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Home Sales In Killearn Lakes Unit 3 (7 Oaks)

When I wrote the blog about Tallahassee's Hottest Selling Neighborhoods last week, I listed the neighborhoods and their previous year's sales figures. According to my list, Southwood had the most sales, with several of the Killearn Communities following closely behind.

But as many of you know, Killearn Lakes and Killearn Estates actually have a lot more annual home sales than were shown in the report. Unlike Southwood, where all of the homes in the community are recorded in the "Southwood Subdivision," the communities of Killearn have many "sub" subdivisions. Because of this, Killearn Lakes (with over 20 different recorded subdivisions) only  finishes second on the list with 91 home sales in 2008, when in fact it has significantly more annual home sales.

Killearn Lakes Unit 3 (7 Oaks)

When I first got into the business in 1991, Unit 3 of Killearn Lakes was in its prime. It was featured as the hottest neighborhood in town on many lists, and people were flocking to Killearn Lakes to check it out. It has been a strong selling neighborhood ever since its debut, but it is not immune to the current market conditions.

The following real estate graph demonstrates that 7 Oaks has seen the same drop in unit sales and depreciation as the rest of the Tallahassee real estate market.

killearn-lakes-unit-3-home-sales-graph

The blue bars show that 7 Oaks was averaging about 60 home sales per year, but has seen 40 or fewer since 2006. Home values peaked at just over $130 per foot, but have since dropped to $110 per foot and most likely are still going lower.

7 Oaks In Killearn Lakes Has Strong Long-Term Appreciation

Like many Tallahassee neighborhoods, 7 Oaks has done well over the long term. Had you purchased a home in 7 Oaks in 1991 and sold it last month, you would have realized an annual appreciation rate of nearly 3.5%. The following graph shows how a 1991 purchase has appreciated over time.

killearn-lakes-unit-3-home-sales-with-appreciation-rates-graph

Killearn Lakes Unit 3 Home Appreciation

7 Oaks has clearly seen depreciation over the past 3 years, but the graph shows that the general direction over the long haul is up. I like to point this out because we are in a negative cycle right now in real estate, but history shows that with population growth comes long-term appreciation.

Historical Sales In Killearn Lakes Unit 3 (Seven Oaks)

Address Price Size Sale Date Value
9944 BEAVER RIDGE TRL $226,600 1,531 4/13/2009 $148
1600 CHADWICK WAY $220,100 1,951 4/7/2009 $113
1525 CHADWICK WAY $238,000 1,958 3/31/2009 $122
1625 CHERRY HILL LN $185,000 2,312 3/18/2009 $80
1657 COPPERFIELD CIR $101,700 1,527 1/26/2009 $67
1718 COPPERFIELD CIR $262,000 1,958 1/15/2009 $134
1644 COPPERFIELD CIR $238,500 2,052 1/6/2009 $116
1616 CHERRY HILL LN $175,500 1,805 12/1/2008 $97
9418 BUCK HAVEN TRL $289,900 2,150 10/24/2008 $135
1838 LOG RIDGE TRL $245,500 1,876 9/25/2008 $131
1837 LOG RIDGE TRL $180,000 1,545 9/23/2008 $117
1529 COPPERFIELD CIR $248,000 1,711 9/12/2008 $145
1603 COPPERFIELD CIR $257,500 1,908 8/29/2008 $135
1616 COPPERFIELD CIR $221,200 1,606 8/29/2008 $138
1808 BITTER ROOT TRL $240,000 1,762 8/5/2008 $136
1632 COPPERFIELD CIR $365,000 2,873 7/31/2008 $127
1584 CHADWICK WAY $231,000 1,685 7/25/2008 $137
1878 LOG RIDGE TRL $275,000 2,147 7/11/2008 $128
1639 CHADWICK WAY $312,500 2,795 6/27/2008 $112
12021 CEDAR BLUFF TRL $63,900 1,719 5/28/2008 $37
12038 CEDAR BLUFF TRL $213,000 1,599 5/23/2008 $133
9336 BUCK HAVEN TRL $305,000 1,908 5/1/2008 $160
9821 THUNDER HILL TRL $250,000 1,754 4/30/2008 $143
1874 LOG RIDGE TRL $275,000 1,926 4/15/2008 $143
1545 COPPERFIELD CIR $285,000 1,830 3/28/2008 $156
1620 CHADWICK WAY $277,800 1,867 3/21/2008 $149
1749 COPPERFIELD CIR $273,000 1,974 3/14/2008 $138
11025 WILDLIFE TRL $315,800 2,209 1/4/2008 $143
1870 LOG RIDGE TRL $260,000 1,931 12/21/2007 $135
1557 COPPERFIELD CIR $240,000 1,794 10/31/2007 $134
9425 BUCK HAVEN TRL $243,000 1,617 10/29/2007 $150
12009 OTTER CREEK TRL $270,000 2,001 10/4/2007 $135
1706 COPPERFIELD CIR $300,000 2,284 10/1/2007 $131
9833 THUNDER HILL TRL $259,000 2,229 9/27/2007 $116
1613 SOUTHBROOK LN $123,500 1,745 9/24/2007 $71
12028 OTTER CREEK TRL $230,000 1,685 8/14/2007 $136
1641 COPPERFIELD CIR $305,000 2,065 8/1/2007 $148
1603 COPPERFIELD CIR $271,700 1,908 8/1/2007 $142
1587 COPPERFIELD CIR $340,500 2,513 7/31/2007 $135
13004 GOPHER WOOD TRL $332,000 2,090 7/31/2007 $159
11029 WILDLIFE TRL $251,000 1,806 7/27/2007 $139
1604 CHERRY HILL LN $270,000 2,100 7/26/2007 $129
1560 COPPERFIELD CIR $307,500 2,220 6/20/2007 $139
9356 BUCK HAVEN TRL $282,900 1,851 6/15/2007 $153
1879 LOG RIDGE TRL $200,000 1,552 6/15/2007 $129
12024 OTTER CREEK TRL $229,900 1,685 6/8/2007 $136
2009 CASTLE CROWN LN $255,000 1,917 5/31/2007 $133
9484 BUCK HAVEN TRL $249,900 1,689 5/23/2007 $148
9521 BUCK HAVEN TRL $350,000 2,322 5/18/2007 $151
1543 BREAMSTONE RDG $275,000 2,063 5/18/2007 $133
9464 BUCK HAVEN TRL $290,000 1,974 5/14/2007 $147
11116 WILDLIFE TRL $75,000 2,026 5/1/2007 $37
9393 BUCK HAVEN TRL $254,000 2,139 4/27/2007 $119
9437 BUCK HAVEN TRL $52,000 1,380 4/6/2007 $38
1636 COPPERFIELD CIR $315,000 1,476 3/30/2007 $213
9457 BUCK HAVEN TRL $263,500 2,004 3/27/2007 $131
1764 COPPERFIELD CIR $257,500 1,896 3/19/2007 $136
9551 BUCK HAVEN TRL $248,000 1,770 3/19/2007 $140
12065 CEDAR BLUFF TRL $325,000 2,720 3/15/2007 $119
1527 BREAMSTONE RDG $230,000 1,635 2/6/2007 $141
9552 BUCK HAVEN TRL $206,000 1,397 1/22/2007 $147
1857 LOG RIDGE TRL $268,000 1,984 1/11/2007 $135

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Joe Manausa is 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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