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A Comprehensive Study Of Million Dollar Homes In Tallahassee

There really has been no great reference available (until now) for people who are interested in million dollar homes in Tallahassee.

You can use most property search tools to see what is on the market, and you can occasionally find a report on high end homes, but where do you go to see an analysis of the rarefied homes that sell for a million dollars or higher in the Tallahassee real estate market?

Well, today's article can be a good starting point.

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Million Dollar Home Thoughts

I have been concerned for the top of our market for quite some time, as luxury homes for sale are doing very well, despite the rest of the market continuing to struggle along. While this is good news for million dollar home owners, I think it might be masking a growing problem in Tallahassee.

As I continually study the forces that drive the Tallahassee housing market, I look to economic drivers (jobs and job creation) and do not see anything that says Tallahassee is booming or that there is a solid growth of the types of positions that compensate to the level that million dollar homes require.

But take a look at the current production of Tallahassee luxury homes for sale. This list includes homes that have been sold and recorded in the Tax records, so there are those not accounted for if only the land sale was recorded.

Tallahassee luxury homes for sale

When I look at the explosion of these homes in the past 15 years (zero homes have been built and sold between 2011 and 2014), I have to wonder who is going to buy them.

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Sales have been steady over the past few years, but I suspect it has a lot to do with interest rates hanging around historical lows. Take a look at historical interest rates to see just how low they really are today.

million dollar homes for sale will be impacted by rising mortgage interest rates

I do not think it is a coincidence that million dollar home construction began to soar when low mortgage interest rates (cheap money) became available.

Right now, you can borrow money at 1/2 of the 50 year average rate. This (I believe) is what is buoying the high end of the market. If mortgage interest rates return to normal (or worse, above normal), the amount of million dollar home buyers will be cut by more than half.

So to whom will today's million dollar home buyers sell their homes when this happens? The amount of million dollar homes for sale is going to force Tallahassee to grow, or we will likely see a lot of losses "at the top" in the coming years.

Million Dollar Home Sales

This is a list, going back to 1991, of homes that sold for $1,000,000 or more.

