Tallahassee, FL Real Estate News

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...
Comments 48
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...
Comments 48
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.•·      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.   •      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 • Discuss on Newsvine • Stumble It!Posted at 09:26 PM in Current Affairs, Tallahassee | Permalink | Comments (0) | TrackBack (0) Digg This | Save to del.icio.us
Comments 50
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...
Comments 50
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...
Comments 52
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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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Earlier I spoke of building wealth by purchasing rather than renting.  Even if you don't take my advice or find yourself in a financial/life situation where you just can't "pull the trigger" on a property purchase it is important to fully understand the leasing process.  To ensure you are not disadvantaged by a landlord's (Lessor) "standard form" which most likely does not look out for your (Lessee) interests, l always recommend attorney review of the contract - yes a lease is a contract that is binding.To back up a little, let's first describe the basic lease forms.  Leases for both commercial and residential properties come in three basic forms:Gross lease: Landlord pays for almost all of the operating expenses of the property.  This is the most common type of lease for the residentia...
Comments 50
By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
We do a lot of training at my company compared to most small businesses. Often times, training is focused around our primary function ..... selling! I believe the greatest attribute of superior sales-people is top-notch listening skills. The following notes are the foundation upon which we base our Listening Skills Training.ONE KEY TO HIGH QUALITY CUSTOMER SERVICE IS ACTUALLY LISTENING TO THE CUSTOMER Customers have a variety of channels through which they can conduct business, including e-mail Web sites and call centers, in addition to traditional face-to-face contact.  Keeping customers happy no matter how they choose to interact with your company all boils down to good old-fashioned listening skills. Listening skills are rated as the number one communication skill needed at all level...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Are you one of the many investors who fail to take advantage of all the tax deductions associated with your rental property?Every year millions of real estate investors pay more taxes on their rental income than they have to. Often, these overlooked benefits make the difference between losing money and earning a profit on your rental property.Rental real estate provides more tax benefits than almost any other investment. But tax benefits are worthless if you do not take advantage of them.Let's take a look at a list of deductions that you can start using now to save you and even make you money. Interest. This not only includes the mortgage interest you pay on your investment property but also includes interest on loans secured to improve the property and interest on credit cards used for...
Comments 55
By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Business BrokerageAs a full-service real estate brokerage, we are often approached by people in the community who are actively seeking a business to buy. The first thing that we do is counsel these people about the effort it takes to run a business. Not all people are wired right to own and operate a business. The skills and personality traits that are required to make a business successful are not necessarily the same as those needed for somebody to be an excellent employee for someone else. A business requires a person who has a vision and drive, and is completely devoted to the idea and goal of making the business thrive.Once we have determined that the buyer is serious and has the means and capabilities to make a business succeed, the next step is to determine the best industry for ...
Comments 53
By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
"Residents decide to renew their lease the day they move into their rental property."In keeping with today's society, renters are much more educated in their buying decisions than their counterparts a few years ago. Along with this buyer's awareness is the requirement for quality service. While a property's image and location are keys to attracting tenants, the quality service and responsiveness of its management are essential when it comes to retaining residents.  As such, renewals are the most rewarding type of leasing activity for property managers because they reflect tenant satisfaction.  If you would survey your residents and prospective residents, you would find that good, quality service is what they rate as their top priority. Tenants want to know they live in a community that ...
Comments 53
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