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Old 04-20-2021, 08:44 AM
 
2 posts, read 245 times
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Hi.

My family and I are looking to move to Venice. I have a daughter 3, and two boys 5 and almost 8. We are coming down in May to meet with a couple builders. We have meetings set at Grand Palm and the Renaissance. We won’t know anyone in the area so to make it easier for our kids to make friends, we think it would be best to be in a nice big community with amenities for kids. Does anyone have any suggestions when building in the area? As well as any sports clubs or activities (dance, gymnastics, camp) for children? Good ways for adults to meet people? Or anything particular we should check out while we are there? I appreciate any help I can get.

Thanks!!
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Old 04-20-2021, 10:36 AM
 
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Venice? no...too old. Try parts of Lakewood Ranch.
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Old 04-20-2021, 03:56 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,754 posts, read 5,508,724 times
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Quote:
Originally Posted by Sarahopj View Post
Hi.

My family and I are looking to move to Venice. I have a daughter 3, and two boys 5 and almost 8. We are coming down in May to meet with a couple builders. We have meetings set at Grand Palm and the Renaissance. We won’t know anyone in the area so to make it easier for our kids to make friends, we think it would be best to be in a nice big community with amenities for kids. Does anyone have any suggestions when building in the area? As well as any sports clubs or activities (dance, gymnastics, camp) for children? Good ways for adults to meet people? Or anything particular we should check out while we are there? I appreciate any help I can get.

Thanks!!

Are you aware of the fact that at this time the builders are severely limiting the number of new construction contracts they are writing each month? Visiting the model home sites and writing a contract to build a new home are no longer a foregone conclusion.

I posted this recently on a Bidding Wars thread, but it's worth repeating here:

It's not just bidding wars for resale homes, several of the national builders in our area are now releasing limited numbers of lots each month for "auction" to prospective buyers. You have to make your highest and best bid OVER the lot premium price. Winners then get to build. A major home builder in Palmer Ranch released a grand total of four lots here in April -- you can do the math as to where the lot prices are going.

Several other builders are also rationing lots but not doing lot auctions at this time, buyers go on a wait list for upcoming lots as the lot premiums and base home prices continue to escalate. I spoke with a rep of one of those builders that told me a number of prospective buyers literally got priced out of the market while they were waiting for lots to be released. Others are losing out because they are doing financing and appraisals are coming in below the purchase prices (appraisals often lag market prices when it's a seller's market.....), the buyers don't have the extra cash to make up the difference between the appraised price and the purchase price.

Buyers in this market have to be persistent, prepared (financials), but also patient in their pursuit of their next home. It may take losing several bidding wars before they achieve their home buying goals.



Anyone looking to build a new construction home in our area either now or in the near future need to be aware of the current situation with the builders. Even if you can put your name on a waiting list with the builder, it could be months before your name comes up for consideration when so few lots are being released for sale each month.
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Old 04-20-2021, 07:01 PM
 
2,318 posts, read 2,540,249 times
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The prices in this area have gone absolutely crazy over the last year. Once people started to work remotely, there were all sort of folks renting down here and buying. The prices have soared especially since the beginning of the year. I've seen many article claiming this time is different because it's not based on a bad financial market, but I can't imagine how this can be sustainable in the long run.

I've also heard the builders are having trouble getting building materials. The freeze in TX apparently shutdown may resin and plastics manufacturers.

How long lots will be "auctioned" and the supply of homes will be constrained is anyone's guess, but if you come down and purchase now be prepared to pay top dollar, that you may not get back for many years.

The community I'm in started in 2005 and I'm told that the builder had a lottery to determine who got to build. Those initial homes were underwater until the beginning of this year. I know people who bought in 2007 and only in January/February of this year did prices return to the price they bought at.
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Old 04-20-2021, 07:56 PM
 
143 posts, read 93,669 times
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My suggestion for wherever you do end up buying: find a FB group for the community and/or sign up on Nextdoor once you have an address to register with. That will allow you to connect with people in your new neighborhood before you actually make the move. I see it all the time on both types of sites, people making connections for their children and themselves before they move down. A lot of people move down and are in the same boat where they don't know a soul in the area so it's a good way to get to know people, get localized references if you need services, ask questions, etc.
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Old 04-21-2021, 07:29 AM
 
6 posts, read 332 times
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Originally Posted by macrodome2 View Post
The prices in this area have gone absolutely crazy over the last year. Once people started to work remotely, there were all sort of folks renting down here and buying. The prices have soared especially since the beginning of the year. I've seen many article claiming this time is different because it's not based on a bad financial market, but I can't imagine how this can be sustainable in the long run.

I've also heard the builders are having trouble getting building materials. The freeze in TX apparently shutdown may resin and plastics manufacturers.

How long lots will be "auctioned" and the supply of homes will be constrained is anyone's guess, but if you come down and purchase now be prepared to pay top dollar, that you may not get back for many years.

