Tallahassee, FL Real Estate News

By Tim Kelly, Realtor, Tallahassee, Florida
(Armor Realty)
Active Rain is a fine real estate network, and I'll be here browsing often, so keep an eye on this spot! Not being too new to Tallahassee, or the Real Estate market, but new to Active Rain, there are some things I'd like you to know about me.First of all, I enjoy sports, as a graduate of FSU, of course college football and college basketball are tops on my list.Secondly, I've lived in Tallahassee since starting at FSU in 1985, so I've been here well over 20 years.Lastly, just a quick mention that I've teamed up with an old friend, Lisa Carey and another friend at Russel Construction to offer you top rated homes at reasonable prices.If you have any questions, feel free to contact me.My website is http://www.timothykelly.com                 
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
The Real Estate Industry Gets with the Times (online)!Buying a house used to center around the Real Estate Section of the local newspaper. Or, it meant driving through your favorite neighborhoods on Sunday to look for Open Houses.  Well, the times have changed and many Newspaper and Real Estate Companies are paying the price.  The Real Estate Companies that thrive are the ones that will embrace the change.In a recent article released nationally through the AP reported that three of the top newspaper publishers by circulation have posted large drops during the second quarter. Gannet Company reported a 9.9% drop, McClatchy a 19% drop, and Tribune reported a whopping 24% drop.  According to experts, much of this drop is directly related to the effectiveness of the newspaper companies to se...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Training Schedule at Century 21 First Realty   July/Aug 2007Monday the 30th- How to Communicate With Your Sellers, with John E. Whetsel.  Between changes in the Market and changes in Technology, it can be easy to forget what motivates your Sellers! The simple truth is that they will do business with the associate and company that can relate to them. Come to this training to make sure that you can relate to your Sellers!Tuesday the 31st- Financially Qualifying the Buyer, with Joe Manausa. How many Agents have heard mortgage representatives say, "Underwriting standards have become MUCH tougher!" Do you know if this is fact or fiction? Make sure you are giving your buyers and yourself, all opportunities to buy a property and make a sale! Come to this training to learn to financially quali...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Building Permits:¬† When and How The popularity of the reality based TV show ‚ÄėTrading Spaces' spawned an abundance of reality based home improvement shows.¬† These shows depict the fun and rewarding work associated with re-crafting houses, either for personal living satisfaction or for investment ‚Äėflips'.¬† What the shows don't show however, are the hours spent obtaining the required permitting for the job.¬† The Leon County Growth Management Division provides extensive literature for permitting both online (http://www.talgov.com/growth/resperinfo.cfm) and at their offices (408 N. Adams St.).¬†¬† They do a great job of helping determine whether a permit is needed, and once decided, how to proceed through the process.¬† Below is a basic list of when to pull and when not, but by no means is it a...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Good news may be around the corner for multifamily real estate investors who have seen their rate of return shrink by the one-two punch of property taxes and insurance costs.  Insurance companies have become increasingly reluctant to continue underwriting a large number of Florida policies or at a minimum drop various types of coverage. Citizens insurance company, the State run last resort provider is not a cheap alternative although it does provide coverage where others won't. As a result, many apartment owners have been forced to carry multiple policies to cover various risks at an ever increasing cost. Other investors, depending on leverage and lender requirements, are turning to self insurance as a way to lessen expenses so that positive or a least zero before tax cash flow is maint...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I was sent the following report by a Commercial Realtor in our office, Erik Snyder, who emphasized the importance of student housing in our local market (Tallahassee, Florida). I found it to be not only interesting, but also uplifting as we fight through this corrective market.Student Housing Multifamily Apartment Property NicheThe need for privately owned near campus student housing will be greatly impacted due to three major factors: 1) The Echo Boom generation is reaching college age boosting the number of people turning 18 over the next decade to 75 million; 2) an increasing percentage of high school graduates are enrolling in colleges and universities; and 3) public universities are under increased financial pressure due to state budget deficits which limit funds available to pay f...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
  Building and maintaining client loyalty is the name of the game when it comes to customer service.  Satisfied clients are the greatest source for referrals, and the word of the mouth is still the most efficient method of generating new clients.  How do you attract and maintain client loyalty? Building loyalty - Treat your clients the way they want to be treated. 1.      Use personalized treatment - People have particular needs. It's in your best interest to make them feel special and respected. They will certainly stay with you on the long run. 2.      Be reliable - Keep your promises and deliver on time to build trust. 3.      Be flexible - Lose the phrase "company policy" from your vocabulary. Be ready to make changes to your schedule and business approach to accommodate clients. D...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
As you accumulate investment property you also accumulate more work for yourself. There comes a point when you decide to pass the reins to a property management company. This can be one of the most important and challenging decisions you make because the way your property is managed today will determine its value tomorrow.So how do you go about selecting a property management company? What criteria should you use? Below are a few tips that will ensure you are making an informed decision and you are placing your property in the hands of someone who will "Look after your property as if it were their own".For the rest of the article, click here.
