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Low priced Ocala 55+ homes in short supply

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Villas in On Top of the World

Villas in On Top of the World

We are now is a sellers market here in Ocala. Just a couple of years ago there were quite a few 55+ homes under $100,000.00. That is no longer the case. Prices have gone up and inventory has gone down. As of this posting January 2018 most 55+ homes under $100K are Villas in On Top of the World. Villas are homes attached in rows of 6-8. The Villas do include exterior maintenance, water and sewer but the $400-+ a month HOA fees are high for some buyers looking for a low priced retirement home. Today there are only maybe a dozen single detached homes in other 55+ communities. They are small around 1000 sqft of living area, 2/2 with a 1 car garage. They do have reasonable HOA fees but you need to hire a lawn guy and pay water and sewer. There are low priced mobile home communities but mobiles in Florida on rented lots are not considered real estate and I can’t sell there.

Multiple offers on Ocala area homes

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I was just involved in a multiple offer situation. I don’t see them all the time but this was the 2nd one this year. Both were on 55+ homes which are my specialty. Both also had borderline over the top renovations.

A few things to know about multiple offers. The seller does not have to accept the first offer they get. The sellers can do what ever is in their best interests. Sellers don’t have to disclose that they have other offers. Sellers sometimes will ask for a buyers “highest and best” offer but do not have to. A seller doesn’t have to accept the highest offer. They may for example take a cash offer with no contingency other than an inspection over a higher offer with financing.

In order to win in a multiple offer situation it helps to pay cash and make as AS IS offer asking for no repairs. Offers with financing or even cash contingent on the sale of your existing home with lose out most every time to the cash AS IS offer.

Is Ocala headed for a sellers market ?

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When the real estate market crashed in 2007 Ocala was hard hit. Resales went so low new home builders couldn’t compete. No one has started a major new community in almost 10 years. Subdivisions that already existed continued to build sporadically during those years but there were no new major investments. Only in the last year have we seen new investment. Shea homes started a Trilogy community. DR Horton is building in the area including JB Ranch. On Top of the World is building in new areas of Candler Hills and Indigo East. But those are established or revived subdivisions that already existed in some form.

In other parts of the country you buy a home in a town because you got a job there, you grew up there or you have relatives there. Here in Ocala people come here to escape the winters, retire on a budget or to escape the taxes and home owner insurance of southern Florida or some other state. Ocala needs it’s home inventory to constantly increase to keep up with newcomers. To some extent the flow of newcomers slowed when they couldn’t sell an existing home but it never stopped. People retire when it’s time to retire. Based on this I feel Ocala will have a housing shortage and a sellers market in the near future.

Trilogy Ocala Preserve

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large paver area with furniture looking out to a small pond

View of Reflection Lake from Lakeview Veranda

Ocala Preserve is a new Trilogy community developed by Shea homes. It is located on SR 27 in the NW horse farm area of Marion County just a couple of miles west of I 75. There may from time to time be a couple of resales but most homes here are new. The HOA fees are currently $395- month but cover a lot. There is outside maintenance including mowing, pruning, lawn care and water for the lawn. You pay for water you use in the house. Trash is not included and is $17- month extra. You also get cable tv the Centurylink Prism Essentials package but a DVR is extra. A blazing fast 100 mg internet is also included in the HOA fee. There is a fitness center with Technogym equipment which can interact with an app on your smartphone. The clubhouse called the Oak House has a restaurant, a special kitchen for cooking classes and private dining area. There is an outdoor heated resort type pool and a lap pool but no indoor pool. There is also a golf course designed by Tom Lehman, The Club at Ocala Preserve. Trilogy at the Ocala Preserve delivers a definite resort feel popular in newer 55+ communities. Of special interest to those who are not 55+ yet is a section of the community that is not age restricted. In addition to all of the above there is a dog park, extensive walking and biking trails, Reflection Lake where you can fish or kayak, pickleball courts, tennis, and a large green area called Reunion Park. The community is gated with a real life person at the gate.

Update June 1 2018 HOA fee is now $415- Month

Update 3/2/2020 HOA fee is now $430- Month

If you are interested in new homes at Ocala Preserve call me, email me or use my Ocala Dream Home Finder. I can show you new homes at Trilogy, competing Ocala 55+ communities and newer resales to help you make the best decision for your move.

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Marco Polo Village 55 plus

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Marco Polo Village 55 plus entrance sign

Marco Polo Village 55 plus

Marco Polo Village 55 plus is a different kind of Ocala retirement community.  It is not gated and there is no clubhouse, pool or other amenities. The homes are concrete block with stucco and are located on large 1/2 to 3/4 acre lots. Most homes are from the late 90’s to early 2000’s. Marco Polo 55 plus is basically a neighborhood of single family homes with deed restrictions that make it 55 plus. There is also a Marco Polo Village that is not 55 plus so it can be confusing if you don’t know the area. There is a minimal yearly HOA fee to cover common areas maintenance. Marco Polo 55 plus is located just off SR 200 and close to anything that you might want. Homes here are large and of high quality.

