Wave Of Distressed Properties Approaches Tallahassee

Posted by Joe Manausa on Thursday, October 15th, 2009 at 11:47am.

A Tidal Wave Of Distressed Properties In The Tallahassee Real Estate MarketThere is a growth of distressed properties that is appearing like a post tsunami tidal wave, and it is heading straight for the Tallahassee real estate market. The warning bells are sounding as we continue to monitor lis pendens filings and foreclosures in Tallahassee.

If you have been following our tracking of foreclosures in Tallahassee, then you won't be surprised that we have seen another large month of filings during the month of September. The Tallahassee Foreclosure Page on our web site is getting more and more traffic every day, so I suspect that this "wave" will not catch too many people off guard.

Lis Pendens Filings Continue To Rise

Tallahassee endured another 180 lis pendens filings during the month of September, a year over year increase of 59%. But that pales in comparison to the year over year increase of foreclosures. 49 foreclosures occurred during the month of September, and when compared to the 6 that we saw in September of last year, that represents a year over year rise of 717%!

Distressed Properties In The Tallahassee Real Estate Market

Most Distressed Neighborhoods In Tallahassee

Lis pendens have been filed for properties in a total of 703 Tallahassee Subdivisions over the past 12 months. This seems to be a pretty fair distribution of distressed properties, yet some have been hit harder than the rest.

Most Active Subdivisions In Tallahassee Foreclosure Problem

While many of the neighborhoods that are shown in this graph, like Southwood, Killearn Lakes, Killearn Acres, and Killearn Estates have a larger proportion of the distressed properties due to their size, there are several others that are surprisingly high with relatively few homes in their neighborhoods.

Report Of Distressed Properties By Tallahassee Subdivision

The following table shows the top 130 Tallahassee Subdivisions, sorted by the number of lis pendens filings that have occurred in the past 12 months. We must keep are eye on these as the foreclosures will continue to hit the Tallahassee real estate market in the next few years.

