Distressed Properties Growing In Tallahassee
By keeping an eye on the number of lis pendens being filed each month in Tallahassee, we will get a feel for the inevitable onslaught of distressed properties that will be for sale in the coming months (years). While we have covered this point in the past, I think it is time to take another look at where we stand.
The Tallahassee Foreclosure Web Page is current through mid-year, and July's report will be filed in the next week or so. This updated Tallahasssee distressed property site shows that lis pendens filings were up 34% in the second quarter of 2009 versus the second quarter of 2008. Even more disturbing, January through June of 2009 Lis Pendens filings were up 47% compared to same period in 2008.
Top Tallahassee Subdivisions By Lis Pendens Filed
For those of you who like to keep an eye on certain Tallahassee neighborhoods, the following real estate graph and chart show which subdivisions have the most lis pendens filed over the past year. Leading the way is Southwood, which sports over 3% of all lis pendens filed in the Tallahassee real estate market.
Lis Pendens Filed By Tallahassee Subdivision
The following real estate chart shows the most active neighborhoods in Tallahassee based upon lis pendens filings. Some of these make sense because they parallel the recent sales activity, yet others are significantly more active in distressed properties than they were in sales.
If you happen to live in a Tallahassee neighborhood that has "more than its fair share" of lis pendens, plan on hunkering down for a while, as your home values will be dropping faster than the rest of the Tallahassee housing market.
|Subdivision||Lis Pendens Filed||% of All|
|VILLAGES AT WILSON GREEN||24||1.3%|
|RESIDENCES AT WHISPERING PINES C||16||0.9%|
|ADAMS PLACE CONDOMINIUMS||12||0.7%|
|DRY CREEK RUN||12||0.7%|
|MEADOWS AT WOODRUN||12||0.7%|
|CAPITAL CITY ESTATES||11||0.6%|
|BRIGHTON PLACE CONDO||9||0.5%|
|PINE RIDGE MOBILE HOME ESTATES||9||0.5%|
|PLANTATION OF TALLAHASSEE PECAN||9||0.5%|
|VILLAS OF WESTRIDGE||9||0.5%|
|CONTINENTAL OAKS TOWNHOUSES||8||0.4%|
|INDIAN HEAD ACRES||8||0.4%|
|SAVANNAH CROSSING CONDOMINIUM||8||0.4%|
|GOLDEN EAGLE PLANTATION||7||0.4%|
|GRIFFIN COLLEGE HEIGHTS||7||0.4%|
|TALLAHASSEE CENTER CONDO||7||0.4%|
|CROWN RIDGE ESTATES||6||0.3%|
|LAKE JACKSON HEIGHTS||6||0.3%|
|GLEN AT GOLDEN EAGLE||5||0.3%|
|LAKE HERITAGE ESTATES||5||0.3%|
|OAK RIDGE PLACE||5||0.3%|
|ORANGE BLOSSOM HEIGHTS||5||0.3%|
|THE TIMBERS TOWNHOMES||5||0.3%|
|TOWN 'N COUNTRY PARK||5||0.3%|
|WHISPERING PINES EAST||5||0.3%|
|WILLIS PROPERTY TOWNHOMES||5||0.3%|
|CHARLESTON SQUARE TOWNHOMES||4||0.2%|
|CHATEAU LAFAYETTE TOWNHOMES||4||0.2%|
|CHESAPEAKE PLACE TOWNHOMES||4||0.2%|
|GOLF DRIVE MANOR||4||0.2%|
|PALMS WEST CONDOMINIUM||4||0.2%|
|PECAN GROVE ESTATES||4||0.2%|
|PINE TIP HILLS||4||0.2%|
|RESERVE AT THE RIDGE||4||0.2%|
|SAXON NORTH-WEST ADDITION||4||0.2%|
|SWIFT CREEK WOODS||4||0.2%|
|THARPE STREET VILLAGE||4||0.2%|
|TIMBER LAKE REPLAT||4||0.2%|
|VILLAGE SQUARE TOWNHOUSES||4||0.2%|
|WHISPERING PINE WOODS||4||0.2%|
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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.