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Tallahassee, FL Real Estate News

By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
  Golden Eagle Plantation has been reviewed on this site as much or more than any other Tallahassee neighborhood. It is a solid barometer for how upper end homes are doing in Tallahassee and with me living in the neighborhood, the information that I review is far more than just data. Also, I got my start in real estate selling lots in Golden Eagle Plantation in 1991. Note: Today is Danny Manausa‘s Birthday, so if you happen to see him, wish him a happy birthday! Our recent reviews of the Buckhead Neighborhood and Bull Run Neighborhood were published over the holidays, but in what might be a good sign for our housing market, the two articles were viewed by hundreds of people during what is usually a “dead” time in real estate. Currently, there is about a year’s supply of homes for sale i...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Bull Run home sales have boomed over the past five years, as did many of the “boom” neighborhoods in Tallahassee. Located in a great northeast location, these executive homes have a lot to offer for many Tallahassee families. But this subdivision was “born” during the boom, so this brings on more challenges than most Tallahassee neighborhoods have to face. Bull Run home sales only commenced in 2005, so even as we face the toughest real estate market of our lives, these property owners will also have to deal with normal movement cycles. Bull Run Home Sales When we look at the graph of home sales in Bull Run, we notice a much-better “stabilized” rate of sales than we do in older Tallahassee subdivisions. This is caused by many reasons, but I think the most prominent one is that falling l...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Buckhead home sales have weathered the market a little better than most neighborhoods in Tallahassee. With values down 26.4% since the peak of the market, valuations have dropped similarly to the rest of the Tallahassee housing market. But unit sales today are very much consistent with the average number of sales for the past 15 years, with only marginally fewer sales. Considering the rest of the market has seen unit sales drop significantly higher, I would say that Buckhead home sales have proven this high-end Tallahassee neighborhood to be a “better than the market” place to own a home for the past 10 years. The real estate graph above shows that the average Buckhead home sales price has dropped from $579K in 2007 to $355K in 2010, which is nearly a 39% drop. But we don’t use “averag...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Unfortunately, house prices will continue to fall for quite some time. The imbalance between housing supply and demand can only be cured by an increase in the number of people wanting to live in Tallahassee houses, not by shifting people from the leasing side of the market to the owning side of the market. When I read national real estate reports talk about the real estate recovery hinging on interest rates, tax incentives,  and even on consumer confidence, I ask myself … Where Are These Buyers Living Right Now? I mean after all, we have a simple problem of falling house prices due to an over-supply in real estate. All those previously mentioned things are great stimulants for demand, but I’m not so sure that real estate is any different than other commodities. If there is too much supp...
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By William E. Lewis, Jr., Bill Lewis - Vero Beach, Florida
(William E. Lewis, Jr. & Associates)
Source:  The Credit Report with Bill Lewis - Highlands Today, an edition of the Tampa Tribune - Media General Group.  http://www2.highlandstoday.com/content/2010/nov/21/bbb-accused-pay-play-scheme/  Following an ABC News 20/20 investigation into the Better Business Bureau's controversial grading system, its national president apologized to consumers and business owners for "errors," while regional leaders met to discuss grading reforms. Known as the nation's top consumer watchdog group, the BBB is accused by business owners and the Connecticut Attorney General of running a "pay for play" scheme in which A plus ratings are awarded to those who pay membership fees while F ratings are used to punish non-members. On its website, the Better Business Bureau indicated that its executive commit...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Pricing a home to sell has always required a balance between science (looking at comparable sales and current competition) and art (determining the initial market positioning and key marketing features), but today it is more important than ever. With roughly 60% of all MLS-listed homes failing to sell over the past 365 days, we know how important every part of our progressive marketing program is going to be for the home seller. Yesterday’s blog post about defining “Shadow Inventory” in real estate generated quite a few emails and questions, but it also prompted a response from our recently retired Tallahassee real estate agent, Bill Peck. You see, Bill and his wife Bonnie decided a few months ago to retire and move to Alabama, so we had a perfect situation to see if a CENTURY 21 agent...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Shadow Inventory was the hot topic for Inman News this morning. They reviewed a report by CoreLogic which showed the inventory of “not on the market” homes that need to be sold is growing at a disheartening pace, stating demand as the primary culprit: Weak demand for housing is “significantly increasing the risk of further price declines in the housing market,” said CoreLogic Chief Economist Mark Fleming — a problem that’s exacerbated “by a significant and growing shadow inventory that is likely to persist for some time” because of the length of time it takes loan servicers to liquidate properties. What hurts so much about the growing inventory of homes that have yet to reach the market is the known fact that we have such a large volume of homes that failed to sell in the past and are ...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