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
So we've established that one of the key aspects of purchasing a home is securing your financing before you begin your home search right?  That being said I am going to dedicate several future entries to the topic of financing and really dig deep into the mortgage process.I would like to start this discussion by examining general types of lenders.  So let's take a moment and discuss the following very important questions: Should I get my mortgage through my bank or seek the services of a mortgage company?  What's the difference anyway?Simply answered...it doesn't really matter who you get you mortgage from.  You can get the same deal from either.  The key is to understand the loan application process, interest rates, and closing costs.  Ultimately it comes down to a matter of consumer p...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Inclusionary Housing In Tallahassee, like many cities around the country, affordable housing is becoming more and more unattainable for the lower classes.  Incentives to build cheaper housing have come and gone with some positives, but none successful enough to eliminate the need for further City and State level intervention.  The latest attempt by the City's planners to mitigate the growing housing prices is an ordinance called inclusionary zoning.   The basic premise of inclusionary zoning allows the development of affordable housing to be included in ongoing developments of all types.  The ordinance sets mandatory conditions for the inclusion of below market housing in future market level developments.  To offset the profit compromise of the developer, incentives such as density bonu...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Leveraging Your MoneyOne of the greatest financial aspects of buying a home is the ability to leverage your money. Simply put, leverage allows you to use a small down payment and financing to purchase a larger investment. For example, if you bought a $125,000 home with 10 percent down, you leveraged the $12,500 down payment to purchase an asset worth 10 times that amount!AppreciationThe benefits of leverage really become apparent with appreciation, or the rise in value of a property. Using the above example, say you were to live in the house for 5 years, and during that time property values in your area were to rise an average of 2.5 percent a year. Your home would then be worth over $141,000. By putting only 10 percent down, you get to enjoy the appreciation for the full amount!Paying ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
This week's advanced training schedule is set:Monday the 23rd- Internet Presence as it Relates to the Seller, Dave Peeples.  Why is internet marketing important to your seller's? Do you know how to win listings at the right price because of our internet exposure and lead capture? Come to this training to increase your SALEABLE listing inventory! Tuesday the 24th- Pricing the Property, Joe Manausa. How often do you "practice" your presenations? Are you "practicing" in front of your customers. Come to this training and make your mistakes in front of your peers, where the practice is FREE! Wednesday the 25th- Caravan to the SW, Dave Peeples. Please submit requests by noon on Tuesday for this caravan! Caravan has been a great tool to get price reductions....just ask your peers!  Thursday th...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
When it comes to comparing interest rates for a mortgage loan, homebuyers often have the option of choosing a loan with a lower interest rate by paying points. Simply put, a point is equal to 1 percent of the loan amount. For example, with a $100,000 loan, one point equals $1,000. Points are usually paid out-of-pocket by the buyer at closing.Paying points may seem attractive, because a lower interest rate means smaller monthly payments. But is paying points always a good idea? The answer generally depends on how long you plan to stay in the house. Let's look at an example:Bob and Betty Smith are shopping for loan rates on a $150,000 home. Their bank has offered them a 30 year loan at 7.5 percent with no points. This works out to a monthly payment of $1,049.However, their bank has also o...
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By Gene and Rebekah Rivers, The Rivers Team, Broker/Owner
(Keller Williams Town & Country Realty)
There are a number of people out there who don't think that they stand a chance of having a slice of the American Dream.....Home Ownership.  Well, I want to point out one resource that I don't believe is explored as often as it should be, and that is The Tallahassee Lending Consortium.http://www.tallahasseelenders.org/index.htmlEven if you are not in the place to buy right now, they have programs that will set you on the right track to starting the home buying process.   Down payment assistance is one of the big draws for first time home buyers or low income families.  So what are you waiting for?............See if  you qualify!
