Highgrove Neighborhood Records First Home Sale in 16 Months

Posted by Joe Manausa on Thursday, April 23rd, 2009 at 11:45am.

The Highgrove Subdivision in Tallahassee just recorded its first home sale since December of 2007! This hit me like a ton of bricks when I started conducting my analysis of what many (including myself) feel is an incredibly desirable neighborhood on the northeast side of Tallahassee. Located on the west side of Thomasville Road, just north of Killearn Estates, Highgrove features large homes in a great location.

So what could be causing this significant drought in home sales in Highgrove?

Highgrove Subdivision Has Low Turnover Rate

The first statistic that I wanted to check was "turnover rate." For example, if there are 140 homes in Highgrove, and 14 sell every year, we would measure the turnover rate at 10%. Since 1991, Highgrove has averaged just under 10 resales per year, meaning a turnover rate of 7.1%.

existing-home-sales-turnover-in-highgrove-tallahassee2

A turnover rate of 7.1% could be interpreted as the average family that chooses to buy a home in Highgrove lives there over 14 years! While this is a somewhat low rate, it seems to make sense for an upper-end, northeast Tallahassee neighborhood.

Nobody Sold A Home In Highgrove in 2008

Still, I keep wondering how nobody sold a home in Highgrove for the past 16 months. During that period of time, the normal turnover would be 13 homes. Additionally, only 4 homes sold in 2006 and 7 in 2007, meaning there should have been some pent-up demand going in to 2008.

The next thing to do is look at pricing to see how "proud" the current homeowners are of their homes in Highgrove. You see, if nobody in Highgrove reacted to the falling prices in Tallahassee, then we would see a severe reaction by the buyers.

existing-home-sales-and-price-per-foot-in-highgrove-tallahassee

I think this real estate graph shows that Highgrove's sales stopped at the end of 2007 and prices had not come down much. The rest of the market, in Highgrove's price ranges, has dropped over 20%. I suspect we will have to see 2004 to 2003 asking prices before things get going back on the normal rate in Highgrove. There has to be quite a bit of pent-up need to sell in Highgrove, as only 70 resales have occurred this decade, which is 22 short of normal.

