Wave Of Distressed Properties Approaches Tallahassee
There is a growth of distressed properties that is appearing like a post tsunami tidal wave, and it is heading straight for the Tallahassee real estate market. The warning bells are sounding as we continue to monitor lis pendens filings and foreclosures in Tallahassee.
If you have been following our tracking of foreclosures in Tallahassee, then you won't be surprised that we have seen another large month of filings during the month of September. The Tallahassee Foreclosure Page on our web site is getting more and more traffic every day, so I suspect that this "wave" will not catch too many people off guard.
Lis Pendens Filings Continue To Rise
Tallahassee endured another 180 lis pendens filings during the month of September, a year over year increase of 59%. But that pales in comparison to the year over year increase of foreclosures. 49 foreclosures occurred during the month of September, and when compared to the 6 that we saw in September of last year, that represents a year over year rise of 717%!
Most Distressed Neighborhoods In Tallahassee
Lis pendens have been filed for properties in a total of 703 Tallahassee Subdivisions over the past 12 months. This seems to be a pretty fair distribution of distressed properties, yet some have been hit harder than the rest.
While many of the neighborhoods that are shown in this graph, like Southwood, Killearn Lakes, Killearn Acres, and Killearn Estates have a larger proportion of the distressed properties due to their size, there are several others that are surprisingly high with relatively few homes in their neighborhoods.
Report Of Distressed Properties By Tallahassee Subdivision
The following table shows the top 130 Tallahassee Subdivisions, sorted by the number of lis pendens filings that have occurred in the past 12 months. We must keep are eye on these as the foreclosures will continue to hit the Tallahassee real estate market in the next few years.
|Subdivision||Lis Pendens Filed||% of Total|
|VILLAGES AT WILSON GREEN||19||1%|
|ADAMS PLACE CONDOMINIUMS||15||1%|
|VILLAS OF WESTRIDGE||15||1%|
|RESIDENCES AT WHISPERING PINES C||13||1%|
|BRIGHTON PLACE CONDO||12||1%|
|CAPITAL CITY ESTATES||12||1%|
|DRY CREEK RUN||11||1%|
|CONTINENTAL OAKS TOWNHOUSES||9||0%|
|PLANTATION OF TALLAHASSEE PECAN||9||0%|
|THE TIMBERS TOWNHOMES||8||0%|
|MEADOWS AT WOODRUN||7||0%|
|ORANGE BLOSSOM HEIGHTS||7||0%|
|SAVANNAH CROSSING CONDOMINIUM||7||0%|
|TALLAHASSEE CENTER CONDO||7||0%|
|CROWN RIDGE ESTATES||6||0%|
|INDIAN HEAD ACRES||6||0%|
|LAKE JACKSON HEIGHTS||6||0%|
|PINE TIP HILLS||6||0%|
|WHISPERING PINES EAST||6||0%|
|CHESAPEAKE PLACE TOWNHOMES||5||0%|
|GLEN AT GOLDEN EAGLE||5||0%|
|GOLDEN EAGLE PLANTATION||5||0%|
|GOLDEN EAGLE UNIT 6||5||0%|
|PINE RIDGE MOBILE HOME ESTATES||5||0%|
|SOUTH GADSDEN STREET TOWNHOMES||5||0%|
|TOWN 'N COUNTRY PARK||5||0%|
|WILLIS PROPERTY TOWNHOMES||5||0%|
|CHARLESTON SQUARE TOWNHOMES||4||0%|
|CHATEAU LAFAYETTE TOWNHOMES||4||0%|
|CLIFFORD HILL PLACE||4||0%|
|GRIFFIN COLLEGE HEIGHTS||4||0%|
|GROVES AT SUMMERBROOKE||4||0%|
|PATRICK AVENUE TOWNHOMES||4||0%|
|PECAN GROVE ESTATES||4||0%|
|SAXON NORTH-WEST ADDITION||4||0%|
|TIMBER LAKE REPLAT||4||0%|
|YON'S LAKESIDE ESTATES||4||0%|
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
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Joe, I was looking at the Lis Pendens for the week of Sept 7 on your site and I see the City of Tallahassee had a property on that list. Does this mean the City is getting foreclosed on for this property? Or perhaps a mistake? Interesting none the less.
CITY OF TALLAHASSEE 513 W GEORGIA ST 1,124 1921 9/3/2009 $73,379
Too funny Jeremy ... no, that is the legal subdivision recorded on the foreclosure. It was actually the Bank of New York Mellon foreclosing on a 2-party defendant.
Just a technical thing but it appears that anytime you post pictures on your blog they are not clear unless you click on them. I think its because they are not being resized to the correct proportions.
Thanks Brad, I'll double check my next ones.
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