Home Sales In Piney-Z Are Struggling

Posted by Joe Manausa on Thursday, April 9th, 2009 at 11:28am.

Another great Tallahassee neighborhood is seeing tough times in the Tallahassee real estate market. Piney-Z, a great in-town neighborhood, has seen average home prices dropping nearly 27% and unit sales dropping a staggering 83% over the past three years!

I have seen some blogs and even a recent article in the Tallahassee Democrat that claim that Tallahassee has not seen significant drops in either home sales or home prices, and of course they do not provide any data or basis other than opinion to support these claims. I would encourage these authors to talk to people trying to sell a home in Piney-Z right now, I'm sure that their opinion might change.

This wreckless reporting will mislead some homeowners to lose their homes, as they hit the market at levels that buyers will not even consider. But rest assured, there are ways to sell a home in Tallahassee, but you must understand exactly where the market is at any given time.

Piney-Z Home Sales In Major Decline

piney-z-home-sales-report

The blue lines show that home sales once reached twenty homes per month, but now have dropped to less than four per month. Average Prices (in red) were once nearly $270,000, but now have dropped below $200,000! If you have to sell home in Piney-Z, you need to understand that prices have dropped significantly since the height of the market.

Piney-Z Existing Home Sales Have Fallen

piney-z-existing-home-sales-report

Much like the real estate graph preceding this one, existing home sales (resales) in Piney-Z look just as bad. Less than four homes per month are selling and the average price point on existing homes in Piney-Z has dropped below $190,000.

Piney-Z Resale Price Per Square Foot History

One way to take a look at home valuations (and thus true depreciation) is to look at price per square foot across the market. While this is NOT a way to accurately appraise a home, it is a decent measurement of depreciation (or appreciation) over a period of time. So, if you live in Piney-Z and want a quick "rule of thumb" valuation, you could take your recorded square footage and multiply it by about $85 to $105 to see an estimate of its current value.