AddressPricePrice/SQFClosing DateYear BuiltSQFSale Type
6668 Heartland Circle$1,150,000$1722018-07-0220056,697Resale
243 Rosehill Dr N$1,275,000$1702018-06-2919967,496Resale
153 Rosehill Dr W$1,470,000$2482018-06-1220135,939Resale
3150 Dunbar Lane$1,050,000$2162018-05-3120144,853Resale
3896 Bobbin Brook Cir$1,450,000$2432018-05-2520075,977Resale
267 Rosehill Dr N$1,250,000$1952018-05-0119976,422Resale
930 Live Oak Plantation Road$1,722,000$2412018-04-2619727,140Resale
3386 Lakeshore Drive$1,150,000$1402018-03-0119798,206Resale
2000 Dogwood Hill$1,700,000$1472018-01-22200311,558Resale
208 Rosehill Dr W$1,100,000$1882017-12-1519975,851Resale
3154 Persimmon Drive$1,300,000$2642017-08-2220174,918New
7219 Ox Bow Cir$1,000,000$1862017-07-2820015,385Resale
3939 Old Mill Run$1,155,000$2302017-07-2820175,023New
9279 White Blossom$1,350,000$2152017-07-2720056,287Resale
6089 Leigh Read Road$1,900,000$1652017-06-13200911,521Resale
144 W Rosehill Drive$1,100,000$2162017-05-2320025,095Resale
244 N Rosehill$1,000,000$1122017-05-0819918,924Resale
7103 Ox Bow$1,070,000$2412017-05-0120174,444New
217 Rosehill Dr N$1,825,000$3472016-12-0919905,261Resale
1650 Baum Road$1,420,000$2452016-10-0320015,800Resale
3000 Thomasville Road$1,146,800$2302016-06-0920154,979Resale
2217 Thomasville Road$1,151,200$2602016-05-3120164,430New
4493 Rockbridge Holw$1,250,000$4182016-05-1019932,991Resale
5300 Bradfordville Road$1,975,000$5952016-04-1519803,318Resale
543 High Oaks Ct.$1,125,000$2062015-09-0420065,472Resale
2023 Marne Court$1,098,000$2202015-08-2120055,000Resale
2150 Thirlestane Road$2,094,000$1972015-08-10199510,644Resale
6995 Big Woods Drive$1,050,000$1872015-07-2320105,626Resale
6420 Thomasville Road$1,550,000$1462015-07-10199010,642Resale
3000 Thomasville Road$1,050,000$2152015-07-0320154,884New
8008 Oak Grove Plantation Road$1,550,000$2402015-05-0520096,448Resale
1812 Tuscan Hill$2,500,000$3052015-05-0520158,200New
2984 Wateroak Plantation$3,740,599$2492015-04-30194515,000Resale
1849 Capital Cir Ne$1,030,000--2015-03-091950891Resale
259 Rosehill Dr N$1,700,000$2652015-01-3020006,416Resale
6089 Leigh Read Rd$1,999,900$1742015-01-21200911,521Resale
2023 Marne Ct$1,000,000$2102014-09-1520054,761Resale
2111 Two Pond Ln$1,000,000$2242014-08-2819944,470Resale
6986 Heartland Cir$1,650,000$2342014-07-1520047,059Resale
9279 White Blossom Way$1,495,000$2382014-06-1320056,287Resale
710 Live Oak Plantation Rd$1,200,000$2402013-11-2719814,990Resale
1566 Escadrille Dr$1,000,000$2012013-11-2120054,973Resale
1800-1847 Ashley Hall Way$1,072,524$5072013-08-0820072,115Resale
2700 Woodside Dr$1,275,000$2652013-07-2919584,815Resale
7465 Heartland Cir$1,025,000$1882013-07-1719945,446Resale
608 Plantation Rd$1,025,000$1902013-05-1519595,393Resale
217 Rosehill Dr N$1,125,000$2542013-04-0119904,428Resale
3700 Bobbin Brook Way$1,450,000$3262013-01-2820054,450Resale
3919 W Millers Bridge Rd$1,550,000$3262012-12-3120074,757Resale
3907 W Millers Bridge Rd$2,400,000$3032012-12-1320037,909Resale
7144 Heartland Cir$1,075,000$1712012-11-0920016,284Resale
7403 Ox Bow Cir$1,050,000$1222012-10-1520058,587Resale
2277 Graphene Ln$1,000,000--2012-08-31----Resale
1815 Tuscan Hill Dr$1,500,000$2202012-04-2720106,815Resale
545 Maclay Rd$1,250,000$2202012-02-1619875,693Resale
4504 Rockbridge Holw$1,000,000$1762011-10-0319885,668Resale
2147 Golden Eagle Dr W$1,200,000$1702011-09-1220027,055Resale
6617 Heartland Cir$1,300,000$1382011-05-1220019,403Resale
1385 White Star Ln$1,335,000$2362010-02-2620015,667Resale
2163 Golden Eagle Dr W$4,225,000$3292009-10-10200512,836Resale
3915 W Millers Bridge Rd$1,340,000$2062009-09-1820076,495Resale
3289 Bannerman Rd$1,350,000$5742009-05-2819772,350Resale
621 N Calhoun St$1,250,000$1022009-05-20197212,204Resale
3919 W Millers Bridge Rd$1,550,000$3262009-04-2020074,757Resale
7454 Heartland Cir$1,160,000$2162009-03-1219975,375Resale
1410 Betton Rd$2,000,000$5162008-12-0519493,878Resale
1808 Ox Bottom Ln$1,000,000$2482008-12-0519964,027Resale
6995 Big Woods Dr$1,000,000$1782008-11-2420085,626New
3669 Mossy Creek Ln$1,500,000$1292008-11-10200811,590New
7235 Heartland Cir$1,398,000$2742008-11-0319955,102Resale
1815 Tuscan Hill Dr$1,638,210$2402008-10-1320106,815New
2598 Millstone Plantation Rd$1,120,000$2392008-09-1820064,695Resale
2704 Waterford Glen Ct$1,050,000$2682008-08-2720033,923Resale
621 N Calhoun St$2,000,000$1642008-06-16197212,204Resale
1808 Ox Bottom Ln$1,000,000$2482008-04-3019964,027Resale
9664 Deer Valley Dr$1,000,000$1992008-04-0920035,019Resale
545 Maclay Rd$1,550,000$2732008-04-0919875,684Resale
2508 Kinhega Lodge Dr$5,200,000$4002008-02-19195312,989Resale
3764 Bobbin Brook Cir$1,625,000$2222008-01-2520017,318Resale
2802 Millstone Plantation Rd$1,025,000$2572008-01-1820043,991Resale
