Tallahassee, FL Real Estate News

By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
New Construction In The Tallahassee Real Estate Market One bit of data that I pull every month is the Leon County Single Family Permit and Sales figures. We can look at the relationship between sales and permits to determine how new construction inventories are doing. We can also track trends. The following chart represents a 12-month trend of new construction permits and sales in the Tallahassee Real Estate Market. The chart shows us that the trend from August, 2005 until March of this year, we have been permitting more homes than we have been selling. Since April though, we have sold 75 more homes than we have permitted. This appears to be a change in the trend after nearly two years of building more homes than the market could bear. One must remember that this is only new constructio...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Is this a move-up market? Yesterday we had someone wanting to buy a home in Tallahassee come in to the office for a consultation. She was concerned that with everything she has read in the paper and online about the "soft real estate market", that maybe it was not the right time for her to move from her townhouse into a single family home. She could not have been more wrong.She purchased a townhouse in Tallahassee in 2001. She has not refinanced it. We were able to show her something that amazed her!First of all, as most young people do, she put no money down when she purchased her townhouse in 2001 for $82,500. Today, that same property will sell for $145,000 to $150,000. That means with no money down, she now has $60,000 worth of equity (that includes her paying closing costs when she...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Every month I report on the average prices in the Tallahassee Real Estate Market. With the September numbers now completed, we see that our average prices are holding pretty well, with the exception of lot sales. The key to remember is that we have come through a booming market and we expected to see prices softening. To give this some perspective, take a look at how prices are this year versus previous years.Category2006 2005 2004 2003 2002 2001 Average Single Family-0.2%10.7%27.9%41.0%58.2%67.2%Average Condo/Townhome-3.0%10.0%36.9%64.6%86.1%81.0%Mobile/Manufactured Homes-4.2%-11.2%16.8%21.2%46.3%57.2%Residential Lots-23.1%11.1%40.9%49.3%105.9%71.5%This table shows us that prices now are less than 1 percent down on Single Family homes versus 2006. But versus 2005, that same category is...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I figured a great way to start a new week would be to discuss the concept of seasonality. The Tallahassee Real Estate Market, like any other industry or market, experiences different levels of sales during the different times of the year. This effect is known as Seasonality. We measure seasonality in order to predict the levels of sales we should expect each month. This is very helpful for budgeting in the Tallahassee Real Estate Brokerage Business, but it is also helpful when trying to predict how current market conditions are going to play-out over the next few months. The following table shows, as a percentage of annual sales, how the sales occur over the course of a typical year. These figures were calculated by using the sales in the Tallahassee Real Estate Market over the past fiv...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Here is a quick update of year versus year by property types for the Tallahassee Real Estate Market. I have tracked Single Family sales (annotated by SF) and Condo/Townhome Sales (Annotated by CT). As you can see, each month this year has been lower than its corresponding month from last year. The total market is down about 28%. Subscribe to this Blog: Joe Manausa, MBA, CRB, CRS | Broker / Owner | Century 21 First Realty 2365 Centerville Road | Tallahassee, Florida 32308 | 850-386-2001 | http://www.manausa.com/
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Getting Your Tallahassee Home Sold In Today's Real Estate Market Many times a home owner, when trying to sell a home in Tallahassee, is given ideas by many family members, friends, business acquaintances, Realtors, Builders and others in their life about what they need to do to sell a home. In order to best "show" what is needed to be done, I have a few charts that will demonstrate better than words can say. Anyone who has taken business courses, or specifically marketing courses, can tell you that there are four key aspects of bringing a product to the market (and if you want to sell a home in Tallahassee, you are bringing a product to the market!). They are:Pricing Mix (The Price the Tallahassee home owner sets) Promotional Mix (The Work that the Real Estate Company performs) Product ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Northeast Tallahassee - Inventory Levels Not So Bad The Northeast quadrant of Tallahassee (Area 1 in the MLS) has shown to have the best response to the current market. It has been the least affected area in Leon County in terms of the number of homes that are selling, so I decided to look and see how each Subdivision was doing. Not surprisingly, many of its subdivisions were not doing bad at all, while many that still have new construction were a bit sluggish.SubdivisionSalesFor SaleMonths Supply2 Years AgoLast YearGrand Total1939165712298.9Killearn Lakes140115697.2Killearn Estates134104606.9Killearn Acres7762377.2No Subdivision56516715.8Golden Eagle64435816.2Piney Z7052378.5Bull Run4643205.6Summerbrooke4139257.7Weems Plantation48172014.1Betton Hills29213017.1Ox Bottom Manor3028219.0Pa...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