piney-z-existing-home-price-per-foot

Historic Home Sales In Piney-Z

Piney-Z Home Sale Price Sale Date
4907 HERITAGE PARK BLVD 190,000 1/16/2009
4853 PLANTERS RIDGE DR 103,500 1/9/2009
4905 PARKVIEW CT 100 12/30/2008
1057 LANDINGS LOOP 175,000 12/12/2008
1150 LANDINGS LOOP 180,000 11/24/2008
4877 LAKE PARK DR 270,000 11/17/2008
4759 PLANTERS RIDGE DR 214,000 11/14/2008
4915 HERITAGE PARK BLVD 225,000 10/30/2008
4907 HERITAGE PARK BLVD 244,100 10/28/2008
669 EAGLE VIEW CIR 315,000 10/14/2008
1168 LANDINGS LOOP 185,000 10/10/2008
4751 PLANTERS RIDGE DR 208,000 10/10/2008
1162 HIGH MEADOW DR 185,000 10/3/2008
911 PARKVIEW DR 275,000 10/1/2008
1047 PARK VIEW DR 215,000 9/24/2008
1018 HIGH MEADOW DR 128,000 9/13/2008
4917 LAKE PARK DR 230,000 9/12/2008
4650 SOARING WAY 332,000 9/4/2008
825 EAGLE VIEW DR 260,000 8/22/2008
742 EAGLE VIEW DR 345,000 8/8/2008
1025 PARKVIEW DR 248,000 7/21/2008
817 EAGLE VIEW DR 282,500 7/17/2008
1108 WINTER LN 190,000 7/7/2008
1148 LANDINGS LOOP 200,000 7/3/2008
1055 PARKVIEW DR 205,000 6/23/2008
1096 LANDINGS LOOP 187,500 6/23/2008
1032 KINGDOM DR 185,000 6/20/2008
1149 LANDINGS LOOP 190,000 6/20/2008
868 EAGLE VIEW DR 351,000 6/9/2008
1015 KINGDOM DR 167,000 5/30/2008
1072 PINEY Z PLANTATION RD 215,000 5/29/2008
1168 LANDINGS LOOP 23,000 5/29/2008
1112 WINTER LN 200,000 5/9/2008
4661 NESTING TRL 272,000 5/8/2008
1137 WINTER LN 213,000 4/30/2008
989 PARKVIEW DR 321,000 4/25/2008
1221 LANDINGS LOOP 207,000 4/21/2008
874 PINEY VILLAGE LOOP 368,000 4/17/2008
4856 LAKE PARK DR 297,500 4/11/2008
821 PINEY VILLAGE LOOP 99,000 4/4/2008
4710 PLANTERS RIDGE DR 208,500 3/28/2008
861 EAGLE VIEW DR 372,900 3/10/2008
1149 WINTER LN 198,000 2/29/2008
1174 HIGH MEADOW DR 200,000 2/29/2008
729 EAGLE VIEW CIR 350,000 2/29/2008
867 EAGLE VIEW DR 310,000 12/20/2007
910 PARKVIEW DR 286,000 12/18/2007
1020 KINGDOM DR 200,000 12/17/2007
1023 LANDINGS LOOP 44,500 12/8/2007
1100 WINTER LN 245,000 12/7/2007
1183 LANDINGS LOOP 210,000 11/20/2007
816 EAGLE VIEW DR 82,200 11/20/2007
4712 PLANTATION VIEW DR 379,900 11/5/2007
933 PINEY Z PLANTATION RD 317,500 10/19/2007
701 EAGLE VIEW CIR 335,000 10/12/2007
913 PINEY Z PLANTATION RD 260,000 10/12/2007
4922 HERITAGE PARK BLVD 220,000 10/3/2007
1004 PINEY Z PLANTATION RD 205,000 9/25/2007
995 PARKVIEW DR 292,500 9/17/2007
866 PINEY VILLAGE LOOP 370,000 9/4/2007
917 PARKVIEW DR 298,000 8/24/2007
917 PARKVIEW DR 298,000 8/24/2007
4881 LAKE PARK DR 253,000 8/21/2007
1149 LANDINGS LOOP 211,600 8/14/2007
1001 KINGDOM DR 184,000 8/3/2007
1149 HIGH MEADOW DR 205,000 7/31/2007
4853 PLANTERS RIDGE DR 260,000 7/27/2007
749 EAGLE VIEW DR 133,000 7/23/2007
4877 LAKE PARK DR 273,500 7/18/2007
1069 KINGDOM DR 210,000 7/16/2007
636 EAGLE VIEW CIR 283,000 7/16/2007
1066 HIGH MEADOW DR 241,000 7/13/2007
1107 WINTER LN 247,500 7/6/2007
1034 HIGH MEADOW DR 255,000 7/2/2007
1016 LANDINGS LOOP 210,000 6/29/2007
1091 PINEY Z PLANTATION RD 242,500 6/29/2007
1072 PINEY Z PLANTATION RD 186,600 6/28/2007
931 PARKVIEW DR 300,000 6/22/2007
4886 HERITAGE PARK BLVD 247,800 6/15/2007
1154 LANDINGS LOOP 209,000 6/11/2007
1026 PARKVIEW DR 200,000 5/24/2007
4770 PLANTERS RIDGE DR 250,000 5/23/2007
1033 HIGH MEADOW DR 250,000 5/22/2007
4863 HERITAGE PARK BLVD 251,000 5/21/2007
689 EAGLE VIEW CIR 371,000 5/15/2007
868 PINEY VILLAGE LOOP 382,900 5/14/2007
1132 LANDINGS LOOP 205,000 5/3/2007
1121 HIGH MEADOW DR 212,000 4/30/2007
725 EAGLE VIEW CIR 300,000 4/30/2007
1048 PINEY Z PLANTATION RD 200,000 4/27/2007
920 PARKVIEW DR 305,000 4/27/2007
926 PINEY Z PLANTATION RD 369,600 4/19/2007
833 PINEY VILLAGE LOOP 273,000 4/13/2007
1088 WINTER LN 225,000 4/11/2007
1068 WINTER LN 214,500 4/5/2007
945 PINEY Z PLANTATION RD 330,000 3/23/2007
4859 HERITAGE PARK BLVD 229,000 3/22/2007
4895 PLANTERS RIDGE DR 256,500 3/21/2007
1169 HIGH MEADOW DR 195,000 3/16/2007
900 PARKVIEW DR 295,000 3/16/2007
1012 PINEY Z PLANTATION RD 235,000 3/7/2007
