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How To Pick The Best Tallahassee Neighborhood For You

I received a question from a reader that I felt would make a terrific topic for a blog post. "Joyce M." wrote

We will be looking to buy later this year sometime and don't want to over-pay. Property taxes are not low in Tallahassee. What are the best neighborhoods [safety, value, upscale] for homes $300,000-$325,000 range built after 2000 with gas fireplace, and about 2000-2300 sq ft; thanks.

As you can tell, this is not a simple "quick answer" type of question, and it parallels a question I received recently from a long-time friend who wondered what area of Tallahassee was going to appreciate / depreciate faster over the long run. It has been my experience that many people in the real estate brokerage business will give a quick "off the cuff" response to this question, but I have found that this usually means that the answer will be wrong.

The Best Neighborhood In Tallahassee

Choosing the best neighborhood in Tallahassee is a process that each of us could perform and each determine a different answer. What some would consider important in a neighborhood, others might give little or no value at all. So, to answer Joyce's question, I will use what I saw in her message to perform this analysis. Joyce identified the following home selection criteria (I couldn't define "upscale") that she would use to evaluate Tallahassee neighborhoods:

  • Safety
  • Value
  • Size
  • Age

How To Measure Neighborhood Safety In Tallahassee

The best way to determine your own definition of a safe neighborhood is to get out on the internet and research what is important to you. There are plenty of sites that give neighborhood "crime statistics" and I am not so sure that those are the best way to determine safety. You could also take the time to talk to people at the police and/or sheriff's departments for more information.

For the purpose of this exercise, I will conclude with several selections and then let Joyce perform her own analysis for safety in each of those neighborhoods in order to determine whether or not she would remove one or more from consideration.

Appreciation Rates In Tallahassee Neighborhoods

One way to estimate appreciation rates in different Tallahassee neighborhoods it to look at what the average price per foot homes have sold for over a period of time. The most accurate method would require more time than I have, so I will just compare the movement of average price per foot in our sample over time. Unfortunately, because all of the homes are less than 10 years old, there won't be enough information to determine a statistically significant value for appreciation.

Tallahassee Neighborhoods With 2000 Square Foot Homes

In order to find neighborhoods with 2000 square foot homes, I have taken the sales for the past couple of years and have sorted them by home size. By removing all homes below 2000 square feet and above 2300 square feet, I will have a list of all home sales in Joyce's preferred size (I could write an entire blog on why you don't want to buy a home, or even shop for one, by reducing it to purely square footage) and then determined what neighborhoods had the bulk of those sales.

Tallahassee Neighborhoods With Homes Built After 2000

Similar to choosing a Tallahassee neighborhood by size, I can do the same thing by looking sorting all of the sales data by the year a home was built. And just as I would not use square footage as a specific disqualifier in the home selection process, I would also not use the age as a disqualifier. There are many updated homes built prior to 2000 that are every bit as nice (or nicer) than ones built after 2000.

Choosing The Best Tallahassee Neighborhood For Joyce

With over 50,000 sales to sort through since 2000, we appeared to have plenty of data to help Joyce make her pick. But once we eliminated all homes sold that were under 2,000 square foot and those that were larger than 2,300 square feet, we were left with less than 4,000 homes. Applying the age criteria left us with a final total of 917 homes built on or after 2000 between 2,000 and 2,300 square feet.

The following table shows our results. I do want to emphasize that a real estate professional would be able to utilize specialized tools and processes to help Joyce perform a more personalized search than this, but I felt this would be a good exercise to target some neighborhoods that would fit her needs.

Based upon what we are seeing below, the average home that Joyce is describing has dropped 15% from the height of the market and has recently sold in the mid $260s. She can either spend less money that she expected, or she can choose from the best of what is available.

So, my answer to Joyce's question (drum roll please) is that the three neighborhoods that appear to best be holding value are Lake Cassie, Golden Pheasant, and Eagles Ridge, and I would recommend she start her search in those Tallahassee neighborhoods.

