[CoachKandSportsguy]

Originally Posted by melpetezrinski

Yes, it does but I definitely don't agree with the following 2 assumptions. 1. "resales are generally higher priced than new, based upon human nature of wanting a fully developed neighborhood" This theory might have held water 4-5 years ago before the major TV expansion (think Fenney and no infrastructure) but I think there are just as many homebuyers that would prefer a brand new home to start their next chapter. Recent sales volumes of both seem to point in that direction. Also, most resales are priced higher since they have made countless, financial updates. 2. "as most are bought from cash" There are many reports/graphs out there that have this % at 60. In fact, there were 4 months this year where cash buyers were at 50% OR LESS. So, the drastic increase in mortgage rates has and will continue to have a big effect on TV homebuyers.

That's fine, makes for a good discussion. All the quarterly sales data we are sent in the mail show that the median price of the resales are always higher than the new sales. I haven't seen one that has shown differently. That's where my data assumption comes from.

[quote] I think there are just as many homebuyers that would prefer a brand new home to start their next chapter. [/b]

That reads like an opinion, but there was also a stat from one of Jennifer Parr's testimonies that a large / significant portion of buyers south of 44 were villagers moving south from existing houses, which were priced cheaper than existing houses, within the last 3-4 years. So for every relocation south of 44, there were new people coming into the villages buying resales higher than new.

People wanting pools might prefer an existing house with a pool because they can't disaggregate the cost of the pool like they can with a new house and having to pay to have a new pool built, which appears very expensive today.

Also, most resales are priced higher since they have made countless, financial updates.

not sure what a financial update is, i have never heard of such a thing, but you are agreeing that the resale prices are higher than new, just for a different reason. ok, that's fine, at least we agree that resales are priced higher. And your assumption is probably more correct. I don't perform any serious financial real estate analysis of TV, mostly CFP and CFA type of financial analysis.

As far as mortgages versus cash sales, can you point me to the data source? We did buy with a mortgage because it was a second house and an impulse buy, and have since paid off the mortgage, but that took a bit of financial restructuring with rates at their lows and buying in marsh bend when it first opened prior to most of the amenities as a great opportunity to get in very early. Just curious. .

good discussion though, with some alternative scenarios to consider.

now onto the IRMAA fear to find the IRA to ROTH optimization break point. I know that I don't have a big enough IRA or taxable assets to worry about IRMAA.

[Normal]

Originally Posted by Robnlaura

The housing dump is just starting ocala is on the front end of repossessions and price drops. The villages has an enormous amount of building it cannot maintain the per square foot pricing. The resales are totally overvalued.. change is coming. Ocala is on the front end of repossession sales.. it’s coming those investors hoping on rentals are gonna be the first victims.

Ocala is getting clobbered in the housing crash. The prices are down 9.2 over one year ago.
Ocala Housing Market: House Prices & Trends | Redfin

The folks that will really feel the pinch are those that bought for investment purposes. If you bought to just enjoy your home you are good.

[TCRSO]

They may be discounting spec homes but construction cost to build are higher and options to customize are almost nonexistent. We are (were) considering building and our research indicated that homes built for under 800k eighteen to twenty-four months ago would now cost over 1 million to build today.

[RCJ61]

Originally Posted by DrMack

We just bought 3 weeks ago. I knew it! This bites, we should have held off longer.

No worries you will be fine. Lots of people still want to come to the Villages. We bought 10 months ago with the same thoughts.

[Stu from NYC]

We thought of new but bought resale for two reasons.

Our va home sold much faster than we expected and had to be out quickly.

Did not want to be more than 20 minutes from shopping. Not willing to wait for stores to come in the south.

[Altavia]

Originally Posted by TCRSO

They may be discounting spec homes but construction cost to build are higher and options to customize are almost nonexistent. We are (were) considering building and our research indicated that homes built for under 800k eighteen to twenty-four months ago would now cost over 1 million to build today.

They sell over two billion dollars of new homes each year, unlikely cost of new homes will go down.

[Topspinmo]

Maybe they was over priced by 40% and the 6% reduction brings in people on the fence. Kinda like sales at Publix’s. Little off from over priced?

[manaboutown]

U.S. mortgage application flow plunges to lowest since 1995

[dewilson58]

Originally Posted by Topspinmo

Maybe they was over priced by 40% and the 6% reduction brings in people on the fence. Kinda like sales at Publix’s. Little off from over priced?

Bingo.

"Was it really a discount, or jus a mark-up with a reduction?"

It's called marketing.

[dewilson58]

Originally Posted by dewilson58

Slashing Prices vs. Marketing ploy to make you feel good.

Post #3

[Normal]

Originally Posted by dewilson58

Post #3

Meaning they were always overpriced in TV. You need to wait for prices to be reduced.

But hey, they are being cut now. How low will they go?

[asianthree]

Originally Posted by Normal

Meaning they were always overpriced in TV. You need to wait for prices to be reduced.

But hey, they are being cut now. How low will they go?

Once a village is close to selling out, certain homes, not all unsold get a discount.
Developer has new village(s) to sell, closing out with discounts has been the norm since we have been here in 2007, so nothing new with discounts.

So do you feel you bought a home in TV that was over priced, or still looking for a deal? Bonus is as a village closes out, great discount homes sell quickly, those on the market the longest May not be what one wants, or needs.

[Normal]

Originally Posted by asianthree

Once a village is close to selling out, certain homes, not all unsold get a discount.
Developer has new village(s) to sell, closing out with discounts has been the norm since we have been here in 2007, so nothing new with discounts.

So do you feel you bought a home in TV that was over priced, or still looking for a deal? Bonus is as a village closes out, great discount homes sell quickly, those on the market the longest May not be what one wants, or needs.

Well the Village is nowhere near closing out. More than half the homes are still for sale.

[Randall55]

Originally Posted by Normal

Well the Village is nowhere near closing out. More than half the homes are still for sale.

I believe most new construction buyers are waiting to purchase in the area of Eastport. Those homes will be closer to amenities and will most likely appreciate faster than the homes in the surrounding areas. When purchasing a home, most people want bang for their bucks. Since every village has the same cookie cutter homes, it makes sense to wait for a prime location.

[vintageogauge]

But only those that are undesirable are reduced. Been doing that as long as I've been here, they really reduced them in Chitty Chatty and interest rates were low then, Richmond sold out quickly because it was near Brownwood, it all depends on what it is and where it's at and waiting to buy at a lower price will not get you what most buyers want.