1041 PINEY Z PLANTATION RD 213,000 2/26/2007
1088 WINTER LN 160,000 2/26/2007
1085 PINEY Z PLANTATION RD 216,000 2/23/2007
1153 WINTER LN 200,000 2/22/2007
853 EAGLE VIEW DR 444,900 2/22/2007
4895 PLANTERS RIDGE DR 211,000 2/16/2007
1188 LANDINGS LOOP 210,000 2/11/2007
729 EAGLE VIEW CIR 349,900 2/8/2007
4657 SOARING WAY 92,000 2/2/2007
1015 LANDINGS LOOP 203,000 1/31/2007
1017 LANDINGS LOOP 203,000 1/31/2007
4929 LAKE PARK DR 269,300 1/31/2007
887 EAGLE VIEW DR 345,000 1/16/2007
4886 PLANTERS RIDGE DR 252,500 1/10/2007
1208 LANDINGS LOOP 190,000 1/9/2007
4738 PLANTERS RIDGE DR 231,000 12/29/2006
4738 PLANTERS RIDGE DR 231,000 12/29/2006
1033 PINEY Z PLANTATION RD 210,000 12/22/2006
1080 WINTER LN 212,000 12/22/2006
899 EAGLE VIEW DR 340,000 12/21/2006
1000 KINGDOM DR 155,000 12/19/2006
870 PINEY VILLAGE LOOP 353,700 12/15/2006
628 EAGLE VIEW CIR 325,400 11/30/2006
922 PINEY Z PLANTATION RD 385,900 11/27/2006
911 PARKVIEW DR 45,800 11/13/2006
1099 WINTER LN 230,000 11/7/2006
1037 HIGH MEADOW DR 225,000 11/3/2006
1184 LANDINGS LOOP 203,000 11/3/2006
4706 PLANTERS RIDGE DR 204,900 10/20/2006
1142 HIGH MEADOW DR 193,000 10/13/2006
4915 PLANTERS RIDGE DR 224,000 10/6/2006
1071 PARKVIEW DR 265,300 9/29/2006
1138 HIGH MEADOW DR 209,900 9/29/2006
781 EAGLE VIEW DR 357,000 9/29/2006
824 EAGLE VIEW DR 281,000 9/29/2006
828 EAGLE VIEW DR 334,000 9/29/2006
1199 LANDINGS LOOP 214,500 9/28/2006
1039 KINGDOM DR 205,000 9/23/2006
1125 HIGH MEADOW DR 212,000 9/21/2006
712 EAGLE VIEW CIR 335,000 9/15/2006
1073 HIGH MEADOW DR 227,000 9/5/2006
735 EAGLE VIEW DR 485,000 8/21/2006
1088 LANDINGS LOOP 220,000 8/18/2006
4661 SOARING WAY 323,500 8/18/2006
PLANTATION VIEW DR 354,900 8/15/2006
1076 PINEY Z PLANTATION RD 250,000 8/7/2006
621 EAGLE VIEW CIR 352,000 8/4/2006
979 WATERSVIEW DR 365,000 7/31/2006
1065 HIGH MEADOW DR 209,900 7/28/2006
4657 NESTING TRL 355,000 7/28/2006
999 PARKVIEW DR 332,500 7/28/2006
4913 PARKVIEW CT 228,000 7/21/2006
4716 PLANTATION VW 352,800 7/19/2006
4913 LAKE PARK DR 268,000 7/14/2006
930 PINEY Z PLANTATION RD 359,900 7/14/2006
977 WATERSVIEW DR 311,000 7/10/2006
1114 HIGH MEADOW DR 223,000 7/3/2006
1179 LANDINGS LOOP 210,700 6/30/2006
1202 LANDINGS LOOP 194,000 6/30/2006
4720 PLANTATION VIEW DR 349,900 6/30/2006
934 PINEY Z PLANTATION RD 372,800 6/30/2006
961 PARKVIEW DR 357,000 6/30/2006
713 EAGLE VIEW CIR 370,000 6/29/2006
1169 WINTER LN 214,500 6/26/2006
1221 LANDINGS LOOP 225,000 6/23/2006
1059 KINGDOM DR 212,500 6/15/2006
4905 PARKVIEW CT 125,000 6/12/2006
4728 PLANTATION VIEW DR 350,000 5/31/2006
4853 PLANTERS RIDGE DR 252,000 5/30/2006
1212 LANDINGS LOOP 193,000 5/25/2006
904 PINEY Z PLANTATION RD 300,000 5/18/2006
4929 LAKE PARK DR 292,500 5/17/2006
1041 PINEY Z PLANTATION RD 218,000 5/15/2006
1167 LANDINGS LOOP 202,500 5/15/2006
4754 PLANTERS RIDGE DR 245,500 5/11/2006
739 EAGLE VIEW DR 375,000 5/11/2006
1109 HIGH MEADOW DR 215,000 4/29/2006
4656 FLEDGLING DR 281,000 4/28/2006
4927 HERITAGE PARK BLVD 250,000 4/28/2006
1020 KINGDOM DR 185,000 4/26/2006
1105 HIGH MEADOW DR 217,500 4/20/2006
4855 HERITAGE PARK BLVD 235,000 4/13/2006
907 PARKVIEW DR 330,000 4/12/2006
PLANTATION VIEW DR 348,000 4/3/2006
1045 LANDINGS LOOP 205,000 3/31/2006
1216 LANDINGS LOOP 187,400 3/31/2006
1128 WINTER LN 259,900 3/30/2006
1172 LANDINGS LOOP 205,000 3/27/2006
4751 PLANTERS RIDGE DR 224,000 3/17/2006
4849 LAKE PARK DR 273,900 3/17/2006
613 EAGLE VIEW CIR 319,000 3/15/2006
4759 PLANTERS RIDGE DR 230,000 2/28/2006
968 WATERSVIEW DR 271,000 2/28/2006
1064 KINGDOM DR 190,000 2/27/2006
983 WATERSVIEW DR 330,000 2/17/2006
1038 HIGH MEADOW DR 193,100 2/16/2006
1159 LANDINGS LOOP 200,000 1/27/2006
1209 LANDINGS LOOP 206,000 1/27/2006
4714 PLANTERS RIDGE DR 227,500 1/27/2006
1062 HIGH MEADOW DR 247,800 1/20/2006
777 EAGLE VIEW DR 380,000 1/19/2006
1157 HIGH MEADOW DR 284,900 1/13/2006
1120 WINTER LN 250,000 1/5/2006
4725 PLANTATION VIEW DR 273,000 1/5/2006