Tallahassee Neighborhood Sales Since 2000 2008 Average Price Peak To Now
Price Price / Foot
Grand Total 917 $264,035 -15% -14%
SOUTHWOOD 187 $270,804 -27% -27%
PINEY-Z 102 $261,931 -10% -8%
STONEY CREEK CROSSING 83 $262,835 -13% -11%
SWIFT CREEK WOODS 46 $238,728 -14% -11%
GOOSE CREEK 41 $239,688 -35% -32%
THE ENCLAVE 39 $245,931 -11% -13%
EAGLES RIDGE 29 $274,662 -3% -5%
CAMERON CHASE 26 $224,685 -13% -14%
GOLDEN PHEASANT 26 $296,365 0% 0%
EMERALD ACRES 24 $265,933 -100% -100%
FOXWOOD UNREC 23 $249,683 -26% -31%
SUMMERBROOKE 20 $292,175 -19% -16%
KILLEARN LAKES 18 $291,833 -10% -10%
EASTON GLEN 17 $238,076 -100% -100%
THE PINES 15 $252,220 -100% -100%
GREYS RUN 13 $257,346 -16% -10%
KILLEARN ESTATES 12 $263,983 -11% -15%
LAKE CASSIE 11 $273,936 0% 0%
OX BOTTOM MANOR 8 $290,250 -100% -100%
VIEUX CARRE (STERLING HOUSE) 8 $369,125 -15% -20%
STONEBRIAR UNREC 7 $261,400 0% 0%
CHEMONIE CROSSING 6 $339,150 -100% -100%
GREENS OF KILLEARN 5 $307,780 -14% -13%
SABLE CHASE 5 $289,120 -13% -13%
DYREHAVEN 4 $291,225 -2% -2%
HARBINWOOD ESTATES 4 $151,275 -100% -100%
MICCOSUKEE WOODS 4 $215,625 -100% -100%
PARK CHARLESTON 4 $277,975 -17% -14%
PRESERVATION POINTE 4 $290,000 0% 0%
04-01N-01E 3 $258,467 -100% -100%
BRANDED OAKS 3 $254,333 -100% -100%
BULL RUN 3 $373,400 -100% -100%
DEER POINTE 3 $243,167 -100% -100%
EASTMANS 3 $364,167 -100% -100%
FORSYTHE PARK 3 $264,667 -100% -100%
GENEVIEVE PLACE 3 $271,000 -100% -100%
GLEN AT GOLDEN EAGLE 3 $228,967 -19% -20%
LENOX MILL 3 $215,667 -100% -100%
MCNEIL TRACTS 3 $216,567 -100% -100%
OAKFAIR PLANTATION 3 $275,000 0% 0%
PASADENA HILLS 3 $278,333 -100% -100%
PLANTATION ESTATES 3 $299,267 -100% -100%
ROYAL OAKS 3 $266,233 -100% -100%
20-01N-02E 2 $167,250 -100% -100%
32-02N-03E 2 $205,000 0% 0%
ARVAH BRANCH 2 $227,000 -100% -100%
AUGUSTINE PROP 2 $236,500 -100% -100%
BETTON HILL 2 $318,000 -100% -100%
FORSYTHE OAKS 2 $251,000 0% 0%
GLENWOOD ESTATES 2 $226,750 -100% -100%
INDIAN HEAD ACRES 2 $225,000 -100% -100%
LANDOVER HILLS 2 $287,450 -100% -100%
MAGNOLIA PLACE 2 $308,500 -100% -100%
MAHAN PINES 2 $281,000 -100% -100%
MARTIN 2 $281,000 -100% -100%
MORNINGSIDE HEIGHTS 2 $250,000 -100% -100%
NORTHBROOKE 2 $267,950 -100% -100%
OAK HILL FARMS 2 $274,750 -100% -100%
RESERVE AT THE RIDGE 2 $317,450 -100% -100%
SIERRA WOODS 2 $311,000 -100% -100%
THORNTON HILLS 2 $137,500 -100% -100%
WINDSOR OAKS 2 $264,800 -100% -100%
08-01S-02E 1 $280,000 -100% -100%
12-02N-01E 1 $305,000 -100% -100%
14-01N-01W 1 $298,000 -100% -100%