The community I'm in started in 2005 and I'm told that the builder had a lottery to determine who got to build. Those initial homes were underwater until the beginning of this year. I know people who bought in 2007 and only in January/February of this year did prices return to the price they bought at.
Yes, you are absolutely telling the truth. It's nutty AND crazy to buy most of these houses at the present level. Foolish. Some of us have seen this stuff before, now just a new crop of sillys.
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Old 04-21-2021, 08:26 AM
 
17 posts, read 8,290 times
Reputation: 37
Default Yes, but

Yes, we have seen this before. I've lived here 31 years. The difference is this part of FL is now the "it" place to be. I doubt there will be a big dip even when the correction comes.

We moved here from San Francisco as equity immigrants in 1989. Same wildly insane market there back then. The earthquake hit 5 weeks later. There was a bit of a downtick and it has gone nothing but straight up since. The house we bought for $154,000 in 1986 in Pacifica, CA is valued at over $1M today. This is in a suburb south of San Francisco on the coast. It's all about supply and demand. There are people from the NE and bigger midwest cities (Chicago for example) that can cash out and think nothing of paying $400-800k. A Baby Boomer migration for the history books coupled with remote work options.
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Old 04-21-2021, 10:03 AM
 
6 posts, read 332 times
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Originally Posted by trevan22260 View Post
Yes, we have seen this before. I've lived here 31 years. The difference is this part of FL is now the "it" place to be. I doubt there will be a big dip even when the correction comes.

We moved here from San Francisco as equity immigrants in 1989. Same wildly insane market there back then. The earthquake hit 5 weeks later. There was a bit of a downtick and it has gone nothing but straight up since. The house we bought for $154,000 in 1986 in Pacifica, CA is valued at over $1M today. This is in a suburb south of San Francisco on the coast. It's all about supply and demand. There are people from the NE and bigger midwest cities (Chicago for example) that can cash out and think nothing of paying $400-800k. A Baby Boomer migration for the history books coupled with remote work options.
NO, I have to disagree with it's "ALL about supply and demand". In a pure academic econometric model that is most times true, but we're in uncharted economic national territory! Enormous deficit spending, Tax issues, Trade deficits, political turmoil, vast numbers of illegal immigrants, commodity prices.


I don't think it's that simple. It's far far more complex in 2021 - it should be obvious.


Second, any comparison to anything in CA doesn't work - nothing...not job market, demographics, history, government, wage growth, etc. Federal and other tax policy/deductions are going to change with respect to "remote" offices. Think the devolution of "Casual Fridays".



As far as baby boomers go, the smaller , older segment of the (fist) boomer generation will be dying off during this current business cycle....e.g. over 72, or they might become incapacitated in some small or big way. (The majority of FL posters here are well over 65 NOW for example)



Additionally, FIRST TIME buyers are, and have been ABSENT. Most younger professionals and of course blue collar workers don't have savings, or access to capital. The lifeblood of a housing market is the first time house buyer, not re-shuffled money turning up in Florida. Also, second home buyers are not that contributory to sustain that growth (a myth).


I might change my view of the market if and when I see an absolute surge in first time house buyers under 45 years of age that purchase single family residences. Until then I wouldn't touch this market as a buyer, and I am willing to give up a small bit of upside left. I know markets fall twice as fast as they go up. Look at Florida's recent history.
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Old Yesterday, 04:45 AM
 
43 posts, read 25,465 times
Reputation: 75
Quote:
Originally Posted by Sarahopj View Post
Hi.

My family and I are looking to move to Venice. I have a daughter 3, and two boys 5 and almost 8. We are coming down in May to meet with a couple builders. We have meetings set at Grand Palm and the Renaissance. We won’t know anyone in the area so to make it easier for our kids to make friends, we think it would be best to be in a nice big community with amenities for kids. Does anyone have any suggestions when building in the area? As well as any sports clubs or activities (dance, gymnastics, camp) for children? Good ways for adults to meet people? Or anything particular we should check out while we are there? I appreciate any help I can get.

Thanks!!
I live in Grand Palm- it’s a great community. My kids are grown but there are a mix of kids of different ages here.
I understand that the builder, Neal, is only selling 4 homes per month at this time, whereas normal demand would be 20-25 homes per month. They cite lack of supply of building materials as well as labor shortages. Another reason is with material prices soaring, the builder doesn’t want to be locked into a fixed price as his costs escalate, since the delivery time on new homes is now 9-12 months.
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Old Yesterday, 08:07 PM
 
2 posts, read 245 times
Reputation: 10
We do not plan on going under contract while visiting. We would just like to view the communities and lots. We have been on waiting lists for months now so we’re aware of what’s going on with the market right now. We are actually on 2 lists in Venice and 2 in Lakewood Ranch. We thought we might like Venice a little more as it seems like it has a nice community feel and it’s closer to the beach. But we are open to all suggestions. And it all depends too on pricing as every month they raise the prices for the lots and homes.
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