So if your neighbor purchased the same house for $30K less, what's the chances that buyer requesting a reduction in taxable value for their home would be successful reducing their taxes?

Assessed Value Resets to Sales Price
 

My understanding is that a purchased home is re-assessed at the sales price for that specific home. The purchaser at the higher price would have to go through a reassessment process and would need a lot of comparable data. I have done it with a county reassessment but doubt that the higher price purchaser would be successful.

The purchaser at the lower price should be assessed automatically at the purchase price.

There is a waiting list.

Pays for your golf and dance
 

That’s how the developer builds all those nice golf courses and dance areas. O and he charges you another fee to use those facilities!! You don’t think the builder builds nice areas for nothing lol

Wrong, close by no cigar.
(actually, not even close)

Bonds funded: Infrastructure includes storm water systems, underground pump stations, water retention areas, curbs, gutters, streetlights, transportation trails, underground piping, etc.

I know a lot of people that sold homes south of 44 after as little as 1 year up to 5 and 6 years and all of them were sold at a price giving the owners a hefty positive return on their investments, some nearly double what they paid. Also I have never heard of anyone, at least south of 44, that sold their home at a loss. Your daughter moving slowly can be making a mistake.[/QUOTE]

There has been a huge change in the market in one year.

I sold a home in September in 7 days. I made a good profit and used that to buy my current home. But, I had been living in the prior home for 17 years. Lots of time for appreciation.

Things have changed in the past FEW MONTHS. The history of homes on the market shows many are sitting for months and prices are moving downward. I didn't want to believe it until the Developer starting reducing prices. 250 + homes is not merely selling off what remains in a Village and moving on. (His way of doing business in years prior) It doesn't take much to realize the market is changing.

We will wait until the end of September. If we are wrong and prices go up, my daughter will be happy with a smaller home or a fixer upper. She is in her 40s. Husband is 54. She has time to wait. For them, any model in any Village is fine. Not picky, at all. Their only concern is buying a home and it depreciates 30-50 thousand in a month or so. Who wouldn't?

Currently, homes SOUTH OF 44 with views and pools seem to make a large profit on the resale. With interior lots, it is a DIFFERENT story. We have seen them sitting for months and YES quite a few suffered a loss. For her own reasons, my daughter wants an interior lot. Maybe it is too much inventory that is dragging prices down on these homes. Because of cookie cutter build, one looks EXACTLY like another. In this case, maybe buyers go the cheapest route they can find.

Very much spot on. Two things to mention. The first is interest rates do matter. More than half of all homes bought here are financed. Secondly, there seems to be an uptick in view lot new construction. There is a lot of water south of 44.

I still see depreciating housing prices till summers end. The Fed won’t cut interest rates anytime soon. Waiting doesn’t hurt a bit. If you bought now, we still have a ways to go till the bottom on prices. Houses are for sale EVERYWHERE!

Been a while since I read through this thread, but if you are waiting for interest rates to drop, I think that is a mistake. If prices are low now, when rates drop the prices will immediately increase. You can refinance an interest rate, you can't refinance the price. Just my opinion. Of course timing is everything and the exorbitant closing costs in Florida also need to come into play. Not sure how bad closing costs are on refinancing.

Market update
 

Hey it took us 189 days to sell a beautiful home that would be 3 mil and not even available in the villages . Of course it’s not sitting in the villages . Would have loved to get the price per square foot that we pay here. Not complaining, just don’t think 40/50 days on the market is a big deal ……..

Over the last few months we have had several homes in our immediate neighborhood listed at what I felt were very high prices and sold in just a few weeks, both interior and view lots. This is still a great time to sell a home, at least south of 44. I have noticed that Pine Hill and Pine Ridge homes don't seem to sell very fast for some reason.

if some people sell their homes in 5 days, others sell theirs in 30, and some take 100 days; the average is 45 days.

An average does not give a true picture. It makes one believe ALL homes sell within 45 days. In my example, 33% were far under, 33% in range and 33% way over. If you want factual days on market, you have to go on MLS and look at home history. A quarterly report that gives averages is interesting to look at but not reality.

One word: taxes.

For me to consider either of those villages, it would have to be an exceptional deal.

