Important News For Tallahassee Condo Owners

Posted by Joe Manausa on Monday, January 12th, 2009 at 9:35am.

florida-condominium-governance-form-11-2008If you own a Tallahassee Condo (and are not a developer), then you need to know about a new disclosure that you are required to provide for prospective buyers, effective January 1, 2009. This five page condo disclosure from the Department of Business and Professional Regulation (DBPR) details the rights and responsibilities of condominium boards and unit owners, voting rights and responsibilities, meeting notices, and other governance matters.

While disclosure's have been required in the past, this actual form must be utilized in for Florida condominium resales in order to insure that condo buyers are being given the information that they need to know about their potential purchase.

Tallahassee Condo Sales Sluggish

Like the rest of the market, Tallahassee condominiums have an abundance of supply in much of the Tallahassee real estate market. The following table shows that overall, there are over two years supply of condos for sale in Tallahassee, with the bulk of the supply above the $200,000 price range. With all the new money for first-time homeowners, I suspect inventory will begin moving again this Spring for the price ranges below $200,000.

tallahassee-condo-sales1

Tallahassee Condo Market Figures

When we look at what has sold versus condos for sale in Tallahassee, it appears that there is a wide discrepancy between what buyers are willing to pay and what condo owners are asking for their units. The following table is just a snapshot of the overall Tallahassee Condo market, with sales from all of 2008.

sales-of-tallahassee-condos

Tallahassee Condo Values

Based upon what we have seen for the past year, the average Tallahassee condo is selling for just under $200,000. A new Tallahassee condo should sell for about $157 per square foot, while existing condo units should sell for around $111 per foot. Now these numbers are gross over-simplifications, but it should give you a good rule of thumb when beginning the planning stage for buying a condo in Tallahassee.

Supply Of Condominiums In Tallahassee

Condominium For Sale Sold Months Supply
Adams Place Condominium 2 1 24.0
Adams Place Condominiums 2 No Sales
Adams Street Lofts 5 13 4.6
Adams Street Lofts Condo 4 No Sales
All Saints 1 No Sales
ASHLEY HALL 4 No Sales
Aston Ridge 3 No Sales
ATALANTIS 1-D 1 0.0
ATLANTIS 1-A 1 No Sales
Atlantis 1-E 2 0.0
Atlantis II Condo 1 No Sales
Barington Park 1 No Sales
Barrington Park 2 5 4.8
Barrington Park Condominiums 2 No Sales
Brighton Place 17 4 51.0
Brighton Place Condominiums 2 0.0
Brookwood Trace 2 No Sales
Brookwood Trace Condominiums 3 1 36.0
Camellia Gardens 5 1 60.0
CAMELLIA GARDENS CONDOMINIUMS 1 0.0
Carolina Terrace 1 0.0
Carolina Terrace Condo 1 No Sales
Castelnau Condominiums 1 No Sales
Castelnau Condos 1 1 12.0
Cedarbrook 7 No Sales
Chadeau De Ville 1 No Sales
Charleston Ridge 6 3 24.0
Chase's Run 1 No Sales
Chases Run Condominium 1 No Sales
Chases Run Condominiums 1 No Sales
CHASE'S RUN CONDOMINIUMS 1 No Sales
Chateau De Ville 4 2 24.0
Chez Sois 2 No Sales
City Cove Condominium 1 1 12.0
Cloisters 3 2 18.0
Cloisters of All Saints 8 No Sales
Continental oaks Unit II 1 No Sales
Cottages of Miccosukee 8 3 32.0
Crescent Hills Condominiums 1 0.0
Crescent Hills Phase 2 1 No Sales
Cross Creek 1 No Sales
Cumberland Forest 2 6 4.0
Cumberland Forest Condominiums 4 1 48.0
Duval Court 3 0.0
Duval on the Green 7 2 42.0
Eagle Pines 1 No Sales
Eagle Pines Condominium 1 No Sales
EMBASSY HOUSE 2 0.0
EVERGREEN TERRACE CONDO 1 No Sales
Evergreen Terrace Condos 1 1 12.0
FAIRWAY VIEW CONDO 1 0.0
Golf Course Condos 1 No Sales
Governors Inn 1 No Sales
Gpvernors Inn 1 No Sales
Hartsfield Green 1 2 6.0
Hartsfield Green Condominium 1 No Sales
Hartsfield Place 1 No Sales
Hartsfield Place Condominium 1 0.0
Hartsfield Place Condos 1 0.0
Indian Village Unrecorded 1 No Sales
KENILWOOD 1 No Sales
Kenilwood Townhouses 1 1 0.0
LAFAYETTE TOWN HOMES 2 No Sales
Lafayette Townhomes 1 1 12.0
Lexington Woods 1 3 4.0
Lexington Woods Condominiums 2 0.0
Lions Condominium 1 0.0
Majestic Oaks Condominums 1 No Sales
Midtown @ Meridian Condos 1 0.0
Midtown at  Meridian 1 No Sales
Midtown at Merdiian 1 0.0
Midtown at Meridian 1 No Sales
Midtown at Meridian Condo 1 0.0
Midtown at Meridian Condos 2 1 24.0
Mission Overlook 1 6 2.0
Mission Run Condominiums 1 0.0
Morningside Heights Re Sub 8 No Sales
Mystic Woods Condominiums 11 11 12.0
Palms West Condominium 1 1 12.0
Palms West Condominiums 2 No Sales
Park at Stonebriar 1 2 6.0
Park Avenue Condo 1 No Sales
Plantation Condominiums 1 0.0
Plaza Tower 100 No Sales
Renegade Condominiums 9 8 13.5
Reservations 1 No Sales
Reservations Condominums 1 0.0
RESIDENCES AT WHISPERING PINES 1 No Sales
Savannah Crossing 7 11 7.6
Savannah Crossing Condominium 2 0.0
Seminole Legends 1 2 6.0
SEMINOLE LEGENDS CONDOMINIUMS 1 No Sales
St. Andrews 2 No Sales
Stonebridge 2 No Sales
SUMMERCHASE 12 19 7.6
SummerChase Condos 1 No Sales
Tallahassee Center Condo 21 6 42.0
TALLAHASSEE CENTER CONDOMINIUM 1 No Sales
The Atrium 1 0.0
The Lakes 4 1 48.0
The Residences at Whispering P 1 No Sales
The Tennyson 16 2 96.0
THE VILLAGE CONDOMINIUMS 7 4 21.0
THREEZEROTWO CONDOMINIUM 1 No Sales
Timber Ridge 2 No Sales
Timberwood Townhomes Condo 1 No Sales
TYSON GREEN 5 No Sales
UNIVERSITY GREEN 4 13 3.7
Villas 1 0.0
WATERBROOK CONDOMINIUMS 1 3 4.0
Westwood Condominiums 8 6 16.0
Winewood South 4 0.0
Woodridge Condominiums 4 2 24.0
Grand Total 378 187 24.3
* Source: Tallahassee Board of REALTORS MLS

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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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