Great Returns On Townhomes In Richview Park

Posted by Joe Manausa on Friday, August 21st, 2009 at 10:33am.

Yesterday, my brother Mike and I were discussing our townhomes that we purchased in Richview Park in the early 90s. Richview Park is a town home community of roughly 150 homes in a very convenient location off of Richview Road and Apalachee Parkway in downtown Tallahassee.

Anyway, we were discussing the fact that real estate had dropped in value lately, yet his townhouse was still an incredible investment. This Tallahassee townhouses was purchased in the early 90s and if sold today would show a five percent annualized appreciation rate. Considering the fact that leverage was used, his return on investment (ROI) is going to be huge.

Great Returns On Townhomes In Richview Park

The real estate graph below shows that unit sales have slowed considerably in Richview Park, but values are only down somewhat from the top of the market several years ago.

Richview Park Townhome Sales

The blue vertical bars represent the number of closed, arms-length townhome sales in Richview Park, while the red field shows the average price. Strangely for Tallahassee, this neighborhood has only seen a decline in prices by 3 to 5% from the peak in the market (5.5% on average price, 3.2% on price per square foot).

Richview Park As A Real Estate Investment Case Study

O.K., so here is where I hold Mike's feet to the fire. He told me he has meticulous records of every penny he has spent and received on his townhouse in Richview Park since the day it was purchased. He will get this information to me and I will create a follow-up blog to this one and show what his return on investment would be if he were to sell it today.

Too often, people think that real estate is a "buy and flip" investment. I do not think that this is true. I think a "buy and hold" strategy has always outperformed the stock market and most other investment vehicles. We will look at this case study and see.

So, are there any predictions/guesses at what his ROI will be? Over 10%? Negative? Over 100%? Let's see if anybody is bold enough to predict. I know he used a low money down loan and the property has appreciated at roughly 5% per year, with his purchase occurring in 1991. Please stay tuned for the follow-up to this blog article...

