Tallahassee, FL Real Estate News

By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Every so often, I look at reports on the search strings readers are using to find our blog. One string that pops up quite often is "Savannah Crossing," where readers must be looking for information on this condominium development in Tallahassee.I have put together a "quick look" at the Savannah Crossing subdivision. Information was gathered both from the Tallahassee MLS as well as the tax records. The chart below is the market snapshot of Savannah Crossing and it appears "normal." We can see that properties that sold were priced better than those still on the market and significantly better than the Tallahassee condos that failed to sell. We can also see from this chart that there is exactly one-year's supply of Savannah Crossing Condominiums on the market at the present time. Savannah ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Every month I receive the Tallahassee real estate market data from a company that compiles all of the real estate sales that are recorded at the Leon County Court House. This is the most accurate set of data one can analyze to determine where the market has been.One of the first things that I look at is the average price of real estate in Tallahassee. Each past-year's information is January through December, while this year is just January. It is way too early in the year to make any conclusions, but it is nice seeing the average price move up. Much of the state is not seeing anything like this. I'll be curious to see what future Tallahassee real estate market reports show us.It is important to note that average price movement does not necessarily imply appreciation or depreciation. Out...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
A good friend of mine, Jay Hill, is a commercial mortgage broker here in the Tallahassee real estate market. He forwarded me an email that had been forwarded around until it ended up in his in-box.It is a very interesting read, so I decided I would post it to the blog and look for feedback from readers on this blog.Sam Zell was on CNBC's Squawk Box this morning commenting on the housing markets, the economy, and more.  Whether you think Zell is genius or just perpetually lucky, he's almost always right.  There were plenty of people who told me they thought he was selling too cheap when he sold  EOP to Blackstone about a year ago.  In hindsight, he really sold at the absolute peak of the market.  I am including some of his quotes from the interview for your information.  In addition to t...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I've had many readers, agents and customers ask me lately, what is happening in the Summerbrooke neighborhood? Well, I know that Summerbrooke is a golf course community located on the northeast side of the Tallahassee real estate market which has homes that generally sell from $300,000 to the mid $500,000s. In order to get a more analytical look, I went to the tax records and the Tallahassee MLS to find out what was going on.This first chart, the Summerbrooke Market Snapshot, shows that 25 homes are on the market in Summerbrooke, with 28 homes having sold over the past 12 months. This implies roughly 10.7 months of supply. Too much supply, but not terrible. We can also see that the avergage asking price is roughly 3.8% higher (on a per square footage basis) than the homes that have been...
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By Alex Mordas, Green Building Consultant
(EarthSTEPS)
 No one wants to see more gas consumption... but even the staunchest and most conservative among us are getting hit hard by the prices at the pump. If you find that you are paying too much at the pump, perhaps a little planning can go a long way to bringing your costs down... To find the cheapest (or most expensive) gas prices in Tallahassee, go to this website, which lists up to date prices for most stations in town. You should be able to save quite a bit of money with a small amount of planning by using this tool. Now, in return for this wonderful smidgeon of information, all that I ask is that you refer your friends to me - the REALTOR who cares - for their home buying or selling needs.   
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By Alex Mordas, Green Building Consultant
(EarthSTEPS)
Wondering where to send your kids to school. Got a high-acheiving, but non-traditional student; an artistically-minded student; or a science-minded student that you believe could excel..? Great. Tallahassee has many good schools that offer nationally competitive educations and regularly send students off to the Ivy Leagues and equivalents.  SAIL is, perhaps, a little more alternative than many. However, it consistently outscores state and district averages, and has won many awards. SAIL stands for  a School For Arts and Innovative Learning. Founded in 1975 with the "belief that all students can learn and succeed when provided a learning environment that meets their needs and interests. SAIL emphasizes individualization, democratic decision making, and application of academics in a huma...
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By Alex Mordas, Green Building Consultant
(EarthSTEPS)
Florida is renowned for - among many other things - it's lack of hills. At it's highest point - Britton Hill - it is only 345 ft. A mere bump to most. Surprisingly to many newcomers, Tallahassee does not quite fit this mold. This beautiful "old south" city has topography galore! For the cyclist in all of us, this makes Tallahassee a diverse and enjoyable area in which to live. We have hill climbs, off-road slogs, long, gorgeous, winding country rides. and plenty of bike lanes and nice downtown rides. A local favorite for many is the St. Mark's Trail. This 16 (or 17 depending on who you ask) mile converted railroad track winds through old stands of live oak draped in spanish moss. Numerous side trips are to be found heading out from this trail for the off-roader in all of us. Perhaps the...
