Changing market: 500 Avecilla Dr, asking $825K, Purchased for $975K Dec 2022.
500 Avecilla Dr, THE VILLAGES, FL 32162 | MLS# G5074632 | Redfin

Apr 27, 2024

Date

Price Changed
Stellar MLS as Distributed by MLS Grid #G5074632

$825,000
Price


Dec, 2022
Dec 20, 2022

Date

Sold (MLS) (Closed)
Stellar MLS as Distributed by MLS Grid #G5059154

$975,000
Price

Neighbor
 

Neighbor only lost 20 k on their designer home with view. Now isn’t the time to sell. It’s a no brainer with 6.5 to 7 months inventory available.

It is getting more obvious that preowned homes are taking a hit. Many will say they were overpriced to begin with, but owners paid TOO MUCH after Covid. Now, they must take a loss. A reminder for all to be careful when purchasing.

Was the bond paid off?

No
 

The house is about 2 and a half years old. The bond wasn’t paid off.

Several friends and neighbors have gotten their list price or more if using a MLS agent.

Selling preowened is a low priority for VLS reps unless it involves also purchasing another VLS property.

It seems like it is hit or miss. Some homes get their asking price while others linger on the market for months with price reduction after price reduction. This is true for both southern and northern areas. It is a market where buyers have ALL the control. A large inventory of homes gives them plenty to choose. If your Gardenia model doesn't have appealing attributes, a buyer will pass and look at the MANY SAME models available. Cookie-cutter homes means competition. Yours has to stand out!

Even the Developer is having problems. More price reductions in Dabney in the past week.

Not a good time for those trying to recover a bond payoff in sell price.

As someone who has been looking (diligently) for a couple months now, I generally agree. I track sold homes literally every day. While it's true a small handful of homes still sell at or even a little over list price (very rare these days), the vast majority are selling below list price; even list prices that have been reduced several times.

I also agree that houses that stand out have a much better chance. Your Gardenia (and Camellia) example is spot on. It's getting to be a real good time to be a buyer because there are many options available. And if one house you like goes pending today, invariably another one you like will hit the market tomorrow.

All I need now is to secure a remote work job; just a matter of time. :-)

Not necessarily. As I'm looking at houses, I factor any bond balance into the price of the house (e.g., 450k price, 15k bond balance, 465k total price). Some may argue reasonably that that type of simplification is the wrong way to look at it, but it's how I choose to look at it. If another similar house has no bond balance and is priced at 460k, then it would be the leader (all other things being equal). There are a lot of factors I take into account when deciding on market value of a specific home, and paid off bond does hold value for me. It's not the primary factor, but it is a factor.

Kind of sheds some light on what has puzzled me. Neighbors moves to a small villa due to health issues. Their designer home on a corner lot is very spacious and has been kept very up to date, kitchen additions, new roof, AC, paint, flooring, gutters, etc. I thought the ask price of $459 was really priced to sell for this nicely kept home, but apparently not, After 3 months it was cut more than 50K and now at 5 months is down to $389. There are no hidden problems, sink hole activity, irrigation system has always been maintained, all that, so it looks like the old saying that a home is "worth" ONLY what a buyer will pay and not a penny more. Too many available home ? Too many NEW homes and villages ? Interest to high for those who want or need to finance ? Not sure. Have noticed the same trend in many other Florida planned retirement communities... just normal up and down of market ? ? ?

Yes, the Covid boom drastically inflated prices. And those selling after only a few years are taking a hit.

But there are plenty of preowned homes (purchased befor said boom) that are realistically priced...

Selling what the customer wants should be their main priority. It was with our VLS agent.

Still on market? I can't find anything that fits that description but would be interested to see it.

The market is correcting from the covid boom highs.

It's very hard to find a comparable home as there is such a wide spread in the value of the lot the home is on. Also, homes that are hard to find sell very quickly unless there is a problem. Example, TV has only 5 pre-owned 4 bedroom Woodside models that are not pending and only 6 pre-owned Ivy models and 4 of them are in the undesirable villages of Pine Hills and Pine Ridge along with one only having a 2 car garage. That's it, in all of The Villages pre-owned listings there are only 11 of those models available that are not pending, the ones in desirable areas on desirable lots sell with in a few days, some times the same day. Corner lots are hard to sell as are kissing lanais or designers without a golf car garage. For every home that takes 90 days to sell there is one that is sold in one day and that's and average of 45 days on the market. When you buy a home, just don't look at the price, look at the desirability when it comes to re-sale.