Bull Run In Tallahassee Florida
Recently, a reader of the Tallahassee Florida Real Estate Blog going by the name “Jim” asked ”
Joe, Can you do a subdivision workup for Bull Run?“
Jim, you asked this question on the perfect day. Not only was I interested in knowing how Bull Run was doing, I also got hit with a case of writers block and really didn’t know what to cover today. So here it goes.
Bull Run in Tallahassee Florida
According to the Leon County Tax records, home sales began in Bull Run in 2005.
| Quarter |
Units |
Avg. Sales Price |
| 2005 - 1st Qtr |
1 |
$406,500 |
| 2005 - 2nd Qtr | 1 |
$404,000 |
| 2005 - 3rd Qtr | 1 |
$401,100 |
| 2005 - 4th Qtr | 7 |
$411,143 |
| 2006 - 1st Qtr | 8 |
$354,775 |
| 2006 - 2nd Qtr | 17 |
$404.335 |
| 2006 - 3rd Qtr | 17 |
$367,465 |
| 2006 - 4th Qtr | 20 |
$372,535 |
| 2007 - 1st Qtr | 6 |
$381,267 |
| 2007 - 2nd Qtr | 8 |
$414,175 |
| 2007 - 3rd Qtr | 10 |
$409,390 |
| 2007 - 4th Qtr | 5 |
$378,050 |
| 2008 - 1st Qtr | 5 |
$379,960 |
| 2008 - 2nd Qtr *April |
2 |
$350,650 |
Using the sales data from Bull Run, our graph shows us that the price trend is declining:
Taking information from the MLS, we find the following supply and demand characteristics in Bull Run in Tallahassee: In the past twelve months, 34 homes have sold and currently there are 28 homes listed for sale in Bull Run. That implies a 9.9 months of supply figure (which is better than much of Leon County).
This shows the price per square foot rose about 3% per year from 2005 to 2007, but has since dropped over 7%. 7 homes have sold in 2008 in Bull Run in Tallahassee, and they have sold for an average price per square foot of just over $159.
The key to buying a home in Bull Run will be to know exactly what has sold, new versus resale, Builder A versus Builder B, etc. The same thing goes if you need to sell a home. This is simply a snapshot of the market in Bull Run in Tallahassee and it should give the reader a fairly good expectation of where the market is currently trading.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
May 29th, 2008 at 4:55 pm
I drove by Bull Run and saw that there a quite a few homes that are in mid-construction. Do you know if those homes are already pre-sold or are they speculative construction?
Also, I noticed improved empty lots by the dozens (hundreds?) in the neighborhood. Are the builders planning on continuing spec construction or are they halting until they get orders?
I ask because new construction could really be a massive albatross in that neighborhood (similar to Southwood). If the current sellers do not need to compete with new spec construction, they should be fine. However, if they have to compete with continued development on all those empty lots, they’re going to have a really tough time.
May 29th, 2008 at 5:01 pm
Great observations Steve. Most of the homes are speculative. The builders are having good results there (comparatively) than with other neighborhoods. With only 9.9 months of supply of homes, I suspect we’ll see more pop-up on all those vacant lots when the current ones are purchased. I suspect anyone reselling when be fighting a tough new construction competition as you have pointed out.
May 30th, 2008 at 12:46 pm
Thanks Joe.
June 2nd, 2008 at 9:42 pm
Re: New Construction-
It is my understanding that the remaining lots are primarily set aside for larger homes, like in the yet undeveloped Stone Mill section. Accordingly, the smaller homes won’t necessarily be competing with construction that has yet to be completed.
In any event, the development has taken place in phases, so there aren’t very many undeveloped lots near the completed phases.
Construction comes and goes, but you can’t change location.
June 12th, 2008 at 4:27 am
When an industry member or other person who enters into a guaranteed sale agreement with a
seller purchases the seller’s real estate pursuant to that sale agreement, no commission is
payable to that industry member or other person by that seller in respect of that trade
Please correct me if I am wrong, but I read that and does this mean that the buying agency
cannot collect a commission? I know that they will factor that into the guaranteed sale
price but still would like clarification.
June 12th, 2008 at 6:25 am
ADI: Very interesting question with a simple answer. It all depends upon the rule of law where the sale occurs as well as what the contracts between all parties state. Most likely in Florida, depending upon the brokerage relationships between the Seller and the real estate company and the Buyer and the real estate company, a sales commission would be payable upon closing of the related sale(s).