Purchase or Wait-Wellington Area (Ocala: real estate market, rent, HOA fees)

[Bertram]

Have read nothing but good things on here about Wellington and did some searching on Realtor.com. It appears as if there is a large selection of homes in the 350K+ What you can not tell using that site is how current those listing are, how long the home has been on the market and what has sold.

I am kinda cluless as to which part of Wellington I am looking at or should be looking at. What are the curent prop. tax rates and is that applied to the full purchase price of the house(new or old construction) What are the average HOA fees, they don't state that either.

Thanks,

[MrTudo]

I sold my house in Paddock Park I for $452,000.00 the first week of Sept 2001. It had been listed for a year without so much as an offer.

Not even an offer in a year. Then a lowball came in and I took it as it was an albatross.

1.19 acres, 3400 sq ft under a/c. 85K new kitchen, incredible landscaping. Taxes were roughly 3300.00/yr and the homeowners insurance was 3,000 although Nationwide THEN wanted 6 grand because the house was so far away from a firehydrant ( ? ). All the houses have well water.

I would imagine that someone might even asked a mil for that house in the peak. I couldn't get an offer in a year ( ANY OFFER ) but I guess people have become much richer from 2001-2006 and as such might even pay that in addition to 15K a year in prop taxes, + who the heck knows how much homeowners would cost now.

[Floridasunshine]

Where is Wellington area? get a address in there and ck on county property appraiser site for millage. I definately would find out if it has HOA, or CDDS ?

[mk1116]

Wellington is area code 33414. It is a great place to live especially in the western part. It feels like being in the country yet minutes from great shopping and hospitals.

[backtofla]

i'd buy now... i dont think it will get much cheaper... i also think it (prices and the real estate market) will go back up

[SKB]

The prices of homes in Florida are tanking, it would NOT make any sense to make a purchase at this time. Anyone that says other wise is either trying to sell a home or is a real estate agent.

I would rent for the time being until the market finishes collapsing and then pick up a hell of a nice house for a low low low price. You can rent homes cheap for right now that is what all of the educated people are doing now.

Expect prices to really start declining this fall.

Prices of homes will be declining 50% from their peak.


Google search out some housing bubble sites and see for yourself what is really happening in the market.

thehousingbubbleblog is the best one out there.

SKB

[backtofla]

it will pick back up, i guarantee it. fla will always be over-priced (parts of fla) because of the demand.

[lvmy3grls]

I currently live in Wellington and here's what I would look for. I would stay in "old Wellington" rather than the new areas because the neighborhoods are a lot more charming, have more property, and most are not gated but still have to conform to some rules to keep the neighborhoods looking good. Also, stick to areas where your children (if you have any) will attend Wellington Landings Middle School, and Wellington High. There are many family activities here, the area is very very family oriented and very safe. The taxes are based on the purchase price so don't even worry what they are currently, they will change the year after you buy to about .02% of the purchase price less your homestead if you have one. For example, a house you paid $425,00 for, less homestead of $25,000 would probably have taxes a little less than $8,000. The taxes are high, but worth it!! Homeowners insurance ranges about $3000-$5000 depending on size of home. Please let me know if you have any other questions, you will love Wellington!

[Jammie]

IVMY, if you follow the articles of the local paper for the community you plan on relocating to, it will give you a clue as to what housing is doing in that area. There's something in the papers every few days and it appears that the cost of housing will continue to decline. I just posted something today that was in the Ocala Banner and tonight on the ABC news they had another news story about housing. The forclosures have skyrocketed in the past few months, builders are still doing some building, and the market is saturated. There just aren't enough people to go around to buy those half million dollar homes. And in case you're wondering, I have no stake in this. I'm not a realtor and I won't be buying in Fla. any time soon.

[mk1116]

I strongly disagree that prices will drop 50% That is rediculous. As soon as the large inventory goes away, prices will be right back up. You don't see California staying low yet no sone seems to mind paying $500,000 for a shack there.