High End Homes In Tallahassee Yesterday I reported on affordable housing in Tallahassee, so today I will cover the other end of the market. For this research, I included all areas of the Tallahassee Board of Realtors Multiple Listing Service (Leon, Jefferson, Gadsden, Franklin and Wakulla Counties). The upper end of the Tallahassee Real Estate Market has definitely seen better times. The inventory levels are approaching three years at the highest end of the market. These numbers are certainly skewed by the fact that coastal properties are included in the totals. Homes priced from $500,000 to $600,000 have roughly 21 months of supply. Supply jumps when we look at the $600,000 - $700,000 price range to approximately 31 months, while the "over $700,000" part of the market is nearly 34 mont...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
We made it home, safe and sound though a bit tired after 9 days on the road.  I promised two things - a trip wrap up with pictures with which will come in the final blog (or tomorrow - I have to pick up my pictures), and my last reflections on the interesting differences in real estate activity I noticed while driving through North Florida, Georgia and North Carolina.                                  Once again I need to state clearly, this was NOT a scientific study.  Just the first hand observations of a real estate professional as she drove through mostly rural, though some towns throughout Georgia (we avoided any of Metro Atlanta - no need so didn't go there) and the Smoky Mountains of North Carolina almost to the Virginia border.    My observations were prompted when the frequency ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Affordable Housing In The Tallahassee Real Estate Market A reader asked me to do an update on affordable housing in the Tallahassee Real Estate Market. I utilized the entire MLS database (including Leon, Wakulla, Jefferson, Gadsden and Franklin Counties) in order to find all the subdivisions that have had a sale in the past year, or currently has a home for sale at or below $170,000. Believe it or not, there are 827 Subdivisions in the Tallahassee Real Estate Market and surrounding counties that have homes priced at or below $170,000. The following table shows the most active 100 Subdivisions, with the number of homes for sale, the number of homes sold in the past year, and the months of supply available.CountSubdivisionUnitsMonths SupplyFor SaleSold Grand Total195824969.4 No Subdivisio...
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By Carol Palacios
(Century 21 Manausa & Associates)
Interior home improvement projects can include anything from remodeling, repairing or maintenance work within any area of your home from the attic right down to your basement and garage. A common remodeling area is the kitchen. Other common areas that many choose to remodel are the bathroom and bedrooms of the home.Upgrades to your home are things you‚Äėll enjoy year-round. Economic advisors agree that an investment in your home through renovation is a wise move, as they can increase the resale value of your property if you should choose to sell. If you‚Äėre considering any renovations, sit down and ask yourself some simple questions before undertaking a project. Am I happy where I am? Do I plan on staying in this house awhile? Is this renovation really necessary? Certainly, every house req...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
At a time when at least two of our fifty states are in dire straits from severe drought conditions - the worst droughts in their states' histories, what a wonderful time to consider a RAIN BARREL as a closing gift for your residential customers!!!  The ones in the picture to the right are actually three separate barrels that have been connected to triple the amount of water collected for this building!  You don't need to give three to your customer - one will do.The drought in North Carolina has gotten so bad Governor Easley issued a press release on October 22nd declaring "Operation Halve-It."  He is asking EVERY citizen in the state to cut their use of water in half for everything they do!  You can click on the link below to see the details of the program and the suggestions for reduc...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
Oh, no....Pouring rain at 6:15 am....     Well, we get up at 7, and decide we'll take our time (right, my aunt is on a schedule, you can set your watch by it!).... And we hit the road at 9am as usual... We finished the first 50 miles in rain and fog, much differently from the way we started them.  We had occasional glimpses of color:  brilliant flashes of orange, yellow, reds and burgundy.  But the sun was not going to come out until we were well south of the Parkway.  As we continued south on Hwy. 441 I was able to reassess my original observations on the real estate signs, or lack thereof.  It was pretty much as I remembered.  As we drove off the Parkway but continued the drive down out of the mountains of NC, there was a scattering of sales signs for residences as we passed through s...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
