[margaretmattson]

Originally Posted by JMintzer

Recoup the bond?

It's a debt on the property, not on the seller. Once sold, there's nothing to recoup...

For those who PAY OFF the bond then find themselves moving within a year or so, recouping is wanted. Especially with higher bonds.

[margaretmattson]

Originally Posted by Normal

Respectfully, it’s quite true with numerous sales.

1055 Winsboro purchased November 22 for 423,000 sold last month for 379,000 that’s a 44 k loss without paying realtor fees.

661 Sherwood purchased in May of 2022 345,000 sold for 340,000 in Feb of 2024

There are several that have lost money. Just look on the Zillow realtor website. Click on the Facts Features tab to get all the info.

Completely agree. There have been quite a few, lately. I did not want to post addresses. Those who really want the truth can easily find it on MLS.

Some posters have lived in their homes for years with no intention of moving. They are happy and content. This is new information for them and depending on how long they have lived in their home it probably doesnt affect them. New buyers need to be aware. And, it is not wise to purchase a new home in the Villages thinking the one you currently own will sell quickly. I know 3 people who are stuck paying monthly payments on two homes. It is best to move with caution and eyes wide open.

[Jayhawk]

Originally Posted by Haggar

Don't confuse a mortgage with a bond. The payments on a mortgage do not add to the basis.
A bond is different.

You are the one who wrote: the loan payment (principal and interest) should be added to the tax basis of the home.

Nice try but you were wrong.

[Normal]

Originally Posted by margaretmattson

Completely agree. There have been quite a few, lately. I did not want to post addresses. Those who really want the truth can easily find it on MLS.

Some posters have lived in their homes for years with no intention of moving. They are happy and content. This is new information for them and depending on how long they have lived in their home it probably doesnt affect them. New buyers need to be aware.

You are correct, there is no need to post addresses forever. Some have drank way too much cool aide. Like I saw in another’s post though, “Facts are a stubborn thing”. Think of how ugly it is down in Dabney and Lake Denham. Living next to a neighbor who paid 10 of thousands less for almost an identical house.

[margaretmattson]

Originally Posted by Normal

You are correct, there is no need to post addresses forever. Some have drank way too much cool aide. Like I saw in another’s post though, “Facts are a stubborn thing”. Think of how ugly it is down in Dabney and Lake Denham. Living next to a neighbor who paid 10 of thousands less for almost an identical house.

We are spending time on MLS and VLS looking for patterns of the types of homes suffering a loss. We will not buy until we have a better understanding. Time is on our side. It is not likely the market will suddenly reverse itself anytime soon. Knowledge is power and Kool Aid tastes bitter when the party is over.

[JMintzer]

Originally Posted by Snakster66

I guarantee you there are people who sold houses within the last few months that they bought in 2022 who lost money.

Doubtful, if they initially bought the house new...

Now, if they bought a resale at the ridiculously inflated Covid prices, I'd tend to agree...

[JMintzer]

Originally Posted by Normal

Respectfully, it’s quite true with numerous sales.

1055 Winsboro purchased November 22 for 423,000 sold last month for 379,000 that’s a 44 k loss without paying realtor fees.

661 Sherwood purchased in May of 2022 345,000 sold for 340,000 in Feb of 2024

There are several that have lost money. Just look on the Zillow realtor website. Click on the Facts Features tab to get all the info.

Two examples is hardly "numerous"...

And checking your examples, those were both resales, which jives with my previous post...

And one of them appears to have been purchased by an investor, since it immediately went up for rent after the purchase...

[JMintzer]

Originally Posted by Normal

You are correct, there is no need to post addresses forever. Some have drank way too much cool aide. Like I saw in another’s post though, “Facts are a stubborn thing”. Think of how ugly it is down in Dabney and Lake Denham. Living next to a neighbor who paid 10 of thousands less for almost an identical house.

I'm sure everyone is so petty that they compile a spreadsheet, listing what all of their neighbors paid for their homes...

[margaretmattson]

Originally Posted by JMintzer

I'm sure everyone is so petty that they compile a spreadsheet, listing what all of their neighbors paid for their homes...

You do not have to take time to make a spreadsheet. Simply go on VLS. Over 250 homes were discounted in Lake Denham and Dabney in January. The new prices are bright red in color. Doesn't take a genius to find them. This can be done in mere minutes. It is far from a stressful task

The sales in Moultrie Creek seem to be quick and stable. Maybe the Developer has changed his plans in order to keep it this way. I doubt he wants to deal with needed price reductions like Lake Denham and Dabney. But, as we all know, well-laid plans of mice and men often go awry. We are not willing to gamble our money to see which way this goes. The end of summer will probably be a good indicator. We have no problem waiting until then.

[MrChip72]

Originally Posted by margaretmattson

The closing costs to SELL A PREOWNED HOME are $25,000 or more. The realtors fees alone for a $500,000 home is $25,000. Yes, when you purchase a home, closing costs are minimal.

