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Tallahassee Luxury Homes For Sale Zillow Might Not Have Correctly Listed

My concern for the health of the Tallahassee luxury homes for sale market has caused me to write several articles lately, and those articles have generated some stimulating questions from readers.

If you read last week's blog post on high end homes last week, then you know that I believe the market for these homes might be at serious risk to rising interest rates.

But a few readers were not as sure, and one even challenged me with an interesting question.

Do Mortgage Interest Rates Impact The Tallahassee Luxury Homes For Sale Market?

As a response to my article stating my concern about the susceptibility of Tallahassee luxury homes to rising mortgage interest rates, I was contacted with this challenge:

Joe, as an owner of a nicer home in Tallahassee, I think you are overly concerned about rising interest rates. Won't rising rates have more of an impact on the market at lower prices, since most upper end homeowners pay cash?

Well, this is a great question, and one that is not hard to answer.

Funding Tallahassee Luxury Homes For Sale Zillow

I went to the tax records and reviewed all arms length home sales purchased in 2012.

I have defined "Tallahassee luxury homes" as the group of homes that sold for more than $400K, which represents less than 5% of the market.

The real estate graph above shows that 100% of Tallahassee high end homes (over $1M) were funded with cash, while the majority of those purchased below $1M were financed.

So, the answer to our reader's question might be dependent on how you define luxury homes for sale in Tallahassee. If we look at home sales over $1M, then 100% paid cash; but if we expand it to include all homes sold over $400K, then the percentage is reduced to just 22% (or roughly 4 out of 5 buyers financing their Tallahassee luxury home).

The Future Of Tallahassee Luxury Homes

So how do you plan for the future if you happen to own one of these Tallahassee mansions?

The answer will depend on your particular situation. But if you believe that graph below is cause for alarm, then you and I are on the same page.

Tallahassee Luxury Homes For Sale By Owner, By Zillow, and by Realtors

The boom of the market in 2002 corresponded to interest rates dropping below 7%.

I believe that the only reason the market for expensive homes in Tallahassee remains viable is due to the fact that interest rates have been held far below the 50 year average (8.7%). What will happen when rates push back up to normal?

It's not like Tallahassee has seen a significant change in our economy, or a growth in local wealth.

As we see mortgage interest rates begin to rise again, we will find a market that is heavily over-supplied with expensive homes. There will continue to be pricing pressure on owners of Tallahassee luxury homes for sale by owner and on zillow for many, many years.

