Distressed Properties Growing In Tallahassee

Posted by Joe Manausa on Thursday, August 6th, 2009 at 11:34am.

By keeping an eye on the number of lis pendens being filed each month in Tallahassee, we will get a feel for the inevitable onslaught of distressed properties that will be for sale in the coming months (years). While we have covered this point in the past, I think it is time to take another look at where we stand.

The Tallahassee Foreclosure Web Page is current through mid-year, and July's report will be filed in the next week or so. This updated Tallahasssee distressed property site shows that lis pendens filings were up 34% in the second quarter of 2009 versus the second quarter of 2008. Even more disturbing, January through June of 2009 Lis Pendens filings were up 47% compared to same period in 2008.

Lis Pendens Filed In Tallahassee

Top Tallahassee Subdivisions By Lis Pendens Filed

For those of you who like to keep an eye on certain Tallahassee neighborhoods, the following real estate graph and chart show which subdivisions have the most lis pendens filed over the past year. Leading the way is Southwood, which sports over 3% of all lis pendens filed in the Tallahassee real estate market.

Lis Pendens Filed In Tallahassee by Subdivision

Lis Pendens Filed By Tallahassee Subdivision

The following real estate chart shows the most active neighborhoods in Tallahassee based upon lis pendens filings. Some of these make sense because they parallel the recent sales activity, yet others are significantly more active in distressed properties than they were in sales.

If you happen to live in a Tallahassee neighborhood that has "more than its fair share" of lis pendens, plan on hunkering down for a while, as your home values will be dropping faster than the rest of the Tallahassee housing market.