Historic Existing Home Sales In Highgrove

Property Address Price Sale Date
1984 CHATSWORTH WAY $345,000 12/19/2007
4825 HIGH GROVE RD $485,000 12/4/2007
4533 HIGH GROVE RD $350,000 8/15/2007
4859 HIGH GROVE RD $480,000 8/14/2007
4571 HIGH GROVE RD $575,000 8/10/2007
4545 HIGH GROVE RD $385,000 5/31/2007
4751 HIGH GROVE RD $485,000 4/25/2007
1970 CHATSWORTH WAY $580,000 7/7/2006
4770 LANCASHURE LN $630,000 6/16/2006
4798 HIGH GROVE RD $396,000 6/13/2006
4787 HIGH GROVE RD $510,000 5/19/2006
4786 HIGH GROVE RD $435,000 11/14/2005
1969 CHATSWORTH WAY $617,500 9/28/2005
4972 GLEN CASTLE DR $441,000 9/20/2005
4533 HIGH GROVE RD $187,800 7/31/2005
4533 HIGH GROVE RD $93,900 7/29/2005
4751 HIGH GROVE RD $360,000 6/28/2005
4946 GLEN CASTLE DR $590,000 5/2/2005
4763 HIGH GROVE RD $390,000 4/28/2005
4794 HIGH GROVE RD $470,000 3/21/2005
4770 LANCASHURE LN $339,500 3/18/2005
4991 GLEN CASTLE DR $349,000 3/10/2005
4991 GLEN CASTLE DR $349,000 3/10/2005
1912 CHATSWORTH WAY $357,000 2/28/2005
4811 HIGH GROVE RD $415,000 2/16/2005
2018 CHATSWORTH WAY $495,000 1/26/2005
4911 ARDEN FOREST WAY $445,000 1/20/2005
1970 CHATSWORTH WAY $530,000 6/11/2004
1978 CHATSWORTH WAY $435,500 5/28/2004
1978 CHATSWORTH WAY $435,500 5/28/2004
4607 HIGH GROVE RD $410,000 1/30/2004
4545 HIGH GROVE RD $297,500 12/15/2003
4743 LANCASHURE LN $436,000 11/12/2003
1978 CHATSWORTH WAY $400,000 9/30/2003
4972 GLEN CASTLE DR $356,000 9/15/2003
4787 HIGH GROVE RD $375,000 7/25/2003
4936 HIGH GROVE RD $305,000 6/30/2003
4991 GLEN CASTLE DR $295,000 6/30/2003
4910 ARDEN FOREST WAY $280,000 1/24/2003
4947 GLEN CASTLE DR $450,000 11/22/2002
1993 CHATSWORTH WAY $259,900 10/7/2002
2009 CHATSWORTH WAY $320,000 9/13/2002
4914 HIGH GROVE RD $383,000 5/31/2002
2033 CHATSWORTH WAY $365,000 5/9/2002
2001 CHATSWORTH WAY $375,000 4/29/2002
4655 HIGH GROVE RD $340,000 4/5/2002
2049 CHATSWORTH WAY $320,000 1/25/2002
2008 CHATSWORTH WAY $273,000 9/14/2001
4775 HIGH GROVE RD $460,000 9/7/2001
4937 HIGH GROVE RD $348,000 8/6/2001
1945 CHATSWORTH WAY $285,000 7/23/2001
4963 GLEN CASTLE DR $286,000 6/20/2001
4942 GLEN CASTLE DR $401,000 4/30/2001
4947 GLEN CASTLE DR $400,000 4/6/2001
$280,000 12/7/2000
2057 CHATSWORTH WAY $375,000 11/30/2000
1913 CHATSWORTH WAY $237,000 11/29/2000
4902 ARDEN FOREST WAY $217,300 10/20/2000
4679 HIGH GROVE RD $400,000 9/7/2000
4607 HIGH GROVE RD $311,000 9/6/2000
4818 LANCASHURE LN $270,000 8/4/2000
4728 HIGH GROVE RD $325,000 7/31/2000
4667 HIGH GROVE RD $435,000 7/14/2000
2018 CHATSWORTH WAY $387,000 6/26/2000
1992 CHATSWORTH WAY $383,000 6/15/2000
4533 HIGH GROVE RD $210,000 6/15/2000
4899 HIGH GROVE RD $320,000 4/28/2000
1953 CHATSWORTH WAY $430,000 4/27/2000
4859 HIGH GROVE RD $256,500 3/10/2000
4715 HIGH GROVE RD $210,000 2/16/2000
1993 CHATSWORTH WAY $215,000 12/20/1999
4778 LANCASHURE LN $350,000 12/10/1999
4819 LANCASHURE LN $334,000 12/10/1999
4936 HIGH GROVE RD $253,000 10/15/1999
4823 HIGH GROVE RD $175,000 10/4/1999
4545 HIGH GROVE RD $234,000 6/18/1999
4771 LANCASHURE LN $374,000 6/9/1999
4923 ARDEN FOREST WAY $265,000 6/4/1999
4779 LANCASHURE LN $345,000 5/24/1999
4911 ARDEN FOREST WAY $275,000 5/17/1999
4766 HIGH GROVE RD $312,500 3/26/1999
4914 HIGH GROVE RD $354,900 12/29/1998
$264,000 12/3/1998
4787 HIGH GROVE RD $265,000 9/10/1998
1984 CHATSWORTH WAY $188,000 8/27/1998
1921 CHATSWORTH WAY $314,000 7/31/1998
4751 HIGH GROVE RD $254,500 7/31/1998
4980 GLEN CASTLE DR $275,000 7/30/1998
4715 HIGH GROVE RD $180,000 5/20/1998
4963 GLEN CASTLE DR $270,000 5/4/1998
4946 GLEN CASTLE DR $329,900 1/15/1998