Recent Sales Of Tallahassee Luxury Homes

Subdivision Address Price Size Date
Southwood 4126 FAULKNER LN $455,500 2,761 31-Oct
29-01N-02E 7570 SKIPPER LN $499,000 3,510 25-Oct
07-01N-01E 1103 LIVE OAK PLANTATION RD $620,000 4,196 23-Oct
OX BOTTOM 7403 OX BOW CIR $1,050,000 8,587 15-Oct
ROSEHILL 973 ILEX WAY $595,000 3,928 15-Oct
GOLDEN EAGLE PLANTATION 3200 PABLO CREEK WAY $480,000 3,710 12-Oct
21-02N-01E 2792 MILLSTONE PLANTATION RD $850,000 4,175 3-Oct
GOLDEN EAGLE PLANTATION 8999 WINGED FOOT DR $875,000 4,662 1-Oct
SUMMERCHASE CONDOMINIUMS 4434 GEARHART RD $415,000 1,344 27-Sep
SUMMERCHASE CONDOMINIUMS 4434 GEARHART RD $415,000 1,344 27-Sep
OX BOTTOM MANOR 444 TALL STAND CT $455,000 3,129 26-Sep
Southwood 3243 CAROLLTON DR $455,000 3,760 21-Sep
BAKER PLACE 7069 GRENVILLE RD $425,000 3,264 14-Sep
SUMMERBROOKE 222 SUMMERBROOKE DR $400,000 3,588 14-Sep
MILLER LANDING 2695 MILLER LANDING RD $656,000 3,318 13-Sep
CORNUCOPIA ESTATES 7733 HOLSTEINER LN $412,000 3,296 7-Sep
16-02N-01E 7067 STANDING PINES LN $475,000 4,088 4-Sep
Southwood 3782 PINEY GROVE DR $420,000 3,054 4-Sep
BUCKHEAD 4622 OAKSHIRE CT $415,000 3,948 31-Aug
GOLDEN EAGLE PLANTATION 3225 PABLO CREEK WAY $480,000 3,263 20-Aug
GOLDEN EAGLE PLANTATION 8314 INVERNESS DR $418,000 2,898 17-Aug
GOLDEN EAGLE PLANTATION 8983 WINGED FOOT DR $452,500 2,880 7-Aug
06-01S-03W 19104 TALQUIN DR $415,000 2,766 31-Jul
29-02N-01E 7956 EVENING STAR LN $685,000 4,001 31-Jul
GOLDEN EAGLE PLANTATION 9013 SHOAL CREEK DR $450,000 3,064 27-Jul
GOLDEN EAGLE PLANTATION 2146 GOLDEN EAGLE DR W $687,500 4,158 27-Jul
OX BOTTOM 7213 OX BOW CIR $500,000 3,724 27-Jul
PINE TIP HILLS 576 FRANK SHAW RD $750,000 3,230 27-Jul
PILCKEM RIDGE 1527 ESCADRILLE DR $780,000 3,958 26-Jul
RACHEL LANE & CONSTITUTION PLACE 1316 CONSTITUTION PL W $685,000 4,679 25-Jul
BOBBIN TRACE 3798 E MILLERS BRIDGE RD $585,000 3,943 23-Jul
GOLDEN EAGLE PLANTATION 2138 AMANDA MAE CT $440,000 3,578 17-Jul
OX BOTTOM 8024 EVENING STAR LN $560,000 3,089 16-Jul
HILLCREST COURT 909 HILLCREST CT $525,000 4,581 13-Jul
PILCKEM RIDGE 1538 ESCADRILLE DR $740,000 4,058 13-Jul
13-01N-02E 11265 TURKEY ROOST RD $450,000 2,819 12-Jul
ANDERSON HEIGHTS 322 ANDERSON ST $405,000 2,878 12-Jul
HIGHGROVE 4811 HIGHGROVE RD $415,000 2,961 6-Jul
BUCKHEAD 4533 TIMBERLOCH DR $400,000 3,119 29-Jun
BOBBIN BROOK 3754 BOBBIN BROOK CIR $600,800 3,640 28-Jun
NORTHAMPTON 5354 PEMBRIDGE PL $550,000 3,847 25-Jun
OX BOTTOM 7316 OX BOW CIR $800,000 4,423 25-Jun
29-02N-01E 2038 CHIMNEY SWIFT HOLW $465,000 3,579 22-Jun
BUCKHEAD 4630 FOREST RIDGE DR $440,000 3,153 19-Jun
VALENCIA HEIGHTS 223 VALENCIA DR $800,000 2,239 15-Jun
KILLEARN ESTATES 4039 KILMARTIN DR $400,000 2,495 14-Jun
VIEUX CARRE (STERLING HOUSE) 1487 ST CHARLES PL $400,000 2,605 14-Jun
GOLDEN EAGLE PLANTATION 9569 DEER VALLEY DR $400,000 3,264 12-Jun
BOBBIN MILL WOODS 3810 BOBBIN MILL RD $610,000 4,144 11-Jun