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By Alex Mordas, Green Building Consultant
(EarthSTEPS)
¬†(Click on the Banners to go to Locally Owned Tallahassee)¬†¬†Here in Tallahassee, we are lucky to have such a well-developed local business network.If you are a small business owner in the area and are interested in strengthening your business by networking, giving back to, and helping build up the community and local economy, then take a look...Buying local - and supporting local business - is probably the fastest way to help your community develop both a strong local economy, and a unique character that will set it apart and increase the quality of life. If you don't believe me, think of what it is and why it is you love the area you live in? Local is what makes us what we are. What separates us from the neighboring town, nearby city, or next state over. As REALTORS¬ģ we are local by na...
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By Alex Mordas, Green Building Consultant
(EarthSTEPS)
 Tallahassee Coffee ShopsAt some point, almost everyone who moves to a new town wonders: "where is the best spot to sit down, relax and grab a great coffee..?"Where indeed! It is often really hard to find good information on where your local coffee shops are and when they are open. Far too many otherwise-great coffee shops are small, out of the way, and known to only a handful of locals and regulars.To help resolve this issue for Tallahassee, I've compiled a list of my favorite places (this may not be entirely comprehensive so please feel free to comment and add to it). What these places ALL have in common, is that they 1) have good-to-great coffee, 2) are designed to be comfortable to sit for some time and work, or chat, or whatever it is you want to do in a coffee shop, AND 3) they ha...
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By Gene and Rebekah Rivers, The Rivers Team, Broker/Owner
(Keller Williams Town & Country Realty)
 Hello All! With all the talk of new construction inventory I thought it may be interesting to look at the levels here in Tallahassee. In all of Tallahassee there are currently 285 new construction detached single family new construction (built 2007 or 2008) homes available through our local MLS. There are 33 pendings and 19 properties have sold since January 1, 2008. Obviously, it is going to take some time for the market to absorb this much product. The good news is that for buyers it's a wonderful time to take a hard look at new construction as an option! There are builders who are willing to add extras, cut prices or perhaps build that dream home from scratch at a reduced price! With the slow-down in new construction starts and banks unwilling to provide spec loans, it's only a matt...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
We often hear that the Tallahassee real estate market is cyclical, but sometimes a picture will show us much more than mere words can communicate.The picture below might show up better at (Tallahassee Real Estate Market - The Past 68 Quarters!)I decided to pull residential sales in the Tallahassee real estate market from 1991 to the present (December 2007) in order to see what long-term trend could be found. The following graph shows unit sales and average prices of residential properties (single family homes, town houses, & condominiums), reported quarterly.This chart clearly shows an uptrend in both price of properties as well as the number of units selling in the Tallahassee real estate market. The light-blue shaded area represents the average price while the dark blue line is the li...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I have written numerous blogs that have looked at the performance of different Tallahassee Subdivisions and have concluded each blog article with how the average home appreciated from 1991 through 2007. The following table summarizes each Tallahassee neighborhood that I have reviewed lately: As you can see, all of the neighborhoods have performed well. With appreciation rates from 4.5% to 7.5%, the Tallahassee real estate market has done wonderful. Loaded with this information, I would like to demonstrate why home ownership in the Tallahassee real estate market is the single-greatest investment that a family can make. It blows away the stock market, and for most families, it is by far the smartest investment that they can make.Please follow this link to see how to get a 37.5% Internal R...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I usually write about real estate, and specifically the Tallahassee Real Estate Market, so this will be a little bit of a tangent today.A friend of mine who is a very successful Partner at Deloitte recently invited me to "get connected" at a web site called LinkedIn (http://www.linkedin.com/). This is a social website that allows you to connect to people you know, as well as re-connect to people you have known in the past. So far, how hum, right?This sight seems to have been built with the concept of "Six Degrees of Separation" in mind, which Wikipedia explains as "Six degrees of separation refers to the idea that, if a person is one step away from each person he or she knows and two steps away from each person who is known by one of the people he or she knows, then everyone is an avera...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I am often asked by people trying to sell a home in Tallahassee about various methods for getting a home sold. As most people who read this blog are aware, the Tallahassee real estate market is currently in a "Buyers' Market" cycle phase and inventory is high. This means that buyers have many choices and that home owners must do whatever they can to differentiate their home from the rest of the market. Some of the methods that we are seeing in the market include: Professional Staging Seller willingness to hold partial financing Cash incentives to Buyers Cash incentives to real estate agents Seller/Lender rate buy-downs for Buyer Competitive pricing Drawings/events to increase traffic The simplest way to answer the question of how to sell a home in Tallahassee is to look at the market fr...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I had a reader who formulated an opinion about the Tallahassee Real Estate Market, based upon some statistical figures he found on a web site.I did not agree with his numbers and told him so. He responded with this comment:"Here's LINK,http://media.living.net/statistics/statisticsfull.htmMy guess is that the natural demand in Tallahassee might be around 2500 homes per year, or 200 house per month. Last four months of 2007 may be the true indication of  demand in Tallahassee. If my estimated demand is true, then we might have enough inventory to last for the next two years.  For sale signs are eveywhere in my neighborhood."___________________________________________________________________________________________________________Rather than reply in the comments section, I figured this wo...