3710 Bobbin Mill Rd$1,700,000$3662008-01-1719774,643Resale
1578 Escadrille Dr$1,130,000--2008-01-11----Resale
1808 Ox Bottom Ln$1,125,000$2792007-12-1719964,027Resale
7445 Heartland Cir$2,000,000$1272007-11-05200715,772New
1510 Escadrille Dr$1,200,000--2007-10-192007--New
4784 Thomasville Rd$1,425,000$3162007-09-2619564,504Resale
3677 Phipps Point Rd$2,000,000--2007-09-172007--New
6617 Heartland Cir$2,500,000$2372007-09-08200110,540Resale
4520 Grove Park Dr$1,146,400$2452007-08-2220074,680New
2911 Royal Isle Dr$1,250,000$2692007-08-1620044,643Resale
1578 Escadrille Dr$1,310,000--2007-07-022007--New
3424 Old Saint Augustine Rd$1,100,000$1,0752007-06-0619601,023Resale
3424 Old Saint Augustine Rd$1,100,000$1,0752007-06-0619601,023Resale
3609 N Meridian Rd$1,900,000--2007-06-042007--New
215 W College Ave$1,194,200$2,9862007-02-272006400New
3915 W Millers Bridge Rd$1,300,000$1352007-02-2020079,608New
3006 Golden Eagle Dr E$1,250,000$2302007-01-0520075,428Resale
2562 Millstone Plantation Rd$1,450,000$2962006-12-1520034,902Resale
2782 Millstone Plantation Rd$1,280,000$2592006-11-3020024,951Resale
2681 Millstone Plantation Rd$1,087,000$2412006-11-0920024,508Resale
121 N Monroe St$1,000,000$1,1162006-10-062006896New
7235 Heartland Cir$1,425,000$2822006-09-0119955,061Resale
3246 Hemingway Blvd$1,000,000$1282006-08-2120067,810New
4418 High Grove Pl$1,925,000$3672006-08-1519915,247Resale
7081 Heartland Cir$1,000,000$902006-06-27200611,140New
6438 Heartland Cir$1,210,000$2682006-05-1220054,509Resale
1233 Penny Ln$1,450,000$3232006-04-2719914,483Resale
6378 Ox Bow Run$1,800,000$3572006-03-1320055,039Resale
2646 Millstone Plantation Rd$2,225,000$2902006-02-2319987,661Resale
127 Meadow Wood Ct$1,300,000$2472006-02-1719695,273Resale
287 Rosehill Dr E$1,350,000$2422006-01-3119995,571Resale
6420 Thomasville Rd$2,250,000$3382005-12-3019906,660Resale
303 Rosehill Dr E$1,200,000$2272005-12-1420055,292New
2131 Golden Eagle Dr W$1,200,000$2412005-10-2819934,982Resale
1861 W Pensacola St$1,200,000$7142005-10-2719461,681Resale
3811 E Millers Bridge Rd$1,050,000$2602005-09-1920044,045Resale
2618 Centennial Pl$1,000,000--2005-09-122005--New
2021 Cantigny Way$1,150,000$2562005-09-0920054,498New
3498 Mahan Dr$1,427,500$2292005-08-2920036,223Resale
710 Live Oak Plantation Rd$1,839,500$3682005-07-1519814,998Resale
3907 W Millers Bridge Rd$3,725,000$4702005-06-3020037,925Resale
3915 W Millers Bridge Rd$1,300,000$1352005-06-1420079,608New
144 Rosehill Dr W$1,300,000$2542005-05-0220025,125Resale
9682 Deer Valley Dr$1,078,000$1892005-03-2520055,714Resale
2215 Thomasville Rd$1,050,000$2522005-03-0120044,164New
2315 Capital Cir Ne$1,400,000$7152004-11-1919651,958Resale
6420 Thomasville Rd$2,150,000$3232004-10-2819906,660Resale
4430 Thomasville Rd$1,747,500$3392004-10-1519825,148Resale
608 S Ride$1,000,000$1812004-07-0519515,539Resale
6157 Heartland Cir$1,500,000$2392004-06-0419956,275Resale
139 Rosehill Dr W$1,250,000$2942004-01-2719974,256Resale
6420 Thomasville Rd$2,500,000$3752003-10-2319906,660Resale
2149 Settlement Rd$1,177,500$2,0442003-08-271950576Resale
2755 Millstone Plantation Rd$1,300,000$1222003-08-26200310,688New
2609 Cline St$1,100,000$2242003-07-0219684,916Resale
3722 Bobbin Mill Rd$1,250,000$2402003-06-2020015,203Resale
502 Bobbin Brook Ln$1,050,000$1712002-04-1819896,131Resale
7193 Ox Bow Cir$1,396,000$1,1632002-04-1819741,200Resale
6420 Thomasville Rd$1,300,000$1952001-07-3119906,660Resale
3010 Thomasville Rd$1,000,000$2222001-03-2919384,509Resale
3764 Bobbin Brook Cir$1,055,529$991999-09-14200110,618New
2150 Thirlestane Rd$1,400,000$2391999-06-0719955,848Resale
267 Rosehill Dr N$1,775,000$2911999-06-0719976,099Resale
259 Rosehill Dr N$1,000,000$1251999-03-0420008,000New
2202 Demeron Rd$1,162,500--1998-07-30----Resale
3607 N Monroe St$1,500,000--1998-06-24----Resale
3609 N Meridian Rd$1,150,000--1998-02-27----Resale
311 Buteo Ct$1,000,000$1191997-12-0219978,389New
4534 High Grove Pl$1,350,000$1821996-04-12--7,437Resale
2508 Kinhega Lodge Dr$1,200,000$921995-12-12195312,989Resale
1571 Stone Rd$1,241,000$1,1731994-09-0619841,058Resale
2727 Lucerne Dr$1,049,000$6471993-10-2819801,621Resale
7100 Roberts Rd$1,335,000$1311991-10-17199110,226New

I hope you enjoyed our Million Dollar Homes Report, if you would like to know more about the high end market in Tallahassee, please give us a call at (850) 366-8917 or drop us a note if you have questions you would like us to answer.

Are you in the market for buying or selling a luxury home? Here's what people are saying about working with Joe Manausa Real Estate, you can see hundreds of real customer reviews reported on Google, Facebook and Zillow right here:

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