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Any tenant is better than no tenant, right? On the contrary, the time spent properly screening your tenants will pay dividends in the future.It has been said that the majority of your rental problems can be taken care of in your screening process. Below I have outlined a few of the areas that we use to properly qualify and screen tenants.‚Äʬ∑¬† ¬†¬† ¬†Develop your own selection criteria as it proves very useful in avoiding differential treatment of applicants and it will shield you in the event of a fair housing complaint. These criteria must be applied to everyone because once exceptions are made to the policy it loses its value. Make sure you review your criteria on a regular basis to ensure that it meets your overall business plan.¬†¬† ‚Äʬ†¬†¬†¬†¬†¬†Have all of your perspective tenants fill out you...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
It's that time of year again. Big Bend Hospice is having its annual Golf Tournament to raise money for this wonderful organization. Our tournament is the largest fundraiser for Big Bend Hospice each year. This year's tournament is on September 10th at Golden Eagle Country Club. Teams and sponsors are still needed! ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† ¬†Email Me¬† ¬†¬† ¬† Search for Property ¬† ¬†C21 First Realty¬† ¬†¬† ¬†Homes for RentEmail this ‚ÄĘ Discuss on Newsvine ‚ÄĘ Stumble It!Posted at 09:26 PM in Current Affairs, Tallahassee | Permalink | Comments (0) | TrackBack (0) Digg This | Save to del.icio.us
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Lot sales in Tallahassee continue to Amaze me. Having tracked the trends in the real estate market in Leon County since the early 90's, the one market trend that seems to stand-out more than anything else is the "affordability" (or lack thereof) of build-able home sites in our county. The average lot price, over the past 12 months, is $89,000. Considering the the average home price in 1999 was $98,000, it amazes me that we are approaching that level for 'lot only.' This graph shows both the price trend as well as the average number selling each month for residential lots in Leon County. (click to enlarge) Notice that the monthly "unit sold" is currently trending down.However the price is still in an overall upwards trend.I will continue to post market-information charts and graphs in th...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
As with the entire US real estate market, the Tallahassee market is also experiencing a slowdown. Sales of residential units (Single Family Homes, Condominiums, and Townhouses) are down 26% for the period of January through May, compared to 2006. While this at first appears to be a very large correction, some positive signs exist. First and foremost, 2007 still stands as the sixth best year on record, surpassed only by the "boom" years of 2002-2006. By "clicking" on the graphic, you can see total sales through the month of May from 1996 to present. Another positive note is the strength of condominium/townhouses, which have become the property of choice for first-time homebuyers as well as investors in the student-housing market. Again, by "clicking" on the image, you can see that 2007 i...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
May results of Realtor Sales show that while the Tallahassee Market is down, it is performing stronger than most of the Florida Markets. While most markets are down strong, their median sales price has dropped as well. But that is not the case in Tallahassee, where the median price actually rose 1%.FloridaSales Report - May 2007Single-Family, Existing Homes     Realtor Sales Median Sales Price Statewide &Metropolitan Statistical Areas (MSAs)   May2007   May2006   %Chge   May2007   May2006   %Chge STATEWIDE 12,607 19,072 -34 $237,000 $250,100 -5 STATEWIDE-YEAR-TO-DATE 58,292 81,199 -28 $237,000 $245,500 -3   Daytona Beach             644 912 -29 $196,800    $228,600 -14   Fort Lauderdale   574 862 -33 $367,700    $379,800 -3 Fort Myers-Cape Coral 575 993 -42 $281,500    $286,500 -2   For...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
The following table shows the most active subdivisions in Tallahassee with information regarding inventory, 12 months sales, and inventory in terms of "months of supply." Subdivision Homes for Sale Average Asking Price 12 Month Sales Avg. Sales       Price Current Supply (Months) Leon County Total 3182 $282,664 4168 $224,874 9.2 SOUTHWOOD 135 $415,323 188 $325,531 8.6 Plaza Tower 101 $372,727 18 $164,367 67.3 Midyette Oaks Condominiums 72 $156,215 1 $350,000 864.0 Golden Eagle 67 $656,401 33 $592,411 24.4 Killearn Lakes 65 $278,608 109 $252,825 7.2 Killearn Estates 57 $348,619 119 $291,910 5.7 Bull Run 40 $365,813 54 $380,405 8.9 Killearn Acres 34 $258,756 68 $215,281 6.0 Woodbriar 32 $172,541 13 $168,926 29.5 UNIVERSITY GREEN 27 $171,752 5 $169,900 64.8 TALLAHASSEE CENTER 25 $431,332 1...
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