When I wrote the blog about Tallahassee’s Hottest Selling Neighborhoods last week, I listed the neighborhoods and their previous year’s sales figures. According to my list, Southwood had the most sales, with several of the Killearn Communities following closely behind.
But as many of you know, Killearn Lakes and Killearn Estates actually have a lot more annual home sales than were shown in the report. Unlike Southwood, where all of the homes in the community are recorded in the “Southwood Subdivision,” the communities of Killearn have many “sub” subdivisions. Because of this, Killearn Lakes (with over 20 different recorded subdivisions) only finishes second on the list with 91 home sales in 2008, when in fact it has significantly more annual home sales.
Killearn Lakes Unit 3 (7 Oaks)
When I first got into the business in 1991, Unit 3 of Killearn Lakes was in its prime. It was featured as the hottest neighborhood in town on many lists, and people were flocking to Killearn Lakes to check it out. It has been a strong selling neighborhood ever since its debut, but it is not immune to the current market conditions.
The following real estate graph demonstrates that 7 Oaks has seen the same drop in unit sales and depreciation as the rest of the Tallahassee real estate market.
The blue bars show that 7 Oaks was averaging about 60 home sales per year, but has seen 40 or fewer since 2006. Home values peaked at just over $130 per foot, but have since dropped to $110 per foot and most likely are still going lower.
7 Oaks In Killearn Lakes Has Strong Long-Term Appreciation
Like many Tallahassee neighborhoods, 7 Oaks has done well over the long term. Had you purchased a home in 7 Oaks in 1991 and sold it last month, you would have realized an annual appreciation rate of nearly 3.5%. The following graph shows how a 1991 purchase has appreciated over time.
Killearn Lakes Unit 3 Home Appreciation
7 Oaks has clearly seen depreciation over the past 3 years, but the graph shows that the general direction over the long haul is up. I like to point this out because we are in a negative cycle right now in real estate, but history shows that with population growth comes long-term appreciation.
Historical Sales In Killearn Lakes Unit 3 (Seven Oaks)
| Address | Price | Size | Sale Date | Value |
| 9944 BEAVER RIDGE TRL | $226,600 | 1,531 | 4/13/2009 | $148 |
| 1600 CHADWICK WAY | $220,100 | 1,951 | 4/7/2009 | $113 |
| 1525 CHADWICK WAY | $238,000 | 1,958 | 3/31/2009 | $122 |
| 1625 CHERRY HILL LN | $185,000 | 2,312 | 3/18/2009 | $80 |
| 1657 COPPERFIELD CIR | $101,700 | 1,527 | 1/26/2009 | $67 |
| 1718 COPPERFIELD CIR | $262,000 | 1,958 | 1/15/2009 | $134 |
| 1644 COPPERFIELD CIR | $238,500 | 2,052 | 1/6/2009 | $116 |
| 1616 CHERRY HILL LN | $175,500 | 1,805 | 12/1/2008 | $97 |
| 9418 BUCK HAVEN TRL | $289,900 | 2,150 | 10/24/2008 | $135 |
| 1838 LOG RIDGE TRL | $245,500 | 1,876 | 9/25/2008 | $131 |
| 1837 LOG RIDGE TRL | $180,000 | 1,545 | 9/23/2008 | $117 |
| 1529 COPPERFIELD CIR | $248,000 | 1,711 | 9/12/2008 | $145 |
| 1603 COPPERFIELD CIR | $257,500 | 1,908 | 8/29/2008 | $135 |
| 1616 COPPERFIELD CIR | $221,200 | 1,606 | 8/29/2008 | $138 |