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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.

10 Responses to "Home Sales In Piney-Z Are Struggling"

uturn3 wrote: Do you have actual facts to back up some of your figures in this blog? I am one of the original buyers in Piney Z and have been fuming over some of your blogs over the past few years, but this one really takes the cake. Anyone selling at the rates you suggest is desperate to get out of the bad deal their Realtor pushed in the last few years. Yes, there are houses in Piney-Z selling at ridiculously low rates. There are some for sale for $50,000 LESS than they paid just so they can get out before their entire financial situation falls apart. However, responsible homeowners (not investors) are being pulled into the mess you created.

Where did you get the $44,000 figure, the $100 figure, etc.? At $85 per square foot I guess I should be suing my builder, the bank and the appraiser since that doesn't come close to the actual construction cost.

Realtors had no problem pushing up the prices in Piney-Z when they were racking up huge commissions. The speculators and investors pushed prices up to an unreasonable rate. However, the only houses selling for the rates you are pushing now are the same buyers with sub-prime mortgages you put into houses that were over priced .

Now that the entire global economy is struggling the "all real estate is local" gets thrown out the window. I'd bet that a Realtor would not sell his own personal home for the rates you are pushing. Yet, you expect sellers to drop the sales price to get you the fast sale and your commission. Maybe the fee based real estate model would be better for everyone.

How about some positive reporting on the Tallahassee real estate market in general and Piney-Z in particular. Houses are selling at reasonable rates when the buyers come with a realtor who is actually working for the buyer and seller of a home that will be owner occupied. Anyone coming in with the attitude that prices have dropped 27% and sales are down 83% will be lucky to get one of the foreclosures or short sales.

Realtors who keep pushing the "you need to price your house lower than the current lowest price" mantra are pulling down the value of the entire neighborhood. There are 3 different sections in Piney-Z with 3 very different price ranges. I would suggest that they should be treated as 3 very different subdivisions.

I'm really wondering what happened to ethics in real estate. I thought the Realtor was employed by the seller and therefore supposed to work for the seller (unless there is an exclusive Buyer's agent agreement). Maybe the commission should be based on how well the Realtor actually works for the seller. It is amazing how much the seller loses every time the sales price gets lowered. Yet, with the commission being a percentage the Realtor's fee barely moves. Realtor's who will only show houses with the highest commission percentage also need an ethics lesson. Why should thousands of dollars be added to the sales price for the Realtor's "services"? Maybe we should be able to negotiate on the basis of hours worked and how well the seller's needs are met.

Posted on Thursday, April 9th, 2009 at 6:29pm.

