Home Sales In The Neighborhoods Of Ox Bottom

Posted by Joe Manausa on Monday, July 13th, 2009 at 11:42am.

If you ever need to pull information from the Leon County Tax Assessors database of home sales for the different Ox Bottom Neighborhoods in Tallahassee, it can get a bit confusing. There are four "Ox Bottom" neighborhoods:

  • Ox Bottom
  • Ox Bottom Manor
  • Ox Bottom Gardens
  • Ox Bottom Reserve

So, as I'm doing my quarterly update on Ox Bottom in Tallahassee, I was trying to decide whether or not I should just lump them together or treat them separately. I know the correct thing to do analytically is to separate them as they are different neighborhoods with differing home sites, but being a staff of 1 makes that not feasible due to time constraints.

But I had to satisfy my curiosity regarding valuation and unit sales, so the following graph breaks out the four different Ox Bottom neighborhoods by number of existing home sales and average price per square foot since 1991.

Ox Bottom Home Sales

Ox Bottom Home Sales In Tallahassee

What we see in this graph above is that most of the sales are from Ox Bottom Manor and therefore if we combine the data, Ox Bottom Manor will dominate the results. There are so few units in Ox Bottom Estates and Ox Bottom Reserve that they most likely have little impact on the global report. So ultimately, most of the home sales in Ox Bottom come from Ox Bottom Manor and Ox Bottom Gardens.

This real estate graph does show that unit sales have fallen very far. Ox Bottom Manor home sales have dropped from an average exceeding 60 units per year to just 6 thus far through May! And counting all of the Ox Bottom Subdivisions, there have been only 7 sales through May, compared with a record of 80 existing home sales back in 1998 (entire year).

With so little data, it is hard to tell if the price increase is real or just a few "rogue" sales. I suspect that home owners are holding on to the prices in Ox Bottom and that is why we see such few sales. The real question will be weather or not they can hold on long enough for the market to come back and protect their values.

The Four Neighborhoods Of Ox Bottom Together

The next real estate graph shows all of the four Ox Bottom neighborhoods together as one entity.

Home Sales In Ox Bottom Tallahassee

Just as we saw in the previous real estate graph, unit sales have plummeted in the four neighborhoods of Ox Bottom. Sales for 2008 were down over 50% from the previous year, and 2009 looks to be the 7th consecutive year of falling home sales. This is different than much of the rest of the market, which saw increased home sales through 2005 or 2006, and then the reduction of sales.

I'm not sure if this unusual trend trend is due to the age of the subdivision, its price range, or what the cause could be. I would love to see any feedback from residents of Ox Bottom. With the rest of the market down and unit sales so low in Ox Bottom, I would worry about major price drops coming over the next year.

