Tallahassee Weekly Lis Pendens Filings May 31, 2009
The average home price of a home sold in Killearn Lakes Unit 2 this year is $160,000, which represents a value of $110 per square foot. Much like the rest of the market, this traditionally strong Tallahassee neighborhood has seen home sales drop in half, and appreciation is -20% (meaning real depreciation) since the top of the market in 2006.
What surprises me is how Unit 2 of Killearn Lakes contrasts so much with Unit 1 of Killearn Lakes. Why is Unit 1 holding firmer in the market than Unit 2? I suspect it has to do with the size of the lots and the proximity to the lakes in Unit 1. But nevertheless, I feel that Killearn Lakes Unit 2 will rebound very strongly when the market climbs...
We have been reviewing a stream of Tallahassee neighborhoods in our blog for the past two weeks and the common theme for these communities is falling home sales and falling prices. Up to now, it seems that most of these Tallahassee Subdivisions have seen prices fall (from the peak of the market) about 15-20%, but all appear to be showing long-term appreciation of greater than 3%
Today, I have pulled all the resales in Killearn Lakes Unit 1, which traditionally sees 30 to 40 home sales per year. Last year saw sales drop into the low 20s, but the biggest surprise is that home values are only down about 8%. I am not sure if this is because of how strong the neighborhood is, its school zones, or the fact that many of these homes are built on a lake on the north side of Tallahassee. Whatever the reason, the home appreciation...
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...
We have seen some tough reports lately on the falling prices in the Tallahassee real estate market, so I thought today I would point out some of the good news that we are seeing. The good news relates to the falling inventory of homes for sale in Tallahassee.
As we have discussed often in the past, supply and demand will rule every and any market over the long haul. Currently, there is a glut of homes for sale in Tallahassee, but the gross number of homes for sale has been falling for nearly a year. You can monitor the movement in the Tallahassee home supply at The Market Bulletin, where home inventory records are updated twice per week.
Just a reminder that the 7th edition of the Tallahassee Real Estate Newsletter went out today. If you haven't already subscribed, you can do so in the sidebar at the right. The newsletter is published and delivered every three weeks and summarizes Tallahassee housing market conditions.
This is our 300th blog post at the Tallahassee Real Estate Blog, and we still have a lot more to say! Today's blog is a summary of the Briar Chase neighborhood in Tallahassee. Much like the rest of Tallahassee, Briar Chase is seeing fewer home sales and declining prices.
Existing home sales surged in 2006, with the average price reaching just under $225,000. Today,...!--more-->
Just a reminder if you have not subscribed to the Tallahassee Real Estate Newsletter (see right sidebar…takes 7 seconds), the 7th Edition will be published on Monday May 25th, 2009. The next edition has a few twists and surprises, so I hope you get it.
I was doing some research last week and ended up compiling some interesting information from both the Leon County Tax Appraisers site, as well as the Tallahassee Board of REALTORS® Multiple Listing Service (MLS). The Tallahassee neighborhood that I had researched was the Glen At Golden Eagle, and my findings were not that surprising, especially if you are a regular reader of the Tallahassee Real Estate Blog.
One Tallahassee neighborhood that I have yet to tackle is Killearn Estates. While it is a great neighborhood and one that is very popular, it is actually a bit of a mess in the Leon County Property Appraisers' tax rolls. It would be nice if everything "in the compound" was called "Killearn Estates," but that is not the case.
In order to understand the "mess," you have to understand Killearn Estates. For example, is the Gardens of Killearn "inside the compound?" YES. But it usually is properly recorded as the Gardens of Killearn Subdivision, but sometimes it pops up as the Killearn Estates Subdivision. In order to clarify "what we're measuring," the following list will be the communities referred to collectively as Killearn Estates.