| 1808 BITTER ROOT TRL | $240,000 | 1,762 | 8/5/2008 | $136 |
| 1632 COPPERFIELD CIR | $365,000 | 2,873 | 7/31/2008 | $127 |
| 1584 CHADWICK WAY | $231,000 | 1,685 | 7/25/2008 | $137 |
| 1878 LOG RIDGE TRL | $275,000 | 2,147 | 7/11/2008 | $128 |
| 1639 CHADWICK WAY | $312,500 | 2,795 | 6/27/2008 | $112 |
| 12021 CEDAR BLUFF TRL | $63,900 | 1,719 | 5/28/2008 | $37 |
| 12038 CEDAR BLUFF TRL | $213,000 | 1,599 | 5/23/2008 | $133 |
| 9336 BUCK HAVEN TRL | $305,000 | 1,908 | 5/1/2008 | $160 |
| 9821 THUNDER HILL TRL | $250,000 | 1,754 | 4/30/2008 | $143 |
| 1874 LOG RIDGE TRL | $275,000 | 1,926 | 4/15/2008 | $143 |
| 1545 COPPERFIELD CIR | $285,000 | 1,830 | 3/28/2008 | $156 |
| 1620 CHADWICK WAY | $277,800 | 1,867 | 3/21/2008 | $149 |
| 1749 COPPERFIELD CIR | $273,000 | 1,974 | 3/14/2008 | $138 |
| 11025 WILDLIFE TRL | $315,800 | 2,209 | 1/4/2008 | $143 |
| 1870 LOG RIDGE TRL | $260,000 | 1,931 | 12/21/2007 | $135 |
| 1557 COPPERFIELD CIR | $240,000 | 1,794 | 10/31/2007 | $134 |
| 9425 BUCK HAVEN TRL | $243,000 | 1,617 | 10/29/2007 | $150 |
| 12009 OTTER CREEK TRL | $270,000 | 2,001 | 10/4/2007 | $135 |
| 1706 COPPERFIELD CIR | $300,000 | 2,284 | 10/1/2007 | $131 |
| 9833 THUNDER HILL TRL | $259,000 | 2,229 | 9/27/2007 | $116 |
| 1613 SOUTHBROOK LN | $123,500 | 1,745 | 9/24/2007 | $71 |
| 12028 OTTER CREEK TRL | $230,000 | 1,685 | 8/14/2007 | $136 |
| 1641 COPPERFIELD CIR | $305,000 | 2,065 | 8/1/2007 | $148 |
| 1603 COPPERFIELD CIR | $271,700 | 1,908 | 8/1/2007 | $142 |
| 1587 COPPERFIELD CIR | $340,500 | 2,513 | 7/31/2007 | $135 |
| 13004 GOPHER WOOD TRL | $332,000 | 2,090 | 7/31/2007 | $159 |
| 11029 WILDLIFE TRL | $251,000 | 1,806 | 7/27/2007 | $139 |
| 1604 CHERRY HILL LN | $270,000 | 2,100 | 7/26/2007 | $129 |
| 1560 COPPERFIELD CIR | $307,500 | 2,220 | 6/20/2007 | $139 |
| 9356 BUCK HAVEN TRL | $282,900 | 1,851 | 6/15/2007 | $153 |
| 1879 LOG RIDGE TRL | $200,000 | 1,552 | 6/15/2007 | $129 |
| 12024 OTTER CREEK TRL | $229,900 | 1,685 | 6/8/2007 | $136 |
| 2009 CASTLE CROWN LN | $255,000 | 1,917 | 5/31/2007 | $133 |
| 9484 BUCK HAVEN TRL | $249,900 | 1,689 | 5/23/2007 | $148 |
| 9521 BUCK HAVEN TRL | $350,000 | 2,322 | 5/18/2007 | $151 |
| 1543 BREAMSTONE RDG | $275,000 | 2,063 | 5/18/2007 | $133 |
| 9464 BUCK HAVEN TRL | $290,000 | 1,974 | 5/14/2007 | $147 |
| 11116 WILDLIFE TRL | $75,000 | 2,026 | 5/1/2007 | $37 |
| 9393 BUCK HAVEN TRL | $254,000 | 2,139 | 4/27/2007 | $119 |
| 9437 BUCK HAVEN TRL | $52,000 | 1,380 | 4/6/2007 | $38 |
| 1636 COPPERFIELD CIR | $315,000 | 1,476 | 3/30/2007 | $213 |
| 9457 BUCK HAVEN TRL | $263,500 | 2,004 | 3/27/2007 | $131 |
| 1764 COPPERFIELD CIR | $257,500 | 1,896 | 3/19/2007 | $136 |
| 9551 BUCK HAVEN TRL | $248,000 | 1,770 | 3/19/2007 | $140 |
| 12065 CEDAR BLUFF TRL | $325,000 | 2,720 | 3/15/2007 | $119 |
| 1527 BREAMSTONE RDG | $230,000 | 1,635 | 2/6/2007 | $141 |
| 9552 BUCK HAVEN TRL | $206,000 | 1,397 | 1/22/2007 | $147 |
| 1857 LOG RIDGE TRL | $268,000 | 1,984 | 1/11/2007 | $135 |
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. 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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