THE VILLAGES, Fla. - (Business Wire) The Villages, the largest single-site mixed-use real estate development in the U.S., reports extremely low foreclosure rates amid increasing default activity across the nation. As many markets confront double digit foreclosure rates, The Villages continues to sell homes at a pace that exceeds what developers experienced at the height of development two years ago, while maintaining a foreclosure rate of almost zero percent. National foreclosure activity grew by 4 percent in April, but in Florida it was even worse: a 17 percent jump from March. It
’s an entirely different story in The Villages.
During negotiations with a national retailer, Scott Renick, vice president of Leasing for Crossman & Company, was asked about the foreclosure rate in The Villages. "To be honest, I had no idea. We have never been asked to provide foreclosure data and since it’s not an issue here, we had never discussed it." After some research, it was confirmed that the official foreclosure rate in The Villages is 0.05%.
"A few occurrences were due to poor estate planning," said John M. Crossman, CCIM, president of Crossman & Company and retail spokesperson for The Villages. "We had an extremely difficult time finding one that was market related."
Crossman went on to point out that many home buyers pay cash for their homes and very few are highly leveraged. “We are on pace to have another big year."
Crossman & Company handles the retail leasing for The Villages, FL including the town centers of “Lake Sumter Landing”, “Spanish Springs”, plus the “Buffalo Ridge” and “Bellaire” shopping centers. The Villages is the largest single-site mixed-use real estate development in the U.S. and currently home to major retail and restaurant tenants including: Publix, Fresh Market, Wal-Mart, McDonald’s, Barnes & Noble, Belk, Bealls, Bonefish Grill, Panera Bread, Starbucks, Sweet Bay, TGI Friday’s, Chico’s, Ruby Tuesday’s, Target, Outback, Carrabas, Bass, Izod, JoS. A. Bank and Red Lobster.
For more information please visit www.thevillagescommercialproperty.com, or call 352-753-6654.
The Villages/Crossman & Company
Jamie Pape, Media Relations, 407-581-6231
jamie.pape@crossmanco.com