Marco Polo 55+ seldom has more than 2 or 3 active listings. There are similar non 55+ neighborhoods nearby. Quail Meadow is some what similar, 55+ single family homes on 1/4 acre lots.

If you would like a list of homes for sale in Marco Polo Village 55+ fill out my Ocala Dream Home Finder, call me or send an email.

Managed by: Vine Management of Ocala, 1515 E Silver Springs Blvd #110, Ocala, 34470

Contact is Rebecca McCray 352-812-8086, email: info@vinemanagementofocala.com

http://www.marco-polo-village-one.org

 

Marco Polo 55 plus street scene

Ocala Home Owner Insurance and Roof Age

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I was looking at retirement homes for a buyer I’m working with and the homes he liked were from the late 90’s. A couple of listings boasted that the home had a 30 yr architectural shingle roof in great condition. Maybe the seller and the listing agent don’t understand that a roof older than 20 years is hard to insure regardless of the shingle warranty or the roof’s condition. Last year I decided  to shop for a better price on my home owner insurance after seeing better rates that many of my buyers were getting. My house is a 1998 with a 30 year roof. It was while searching for better rates I personally discovered the difficulty in shopping for insurance with an older but very good condition roof. I did succeed in lowering my insurance cost but I was also rejected by a couple of major Florida insurance carriers. This is a great link to my current insurance agent, Windward Insurance FAQ page on their web site with a question that addresses older roofs in Florida.

Marion Landing Home for Sale

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Front of tan colored home with 2 car garage door

A nice home in Marion landing for sale. Built in 1992 this home is 1653 sqft under air with 2 bedrooms, 2 baths, a large bonus room, cathedral ceiling living room, formal dining area and 2 car garage. It has an updated roof, AC and water heater. Marion Landing is a 55+ community. HOA fees are $112- month and include water and sewer as well as trash pick up twice a week. Amenities include a nice clubhouse, a solar heated pool, tennis, basketball, shuffle board and a fitness room. Unique to Marion Landing is a private bowling alley and a fishing pond. Marion landing is located just off SR 200 and close to multiple grocery stores as well as restaurants, health care and shopping. List price $115,000.00 SOLD

See my profile of the Marion Landing community with further information as well as numerous pictures of the amenities. Pictures of the home below.

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Buy a retirement home with no monthly payments

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I have to go to real estate classes to get points for my license renewal. A few weeks ago I had a free day and went to a class about how to buy a retirement home using a reverse mortgage. It was more interesting than I expected.

There is an FHA program called a Home Equity Conversion Mortgage for Purchase. With a large down payment, usually around 50%, you can buy a house with no monthly payments as long as you live in the home. There is of course a monthly charge that gradually eats up the 50% or so equity you have in your house but at the same time the house should be appreciating in value to offset that to some degree.

Why would anyone do this ? A lot of people don’t want a mortgage payment for cash flow reasons on a fixed income. Others don’t want all their cash tied up in a house but don’t want mortgage payments either. Some buyers may have a sizable amount of money from the sale of another home say $100K. However a $100K home usually needs a fair amount of work. Using a HECM the buyer could buy a much newer totally move in ready home in the $175-$200K range with no monthly payments.

What are the negatives ? You gradually lose equity in the home. The closing costs are higher than a traditional loan. The interest rate is higher too.

This isn’t for everyone. Consult your financial planner.

Who says Ocala ain’t got no Arts and Culture

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I sometimes get people asking me about arts, culture, music, adult learning and movies in the Ocala Marion county area so I’m posting a few links to sites of interest.

Posted in no particular order.

Circle Square Cultural Center

Feel Downtown Ocala

Ocala Symphony Orchestra

Marion Chamber Music Society

Reilly Arts Center

Fine Arts for Ocala

Regal Cinema Imax

Marion Theatre

Ocala Drive In

Appleton Museum

Master the Possibilities

The Orange Blossom Opry

 

Ocala 55+ homes with a view

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view looking down Oak Run golf course

All 55+ homes in the Ocala area are on small lots and the homes are close together side by side. Builders do this because retired people don’t want to maintain a big yard and so they can fit as many homes on an acre of land as possible in order to pay for things like clubhouses pools and a golf course.

A lot of buyers can accept a small lot if there is a view or some privacy directly in back that they see while sitting on their Lanai. There are 3 options.

A water view. This would be a very hard to find view of a pond on a golf course. There are no 55+ communities in Marion County on a lake.

A golf course view. There are quite a few homes with a view of the golf course. Builders sell these lots at a premium when new and build communities to maximize golf course lots.

A view of a wooded area. These homes would usually be on the perimeter of the community. An exception is Oak Run which unlike other 55+ was not built with parallel streets. The streets are more laid out in circles allowing more privacy.

Some times you might find some sort of hedge or planting and there are huge open drainage areas that have privacy but are not a real view in my opinion.

Other than golf course frontage I can not search on private back yards. The only way to determine this is by pictures on the MLS and the map feature which often has a birdseye view of the listing