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Condominiums Hit Hardest In Declining Real Estate Market

Tallahassee home values have declined 34% on average since the peak of the housing market. After doing an exhaustive study of all the home sales in the Tallahassee MLS, I can now demonstrate which neighborhoods are finding the most difficulty holding value in the current housing market.

Condominiums Hit The Hardest

The explosion of the condo market in Tallahassee in 2004 has now been replaced by the implosion of the condo market in 2011. Many of the worst performing subdivisions in Tallahassee are condominium communities, and they have seen their values drop 56% on average, compared to 42% in the townhouse neighborhoods, and 30% for the single family homes.

Worst Type Of Neighborhoods In Tallahassee

This study included all home sales from 2002 through 2011 and values were established looking at the average price per square foot of homes sold at the peak versus average price per square foot of homes sold recently. A total of 1,222 neighborhoods posted a sale during that time, and 44 of them were below the median value decline of 34%. The "worst of the worst" are shown in the graph below.

There could be an argument for "extremism" in these results, as many of the recent sales that are showing lowered values are distressed properties. Historically, we did not include distressed property sales because they were a small minority of the overall market, but their numbers are rising and have exceeded 30%, so I have included them in this analysis. If you have to sell a home, the abundant supply of distressed properties will be your competition.

Worst Selling Neighborhoods In Tallahassee

I was expecting to see mostly newer subdivisions in the list of hardest hit neighborhoods in Tallahassee, and though many of these are less than ten years old, there was still a strong showing from the more established neighborhoods in our housing market.

Condo Value Decline In Tallahassee

The following table lists all 44 of the below-average performing subdivisions in Tallahassee, and I have shown the "age" of each based upon the first sale registered in the Tallahassee MLS. Older neighborhoods (meaning that were created from 2003 and prior simply show "< 2003" as their age.

Worst Performing Neighborhoods In Tallahassee

 
Neighborhood Age Max Recent Drop Sales
Westwood Condos < 2003 $98 $29 -71% 96
Chesapeake Place < 2003 $122 $39 -68% 80
Chateau De Ville 2006 $92 $31 -66% 86
Adams Place Condos 2006 $120 $44 -64% 118
Villas Of Westridge < 2003 $108 $42 -61% 187
Blairstone Forest < 2003 $121 $49 -60% 120
Seminole Manor < 2003 $117 $48 -59% 85
Lakewood Estates < 2003 $119 $51 -57% 85
Brighton Place Condos 2005 $126 $56 -56% 139
Woodbriar 2005 $126 $57 -55% 369
Tallahassee Center Condo 2006 $309 $144 -54% 120
Crescent Hills 2005 $133 $62 -53% 97
Summerchase Condos 2005 $120 $57 -53% 186
Mabry Manor < 2003 $109 $52 -52% 112
Autumn Woods < 2003 $119 $57 -52% 153
Woodgate < 2003 $141 $68 -51% 80
Savannah Crossing < 2003 $134 $66 -50% 252
Parkhill < 2003 $116 $58 -50% 86
Wolf Creek 2005 $114 $57 -50% 241
Glen Pointe < 2003 $121 $61 -49% 81
Chase's Ridge < 2003 $135 $71 -47% 88
Wilson Green < 2003 $128 $69 -46% 166
Barrington Park Condos 2007 $145 $79 -45% 183
Russell's Pond < 2003 $127 $70 -45% 79
Brookwood Trace < 2003 $123 $67 -45% 83
Camellia Gardens 2004 $113 $62 -45% 97
Meadows At Woodrun < 2003 $129 $72 -45% 197
Timber Lake < 2003 $131 $75 -43% 147
The Timbers < 2003 $115 $66 -43% 168
Oak Valley Estates < 2003 $129 $74 -42% 90
Lafayette Oaks < 2003 $126 $73 -42% 80
Dry Creek Run 2005 $136 $79 -42% 139
Tower Oaks < 2003 $127 $75 -41% 156
Westover < 2003 $124 $74 -41% 103
Lakeside < 2003 $127 $75 -41% 111
Lakeshore Estates < 2003 $125 $75 -40% 164
Lake Jackson Heights < 2003 $118 $71 -40% 105
Charleston Ridge 2004 $116 $71 -39% 98
Golden Pheasant < 2003 $168 $103 -39% 83
Huntington Woods < 2003 $122 $76 -38% 219
Continental Oaks < 2003 $114 $71 -38% 110
Forest Heights < 2003 $111 $70 -37% 127
Talco Hills < 2003 $113 $72 -37% 80
Town N Country Park < 2003 $119 $76 -36% 112
 

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