Just a reminder that the 8th edition of the Tallahassee Real Estate Newsletter was published and emailed to subscribers this morning. If you would like to be on the subscription list, you can subscribe to the newsletter in the sidebar to the right.
You may have noticed that a large portion of the explosive growth seen in the Tallahassee real estate market over the past ten years came from condominium and townhouse sales. As the cost of land started growing in 2000, builders and developers adapted with smaller home sites and attached housing.The graph below shows that while Tallahassee condo/townhouse prices have dropped about 10% from the peak of the market, unit sales have dropped significantly more. But unlike single family residential sales (which have dropped below previously recorded levels), condo and townhouse sales have returned to “pre-boom” levels.
Tallahassee Condo and Townhouse Sales
Scarcity Of Land Still Exists In Tallahassee MSAWith lot prices holding steady above $70K per lot, Tallahassee condo and townhouse prices presently have a solid floor. The short-run might see some home-site liquidation, but when normalcy returns to the market, the limited access to develop-able land inside of the services area will help keep valuations growing.
Location, Location, Location In TallahasseeThe return of valuation based upon location is not far away. Just as we see in the larger cities around the country, centrally located properties will again demand a premium in the future.
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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.