When I first began my real estate career (in 1991), I was selling residential lots and homes for Killearn Properties.
I observed that there appeared to be an accepted ratio between the price of the land and the eventual value of the property once a home had been built.
Over the past 24 years, I have seen that ratio move around a bit. When developed lots are scarce, the ratio rises (meaning the value of the land is a greater part of the whole package price), whereas a market with a glut of lots resulted in a fallen ratio.
So, using the two ratios that I have observed over time, you can quickly determine the value of the land in a developed neighborhood which still has a few vacant lots remaining to be sold.
The rise of home values in Tallahassee has cooled off of late, mostly due to the foreclosures and short sales still clearing through the market.
In fact, the average price per square foot of condominiums and townhouses are both on the decline right now, with evidence that many more foreclosure sales must occur before we put this trend behind us.
But what about single family homes? Are they going to be pulled down with the rest of the Tallahassee real estate market?
Changing Home Values In Tallahassee
Our first real estate graph shows the one-year trend of home values for single family...
On behalf of all of the real estate agents and employees of Joe Manausa Real Estate
, I would like to wish you a happy Thanksgiving Tallahassee
While our office will be closed today and tomorrow, we still have people standing by if you would like to use your time off to shop for a home.
Our widely popular property search tool
is active, and you can request a showing through the tool.
Of course, you can always drop me a note
if there is anything we can do to help.
Happy Thanksgiving Tallahassee....
If you are looking to do a short sale in Tallahassee with a Bank of America Mortgage, then there is some news worth noting.
Recently, Bank of America and Fannie Mae settled a long-standing dispute. Fannie Mae, remember, is the government-sponsored entity which “backs” mortgages by buying them and packaging them into securities.
Having heard about this yesterday, I asked our Tallahassee Short Sale Specialist, Titus Nixon, to summarize how the changes from Bank of America will impact selling a short sale in Tallahassee. Here's his thoughts:
Selling A Short Sale In Tallahassee With BOA
The buzz about all the distressed property for sale in Tallahassee makes it seem like we're in the busy months of Spring instead of the dead of Winter.
Yesterday's blog about the new trend in the Tallahassee MLS raised a few questions from our readers about buying now versus waiting for next year.
Will The Distressed Property Deals Be Around Much Longer?
Much as I would love to tell you "Now is the time to buy!," the fact is there will be plenty of great deals on distressed property for quite some time in Tallahassee.
Foreclosures in Tallahassee are growing at an alarming rate, and all this talk about a real estate recovery is soon going to be drowned out by a market saturated with distressed properties.
New lis pendens filings in April grew by a scary 112% over...
There is a growing list of people who are seeking home selling advice for out of town homeowners. While the advice is very similar to what a "local" would receive, people who no longer live in the Tallahassee area have additional concerns.
First and foremost, if you are not where you can monitor the home, then you have no idea how well it is being maintained. Of course, you could pay somebody to do that for you ...
And you could pay for management, for...
One of the most sought after topics on our website involves foreclosures in Tallahassee and how the impact of distressed properties for sale in Tallahassee is impacting our housing market.
While long-time readers of the Tallahassee Real Estate Blog know that they can always find timely updates on ...
If you are somebody who tracks Tallahassee foreclosure activity as a way to forecast the future of distressed property sales, then you most likely know that new Tallahassee lis pendens filings are on the rise again. This means that more distressed properties are on the way to join the glut of homes for sale in Tallahassee.
We have been anxiously awaiting the November Foreclosure Report (as we have for the most recent months since the supposed end of the “robo-signing” scandal earlier this year) knowing that the new lis pendens reports will all but forecast the supply side of the 2012 housing market....
One in every six homes sold this year has been a short sale in Tallahassee. One in every three homes sold this year has been in some sort of distressed situation (short sale, foreclosure, pre-foreclosure, REO, etc.). As we roll into 2012, the landscape for people who want to sell a home is crowded with people and institutions that must sell homes. This is the type of environment that leads to falling home values.
We have had hundreds of people recently ...