14-02N-01E 1 $325,000 -100% -100%
15-01S-04W 1 $285,000 -100% -100%
24-02N-01W 1 $94,000 -100% -100%
30-01N-03E 1 $185,000 -100% -100%
34-02N-02E 1 $325,000 -100% -100%
ADIRON WOODS 1 $346,000 0% 0%
ALFORD PROPERTY 1 $252,000 -100% -100%
BANNERMAN BLUFF 1 $121,000 -100% -100%
BARRINGTON CIRCLE OFFICE CONDO I 1 $400,000 0% 0%
BILBREY PLACE 1 $215,000 -100% -100%
COBLE FARMS 1 $225,000 -100% -100%
CRUMP ROAD 1 $276,000 -100% -100%
DEERFIELD PLANTATION 1 $168,000 -100% -100%
FOREST GLEN 1 $200,000 -100% -100%
GOLDEN EAGLE UNIT 8 1 $360,000 -100% -100%
GOLF TERRACE 1 $219,900 -100% -100%
HAWKS LANDING 1 $429,000 -100% -100%
HIDDEN MEADOW 1 $105,000 -100% -100%
HIGHWAY PARK 1 $327,500 -100% -100%
HUNTERS CROSSING 1 $225,000 -100% -100%
INDEPENDENCE RIDGE 1 $230,000 -100% -100%
LAKE MARY 1 $308,000 -100% -100%
LANDINGS OF GOLDEN EAGLE 1 $195,000 -100% -100%
LAUREL TRACE 1 $293,000 0% 0%
LOMA WOODS 1 $185,000 -100% -100%
MAJESTIC OAKS 1 $440,000 -100% -100%
OAK PARK PROPERTY 1 $282,500 -100% -100%
PARRAMORE SHORES 1 $141,100 -100% -100%
PLANTATION WOODS 1 $250,100 -100% -100%
POMONA BLUFF 1 $310,000 -100% -100%
POWDER HORN WOODS 1 $165,000 -100% -100%
QUAIL VALLEY 1 $365,000 -100% -100%
SAVANNAH TRACE 1 $315,400 -100% -100%
SHANNON FOREST 1 $196,000 -100% -100%
SHIRE RIDGE 1 $259,900 -100% -100%
TALAFLO TERRACE 1 $300,000 -100% -100%
TIMBER RIDGE 1 $275,000 -100% -100%
TIMBER RUN 1 $285,000 -100% -100%
VELDA WOODS 1 $189,900 -100% -100%
WALTON CORNERS UNREC 1 $290,000 0% 0%
WEEKS HIDDEN LAKES 1 $289,500 0% 0%
WILSON GREEN TOWNHOMES 1 $121,900 -100% -100%
WOODBROOK 1 $670,000 -100% -100%


*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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Discussion

#1 By Joyce at 7/11/2017 3:44 AM

Joe,
Thank you for the answer and statistics on my question about best areas in Tallahassee. I appreciate it.
Joyce

#2 By Joe Manausa at 7/11/2017 3:44 AM

You're welcome Joyce. I hope it helps and thank you for a great question for today's blog.

#3 By Joyce at 7/11/2017 3:44 AM

Hi Joe,
My husband and I are thinking about renting with an option to buy in Tallahassee next year. We would give a non-refundable deposit of $10,000-$15,000 and rent at fair maket value for a year or less. We're probably looking for a home in the $300,000-$375,000 range. Do you think we will have takers for this? We are probably going to look in the northeast area, though we don't know the area well. Thanks.

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