Summerbrooke is one of the top selling neighborhoods in NE Tallahassee, featuring executive homes like you would expect to find in an affordable golf course community.
As with all neighborhoods in the popular 32312 zip code, location (location, location) is the driving force that keeps buyers interested in the homes for sale in Summerbrooke.
Unlike the report we did on high end home sales yesterday, home prices are at the top of the sweet spot for Tallahassee real estate and should do very well in the years to come.
In this report, we will look at home prices, home values, and sizes of homes in Summerbrooke, as well as show current listings in the ...
I have been pondering the problem of the luxury home market in Tallahassee for quite some time, trying to figure out how to succinctly demonstrate my concerns for the top 5% of homeowners in our area.
You see, these high priced homes have been selling like hotcakes, blowing away historical norms ever since mortgage interest rates plunged.
So the questions that I have concerning the more expensive homes in Tallahassee relate to the amount of high end homes that we have created and how the future supply and demand imbalance can be corrected when mortgage interest rates return to normal..
Well, I think I have it figured out. I've established a model that has created a forecast for high end home sales and we can compare the current rate of sales with this forecast.
Lakefront homes in Tallahassee are having their best year in a long, long time.
It was less than two years ago when we reported that lakefront homes are cheaper than ever, but oh how quickly times change. When the real estate market hit bottom in 2012, we saw the value of land become almost inconsequential, with buyers valuing the homes far more than the homesite.
Waterfront homes have always enjoyed a "premium" over their land viewing counterparts, but the range of this premium fluctuates over time. As we pointed out in our previous article in 2013, that premium had fallen to an all-time low of just 14% (meaning buyers were paying 14% more for homes on the water than they were for homes not on the water).
But things have changed in 2015. I guess buyers have been paying...
Distressed home sales still represent a thriving segment of the Tallahassee real estate market, but there is a positive trend among troubled home sellers that is worth mentioning.
While 28% of the closed home sales in Tallahassee thus far in 2015 have been short sales, foreclosures, pre-foreclosures, and bank owned properties, only a small percentage of those were short sales.
Part of the reason that we are seeing a decline in short sales is due to the termination of the Mortgage Debt Forgiveness Act, under which any debt forgiven in a short sale is not counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage. This has not been extended for short sales conducted...
It's time again to check out how productive Tallahassee Realtors have been in selling homes in Tallahassee.
This is a report that we like to run a few times every year as a way of checking both consumer confidence (whether or not they are hiring real estate agents in Tallahassee) as well a "health of the industry" report.
We will take a look at the number of closed home sales by Realtors in Tallahassee and compare it with the total number of homes that have sold in our market.
We'll also look at the number of agents in the Tallahassee Board of Realtors and what the per-person productivity trend is doing.
If you are wondering why this matters to somebody who is in the market trying to sell a home and/or buy a home, just follow me here for...
The Gardens of Killearn is a popular Northeast Tallahassee neighborhood located on the southern edge of Killearn Estates.
There you will find executive level homes that were built from 1990 through the writing of this report, though the majority of homes were built in the 1990s.
Location, value, school system, and access to town will support strong home values in the Gardens of Killearns for many years to come.
In this report, we will look at home prices, home values, and the sizes of homes in The Gardens of Killearn, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 1991.
The Gardens of Killearn Home Prices
If you own an upscale home in Tallahassee that you no longer want to own, it is likely that you are having some difficulties in deciding what to do. You are not alone.
Today's blog post is a response to an excellent question by "Phil," a long-term reader of the Tallahassee Real Estate Blog who happens to be the owner of an expensive Tallahassee home.
He is trying to determine whether he should sell the home or lease it out, and he has concerns about the viability of keeping the home continuously occupied during the leasing period.
But I think his concerns are misaligned; Phil should be worried about something else entirely.
Upscale Home Market In Tallahassee
Here is the question:
Located on the NE side of Tallahassee out Centerville Road just north of Proctor Road, Chemonie Crossing and Chemonie Trace offer large homes on larger land parcels.
Chemonie Crossing has homes built from 1991 to present day while Chemonie Trace saw home construction begin in 1993. This means that buyers will find opportunities for renovations and improvements in an aging neighborhood along with homes that have already been completed. The prudent buyer will do his homework before making a decision on value, as land size and property improvements will vary greatly in these two neighborhoods.
In this report, we will look at home prices, home values, and home sizes in Chemonie Trace and Chemonie Crossing, as well as show current listings in the Tallahassee MLS...
In Florida residential real property transactions, home sellers are required to disclose to a prospective buyer all known facts about the property that might materially affect its value.
This requirement has been around since Johnson v. Davis, 480 So. 2d 625 (Fla. 1985), when the Florida Supreme Court announced a new rule of law to replace the long-standing rule of "caveat emptor," when dealing with residential real estate transactions.
Simply put, sellers cannot lie to buyers about the condition of a property. They cannot hide known issues...
So you own a home in Tallahassee that's worth more than $500,000 and you want to get it sold.
When you look at the supply and demand for homes for priced above half a million dollars, you see far more sellers than buyers. Worse yet, nearly half of today's high-end buyers are choosing to build a home, even though there are scores of existing homes for sale that they could purchase for far less than they can be built.
Last time I pulled a report on the supply and demand for homes priced $500,000 to $750,000, I found 11 months of supply of homes that are currently listed for sale in the Tallahassee MLS. 11 months!
That means if nobody lists a home in this price range over the next year, we still have all the half-million dollar homes that buyers will need. And you know that there are more coming onto the market every day. On top of that, there are 20 months of supply...