4571 HIGH GROVE RD $292,100 11/7/1997
4823 HIGH GROVE RD $175,000 11/7/1997
4937 HIGH GROVE RD $297,500 9/26/1997
4929 HIGH GROVE RD $225,000 8/15/1997
4779 LANCASHURE LN $369,400 8/4/1997
2018 CHATSWORTH WAY $350,000 6/26/1997
4899 HIGH GROVE RD $317,500 6/16/1997
4557 HIGH GROVE RD $295,000 5/30/1997
1984 CHATSWORTH WAY $170,000 5/19/1997
4979 GLEN CASTLE DR $259,000 4/28/1997
1978 CHATSWORTH WAY $107,000 4/14/1997
1912 CHATSWORTH WAY $250,000 12/31/1996
4921 HIGH GROVE RD $260,000 10/31/1996
4607 HIGH GROVE RD $275,000 10/23/1996
4910 ARDEN FOREST WAY $215,000 10/21/1996
4987 GLEN CASTLE DR $323,000 7/24/1996
4818 LANCASHURE LN $217,500 7/1/1996
4913 HIGH GROVE RD $370,000 6/29/1996
4778 LANCASHURE LN $325,000 6/26/1996
4786 HIGH GROVE RD $225,000 4/19/1996
1913 CHATSWORTH WAY $210,000 3/20/1996
4642 HIGH GROVE RD $286,200 10/30/1995
4770 LANCASHURE LN $335,000 10/26/1995
4991 GLEN CASTLE DR $225,000 9/15/1995
1904 CHATSWORTH WAY $297,000 8/2/1995
4963 GLEN CASTLE DR $279,900 7/27/1995
4903 ARDEN FOREST WAY $229,000 7/14/1995
4703 HIGH GROVE RD $208,000 6/26/1995
4923 ARDEN FOREST WAY $247,000 5/30/1995
4947 GLEN CASTLE DR $350,000 5/9/1995
4799 HIGH GROVE RD $240,500 4/7/1995
4883 HIGH GROVE RD $320,000 3/10/1995
4924 ARDEN FOREST WAY $250,000 12/12/1994
4942 GLEN CASTLE DR $332,500 11/28/1994
4607 HIGH GROVE RD $230,000 10/21/1994
4787 HIGH GROVE RD $280,000 9/9/1994
4910 ARDEN FOREST WAY $228,000 8/31/1994
4907 HIGH GROVE RD $244,000 8/24/1994
4794 HIGH GROVE RD $260,000 8/1/1994
4779 LANCASHURE LN $290,000 6/2/1994
1913 CHATSWORTH WAY $235,000 6/1/1994
4775 HIGH GROVE RD $370,000 1/28/1994
4929 HIGH GROVE RD $215,000 1/7/1994
1929 CHATSWORTH WAY $48,700 12/30/1993
1929 CHATSWORTH WAY $24,400 12/30/1993
1929 CHATSWORTH WAY $24,400 12/30/1993
4935 ARDEN FOREST WAY $372,000 12/8/1993
1953 CHATSWORTH WAY $97,600 11/5/1993
4899 HIGH GROVE RD $295,000 9/13/1993
4943 GLEN CASTLE DR $249,900 9/1/1993
4810 LANCASHURE LN $226,000 8/23/1993
4977 GLEN CASTLE DR $278,000 7/15/1993
4774 HIGH GROVE RD $275,000 7/13/1993
4962 GLEN CASTLE DR $250,000 7/12/1993
4847 HIGH GROVE RD $269,500 6/18/1993
4922 HIGH GROVE RD $240,000 4/15/1993
4759 LANCASHURE LN $250,000 3/16/1993
4884 SHELBOURNE DR $252,500 12/30/1992
4727 HIGH GROVE RD $192,000 11/23/1992
$258,900 11/4/1992
4902 ARDEN FOREST WAY $192,500 11/3/1992
4571 HIGH GROVE RD $277,000 10/26/1992
4942 GLEN CASTLE DR $321,000 10/23/1992
4794 HIGH GROVE RD $267,800 10/16/1992
4943 ARDEN FOREST WAY $215,000 9/17/1992
2008 CHATSWORTH WAY $235,000 9/10/1992
4935 ARDEN FOREST WAY $118,300 8/24/1992
4655 HIGH GROVE RD $285,000 8/18/1992
4679 HIGH GROVE RD $450,000 8/18/1992
1977 CHATSWORTH WAY $225,000 7/9/1992
4571 HIGH GROVE RD $206,500 7/8/1992
4943 GLEN CASTLE DR $205,000 7/1/1992
4979 GLEN CASTLE DR $259,900 6/24/1992
1920 CHATSWORTH WAY $270,000 6/22/1992
4787 HIGH GROVE RD $234,000 1/15/1992
4883 HIGH GROVE RD $265,000 10/16/1991
1992 CHATSWORTH WAY $360,000 9/16/1991
4810 LANCASHURE LN $218,000 9/16/1991
1992 CHATSWORTH WAY $135,500 9/10/1991
2034 CHATSWORTHWAY $309,000 9/4/1991
1985 CHATSWORTH WAY $210,000 8/26/1991
1904 CHATSWORTH WAY $335,000 7/2/1991
4929 HIGH GROVE RD $205,000 6/12/1991
4955 GLEN CASTLE DR $234,000 5/6/1991
1921 CHATSWORTH WAY $295,000 3/15/1991
4823 HIGH GROVE RD $145,000 2/15/1991
4947 GLEN CASTLE DR $256,000 1/24/1991

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Joe Manausa is 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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