Don't Let Summerbrooke Home Values Fool You

Posted by Joe Manausa on Tuesday, February 22nd, 2011 at 11:30am.

What many report as price stability in Summerbrooke is actually a rise in the rate at which premium homes are selling in Summerbrooke Subdivision in Tallahassee.

Best Buy In Summerbrooke ImageThere are a handful of Tallahassee neighborhoods that I take the time to write about on a quarterly basis due to their significance in number of annual home sales or amenities, and Summerbrooke is a Northeast Tallahassee subdivision that I have included in this list for several years. The combination of location (NE) and amenity (Golf Course) make this one to watch.

While I am not partial to the Summerbrooke golf course (too narrow for my wide tee shots), there are many spectacular homes located in this upper-end Tallahassee neighborhood. Homes both on and off the golf course offer the kinds of bells and whistles that many affluent families in Leon County are seeking.

Are Home Values Stabilizing In Summerbrooke?

One of the hardest things to measure is price stability as we look higher and higher on the pyramid of home values in Tallahassee. When there is plenty of liquidity (many homes selling) in a price range, we can say with great confidence what is occurring as far as value movement. But when sales are sporadic, we have to look deeper into what the data really says.

Summerbrooke Home Value Trends Image

In the real estate graph above, average values values (red line) appear to be stabilizing, while the number of homes selling each month in Summerbrooke (blue bars) has returned to a historically normal amount. While this appears to be really good news for Summerbrooke, I'm wondering why it is different than the rest of Tallahassee (which is still seeing price declines and unit sales are down to roughly 60% of historically normal rates).

Why Average Home Values Can Fool You

The problem with taking an average of anything is that "average" is so hard to measure. Average is even harder to measure when the "middle of the road" is not representative of either extreme. In Summerbrooke for example, homes are built on 1 of two types of lots. Either they are "premium" lots, meaning the home is directly on the golf course on or a lake, or they aren't.

Premium lots are more valuable than non-premium lots and most often, the homes built upon premium lots had more features and amenities built into the homes than did their counterparts on non-premium lots. So why does this matter?

Premium Home Sites In Summerbrooke Image

The graph above shows a rise in the rate at which premium homes are selling in Summerbrooke. Back in 2005, roughly 1 in every 4 homes was on a premium lot, while currently more than half of recent sales have been on these higher value sites. This means that the "average" home recently is different than the "average" home of the past.

The first graph paints a picture of price stability, when in fact we are seeing buyers move towards the premium homes on golf courses and lakes. Were we to do an analysis comparing "apples to apples," we would see a similar decline in home values as we have in the rest of Tallahassee.

This case study is a graphic example of why working with an expert can save you money when buying or selling a home in Tallahassee. There are many opportunities in Tallahassee real estate right now, but there are also pitfalls that you should steer clear of. If you think now is the time for you to sell, or buy, or both, just drop me a note and we can get help you develop a winning plan.

