It’s no secret that the home market in Florida has normalized this summer which has resulted in a bit more inventory and weekly price increases have slowed down. Personally, we welcome this for our buyers because the market is getting more stable and normalizing. Gone are the frantic days of bidding on new construction homes and having resale homes sell in a few hours with multiple offers. However, we aren’t seeing prices plummet as some people may think, and I don’t expect that we will. Instead, we are seeing a more normal amount of buyers, normal price increases, and “normal” promotions for the off-season time period.
For example, people in SWFL that bought a new home during or just after Covid for $400,000 have been re-selling those homes for $800,000+ over the last year. Now the market has slowed down for a number of reasons and we are seeing price reductions on listings like that. Instead of doubling their money, sellers are getting just under that amount. Some are still dreaming about massive returns and trying to list that same home for $800k – $900k and that’s where you are seeing the price reductions take place. Instead, they may need to price that home which cost $400k just 2-3 years ago closer to $700k – which is still one heck of a return on their investment!
Now, let’s look at Verdana Village. I’ve been selling homes there since they started in September 2021 and tracking prices. Homes that sold in Fall/Winter 2021 in Verdana Village are now selling for $100k more on average. Similar homes in other communities like The Place at Corkscrew are still selling for $150k – $200k more than today’s prices, even though prices there too have normalized a bit. Let’s look at the popular Trevi floor plan by Lennar as an example…
Trevi Home Sales in Verdana Village & The Place at Corkscrew
In September 2021 I sold one of the first Trevi homes in Verdana Village on a nice waterfront lot with a pool & spa. My buyers secured that home for $551,000 through the bidding process, which was $20k over the listed price. This week, there is one Trevi home with a pool and spa available in Verdana Village located on a lake lot and it is listed for $685,204. Now, I know that I could help a buyer get it for less, but that’s still a large increase in just one year!
But here’s where it gets really interesting: That same Trevi home is actively for sale or has recently sold for $819k – $870k across the street in The Place at Corkscrew where the amenities are similar to what will be in Verdana Village, BUT the amenities are complete.
So what’s my point?
If you are interested in Verdana Village, BUY BEFORE THE AMENITIES ARE COMPLETED. Currently, the outdoor tennis and pickleball courts are done, but the indoor tennis, pickleball and basketball courts, resort pool, restaurant, cafe, bocce courts, and beer craft lounge are under construction and expected to be complete by Summer 2023.
If you are thinking about making a move in the next 6-12 months, I encourage you to act now. Here’s why:
- Our busy season is about to start and even if fewer people come to SWFL this winter, there WILL be more buyers in the marketplace looking at inland property starting very soon.
- There are aggressive promotions and incentives being offered by builders and sellers that will help make up for economic conditions.
- Interest rates are expected to keep going up. The sooner you act, the lower your rate will be if you need a mortgage. Some builders even have rate lock programs.
- The amenities in Verdana Village are expected to be done in Spring/Summer and as I mentioned, traditionally home prices get a big boost after amenities are completed. Especially in communities with mega-amenities like Verdana.
- The new Publix shopping center is also expected to be completed in Summer 2023 further increasing the desirability of living in Verdana Village.
- If you have a home to sell, it’s always best to sell during Jan-March for the highest pricing. If you locked in on a new construction home soon, you could secure low off-season pricing on that home, but get top dollar on selling your home.
Lennar Current Sales Promotions
Lennar has several promotions on quick-closing homes. They have special financing rates locked in for buyers that use Lennar Mortgage on homes that can close by the end of January. These rates are for strong credit ratings but they do not apply to investment mortgages. If you need an investment mortgage they will adjust from these rates.
Lennar is also offering a 2% closing cost credit which is the best ever offered in Verdana. For example, as of today, I know I could secure you a 3BR/3BA Venice floor plan on a nice lake lot (227) listed for $567k for $540,000. In addition to that discount, you would get a closing cost credit of $10,800 as well.
If this home interests you or if you have any questions call or text Dawn Krueger at 239-351-0377.