Recent Existing Home Sales In Ox Bottom Manor

Address Price SqFt HC Sale Date
7207 OX BOW CIR $775,000 3,958 5/22/2009
160 SUGAR PLUM DR $228,000 1,782 5/15/2009
454 SAN MARTIN DR $400,000 2,607 5/15/2009
1809 MORNING STAR LN $510,000 3,634 4/30/2009
6000 BOYNTON HOMESTEAD $555,000 4,237 4/28/2009
6115 OX BOTTOM MANOR DR $339,000 2,768 4/27/2009
6143 BORDERLINE DR $300,000 2,167 3/26/2009
558 MEADOW RIDGE DR $441,000 2,800 12/4/2008
6305 COACH HOUSE CT $366,000 2,487 12/1/2008
206 BAXTER CT $210,000 1,574 10/17/2008
6320 GLASGOW DR $415,000 2,915 9/29/2008
421 MEADOW RIDGE DR $412,500 2,855 9/25/2008
6000 BOYNTON HOMESTEAD $530,000 4,255 9/18/2008
211 MEADOW RIDGE DR $465,000 3,715 9/18/2008
6359 SAN MARTIN CT $324,000 2,238 8/21/2008
6018 QUAIL RIDGE DR $340,000 2,442 8/8/2008
187 MEADOW RIDGE DR $345,000 2,433 7/28/2008
363 MILESTONE DR $310,000 2,361 7/28/2008
200 SUGAR PLUM DR $275,000 2,131 7/15/2008
6421 MALLARD TRACE DR $387,500 2,531 6/30/2008
6012 OX BOTTOM MANOR DR $400,000 2,760 6/27/2008
347 THORNBERG DR $364,900 2,305 6/20/2008
417 MEADOW RIDGE DR $449,000 3,202 6/9/2008
352 MEADOW RIDGE DR $340,000 2,684 6/4/2008
341 MEADOW RIDGE DR $400,000 2,449 5/29/2008
6369 MALLARD TRACE DR $380,000 2,691 5/23/2008
6000 BOYNTON HOMESTEAD $500,000 4,255 5/14/2008
6359 BELGRAND DR $302,500 2,008 5/2/2008
8015 EVENING STAR LN $437,400 3,072 4/9/2008
6330 BELGRAND DR $490,000 2,953 3/28/2008
6309 PICKNEY HILL RD $407,500 2,692 2/5/2008
192 SUGAR PLUM DR $240,000 1,782 12/28/2007
6000 BOYNTON HOMESTEAD $475,000 4,255 12/17/2007
448 TALL STAND CT $340,000 2,294 11/30/2007
7333 OX BOW CIR $462,500 3,035 11/14/2007
130 THISTLEWOOD CT $365,000 2,280 11/2/2007
6351 SINKOLA DR $310,000 1,944 10/31/2007
6232 WHITTONDALE DR $354,900 2,346 10/26/2007
135 THISTLEWOOD CT $402,000 2,483 10/25/2007
401 MEADOW RIDGE DR $453,000 2,803 10/15/2007
6318 COACH HOUSE CT $390,000 2,268 10/3/2007
6362 SAN MARTIN CT $445,000 2,738 9/27/2007
6359 BELGRAND DR $295,000 2,008 9/19/2007
143 COTILLION CIR $360,000 2,213 9/14/2007
182 COTILLION CIR $295,900 2,068 9/13/2007
310 THORNBERG DR $322,500 1,975 8/30/2007
6110 BORDERLINE DR $320,000 2,048 8/23/2007
6359 MALLARD TRACE DR $447,000 3,075 8/23/2007
2255 GOOSEBERRY CT $447,500 2,586 8/23/2007
6345 MALLARD TRACE DR $385,000 2,501 8/2/2007
472 MEADOW RIDGE DR $385,000 2,248 7/27/2007
181 LOVE RIDGE CT $288,300 1,925 7/25/2007
211 HAWKMEADOW DR $368,000 2,326 7/13/2007
6367 SINKOLA DR $440,000 2,250 6/27/2007
5112 WILD ROSE WAY $412,000 2,531 6/27/2007
414 MEADOW RIDGE DR $450,000 2,686 6/26/2007
6018 QUAIL RIDGE DR $323,900 2,442 6/16/2007
6327 COACH HOUSE CT $420,000 2,729 6/15/2007
6323 BELGRAND DR $390,000 2,368 6/8/2007
5133 WILD ROSE WAY $545,000 3,609 5/29/2007
147 SUGAR PLUM DR $285,000 1,816 5/16/2007
6356 SAN MARTIN CT $392,000 2,222 5/4/2007
6154 BORDERLINE DR $400,000 2,782 5/2/2007
6264 WHITTONDALE DR $345,000 2,150 5/2/2007
181 LOVE RIDGE CT $226,600 1,925 4/24/2007
6397 MALLARD TRACE DR $440,000 2,444 4/5/2007
7075 OX BOW ROAD $625,000 3,796 4/4/2007
270 THORNBERG DR $442,900 2,688 3/30/2007
143 THISTLEWOOD CT $330,000 2,074 3/27/2007
5100 WILD ROSE WAY $360,400 2,961 3/9/2007
6292 WHITTONDALE DR $362,000 2,228 2/28/2007
8015 EVENING STAR LN $210,000 3,072 1/12/2007

subscribe-to-the-exclusive-tallahassee-real-estate-newsletter

Subscribe in a reader Subscribe by email

As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible. Additionally, if you would like to respond (leave a comment) to this article, you will need to “click through” to the blog site to post your feedback.

Keep checking out the Tallahassee Real Estate Blog every day for updates on real estate in Tallahassee Florida.
If you like this Article then please subscribe to my blog through a full RSS feed, or you can Subscribe by Email. You will be able to stay informed about the happenings in the Tallahassee Real Estate Market.
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.
NewsletterArchives MarketReportBlog

 View Joe Manausa's profile on LinkedIn

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 "Home Sales In The Neighborhoods Of Ox Bottom"

buddy vincent wrote: Joe... I just wanted you to know how much I look forward to receiving and reading your reports. I am impressed by the analytical skills, and professional interpretation you bring to the collected data. How about a review of residential building lot supplies in the Tallahassee market? As you may know, I have a number of "luxury lots" to sell and MLS shows only a few sales in 2008 of product costing above $150,000 and almost none in 2009. Are lower price lots selling at all? Is there a "tipping point" in lot sale prices?

Thanks and keep up the wonderful work you are doing.

Buddy

Posted on Monday, July 13th, 2009 at 10:58pm.

mark west wrote: Is my understanding correct that you anticipate a large drop in home values for the oxbottom area over the next year? I am looking for a house within the next 4 months. my realator hasn't been so great.

Posted on Tuesday, July 14th, 2009 at 12:24am.

Joe Manausa wrote: Thank you Buddy. That is a great idea and I will try to get a "Tallahassee Lot Sales" blog post out in the next week or so.

Posted on Tuesday, July 14th, 2009 at 12:36am.

Joe Manausa wrote: Hey Mark, I hate to say it, but ... yes. The data shows sales levels so low in a typically hot subdivision, so I think the pricing point will emphasized even more so in Ox Bottom than in other areas. And before anybody in Ox Bottom gets mad at this, they need to understand that other areas have seen more pricing corrections than Ox Bottom has, so that is why I believe it is inevitable. It is not realistic that people will stop moving out of Ox Bottom at a rate different than the past.

Posted on Tuesday, July 14th, 2009 at 12:38am.

Leave a Comment