homes in TV (sans developer intervention or interest) may try to expand the potential buyer market (and prop up prices) by finding a way to eliminate the age restriction, which I believe is technically possible. And I didn't say "Florida" would do this. The homeowners, collectively, would attempt it.

I realize there are several "ifs" involved in this scenario. But they are all within the realm of possibility if not probability.

*An alternative manner of disagreeing besides telling someone is he is "off base" is to say "I disagree because..." or "I have a different view."

This whole topic is highly speculative. There is no correct answer today. That's just my opinion. I might be wrong.

[Russ_Boston]

Some good points to think about.

I do feel that FLA has been and always will be about retirement folk as its bread and butter. This started long before the baby boomer era and it will continue way past our era. Will the values fluctuate in TV as it ages? Sure but due more in part to ITS age not the age of the residents. In 20-30 it will require revitalization. You should start to see this in the oldest sections within a few years as the supply of new homes dwindle down to a trickle. TV will still be desirable based on its lifestyle so the older homes will be remolded one by one. Lesser communities that do not offer what TV does will suffer first.

That, of course, is just my prognostication.

[gfmucci]

I should modify my previous speculation by saying "only the most revitalized, successful age-restricted communities will survive in 30 years." The Villages has a great start in being one of those survivors. I expect many of the less successful ones will look for ways to eliminate their age restriction.

But then, I could be wrong.

[JohnN]

I can't figure out what's going to happen in the November election, how our economy might/might now recover, nor how world events will change in the next year.

I sure can't see 30 years down the road and wonder/worry if TV will have different restrictrions. And likely I won't care because likely I won't be here.
I'll just take my chances with TV as is. It's heads and tails better than most, and in the here and now, that's my priority.

[gfmucci]

One year from now is easy to see...

No matter who is elected: Continued overspending by congress, deferring payments on stuff we can't afford until another bubble bursts.

The mega-trends define the future. Identify the magatrends and you pretty much have it.

I'm going to start a thread inviting people to describe the situation and characteristics of the retiree of 2030.

Look for it on the Non-Villages discussion forum.

[TomW]

As a prospective villager, the "entry price" is the key thing. No one can time the market to hit the exact bottom but would prefer to buy lower. After that, it doesn't matter unless you are selling for some reason. I think many of us have to be careful not to purchase too much house in retirement and become "house poor." And like many others, a good chunk of our retirement funds are invested in the stock market. Some days its a Lantana, some days a single-wide. Today, it would be a pup tent and hoping next year is better.

[gfmucci]

Originally Posted by TomW

And like many others, a good chunk of our retirement funds are invested in the stock market. Some days its a Lantana, some days a single-wide. Today, it would be a pup tent and hoping next year is better.

Great line. I have the same thoughts.

[Russ_Boston]

I've got the tent and a blow up mattress. Now all i need is some flint to make fire. After yesterday's melt down I think it is "Operation villages 2012 instead of 2010!"