16-02N-01E 6979 STANDING PINES LN $515,000 3,490 8-Jun
ROSEHILL 179 ROSEHILL DR W $400,000 4,591 8-Jun
KIMBERTON 3098 SHAMROCK N $587,500 3,780 15-May
LEXINGTON WOODS CONDO 2749 PECAN RD $605,000 1,087 8-May
GOLDEN EAGLE PLANTATION 9703 PRESTANCIA WAY $460,000 3,268 30-Apr
29-02N-01E 1815 TUSCAN HILL DR $1,500,000 6,815 27-Apr
Southwood 3665 MOSSY CREEK LN $650,000 4,441 27-Apr
WILLIAMS 748 W LAFAYETTE ST $600,000 3,954 26-Apr
BOBBIN TRACE 3867 W MILLERS BRIDGE RD $735,000 4,380 23-Apr
MALLARD POND 5269 QUAIL VALLEY RD A $490,000 4,008 18-Apr
Southwood 3218 SALINGER WAY $450,000 3,153 16-Apr
21-02N-01E 6949 MCBRIDE PT $850,000 2,472 12-Apr
21-02N-01E 6240 OLD WATER OAK RD N $540,000 3,226 12-Apr
21-02N-01E 6240 OLD WATER OAK RD N $540,000 3,226 12-Apr
20-01N-01E 2800 CLINE ST $691,900 3,476 3-Apr
GOLDEN EAGLE PLANTATION 8155 GLENMORE DR $560,000 3,664 30-Mar
MOORE POND 6914 HEARTLAND CIR $650,000 3,735 30-Mar
GOLDEN EAGLE PLANTATION 2507 DOUBLE EAGLE CT $740,000 4,922 29-Mar
SOUTHWOOD 3258 BELLE MEADE TRL $507,400 4,940 29-Mar
BAKER PLACE 6934 GRENVILLE RD $410,000 2,998 28-Mar
Southwood 3579 MOSSY CREEK LN $745,000 5,140 22-Mar
GOLDEN EAGLE PLANTATION 3406 OSPREY RIDGE CT $465,000 3,452 15-Mar
OX BOTTOM 1709 EVENING BREEZE LN $408,000 3,551 14-Mar
WILLIAMS 721 W LAFAYETTE ST $400,000 1,136 7-Mar
BETTON HILL 2115 E RANDOLPH CIR $670,000 4,150 6-Mar
BETTON HILL 2230 ELLICOTT DR $635,000 4,282 29-Feb
BOBBIN TRACE 3842 E MILLERS BRIDGE RD $750,000 4,674 29-Feb
BOBBIN BROOK 4005 BOBBIN BROOK CIR $515,000 3,151 24-Feb
27-02N-01W 2111 MILLER LANDING RD $490,000 1,410 21-Feb
BOBBIN BROOK 545 MACLAY RD $1,250,000 5,693 16-Feb
VIEUX CARRE (STERLING HOUSE) 1424 VIEUX CARRE DR $482,000 3,109 16-Feb
29-02N-01E 2065 OX BOTTOM RD $661,000 3,462 15-Feb
ROSEHILL 209 ARDEA WAY $475,000 2,636 9-Feb
GOLDEN EAGLE PLANTATION 3014 GOLDEN EAGLE DR E $640,000 4,152 6-Feb
BAKER PLACE 5975 ANSEL FERREL RD $430,000 2,961 30-Jan
PENNY LANE 1233 PENNY LN $700,000 4,483 27-Jan
Southwood 2565 TWAIN DR $542,500 4,267 27-Jan
CENTERVILLE 6000 BROOKFAIR LN $510,000 3,596 24-Jan
06-01N-01E 3511 N MERIDIAN RD $445,000 3,131 20-Jan
NORTHSHIRE 8057 TENNYSON DR $415,000 3,673 20-Jan
MISSION OVERLOOK CONDO 2299 DEL CARMEL WAY $1,350,000 1,360 17-Jan
DRAKE 1532 BELLEAU WOOD DR $415,000 2,671 13-Jan
GOLDEN EAGLE PLANTATION 3242 PABLO CREEK WAY $400,000 2,795 13-Jan
GOLDEN EAGLE PLANTATION 2132 AMANDA MAE CT $538,000 4,847 6-Jan
LAKE TOM JOHN ESTATES 5008 VELDA DAIRY RD $612,500 3,328 6-Jan

If you want more information on Tallahassee luxury homes for sale, just drop me a note and we can schedule a time to study the best options for your specific situation.


*Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit www.manausa.com or call us at (850) 366-8917.

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