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So You Want To Buy A Million Dollar Home In Tallahassee?

If you are thinking about buying a million dollar home in Tallahassee, I must warn you that much of the real estate advice you might be reading online is inaccurate (or downright misleading).

The market for these homes is not necessarily the same as homes priced at the heart of the market.

Million Dollar Homes For Sale In Tallahassee

Before we get into specific advice for homebuyers, let's explore the current inventory of homes for sale in Tallahassee over $1,000,000.

Million Dollar Homes For Sale In Tallahassee

42 Properties Found. Showing 1-12
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What You Should Know When Preparing An Offer On A Million Dollar Home

As you will see from the list of homes that have sold for more than $1M at the bottom of this article, five were sold in 2016. But when we drill down and only select existing homes (meaning no new construction), we see that only two existing homeowners were able to sell their homes for $1M or more.

The graph below shows the number of existing homes that sold for $1M or more each year going back to 1991.

Preparing An Offer On A Million Dollar Home

We can observe that existing million dollar home sales were nearly non-existent before the housing market boom 15 years ago. They flourished during the expansion phase of our market and have regressed to an average of four homes per year over the past 7 years.

When we compare the four home sales per year demand into the active supply of million dollar homes on the market (19), we calculate nearly 5 years supply of million dollar homes for sale! Another way to interpret this is that if nobody lists another million dollar home for sale, we have all the supply that will likely be needed for the next five years. Unless ...

Two Variables That Might Rock The Million Dollar Homes Market In Tallahassee

With all the data that we track for the Tallahassee real estate market, we are very confident in the advice we provide to people selling a home, buying a home, and for those doing both. We share with them a lot of market information so that they can see the big picture, and we help them determine the best course of action when negotiating during a sale.

Nevertheless, there are two key variables that we diligently track that could absolutely blow away our recommendations on million dollar home negotiations, and these variables will have opposite effects. The first variable is more likely (and bad), while the second is less likely (and would have a positive impact on the high end homes market).

(1) Rising Mortgage Interest Rates

Would you be surprised to learn that 27% of million dollar home buyers paid cash, meaning 73% borrowed money for the purchase of their homes? This means that luxury homes and estate sales exist in a market that is built upon fragile ground. Currently, mortgage interest rates are less than 50% of their 50 year average (simply put, rates are incredibly low). If you note the explosion of million dollar home sales in the graph above, it corresponds to the time frame that mortgage interest rates were lowered, primarily due to the efforts of the Federal Government trying to save the collapsing housing market.

If mortgage interest rates return to normal, I believe we will lose more than half the buyers that are currently able to afford million dollar homes, and thus the existing supply of homes will likely exceed 10 years (six months supply is a healthy balance).

So if you own a million dollar home or if you are planning on buying one soon, make sure you discuss mortgage interest rates and their impact on you being able to sell your home.

(2) Jobs - Major Employment Change In Tallahassee

It's happened elsewhere, but we haven't seen any real job growth in Tallahassee. If a major employer would relocate operations to Tallahassee, we would see the demand for million dollar homes move higher.

I do not have any faith in our local government's ability to help Tallahassee in this manner, but perhaps positive circumstances beyond their control (like industry growth relating to the Mag Lab) might just yet blossom. I certainly would not make a home buying decision based upon the expectation of more million dollar home buyers moving into the area in the foreseeable future.

What Should A Million Dollar Home Buyer In Tallahassee Do Today?

The smart advice is to be a diligent shopper. Remember, there are plenty of homes out there and many buyers are making a HUGE mistake ... they are buying new construction. Last year, there were a total of 5 million dollar homes that sold (2 were existing homes, 2 were new, and one was really purchased for the land).

Use our side-by-side comparison tool to help make the final selection(s). Unless a particular home really grabs you, this tool will help you find the hidden value among your choices.

Side By Side Home Comparisons

Remember, even in this crazy market, the amount of money you should offer on a home is not determined by its list price, rather it should be based upon what you think the home is worth (an amount you think the seller could get from another buyer). At the higher price point, there is very likely going to be a discount in your offer. At some price points though, you might offer above list price. It is critical you and your real estate buyer's agent discuss pricing strategy for your offer(s).

If you are building or buying a new home, you'll pay a premium that will likely take 10 or more years to recover. The safer bet is to buy an existing home that is fairly new but the seller is motivated to move. It's not likely that you'll have competition when making an offer, so consider making simultaneous offers on multiple homes so that the sellers understand that they stand a great chance to lose you to their competition if they do not act.

Make sure you work with a real estate agent who can communicate market conditions to the seller (it is likely they have not received an accurate assessment of the market from their agent). Contrary to the housing market at prices below $400,000 where it is a hot seller's market, the million dollar homes market is incredibly unbalanced in the favor of the buyer.

If you choose wisely, you will be buying your million dollar home for a whole lot less than it would cost to replace. Try to ensure your agent approves of the location and the exterior amenities, as those will be critical if you end up having to sell in a difficult market.

What Should A Million Dollar Home Seller In Tallahassee Do Today?

If you own a million dollar home, please read the previous section. It is what informed buyers are going to do.

You have a tough decision to make ... stay, or go! Don't be one of those crazy homeowners who have their home on the market for five years, always being prepared for the next looky-loo wanting to come through and see your glorious home. If you are not willing to price your home to be one of the best four deals on the market, why do you think you'll be one of the four sellers who succeed this year?

Supply and demand rule every market, and that is very much true in the million dollar homes market in Tallahassee. There is too much supply and we're making more. If you don't have to move right now, take your home off the market and enjoy your million dollar home. You'll help reduce the supply and that will help sustain values for the day when you ultimately do need to move.

When that day comes ... don't hire a "yes man" or "yes woman" either. Interview professionals who will tell you what you need to do to sell your home. Make them demonstrate a real knowledge of supply and demand and don't let them "relationship" you to death so that you end up hiring somebody who will fail to sell your home. If you've been on the market for a year ... you need a different real estate company. Move on. Sadly, we see some million dollar listings stagnate for years and years and years. Don't let this be you.

All Home Sales In Tallahassee Above One Million Dollars

The following is a list of all home sales at $1M or higher in Tallahassee since 1991.

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 our report on Million Dollar Homes in Tallahassee has been useful for you. If you plan on buying a home soon and want expert advice for the area and price range for which you are shopping, simply drop me a note and we'll be in touch right away to set a time to meet and discuss your needs.

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