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I was recently looking into home values in Unit 2 of Killearn Lakes Plantation and figured that my results would make for an interesting blog post at the Tallahassee Real Estate Blog. Killearn Lakes is the most active subdivision in Northeast Tallahassee, so I knew that whatever I found would be an important representation of current activity in the Tallahassee housing market.
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Existing home sales in Killearn Lakes (Unit 2) have dropped 72% from the peak of the market. With home prices historically running about 15% below the average home price in Tallahassee, Unit 2 of Killearn Lakes has been a very popular destination for Tallahassee homebuyers.
So why have existing home sales declined in Unit 2 of [...]
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The average home price of a home sold in Killearn Lakes Unit 2 this year is $160,000, which represents a value of $110 per square foot. Much like the rest of the market, this traditionally strong Tallahassee neighborhood has seen home sales drop in half, and appreciation is -20% (meaning real depreciation) since the top of the market in 2006.
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