Lafayette Oaks Continues To Fight Market Trends
Tallahassee's first gated community, Lafayette Oaks, has always been a popular neighborhood in Northeast Tallahassee.
Lafayette Oaks was selected as the 2012 Neighborhood of the Year for unincorporated Leon County by the Leon County Council of Neighborhood Associations (CONA).
Currently, there are 4 homes for sale in Lafayette Oaks, priced from $225K to $375K.
Lafayette Oaks is named for the great Marquis de Lafayette because its location is part of the 23,000 acre land grant that was gifted to General Lafayette for his service to the US during the Revolutionary War. If only he had held onto the land ... :)
As I was assembling some market data to determine a home's value, I noticed an interesting trend that seems to be unique to Lafayette Oaks.
Lafayette Oaks Home Values
Home values in Lafayette Oaks have not fallen nearly as far as have the other neighborhoods in Tallahassee. In fact, values are down only about half as much as similar neighborhoods in NE Tallahassee.
Due to relatively few sales each year, as well as the addition of distressed sales beginning in 2009, the average values are bouncing around a lot more than we have seen elsewhere. But nevertheless, the average value in 2012 is down only 16% since the peak of the market (compared to well over 30% for most NE Tallahassee neighborhoods).
Lafayette Oaks Home Prices
The average price of a home sold in Lafayette Oaks in 2012 has been $254,500 (through 11/27/2012). Most of these homes rest on a 1+ acre lot, and considering the drive to downtown Tallahassee is usually less than 10 minutes, I'm almost surprised more homes are not selling there.
Home sales in Lafayette Oaks are currently running at roughly 40% of their historical rate, which is worse than the typical neighborhood in NE Tallahassee.
When we see a subdivision with slower sales but stronger values, it is usually a sign of a well established neighborhood with homeowners who are holding out for the higher prices found in the past. Buyers are choosing other neighborhoods for the most part, simply because of the great values that can be found in a market with far more sellers than buyers.
I'll be interested to see if this trend can continue for the next few years as we work through the distressed properties that will be entering the market.
I hope so, as Lafayette Oaks is truly a neat place to live with a great history.
Recent Home Sales In Lafayette Oaks
|Address||Sales Price||Price/SQF||Closing Date||Year Built||SQF||Type|
|2211 Monaco Dr||$193,800||$94||11/9/2012||1981||2,056||Distressed|
|2304 Orleans Drive||$209,900||$89||10/10/2012||1980||2,351||Distressed|
|5128 Ile De France Drive||$242,000||$101||9/21/2012||1975||2,397||Arms Length|
|2709 Victor Hugo Dr.||$285,000||$79||9/21/2012||1974||3,587||Arms Length|
|5305 Touraine Dr.||$380,875||$154||6/21/2012||2012||2,472||Arms Length|
|2301 Napoleon Bonaparte Dr||$225,000||$85||5/4/2012||1986||2,645||Arms Length|
|2101 La Rochelle Drive||$380,000||$143||4/30/2012||2000||2,651||Arms Length|
|2148 Orleans Drive||$188,000||$91||2/23/2012||1979||2,077||Distressed|
|2212 Napoleon Bonaparte||$225,000||$100||2/3/2012||1978||2,256||Arms Length|
|2205 Napoleon Bonaparte Drive||$230,000||$72||8/26/2011||1982||3,214||Arms Length|
|5200 Touraine Drive||$370,000||$138||6/24/2011||2003||2,679||Arms Length|
|2367 Tour Eiffel Dr||$206,250||$91||6/14/2011||1980||2,268||Arms Length|
|5508 Touraine Drive||$112,500||$52||5/10/2011||1981||2,144||Arms Length|
|5002 Touraine Drive||$185,000||$73||3/15/2011||1983||2,541||Distressed|
|2104 Bagatelle Dr||$347,000||$141||9/17/2010||2003||2,457||Arms Length|
|2101 Napoleon Bonaparte Drive||$218,500||$102||5/25/2010||1985||2,137||Arms Length|
|2309 Bourgogne Drive||$302,500||$96||3/29/2010||1979||3,153||Arms Length|
|2213 Orleans Drive||$220,000||$103||1/15/2010||1977||2,129||Arms Length|
|2207 Orleans Drive||$175,000||$74||12/1/2009||1980||2,365||Arms Length|
|2320 Monaco Drive||$253,900||$97||11/19/2009||1980||2,626||Arms Length|
|2122 La Rochelle||$360,000||$106||10/1/2009||1985||3,381||Arms Length|
|2353 Tour Eiffel Drive||$307,000||$104||9/4/2009||1980||2,943||Distressed|
|2212 Napoleon Bonaparte||$255,000||$113||6/26/2009||1978||2,256||Arms Length|