Joe Manausa wrote: 1. Yes. These are the actual sales recorded in Leon County. Not just MLS (REALTOR sales) but For sale by owners and builder sales as well. All sales recorded at the County.
2. You are obviously upset with how the market has turned, as most of us are. But you are confused about how prices are reached. Sellers and REALTORs can ask any price that they desire, but ultimately it is the buyers who set the market value. It is fear and greed that dictate the direction of the market, and today fear is running rampant. If you have followed my blog or newsletter at all, then you know I have been advising sellers to pull their homes off the market unless they absolutely have to sell. This is a buyers’ market and they are demanding discounted prices.
3. Real estate is still local, but local emotions and financial capabilities are greatly affected by international markets. When the stock market dropped 40%, so did consumer confidence. When loan programs were removed from the market, so were buyers. Nevertheless, there are some strong real estate markets around the country, because their economies are growing. Most are not. Tallahassee’s is not.
4. Positive reporting. I report what is happening. I substantiate it with facts. Those charts were reported as generalized and if this was a Phd thesis, the data would have been cleaned up to remove all non-arms length sales. However, it is a daily blog designed to deliver true facts about the market. You claim that houses are selling in Piney-Z at “reasonable rates,” yet I listed EVERY SALE in today’s blog going back to 2006. When buyers and sellers agree on a price and close on the sale, that is the “reasonable rate” and is recognized as market value.
5. Competition. There are so many short sales and foreclosures entering the market that pricing pressure is very strong. If you have time to wait, then wait! Once the short sales and foreclosures have worked their way through, the market will be much stronger. BUT IF YOU DON’T (have time to wait) then you are COMPETING WITH every other similar opportunity in town. Buyers right now are scared and thus scarce, and the ones taking action are demanding the best price they can get.
6. The value of competent REALTORS has never been higher (see recent article in this blog on REALTORs doing more of the business). If you think you can go it alone or work with a discount broker….good luck. There are over 14 months of supply of homes in Leon County and that figure has been growing.
7. Again, I understand that you are upset. I suspect you are upset at the turn in the stock market as well. And with the Florida economy. And with the State and local government budget short falls. Unfortunately, the whole financial world is a mess right now and we need to grind our way through it. I for one, will report the real estate market activity as it is truly occurring. Most of the feedback that I get is from grateful readers who see this as a resource. I’m not a cheerleader and I do not have a staff, so I do the best I can with what the market is doing.
8. Feedback. I do not know if you are aware of it, but blog administrators like myself get to choose whether or not a comment gets viewed. Even though yours was not supportive, I think it is solid feedback and that is why it is here. I appreciate your feedback, though I disagree with much of your assessment.

Posted on Thursday, April 9th, 2009 at 9:27pm.

Colleen McConnell wrote: It's buyers who determine how much they are willing to pay for a home, not the sellers nor Realtors. Homes that have been on the market for months without any activity are not priced at a rate that buyers are willing to pay.

If you think that Realtors set the prices, then you don't understand the process. Realtors give the sellers information about other homes in the neighborhood that are for sale and have sold recently. Sellers use this information to decide how much to ask for their house.

If the seller prices it too high, then it will sit on the market with no activity. There is a lot of inventory for buyers to choose from and they ignore the ones that they think are overpriced.

Posted on Friday, April 10th, 2009 at 9:19am.

Niki wrote: uturn3 - I sure hope you don't HAVE to sell anytime soon...

Posted on Friday, April 10th, 2009 at 12:15pm.

Dave wrote: It appears that personal responsibility is truly a thing of the past. There's always someone else to blame.

Dare I ask your profession uturn3?

Saint?

Heart Surgeon?

I'm guessing Government worker.

Posted on Friday, April 10th, 2009 at 12:33pm.

uturn3 wrote: You would be terribly wrong about my profession.

It is not nice to malign Government workers.

Posted on Friday, April 10th, 2009 at 2:05pm.

Eva wrote: Nice post Joe. I think a lot of homeowners fail to understand that in a buyers market (which is what we're in) BUYERS drive the prices... And with the glut of homes on the market, the competition between the homes is HUGE!

Economics 101---- over stocked in a commodity forces a price reduction!

Posted on Friday, April 10th, 2009 at 2:20pm.

Marlie wrote: I read your Piney-Z blog yesterday morning with great interest. We have friends living on Heritage Park Blvd. who love their home and their neighborhood.

Your hostile reader is apparently very upset with the present economy and I share his anxiety. He is taking his angst out on you and not being reasonable. He commented that the realtor needs to protect the seller's interests. Doesn't he realize a realtor must also support the buyer he represents?

Joe, continue writing an honest blog and don't "sugar coat" or alter your analytical results to pacify a frustrated reader. Personally, my husband and I are not down-sizing and putting our home on the market until our realtor tells us there is an upturn in homes' market values.

Posted on Friday, April 10th, 2009 at 5:36pm.

Joe Manausa wrote: Thanks Petra, and I agree with you. Market extremes end up bringing crazy results.

Posted on Saturday, April 11th, 2009 at 11:49pm.

Hashanna Montalvo wrote: Bottom line is buyers drive all real estate markets. Buyers decide what they will and will not pay for a home.

Posted on Friday, April 17th, 2009 at 3:25pm.

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