Arms Length Home Sales In Summerbrooke

Summerbrooke Address Price Home Size Home Value Age Sale Date
8143 BLOYS CT $335,000 2,599 $129 2001 1/7/2011
1152 GREENSWARD CT $350,000 2,622 $133 2000 1/6/2011
7115 NESTERS DR $475,000 3,180 $149 2003 12/23/2010
8061 PRESERVATION RD $385,000 3,050 $126 2005 12/20/2010
8135 VIBURNUM CT $325,000 2,444 $133 2005 12/17/2010
531 SUMMERBROOKE DR $339,000 2,868 $118 1990 11/19/2010
7532 PRESERVATION RD $350,000 2,528 $138 2003 11/18/2010
7131 NESTERS DR $570,000 4,639 $123 2005 11/18/2010
6872 SPICEWOOD LN $310,000 2,692 $115 2000 10/29/2010
8169 PARTERRE CT $331,100 2,571 $129 2003 10/28/2010
7960 DOWNS CT $375,000 2,849 $132 1999 10/27/2010
7140 HERITAGE RIDGE RD $350,000 2,974 $118 1993 10/27/2010
7562 REFUGE RD $442,500 3,234 $137 2002 10/22/2010
7032 SPICEWOOD LN $315,000 2,683 $117 2003 9/30/2010
7757 CRICKLEWOOD DR $348,500 2,678 $130 1997 9/17/2010
7109 HERITAGE RIDGE RD $300,000 2,668 $112 1991 9/15/2010
1239 CONSERVANCY DR E $343,000 2,496 $137 2000 9/10/2010
8117 BLENHEIM LN $270,000 2,136 $126 2003 8/31/2010
8123 VIBURNUM CT $304,000 2,614 $116 2000 8/26/2010
7504 PRESERVATION RD $370,000 2,676 $138 1999 8/20/2010
7140 WOODED GORGE RD $376,000 2,673 $141 2001 8/4/2010
8162 PARTERRE CT $230,000 2,198 $105 2005 7/28/2010
1351 CONSERVANCY DR E $325,000 2,792 $116 2000 6/29/2010
7083 SPICEWOOD LN $282,500 2,133 $132 2001 6/28/2010
1220 CONSERVANCY DR E $312,000 3,038 $103 1995 6/23/2010
7765 CRICKLEWOOD DR $410,000 3,008 $136 2000 6/15/2010
7477 PRESERVATION RD $574,500 3,641 $158 2003 6/1/2010
8089 LONGMEADOW DR $537,500 4,092 $131 2008 5/28/2010
7757 CRICKLEWOOD DR $275,000 2,678 $103 1997 5/27/2010
1275 CONSERVANCY DR E $312,000 2,361 $132 1996 5/25/2010
1033 SUMMERBROOKE DR $465,000 2,796 $166 2003 5/20/2010
1418 STOURHEAD CT $330,000 2,513 $131 1999 5/11/2010
8067 PRESERVATION RD $338,000 2,425 $139 2003 5/10/2010
1420 STOURHEAD CT $409,000 3,733 $110 1997 5/6/2010
300 SUMMERBROOKE DR $465,000 2,920 $159 1991 4/30/2010
1320 CONSERVANCY DR E $465,000 3,320 $140 2002 4/26/2010
1176 GREENSWARD DR $362,500 2,781 $130 2001 4/16/2010
933 SUMMERBROOKE DR $404,000 4,018 $101 1994 4/15/2010
1216 CONSERVANCY DR E $360,000 2,710 $132 2000 3/18/2010
1341 CONSERVANCY DR E $375,000 2,672 $140 1999 3/11/2010
7983 LOCHKNOLL LN $392,000 2,911 $134 2000 3/1/2010
7924 PRESERVATION RD $350,000 2,478 $141 1996 12/30/2009
8060 PRESERVATION RD $330,000 2,901 $113 2004 12/18/2009
1404 CONSERVANCY DR E $320,000 2,417 $132 1998 12/8/2009
7522 REFUGE RD $430,000 3,762 $114 2003 11/16/2009
317 SUMMERBROOKE DR $299,000 2,359 $126 1990 11/6/2009
8150 PARTERRE CT $290,000 2,314 $125 2001 11/2/2009
932 SUMMERBROOKE DR $375,000 3,084 $121 1993 10/30/2009
1160 CONSERVANCY DR W $358,000 2,772 $129 1996 10/29/2009
1200 GREENSWARD DR $343,500 2,454 $139 2000 10/27/2009