The average or sometimes called the mean can be very misleading with so many outliers. The current market is influenced by aggressive price cuts. The price cuts do help more houses move in fewer days.

What I have found very interesting about Florida retirement housing markets are the similarities. Take a look at Sun City by Tampa. It showed slowing signs about 2 months ago and now inventory is climbing through the roof. If what has happened in the past holds true, it will be a blood bath soon for sellers here. It will be a 100% buyers market.

I fail to understand why the Fed should cut interest rates since they are really where they should be or maybe a percent or two higher. When did "free money" to buy anything you want become the norm? And please don't tell me 1-3% doesn't equate to free money. It's price of homes that needs to adjust and drop accordingly.

No Cuts
 

I agree, why cut rates at all? They won’t till the fall or even at all this year. The new norm is setting in and prices have to be driven down in homes. Those who bought in 2020 or 2021, Merry Christmas if you borrowed at 2.5%. Those days are long gone now. Nobody is going to pay those loans off early. Interest rates need to stay in the 7-10% range.

This is not similar to what has happened in the past. The last time loans were being given to anyone, even those that they knew could not afford them and the prices sky rocketed on homes. Fast forward a couple years they were all in foreclosure, tons of vacant homes hit the market, and the prices tanked. That is not the case here, Prices are high due to inflation, and lack of inventory. There are thousands of buyers out there waiting for rates to come down that will jump in and buy at the current high prices as soon as a rate drop happens, if it ever does. 7% is still a bargain when compared to rates 30 years ago.

I think what is being missed is that one of the reasons interest rates are manipulated over time is to force people to put their money into the pyramid scheme, ah.... stock market, to make any type of gains. One cannot be elected if the stock market is bottoming to it's actual value.

Why would they? Why would anyone with half a brain?

Makes no diff they get 40-50k from each home and that pays for probably
 

Wrong answer

In The Villages, property bonds are used to finance many of the community's amenities, including golf courses, recreation centers, and swimming pools. When a new facility is proposed, the developers of The Villages will issue a property bond to finance its construction. The bond is then sold to investors, who receive interest payments over the life of the bond.



I guess you forgot the “ect” part. This is all about infrastructure period.

Not sure why no one understands what a cdd pays for.. What is the Community Development District in our community specifically responsible for?
The CDD may provide the following publicly-owned elements:
Recreation, Executive Golf Courses, Public Safety, Neighborhood and Village Watch Services, Gate Houses
Off-site road improvements, streets, sidewalks, street signs and street lighting. This will be transferred to the County for maintenance
Water management. Including main line irrigation, lake and water control structures
Conservation areas
Water and sewer facilities, which will be transferred to the appropriate franchised utility
Landscaping and entry features

More
 

Florida created CDDs, a particular kind of local government, to make it easier to finance and manage infrastructure and services in planned communities. To finance the construction of infrastructure, such as roads, water and sewer facilities, stormwater management systems, and recreational amenities, CDDs, as special-purpose governmental units, have the right to issue tax-exempt municipal bonds. Notable CDDs include the Reedy Creek Improvement District, the location of Walt Disney World and currently the center of a power struggle in the State of Florida, as well as substantially all of The Villages, the giant Central Florida retirement community.

Just cut and pasted off their website.

Go read it and educate what THEY SAY.



Hope your day improves.................not enjoying the hatred.

Did not forget, jus don't know what "ect" is.

chilout

:1rotfl::1rotfl::1rotfl:

Funny
 

I have had a great day laughing at…

Look !
 

Right at the bottom of the villages story .. this is about infrastructure! Pretty good explanations out there.

Investors can take their profits and run anytime they wish. Also one WILL be elected if the stock market has bottomed, no doubt about it.

Thank you for sharing. We are looking to buy in Eastport!

They've broken ground for about a dozen new Villages within 3-4 mi of Eastport that are in various stages of site prep and construction.

They historically complete about 3 Villages a year, so they likely will be building in that area the next 3-4 years.

Good luck!

Yeah, I should have said re-elected if the stock market tanks around November in an election year.

An investor can take what is currently left of his investment in a down year and run. I agree.

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.