With so much buzz about distressed properties for sale, I like to pay close attention to the Lis Pendens filings in Tallahassee. By monitoring this “first step” of the foreclosure process, we can get a feel for the volume of distressed properties likely to show up in the Tallahassee real estate market. This is obviously not just a “passing thought” for us at CENTURY 21 First Realty, as you will see a foreclosures tab in our navigation bar on our Tallahassee Real Estate Web Site. We provide a weekly summary of lis pendens filings and a monthly and quarterly review of all that is happening with lis pendens filed in Tallahassee. Of course, sometimes our readers want more . Lis Pendens Filings By Zip Code The following graph shows that the lis pendens filings in Tallahassee seem to be broa...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
If you are a long time reader of the Tallahassee Real Estate Blog, then you know there is lots for sale in Tallahassee (meaning a lot of homes for sale in Tallahassee). But if you have actually ever wanted to have a custom built home, you should know that there are also lots for sale in Tallahassee! The average price for a lot in Tallahassee has dropped from over $110,000 to $45,000. While I am a big advocate for buying an existing home rather than building due to the fact that most homes are now selling for less than it would cost to build them, I will admit that it is a good time to build if you know it is something you are going to do. Most builders in Tallahassee are very hungry, so you would get very competitive bids right now for your new home construction project. Short Sale Lot...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
There really is a huge difference between the two different types of plans for home selling on the internet. It has taken me three years to complete the evolution from where I was, based in traditional realty methodologies, to now being a much more active marketer on the internet. You see, the two home selling methods are diametrically opposed, but very simple to understand. Passive Internet Marketing occurs when a real estate company starts the evolutionary process from traditional methods to the use of the internet. “Ads” are placed on the world wide web in the hopes that consumers will contact the real estate company and then a business relationship can begin. This is how our industry used newspapers, magazines, signs, and flyers for home selling in the past, and passive web markete...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
I was talking with a buddy of mine today about short sales in Tallahassee, specifically about what it is like dealing with local banks and national lenders in the sale of a home that is sold "short." Distressed properties are becoming a larger percentage of homes sold now, and it appears that most banks "get it" and are working to push the market through this difficult phase. But sadly, not all banks really "get it." They believe that if they keep procrastinating, then the market will improve and their losses will be reduced. But this is not going to be the case. The banks that recognize a falling housing market will find themselves in a better position approving a short sale than those banks who just fold their hands and wait for the full foreclosure process. When all of the dust settl...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
    This article is long overdue, so my tribute to Tallahassee REALTOR Bill Peck might not be timely, but it is very much sincere. Bill & Bonnie Peck have moved to Alabama to rejoin family members, but I can tell you they left behind a real estate family in Tallahassee that will miss them greatly. Just a reminder, the most recent Tallahassee Real Estate Newsletter went out today. You can subscribe to the newsletter and have it delivered each month to your email inbox, or you can just check out the past editions in our newsletter archives. Bill Peck has been a Tallahassee REALTOR with Century 21 First Realty since 2003. He left the Travel Industry and I was fortunate enough to meet Bill through our mutual friend Dr. Roy Barineau. Bill immediately became a valued member of our team. His d...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Tomorrow, Veterans Day in Tallahassee will be observed with the closing of schools, the CENTURY 21 real estate office, and many places of work, so I thought I would take the opportunity to remind everybody about the importance of this day of remembrance. In November 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day. This new holiday was to remember the end of the “War To End All Wars” where a cease-fire had been initiated on November 11, 1918,  “Armistice Day”, and served to honor all soldiers, sailors, airmen and marines, both past and present, who serve our great nation. Later, an Act approved May 13, 1938, made the 11th of November in each year a legal holiday—a day to be dedicated to the cause of world peace and to be thereafter celebrated and...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
  Are you finding that your “know it all” friend has been replaced by Google Search? The google search engine (www.google.com) is not even as old as my web site, but it has the answer to everything. And that includes everything real estate as well. If you are planning to sell a home, you better consult this know-it-all about who dominates the google search engine for Tallahassee Real Estate (or wherever you may live). Last week’s blog on Recognizing The Need For A Buyer’s Agent provided our readers with a short list of skills that a Buyer’s Agent should possess and be able to demonstrate at the initial appointment. With everything a homebuyer is going to undergo, it makes sense to have a well-qualified, top-notch buyer’s agent there to guide them. So I can’t believe when I wrote that bl...