Subdivision Lis Pendens Filed % of Total
SOUTHWOOD 64 3%
KILLEARN LAKES 49 3%
WOODBRIAR 40 2%
KILLEARN ACRES 27 1%
KILLEARN ESTATES 26 1%
SUMMERBROOKE 21 1%
VILLAGES AT WILSON GREEN 19 1%
SEMINOLE MANOR 17 1%
NATURAL WELLS 16 1%
ADAMS PLACE CONDOMINIUMS 15 1%
VILLAS OF WESTRIDGE 15 1%
APALACHEE RIDGE 13 1%
LAKEWOOD VILLAGE 13 1%
RESIDENCES AT WHISPERING PINES C 13 1%
WOLF CREEK 13 1%
BRIGHTON PLACE CONDO 12 1%
CAPITAL CITY ESTATES 12 1%
HUNTINGTON WOODS 12 1%
DRY CREEK RUN 11 1%
SANDSTONE RANCH 11 1%
APALACHEE HILLS 10 1%
BLOXHAM HEIGHTS 10 1%
CONTINENTAL OAKS TOWNHOUSES 9 0%
EASTWOOD 9 0%
PLANTATION OF TALLAHASSEE PECAN 9 0%
25-01N-01W 8 0%
BLAIRSTONE FOREST 8 0%
LAKESIDE 8 0%
PINEY-Z 8 0%
SHANNON FOREST 8 0%
SUNNY HILL 8 0%
THE TIMBERS TOWNHOMES 8 0%
TOWERS 8 0%
WEEMS PLANTATION 8 0%
WESTOVER TOWNHOMES 8 0%
07-01S-01E 7 0%
13-01N-01W 7 0%
AUTUMN WOODS 7 0%
MEADOWS AT WOODRUN 7 0%
ORANGE BLOSSOM HEIGHTS 7 0%
PLANTATION WOODS 7 0%
SAVANNAH CROSSING CONDOMINIUM 7 0%
TALLAHASSEE CENTER CONDO 7 0%
VILLA MITCHELL 7 0%
24-01S-01W 6 0%
BOND SOUTH 6 0%
CROWN RIDGE ESTATES 6 0%
FOXCROFT 6 0%
FRONTIER ESTATES 6 0%
HARTSFIELD WOODS 6 0%
HUTCHINSON HEIGHTS 6 0%
INDIAN HEAD ACRES 6 0%
LAKE JACKSON HEIGHTS 6 0%
LAKESHORE ESTATES 6 0%
MELODY HILLS 6 0%
PINE TIP HILLS 6 0%
ROCKBROOK VILLAGE 6 0%
RUNNYMEDE 6 0%
SUMMERCHASE CONDOMINIUMS 6 0%
VALLEY VIEW 6 0%
WHISPERING PINES EAST 6 0%
WOODSIDE HEIGHTS 6 0%
BEACON HILL 5 0%
CAMPBELL PARK 5 0%
CHEMONIE CROSSING 5 0%
CHESAPEAKE PLACE TOWNHOMES 5 0%
CRAWFORDVILLE TRACE 5 0%
CRESCENT HILLS 5 0%
EASTGATE 5 0%
ELBERTA EMPIRE 5 0%
FAIRVIEW 5 0%
FOXWOOD UNREC 5 0%
GLEN AT GOLDEN EAGLE 5 0%
GOLDEN EAGLE PLANTATION 5 0%
GOLDEN EAGLE UNIT 6 5 0%
HAMPTON CREEK 5 0%
LYNNDALE 5 0%
MABRY MANOR 5 0%
OAK VALLEY 5 0%
OSCEOLA HEIGHTS 5 0%
PARKHILL 5 0%
PINE ACRES 5 0%
PINE RIDGE MOBILE HOME ESTATES 5 0%
PINERIDGE ESTATES 5 0%
POMFIMO TOWNHOMES 5 0%
RUSSELL'S POND 5 0%
SABLE CHASE 5 0%
SETTLERS CREEK 5 0%
SOUTH GADSDEN STREET TOWNHOMES 5 0%
TOWN 'N COUNTRY PARK 5 0%
VICTORY TERRACE 5 0%
WILLIS PROPERTY TOWNHOMES 5 0%
WOODRUN EAST 5 0%
09-01S-01E 4 0%
26-01S-02E 4 0%
ADIRON WOODS 4 0%
ARBOR HILL 4 0%
ASTORIA PARK 4 0%
AVONDALE 4 0%
BETTON HILL 4 0%
BOND 4 0%
BOXWOOD ESTATES 4 0%
BUCKHEAD 4 0%
BULL RUN 4 0%
CAPITAL HILLS 4 0%
CAROLINE COURTS 4 0%
CHARLESTON SQUARE TOWNHOMES 4 0%
CHASE'S RUN 4 0%
CHATEAU LAFAYETTE TOWNHOMES 4 0%
CLIFFORD HILL PLACE 4 0%
GOVERNORS COURT 4 0%
GRIFFIN COLLEGE HEIGHTS 4 0%
GROVES AT SUMMERBROOKE 4 0%
HARBINWOOD ESTATES 4 0%
HARTSFIELD VILLAGE 4 0%
LENOX MILL 4 0%
LIBERTY RIDGE 4 0%
MAHAN CIRCLE 4 0%
MERIDIAN PARK 4 0%
MOORE POND 4 0%
OAKWOOD 4 0%
PATRICK AVENUE TOWNHOMES 4 0%
PECAN GROVE ESTATES 4 0%
PLANTATION ESTATES 4 0%
ROCKBROOK 4 0%
ROCKBROOK EAST 4 0%
ROYAL OAKS 4 0%
SAXON ADDITION 4 0%
SAXON NORTH-WEST ADDITION 4 0%
SETTLERS SPRINGS 4 0%
SOUTHERN PINES 4 0%
SPRING VALLEY 4 0%
TERRENCE HEIGHTS 4 0%
THE FOREST 4 0%
TIMBER LAKE REPLAT 4 0%
Unknown Location 4 0%
VALLEY GREEN 4 0%
WOODGATE 4 0%
WOODLAND DRIVE 4 0%
YON'S LAKESIDE ESTATES 4 0%
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. 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.

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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

4 Responses to "Wave Of Distressed Properties Approaches Tallahassee"

Jeremy wrote: Joe, I was looking at the Lis Pendens for the week of Sept 7 on your site and I see the City of Tallahassee had a property on that list. Does this mean the City is getting foreclosed on for this property? Or perhaps a mistake? Interesting none the less.


CITY OF TALLAHASSEE 513 W GEORGIA ST 1,124 1921 9/3/2009 $73,379

Posted on Thursday, October 15th, 2009 at 12:46pm.

Joe Manausa, MBA wrote: Too funny Jeremy ... no, that is the legal subdivision recorded on the foreclosure. It was actually the Bank of New York Mellon foreclosing on a 2-party defendant.

Posted on Thursday, October 15th, 2009 at 4:25pm.

brad wrote: Just a technical thing but it appears that anytime you post pictures on your blog they are not clear unless you click on them. I think its because they are not being resized to the correct proportions.

Thanks,

Posted on Friday, October 16th, 2009 at 11:07am.

Joe Manausa, MBA wrote: Thanks Brad, I'll double check my next ones.

Posted on Friday, October 16th, 2009 at 11:29am.

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