|5516 Touraine Dr||$350,000||$120||4/30/2009||1992||2,927||Arms Length|
|2300 Orleans Drive||$350,000||$123||6/5/2008||1982||2,855||Arms Length|
|2160 Orleans Dr||$316,450||$126||4/25/2008||1974||2,517||Arms Length|
|2148 Orleans Dr||$275,000||$132||4/11/2008||1979||2,077||Arms Length|
|2135 Orleans Drive||$400,000||$124||2/23/2008||1980||3,217||Arms Length|
|5117 Touraine Dr.||$299,000||$133||12/15/2007||1979||2,250||Arms Length|
|2400 Napoleon Bonaparte||$343,300||$100||8/27/2007||1984||3,440||Arms Length|
|2604 Napoleon Bonaparte||$305,000||$127||6/4/2007||1981||2,400||Arms Length|
|2132 Orleans Drive||$349,900||$90||5/11/2007||1978||3,900||Arms Length|
|2101 Napoleon Bonaparte Dr||$285,000||$133||4/20/2007||1985||2,137||Arms Length|
|2059 Champagne Drive||$308,000||$111||3/23/2007||1976||2,764||Arms Length|
|2312 Napoleon Bonaparte Drive||$380,000||$118||12/27/2006||1982||3,210||Arms Length|
|2113 La Rochelle Drive||$275,000||$113||12/15/2006||1980||2,436||Arms Length|
|5504 Touraine||$283,000||$109||8/21/2006||1972||2,608||Arms Length|
|2313 Orleans Drive||$400,000||$108||8/7/2006||1986||3,700||Arms Length|
|2010 Amboise Ct||$310,000||$119||7/26/2006||1973||2,606||Arms Length|
|2139 La Rochelle Dr.||$300,000||$123||7/5/2006||1977||2,434||Arms Length|
|2146 Larochelle Drive||$300,000||$140||6/5/2006||1980||2,147||Arms Length|
|5103 Touraine Drive||$301,500||$130||2/15/2006||1975||2,324||Arms Length|
|2364 Tour Eiffel Dr.||$338,500||$137||2/10/2006||1973||2,476||Arms Length|
|2004 E Amboise Court||$400,000||$151||2/7/2006||1973||2,650||Arms Length|
|2217 Monaco Dr||$292,000||$127||12/29/2005||1979||2,307||Arms Length|
|2307 Bourgogne Drive||$286,000||$116||9/6/2005||1979||2,469||Arms Length|
|2311 Bourgogne Drive||$300,000||$113||8/1/2005||1981||2,652||Arms Length|
|5117 Touraine Dr||$295,000||$131||8/1/2005||1979||2,250||Arms Length|
|2320 Tour Eiffel Dr.||$225,000||$110||7/20/2005||1973||2,048||Arms Length|
|2316 Bourgogne Drive||$254,000||$104||7/11/2005||1977||2,443||Arms Length|
|2327 Tour Eiffel||$245,400||$107||6/30/2005||1984||2,300||Arms Length|
|2436 Monaco Dr||$285,000||$116||6/17/2005||1980||2,453||Arms Length|
|5317 Touraine Drive||$364,900||$118||6/9/2005||1988||3,100||Arms Length|
|2104 Napoleon Bonaparte Drive||$322,000||$120||2/18/2005||1990||2,688||Arms Length|
|2108 Napoleon Bonaparte Drive||$274,900||$105||1/27/2005||1986||2,620||Arms Length|
|5115 Ile De France||$306,250||$113||11/30/2004||1972||2,720||Arms Length|
|2122 La Rochelle Dr||$286,500||$93||11/22/2004||1985||3,084||Arms Length|
|2417 Monaco Drive||$231,750||$109||11/22/2004||1981||2,120||Arms Length|
|2307 Bourgogne Drive||$234,000||$95||10/8/2004||1979||2,469||Arms Length|
|2160 Orleans Drive||$275,000||$112||9/24/2004||1974||2,450||Arms Length|
|2304 Orleans Drive||$252,000||$107||9/22/2004||1980||2,351||Arms Length|
|2319 Monaco Drive||$273,520||$104||7/30/2004||1979||2,629||Arms Length|
|2315 Bourgogne Drive||$262,500||$107||7/15/2004||1976||2,464||Arms Length|
|5107 Ile De France Drive||$267,500||$101||7/1/2004||1973||2,648||Arms Length|
|2152 Orleans Drive||$223,400||$108||5/20/2004||1978||2,075||Arms Length|
|2301 Orleans Drive||$265,000||$103||2/5/2004||1988||2,576||Arms Length|
|2608 Napoleon Bonaparte Dr||$255,500||$105||2/2/2004||1986||2,435||Arms Length|
|5313 Touraine Dr||$280,000||$110||1/15/2004||1998||2,540||Arms Length|
|2408 Napoleon Bonaparte||$191,000||$86||12/30/2003||1975||2,211||Arms Length|
|5161 Ile De France Drive||$220,000||$76||12/19/2003||1979||2,900||Arms Length|
|2211 Orleans Dr||$226,500||$104||12/8/2003||1976||2,182||Arms Length|
|2316 Bourgogne Drive||$195,000||$80||10/20/2003||1977||2,443||Arms Length|
|5401 Touraine Dr.||$285,837||$87||10/6/2003||1977||3,295||Arms Length|
|2217 Monaco Drive||$219,000||$101||8/11/2003||1979||2,170||Arms Length|
|2059 Champagne Drive||$226,500||$82||7/15/2003||1976||2,764||Arms Length|
|5108 Touraine Drive||$285,000||$83||4/18/2003||1986||3,439||Arms Length|
|2018 Amboise Ct||$135,000||$60||2/28/2003||1973||2,251||Arms Length|
|2409 Napoleon Bonapart Dr||$199,000||$78||1/14/2003||1976||2,562||Arms Length|
I hope you gained something from our Lafayette Oaks Home Sales Report and please check back for updates and more Tallahassee neighborhood reports.