Most people that aren't of advanced age don't use realtors to sell a home in an active market like here in the Village. We use Zillow or other sites that cost close to zero. It would never occur to me to use a realtor to sell a home. That's for older boomers to waste their money on. I've observed homes on my street and adjacent up for sale by owner and by agents. The ones that used an agent sold their homes no faster at all.

[Randall55]

Originally Posted by JMintzer

Two examples is hardly "numerous"...

And checking your examples, those were both resales, which jives with my previous post...

And one of them appears to have been purchased by an investor, since it immediately went up for rent after the purchase...

Not likely anyone has the time or patience to type ALL the homes that were sold for a loss in the past few months. A few examples proves the posters who stated "no one loses money on their house" are wrong. If you want more examples, simply look on MLS. The facts are there for all to see.

NEW HOMES have sold for a loss. or with big reductions. Some newer villages seem to suffer that fate more than others. This market is a crap shoot. As we have seen in Denham and Dabney, even for the developer. A person would be a fool to buy recklessly in this market. Or, maybe they have tons of money and simply do not care.

[Randall55]

Originally Posted by huge-pigeons

The sky is falling is absurd. Not buying because the bond is $50k, illogical. Not buying because you have a feeling you are paying more than your neighbors, illogical too.
I have friends that have been competing with 200 other people to buy in Eastport, lost out 5 times now but still trying. Every new house in Eastport will sell. If I was the developer and wanted to make money, have each new home sell to the highest bidder. You have up to 200 people wanting to buy each house/property, it would be a gold mine. Thank god the developers don’t do that.
If your house is in good shape, reasonably priced, in a good area, it will sell in weeks. I have a friend out of state that I assisted in checking out houses and he bought 1 that was on the market only a few days. I also know houses that over exaggerate their home/location and have come down hundreds of thousands or more and been on the market for many months.

As for buying a home with a $50k bond, I have friends that have moved from existing villages to Newell and they are very happy. They bought on a pond and said they saved over $150k for a pond house in the other areas. They were already paying $35k bond, so saving $150k on a lot but increasing their bond by $10k, that’s a h3ll of a deal.

Some of the areas that have a fire sale, I wouldn’t buy them at a $100k discount. But at $50k discount and you want the house, you can brag to the old neighbors you got the better deal. If you wait, somebody else might come in and buy them.

If I was looking, this would be a good time to buy mainly because I pay cash for our home, no financing. For the seller, this is great. Cash offers don’t need an appraisal, inspections, no contingencies, etc, and it can be a very short closing date. For the buyer, I can get a better deal.

You have no idea how many wanted the same home or model or lot in Moultrie Creek. Your friend was beat out 5 times each by ONE BUYER. Only ONE BUYER gets an opportunity to purchase and close on a home. I would tell your friend to get another sales rep. Apparently, several are quicker to act when a home is made available for sale. The first sales rep to get the ball rolling usually gets the sale.

It is standard operating procedure for a sales rep to tell a buyer he has a few hours to purchase a home that has recently come available. If the potential buyer does not commit within the few hours, the home is made available to others. This does not necessarily mean there are 200 or ANY buyers waiting breathlessly to steal it away. It simply means a sales rep is not permitted to hold a new home unlisted longer than a few hours. A listing must go public after that time frame. Otherwise, new homes will sit for days or possibly a week, then suddenly the buyer backs out. This few hour time frame protects the Developer. It is not meant to force a buyer to commit to a home in fear of losing that home or others that may come available.

The number of people you believe is in the Moultrie Creek lottery may only be in your mind. Perhaps one person wants the same home as your friend. Could be 3 or 4. I could even see possibly 10. 200 is a stretch for me to believe. Need proof? If what you stated is true, why are there over 100 available homes listed on VLS for the Village of Moultrie Creek? If there are HUNDREDS of ready to pounce buyers, dont you think the homes would have been sold without the need to list? Or, at the very least, there would be far less than 100+ homes available?

Could it be your friend simply felt a need to rush? Recently, Villagers received an open invitation to tour the new model homes. Perhaps your friend misconstrued this to mean there were hundreds of buyers? Not simply visitors?

[Craig Vernon]

Originally Posted by CarlR33

You will need to hit the street of dreams then.

We saw this in February. Looking forward to a nice month of golf, food, fun and friends.

[Robojo]

Originally Posted by justjim

IMHO there are still many overpriced resales. For a homeowner to expect to double their money in five or less years is now totally unrealistic. Those in TV who purchased their home when rates were 3% are not about to trade that for a 6% interest rate. There are still cash buyers who may be waiting for further price drops. In the past, many new homes were purchased by current homeowners. I have not seen a 50k reduction on a new home by the Developer.

We had friends who recently looked at a new designer home with a 48,000 bond. The bond was a deal breaker for them. I understand their thinking. Overall, given the current economy and higher interest rates, I would rate the Developer’s first quarter results as above average.

That would be a deal breaker for me too. Why should I pay that? The bond makes no sense to me.

[HomerSimpson]

I wonder if this will ever be posted like previous quarters, such as
Q4 Market Update 2023