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By Mike Carlos, Realtor, Tallahassee FL
(Keller Williams Town & Country Realty)
TEAM CARLOS | Keller Williams Realty | (850) 583-1919 3309 Cherokee Ridge Trail, Tallahassee, FL 3BR/2BA Single Family House offered at $175,000 Year Built 1983 Sq Footage 1,508 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking Unspecified Lot Size .30 acres HOA/Maint $0 per month DESCRIPTION Clean and very well maintained pool home with 3 bedroomsand 2 baths. Large living area with fireplace open to Eat-in area with bay window. Huge master suite with his and her closets. Sparkling pool, fenced backyard. Upgrades throughout including newer roof, slate entry, ceramic tile flooring in foyer, greatroom, kitchen/dining & baths,has already been connected to city sewer. Sold As/is Subject to lien holder approval. See associated docs for details. see additional photos below PROPERTY FEA...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Real estate supply and demand seems to be ignored when many “real estate professionals” provide a forecast for the housing market. While I have not studied the US housing market data as much as I have the Tallahassee real estate market, it seems to me that the single most important fact about our current housing crisis is being ignored. The National Association of REALTORS® just released it’s 2010 National Association of Realtors® Profile of Home Buyers and Sellers and it is loaded with a lot of good information. But the interpretation of the survey by NAR appears to be missing something that I would love to see addressed, and that is how all of the findings work in conjunction to the current state of real estate supply and demand. Real Estate Supply And Demand Cannot Be Ignored When N...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
I was recently in communication with somebody looking to buy a home in Tallahassee when I was pleasantly surprised by a request for a buyer’s agent. Having been in the real estate business for 20 years, I can count on one hand the times that I have received the specific request for somebody who specializes working with home buyers. Most real estate professionals do not really specialize in working with “just buyers” or “just sellers,” though don’t be surprised to hear somebody telling you they do. The ability to take a home buyer through all the hurdles that will fall in their path is much different than ones faced by home sellers. Each requires an expert and you should expect to get top service when buying a home if you work with a Buyer’s Agent. Most industries have an elite group of...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Too many homeowners do not know how to price their home to sell, so they are languishing on the market with no conceivable chance of being sold. The art and the science of home valuation is not nearly as tough as it seems, the key is understanding which trends to monitor and how to determine the strength of both the supply and demand for similar homes. Home valuation is all about competition. We all love our homes and we all have a tendency to believe that our own personal homes are special, and to an extent, all of them are unique and special. But to people who are looking to buy a home, it is all about supply and demand. Home buyers get to consider all of the houses on the market, and they are going to find the right home that fits their needs and budgets, and then they are going to ...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
We often provide opinions on property values in order to help home owners determine whether or not they are going to attempt to sell their home.  Most homeowners are disappointed when they find out how far their property has fallen in value, but our clients have been happy to know the truth so that they were able to make an informed decision. Having a true understanding of the current and near future housing trends is the key to being able to sell a home in a very difficult real estate market. Keeping an eye on what has happened recently is only part of the equation for determining property values, the real pricing strategy comes with an understanding of what is about to occur. While we do not have a crystal ball, we do have hundreds of real estate graphs that can point us out in the r...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
I have written quite a bit about distressed properties in Tallahassee and equally as much about special financing opportunities in the housing market. These two separate types of opportunities represent the impetus of change for our housing market recovery, so I like to track them very closely. After compiling the data for the first nine months of 2009, I broke out a special report to see the impact that both special financing homes and distressed properties were having on the Tallahassee housing market. Here is the question I wanted to answer: Which types of homes are selling faster? Ones that offer special Financing. Distressed Properties In order to find my answer, I went to the MLS and downloaded every property that had left the market. With over 4,000 individual listings to go thr...
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