924 SUMMERBROOKE DR $360,000 2,294 $156 1996 8/31/2009
1276 CONSERVANCY DR E $395,000 2,980 $132 2001 8/13/2009
1044 SUMMERBROOKE DR $380,000 3,329 $114 1994 8/11/2009
1136 GREENSWARD DR $383,000 2,447 $156 1999 8/10/2009
893 SUMMERBROOKE DR $309,000 2,822 $109 1994 8/10/2009
1009 SUMMERBROOKE DR $412,500 2,404 $171 2005 8/7/2009
637 SUMMERBROOKE DR $374,000 2,956 $126 1991 8/4/2009
7874 PRESERVATION RD $325,000 2,363 $137 1997 7/24/2009
7734 CRICKLEWOOD DR $400,000 3,326 $120 2001 7/10/2009
1337 CONSERVANCY DR E $335,000 2,263 $148 2000 6/29/2009
7912 PRESERVATION RD $315,000 2,239 $140 2000 5/22/2009
1359 CONSERVANCY CT E $277,500 2,153 $128 2001 5/7/2009
7110 HERITAGE RIDGE RD $369,000 2,523 $146 1992 5/6/2009
7510 PRESERVATION RD $485,000 2,847 $170 2000 5/6/2009
7516 PRESERVATION RD $376,000 2,450 $153 1995 4/24/2009
1228 GREENSWARD DR $460,000 3,032 $151 2001 4/3/2009
1346 CONSERVANCY DR E $385,000 2,940 $130 2002 4/3/2009
7845 PRESERVATION RD $240,000 2,151 $111 1995 3/16/2009
6520 SPICEWOOD LN $325,000 2,436 $133 1997 2/6/2009
8086 RONDS POINTE CT $370,000 2,448 $151 2002 1/12/2009
7477 PRESERVATION RD $550,000 3,641 $151 2003 12/10/2008
7708 PRESERVATION RD $410,000 2,910 $140 1995 12/5/2008
1144 GREENSWARD DR $365,000 2,799 $130 1999 12/2/2008
1383 CONSERVANCY DR E $360,000 2,700 $133 1997 11/24/2008
8116 BLENHEIM LN $342,900 2,448 $140 2003 11/21/2008
1435 CONSERVANCY DR E $439,000 2,961 $148 2000 10/31/2008
8129 VIBURNUM CT $390,000 2,891 $134 2002 10/27/2008
7585 PRESERVATION RD $440,000 3,217 $136 2000 9/12/2008
917 SUMMERBROOKE DR $535,000 3,018 $177 1993 9/5/2008
7133 WOODED GORGE RD $440,000 3,622 $121 1995 8/1/2008
1108 GREENSWARD DR $452,500 3,203 $141 1998 7/30/2008
1209 CONSERVANCY DR E $315,000 2,318 $135 2001 7/9/2008
1224 GREENSWARD DR $540,000 3,386 $159 2003 6/30/2008
1435 CONSERVANCY DR E $440,000 2,961 $148 2000 6/30/2008
512 SUMMERBROOKE DR $450,000 2,530 $177 1990 6/27/2008
1378 CONSERVANCY DR E $415,000 2,661 $155 1999 6/20/2008
8124 BLENHEIM LN $334,000 2,532 $131 2000 6/11/2008
1060 SUMMERBROOKE DR $460,000 3,004 $153 2002 6/10/2008
1400 CONSERVANCY DR E $380,000 2,573 $147 1999 5/15/2008
1304 CONSERVANCY DR E $435,000 2,813 $154 1998 5/1/2008
1112 LOCHKNOLL CT $630,000 3,717 $169 2000 4/25/2008
8136 VIBURNUM CT $380,000 2,768 $137 2003 3/21/2008
883 HILL ROOST RD $319,300 2,178 $146 1992 3/21/2008
$489,900 3,158 $155 2000 3/21/2008
1391 CONSERVANCY DR E $365,000 2,437 $149 1999 3/5/2008
8156 PARTERRE CT $72,000 2,721 $26 2005 2/20/2008
7083 SPICEWOOD LN $315,000 2,128 $148 2001 1/31/2008
7540 PRESERVATION RD $465,000 2,728 $170 2000 1/18/2008
7116 WOODED GORGE RD $390,000 2,360 $165 1996 1/7/2008
7695 WILLOW BASTIC CT $365,000 2,501 $145 1994 1/5/2008

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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