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By Myers Jackson, America's Auctioneer
(Auctioneer, Texas Flip N Move )
Florida real estate property has become a hotbed of action, and real estate auctions in Tallahassee has brought great success to Rowell Auctions, Inc. The market for real estate auctions in Tallahassee continues to be of great interest as the city holds a varied crowd of people in an ever changing environment. As the capital of the state of Florida, Tallahassee continues to grow and the oppurtunities for great real estate auctions are increasing. With an influx of senators, representatives, and football fans, every year the city is in continual expansion and the real estate properties in the area are of great variety. Rowell Auctions, Inc. has sold everything from luxury residential homes, commercial development properties, to big land acres around surrounding areas. With aggressive mar...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Many of our readers and customers want to know what is happening in the Tallahassee Real Estate Market, but they want to know specifically what is happening in their Tallahassee subdivision or neighborhood. So, once a month or so, I put together a "Tallahassee Subdivision Report" in the hopes of answering many questions along the lines of what is happening and where is it happening in the Tallahassee real estate market.Most Active Tallahassee Subdivisions of 2007Subdivisions20062007ChangeGrand TotalSOUTHWOOD397208-48%605KILLEARN LAKES178176-1%354KILLEARN ESTATES165122-26%287KILLEARN ACRES10274-27%176PINEY-Z9270-24%162HAMPTON CREEK56607%116BULL RUN9260-35%152SANDSTONE RANCH445627%100PEBBLE BROOKE5551000%60BARRINGTON PARK CONDO854575%62MYSTIC WOODS CONDO53No 2006 Sales53PARK CHARLESTON824...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Often times, we read articles written in local and national publications referring to the state of the real estate market. Much of these articles are written based upon the sales activity of both new and resale single family homes in a particular area, such as the Tallahassee real estate market.It is important to understand a dynamic that is happening in the Tallahassee real estate market that is so important to the measurement of our activity. The dynamic that I refer to regards the condominium/townhouse (CT) category encroaching on the single family detached home (SF).As land prices have skyrocketed, it is becoming nearly impossible to bring a $150,000 single family home to the market. The average price for a lot in Leon County is over $80,000 (and we seen surges higher than $100,000!...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
The final numbers are in for the Tallahassee Real Estate Market. 2007 has been completed and we can move forward to 2008! So, how do you think our market was in 2007? Down, certainly. Dead, ... think again.Overall, the Tallahassee (Leon County) residential real estate market was better than all the years prior to 2001 (with the exception of 1999). Leon County real estate sales were 4% better in 2007 than they were in 2000. I remember back in 2000, and we were thinking it was a fairly good, above-average market. This market correction was needed and is a normal part of the long-term real estate sales cycle.New contruction sales (the residential category combines Single-Family homes, Condominiums, and Town Houses) had its fifth-best recorded year ever! With all the media stories preaching...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Promising Signs In Tallahassee Real Estate MarketI have been so busy "closing out" 2007 that I haven't been very active blogging for the past month or so. This is going to change....I figured a great way to start 2008 is with some exciting news! One chart that I track every month regarding the Tallahassee Real Estate Market is created with information from the Tallahassee Board of Realtors Multiple Listing Service (MLS). This chart shows current trends and actually is useful when trying to predict the near future.The chart below is from information from all the counties in the MLS, and it shows a great new trend that seems to have started four months ago. The blue line shows the trend of monthly "newly pended (newly written but not closed) contracts," while the red line shows the trend ...
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