Subdivision Lis Pendens Filed % of All
SOUTHWOOD 58 3.2%
KILLEARN LAKES 42 2.3%
WOODBRIAR 41 2.2%
KILLEARN ESTATES 29 1.6%
VILLAGES AT WILSON GREEN 24 1.3%
KILLEARN ACRES 19 1.0%
NATURAL WELLS 19 1.0%
BLOXHAM HEIGHTS 18 1.0%
SEMINOLE MANOR 17 0.9%
SUMMERBROOKE 17 0.9%
RESIDENCES AT WHISPERING PINES C 16 0.9%
ADAMS PLACE CONDOMINIUMS 12 0.7%
DRY CREEK RUN 12 0.7%
HUNTINGTON WOODS 12 0.7%
LAKEWOOD VILLAGE 12 0.7%
MEADOWS AT WOODRUN 12 0.7%
WOLF CREEK 12 0.7%
CAPITAL CITY ESTATES 11 0.6%
VILLA MITCHELL 11 0.6%
13-01N-01W 10 0.5%
APALACHEE HILLS 10 0.5%
EASTWOOD 10 0.5%
PINEY-Z 10 0.5%
APALACHEE RIDGE 9 0.5%
BRIGHTON PLACE CONDO 9 0.5%
LAKESIDE 9 0.5%
PINE RIDGE MOBILE HOME ESTATES 9 0.5%
PLANTATION OF TALLAHASSEE PECAN 9 0.5%
VILLAS OF WESTRIDGE 9 0.5%
25-01N-01W 8 0.4%
AUTUMN WOODS 8 0.4%
CONTINENTAL OAKS TOWNHOUSES 8 0.4%
EASTGATE 8 0.4%
INDIAN HEAD ACRES 8 0.4%
PLANTATION WOODS 8 0.4%
SAVANNAH CROSSING CONDOMINIUM 8 0.4%
SHANNON FOREST 8 0.4%
WEEMS PLANTATION 8 0.4%
24-01S-01W 7 0.4%
BOND SOUTH 7 0.4%
GOLDEN EAGLE PLANTATION 7 0.4%
GRIFFIN COLLEGE HEIGHTS 7 0.4%
ROCKBROOK VILLAGE 7 0.4%
TALLAHASSEE CENTER CONDO 7 0.4%
Unknown Location 7 0.4%
WOODRUN EAST 7 0.4%
07-01S-01E 6 0.3%
AVONDALE 6 0.3%
BEACON HILL 6 0.3%
CHASE'S RUN 6 0.3%
CROWN RIDGE ESTATES 6 0.3%
FAIRVIEW 6 0.3%
FOXCROFT 6 0.3%
HUTCHINSON HEIGHTS 6 0.3%
LAKE JACKSON HEIGHTS 6 0.3%
LENOX MILL 6 0.3%
MELODY HILLS 6 0.3%
PINERIDGE ESTATES 6 0.3%
RUNNYMEDE 6 0.3%
SANDSTONE RANCH 6 0.3%
SETTLERS CREEK 6 0.3%
SUMMERCHASE CONDOMINIUMS 6 0.3%
TERRENCE HEIGHTS 6 0.3%
WOODSIDE HEIGHTS 6 0.3%
26-01S-02E 5 0.3%
ARBOR HILL 5 0.3%
ASTORIA PARK 5 0.3%
BLAIRSTONE FOREST 5 0.3%
CHEMONIE CROSSING 5 0.3%
CRAWFORDVILLE TRACE 5 0.3%
GLEN AT GOLDEN EAGLE 5 0.3%
HOLLY HILLS 5 0.3%
LAKE HERITAGE ESTATES 5 0.3%
MABRY MANOR 5 0.3%
MERIDIAN PARK 5 0.3%
OAK RIDGE PLACE 5 0.3%
OAK VALLEY 5 0.3%
ORANGE BLOSSOM HEIGHTS 5 0.3%
PINE ACRES 5 0.3%
POMFIMO TOWNHOMES 5 0.3%
RUSSELL'S POND 5 0.3%
THE TIMBERS TOWNHOMES 5 0.3%
TOWERS 5 0.3%
TOWN 'N COUNTRY PARK 5 0.3%
VALLEY VIEW 5 0.3%
WHISPERING PINES EAST 5 0.3%
WILLIS PROPERTY TOWNHOMES 5 0.3%
08-02S-01E 4 0.2%
14-01N-01W 4 0.2%
26-01N-01W 4 0.2%
BETTON HILL 4 0.2%
BOND 4 0.2%
CAMPBELL PARK 4 0.2%
CAPITAL HILLS 4 0.2%
CENTERVILLE TRACE 4 0.2%
CHARLESTON SQUARE TOWNHOMES 4 0.2%
CHATEAU LAFAYETTE TOWNHOMES 4 0.2%
CHESAPEAKE PLACE TOWNHOMES 4 0.2%
CRESCENT HILLS 4 0.2%
ELBERTA EMPIRE 4 0.2%
FOREST HEIGHTS 4 0.2%
FOXWOOD UNREC 4 0.2%
FRONTIER ESTATES 4 0.2%
GLENDALE 4 0.2%
GOLF DRIVE MANOR 4 0.2%
HARTSFIELD VILLAGE 4 0.2%
HARTSFIELD WOODS 4 0.2%
MAHAN CIRCLE 4 0.2%
MYRTLEWOOD 4 0.2%
OAKWOOD 4 0.2%
PALMS WEST CONDOMINIUM 4 0.2%
PECAN GROVE ESTATES 4 0.2%
PINE TIP HILLS 4 0.2%
RESERVE AT THE RIDGE 4 0.2%
ROCKBROOK 4 0.2%
SAXON ADDITION 4 0.2%
SAXON NORTH-WEST ADDITION 4 0.2%
SOUTHERN PINES 4 0.2%
SUNNY HILL 4 0.2%
SWIFT CREEK WOODS 4 0.2%
THARPE STREET VILLAGE 4 0.2%
THE FOREST 4 0.2%
TIMBER LAKE REPLAT 4 0.2%
VALLEY GREEN 4 0.2%
VICTORY TERRACE 4 0.2%
VILLAGE SQUARE TOWNHOUSES 4 0.2%
WESTOVER TOWNHOMES 4 0.2%
WHISPERING PINE WOODS 4 0.2%
WOODLAND DRIVE 4 0.2%

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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.

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