We wake up to serious fog - or at an elevation of 5000 - serious clouds!  I could hardly see to drive!  So it was slow driving, and the wonderful colors we had been enjoying cast a faint glow overhead.Aunt G decided it was best, given the weather forecast for rain over the next two days for us to turn back and head for home.      It was slow going most of the day and few drivers other than us.  We had a couple of bright spots, and I got in a wonderful 50 minute hike up to the Erwin View of Linnville Falls.  I tried to get some exercise each day; eight hours in a car can get old!The trees had been changing colors and were noticeably more colorful as we passed  by the second time... funny how that happens!                                        We finally decided we'd had enough of fighti...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Do you live in New Mexico? How about Montana? North Dakota? Surely you must live in Nebraska....If you live in one of these states, I need you to visit my new blog so that I can complete the map of the US on my visitors chart.Please help me. Here is a map of my visitors at my new blog, http://www.tallahassee.com/special/blogs/manausa/. I have had visitors from almost every state, but need some help with the four remaining.UPDATE 11/11/07 We did it!Thanks to my newest Associates, Jesse & Kathy Clifton from Alaska, we have hit all states!          UPDATE 10/31/07Thanks to our visitors from North Dakota and New Mexico!Still have two stragglers. Anyone out there in Alaska or Montana?UPDATEThank you Nebraska! Just need some help from New Mexico, Montana & North Dakota! UPDATE SUNDAY OCTOBER,...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
We have more time today - we only have to cover 50 miles of the Parkway.  Aunt Gina made reservations for us at the Bluff Lodge in Doughton National Park.  If you've never stayed at a national park, it is a unique experience.  It's like having your own national park all to yourself, or yourself and a small group of new friends for one night.                                                                  So we left Boone and headed north stopping first at beautiful old home that after being donated to the National Park Service was turned into an Arts and Crafts store.  It was loaded with beautiful items and we loaded up on Christmas gifts, etc.  As Aunt G said, it's a good thing I have an SUV, small hybrid version that it is.  By the way, that 2007 Ford Escape Hybrid is getting 29.1 mp...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
There was an excellent article on Tuesday (October 16) on page 4A of the Tallahassee Democrat. Angeline Taylor wrote about the Florida Prepaid College Plan and reported that it was beginning its 20th annual enrollment period. Twenty Years! So what does this have to do with the Tallahassee Real Estate Market?If you consider that College Students represent a large portion of the consumption (Demand) of the Tallahassee Real Estate Market, then the future growth or reduction of this demand will always be important to the future value of homes in Tallahassee. Whether they rent a home in Tallahassee or buy a home in Tallahassee, either way they affect the demand curve for housing in our market.Angeline's article pointed out some great reasons why so many people are enrolling their children in...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
September Numbers Are In!I just received the September numbers from Metro Market Trends, which provides market information on all real estate sales including listed and unlisted property. Nothing startling in the September figures, as summer sales slowed like in every previous year.The first thing that I like to look at is how the average price of residential properties have moved (or haven't). The blue bar represents the average price of a new home in Tallahassee, Florida (homes include single family detached homes, townhomes, and condominiums). The red bar represents the resale market, while the green bar is the overall market, with both new and resale homes. I find it interesting that as the market cools, average resale prices have dropped, but new construction average prices have ri...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
How Is Your Area Performing? If you live in the Tallahassee Real Estate Market area or in one of its surrounding counties, you are probably curious how your "neck of the woods" is fairing in our current real estate market. I went to a utility in the MLS that allows me to pull a report for each market segment. Leon County, the most active county in our MLS, is segmented into four regions, while the surrounding counties are featured as a county in whole.The information below shows how many units were sold, what volume of homes sold, the average sales price of a residential property, as well as the median price. If you are confused between the average and the median, you can read a previous post of mine that explains mean, median and mode, or just know that the average is the total volume ...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
Day four dawned sunny and a little cooler as we set out again on our adventure.  Today we planned a brief (1/2 day) side trip to the little house know as Biltmore.  We even got up an hour early to accommodate this visit, as we also needed to be 150 miles down the parkway (eee-gads!!!) by the end of the day, or so we thought at 6:30 am when we arose.The trees don't look any brighter in color, yet - but we're in the valley this morning, so we're headed for the grand home of ALL American homes...Since this blog isn't about the Biltmore, suffice it to say it is worth the visit for everyone - including the wine tasting so you can buy some to take home.  If you want to check it out, and buy tickets on line go to their website at:  http://www.biltmore.com/It is really grand and there is a lot ...
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