Recent Townhome Sales In Richview Park

Address Price Sale Date SqFt HC
428 HIGH POINT LN $127,000 6/26/2009 984
475 RICHVIEW PARK CIR E $135,500 9/19/2008 1,044
427 RICHVIEW PARK CIR E $131,000 8/29/2008 1,044
408 HIGH POINT LN $141,000 7/31/2008 1,044
2921 RICHVIEW PARK CIR S $117,200 7/29/2008 984
444 RICHVIEW PARK CIR W $130,000 6/24/2008 1,044
3018 RICHVIEW PARK CIR N $138,000 11/29/2007 984
2933 RICHVIEW PARK CIR S $107,000 10/16/2007 1,044
409 RICHVIEW PARK CIR W $127,900 10/10/2007 992
432 RICHVIEW PARK CIR E $123,200 8/17/2007 984
3011 RICHVIEW PARK CIR S $134,500 8/16/2007 1,044
452 HIGH POINT LN $141,000 8/15/2007 1,044
2921 RICHVIEW PARK CIR S $136,000 7/2/2007 984
2905 RICHVIEW PARK CIR S $139,900 6/8/2007 1,044
445 RICHVIEW PARK CIR W $129,500 5/23/2007 984
416 RICHVIEW PARK CIR E $131,500 5/11/2007 984
413 HIGH POINT LN $137,900 5/4/2007 1,044
464 RICHVIEW PARK CIR E $135,000 4/24/2007 984
412 RICHVIEW PARK CIR W $131,000 3/15/2007 1,044
409 HIGH POINT LN $133,000 3/2/2007 1,044
457 RICHVIEW PARK CIR W $139,900 2/22/2007 984
3019 RICHVIEW PARK CIR S $132,000 12/29/2006 1,044
432 RICHVIEW PARK CIR W $133,000 12/15/2006 992
408 HIGH POINT LN $132,000 11/30/2006 1,044
2824 RICHVIEW PARK CIR N $137,500 11/13/2006 1,044
378 RICHVIEW PARK CIR W $139,000 11/2/2006 992
472 RICHVIEW PARK CIR E $135,000 10/31/2006 984
2929 RICHVIEW PARK CIR S $136,000 10/27/2006 992
468 RICHVIEW PARK CIR E $137,500 9/26/2006 984
437 HIGH POINT LN $138,000 7/14/2006 1,044
467 RICHVIEW PARK CIR E $136,000 7/6/2006 984
452 HIGH POINT LN $134,000 6/30/2006 1,044
476 RICHVIEW PARK CIR E $136,000 6/28/2006 984
464 RICHVIEW PARK CIR W $132,000 6/23/2006 936
441 RICHVIEW PARK CIR W $133,000 6/5/2006 984
3015 RICHVIEW PARK CIR S $132,900 4/21/2006 1,044
2809 RICHVIEW PARK CIR S $124,400 4/12/2006 984
415 RICHVIEW PARK CIR E $135,000 4/7/2006 1,044
448 HIGH POINT LN $137,000 3/31/2006 1,044
3022 RICHVIEW PARK CIR N $132,500 3/13/2006 984
449 HIGH POINT LN $120,000 12/8/2005 984
465 HIGH POINT LN $128,500 11/21/2005 1,044
3014 RICHVIEW PARK CIR N $127,000 9/29/2005 1,044
465 RICHVIEW PARK CIR W $124,000 8/22/2005 992
424 HIGH POINT LN $120,000 8/17/2005 984
407 RICHVIEW PARK CIR E $117,000 8/15/2005 984
444 RICHVIEW PARK CIR W $120,000 8/5/2005 1,044
2817 RICHVIEW PARK CIR S $250,000 7/29/2005 992
447 RICHVIEW PARK CIR E $121,000 7/21/2005 992
433 RICHVIEW PARK CIR W $116,000 7/11/2005 1,044
2914 RICHVIEW PARK CIR N $117,000 6/30/2005 1,044
473 HIGH POINT LN $118,100 6/28/2005 984
424 RICHVIEW PARK CIR W $116,000 6/27/2005 936
425 RICHVIEW PARK CIR W $116,000 6/27/2005 984
431 RICHVIEW PARK CIR E $116,000 6/27/2005 1,044
469 HIGH POINT LN $116,000 6/27/2005 1,044
479 RICHVIEW PARK CIR E $116,000 6/27/2005 1,044
2809 RICHVIEW PARK CIR S $62,900 6/23/2005 984
428 RICHVIEW PARK CIR W $99,000 5/6/2005 936
3003 RICHVIEW PARK CIR S $111,500 4/26/2005 984
3010 RICHVIEW PARK CIR N $113,000 4/19/2005 1,044
441 HIGH POINT LN $115,300 3/25/2005 992
443 RICHVIEW PARK CIR E $116,000 3/18/2005 992
457 RICHVIEW PARK CIR W $115,000 3/15/2005 984
416 RICHVIEW PARK CIR E $109,000 3/2/2005 984
378 RICHVIEW PARK CIR W $136,000 12/29/2004 992
455 RICHVIEW PARK CIR E $109,900 12/21/2004 984
444 HIGH POINT LN $114,500 9/30/2004 984
464 RICHVIEW PARK CIR W $109,000 7/23/2004 936
2918 RICHVIEW PARK CIR N $113,000 6/30/2004 1,044
428 HIGH POINT LN $108,000 6/28/2004 984
476 RICHVIEW PARK CIR W $107,000 5/28/2004 992
457 HIGH POINT LN $106,000 5/25/2004 984
436 RICHVIEW PARK CIR W $107,100 4/30/2004 992
440 RICHVIEW PARK CIR E $104,000 4/22/2004 1,044
437 HIGH POINT LN $108,000 4/15/2004 1,044
2913 RICHVIEW PARK CIR S $110,100 3/29/2004 992
421 RICHVIEW PARK CIR W $97,000 12/30/2003 1,044
468 RICHVIEW PARK CIR W $96,500 12/15/2003 936
3027 RICHVIEW PARK CIR S $92,000 10/24/2003 984
437 RICHVIEW PARK CIR W $86,500 8/5/2003 1,044
436 RICHVIEW PARK CIR W $87,500 7/22/2003 992
416 RICHVIEW PARK CIR W $91,000 6/26/2003 992
435 RICHVIEW PARK CIR E $88,000 6/25/2003 984
465 HIGH POINT LN $85,000 6/6/2003 1,044
2817 RICHVIEW PARK CIR S $86,000 4/15/2003 992
424 RICHVIEW PARK CIR W $85,800 4/15/2003 936
2918 RICHVIEW PARK CIR N $88,500 3/28/2003 1,044
479 RICHVIEW PARK CIR E $84,000 3/14/2003 1,044
432 RICHVIEW PARK CIR W $90,000 3/12/2003 992
431 RICHVIEW PARK CIR E $85,000 1/30/2003 1,044

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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.

1 Response to "Great Returns On Townhomes In Richview Park"

Marlie wrote: I'm curious about your brother's townhome in Richview Park and am looking forward to your follow-up blog. I'm guessing his ROI will be about 10%.

Posted on Friday, August 21st, 2009 at 8:05pm.

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