Piney Z Still Fighting Declining Home Values
Every time I do a Tallahassee neighborhood report featuring Piney-Z, it seems like my comments and email go from positive to negative. I have even been accused of "bashing" the Piney Z Subdivision (as if I hold a grudge against a community???).
Certainly, that is not the case. Piney Z is a very desirable neighborhood located in Northeast Tallahassee, with home prices about 20% above the median for our county. I try to do regularly updates for many of the more active neighborhoods in Tallahassee, and Piney Z falls into this category.
Monthly Resales Stabilizing In Piney Z
This first real estate graph features existing home sales (resales) in Piney Z, with all of the non "arms length" sales removed. It is the clearest reflection of regular market activity in the past. When you look to the base of the graph, you will find that I am not using information from the Tallahassee MLS, rather I am reporting on all of the sales in the Piney Z neighborhood.
What this graph is showing is that unit sales in Piney Z (vertical blue bars) have dropped roughly 70% since the peak of the market, but monthly sales seem to be stabilizing around 3 resales per month since July of 2008.
The bad news is that the average home price in Piney Z continues to decline. The red line in the graph above demonstrates that the average home price in Piney Z has dropped below $220,000 and appears to be going lower.
Piney Z Home Values Continue To Decline
Home values are still on the decline in Piney Z. Average home values have dropped about 19% since the peak in 2007 and the current trend continues to go downward, as measured by the average price per square foot of a home in Piney Z (green line in graph below).
Advice For Piney Z Homeowners
This is actually quite simple. If you do not need to move, then enjoy the fact that you are living in a great neighborhood, with excellent amenities, and located near so much of what Tallahassee has to offer. Recognize that your home is well above the median price point and there are tens of thousands of people that would love to move there today.
If you have to sell your home in Piney Z, then sit down with a top real estate professional in Tallahassee and look at the specific market value of your home. You will receive the advice and guidance that you will need when preparing to face the toughest market that Piney Z has had to endure.
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Historical Home Sales In Piney Z Subdivision
| Parcel Address | Price | SqFt HC | Sale Date |
| 4905 PARKVIEW CT | 167,300 | 1729 | 10/13/2009 |
| 1141 HIGH MEADOW DR | 180,000 | 1586 | 9/30/2009 |
| 4882 HERITAGE PARK BLVD | 202,500 | 1716 | 9/21/2009 |
| 4909 PARKVIEW CT | 185,000 | 1774 | 9/11/2009 |
| 836 EAGLE VIEW DR | 255,000 | 2036 | 9/4/2009 |
| 685 EAGLE VIEW CIR | 320,000 | 2515 | 8/28/2009 |
| 821 PINEY VILLAGE LOOP | 235,000 | 1960 | 7/30/2009 |
| 964 PARKVIEW DR | 232,000 | 1983 | 7/17/2009 |
| 1036 PARKVIEW DR | 195,000 | 1461 | 6/30/2009 |
| 1045 LANDINGS LOOP | 170,000 | 1599 | 6/23/2009 |
| 4732 PLANTATION VIEW DR | 280,000 | 2351 | 6/22/2009 |
| 780 EAGLE VIEW DR | 251,000 | 1976 | 6/15/2009 |
| 750 EAGLE VIEW DR | 268,000 | 2625 | 6/12/2009 |
| 1162 LANDINGS LOOP | 175,300 | 1478 | 6/11/2009 |
| 4590 HERITAGE PARK BLVD | 284,000 | 6/4/2009 | |
| 4919 PLANTERS RIDGE DR | 196,000 | 1506 | 6/1/2009 |
| 4837 PLANTERS RIDGE DR | 195,500 | 1587 | 5/22/2009 |
| 905 PINEY Z PLANTATION RD | 265,000 | 2078 | 5/22/2009 |
| 1213 LANDINGS LOOP | 180,000 | 1461 | 5/14/2009 |
| 4905 PARKVIEW CT | 167,300 | 1729 | 5/12/2009 |
| 1148 WINTER LN | 165,000 | 1483 | 5/7/2009 |
| 1037 PINEY Z PLANTATION RD | 182,500 | 1460 | 4/17/2009 |
| 974 PARKVIEW DR | 247,500 | 1815 | 4/17/2009 |
| 4915 PLANTERS RIDGE DR | 226,000 | 1755 | 4/10/2009 |
| 765 EAGLE VIEW DR | 305,000 | 2468 | 3/12/2009 |
| 1018 HIGH MEADOW DR | 194,000 | 1571 | 3/9/2009 |
| 4726 PLANTERS RIDGE DR | 200,000 | 1711 | 3/3/2009 |
| 4907 HERITAGE PARK BLVD | 190,000 | 1701 | 1/16/2009 |
| 1057 LANDINGS LOOP | 175,000 | 1374 | 12/12/2008 |
| 1150 LANDINGS LOOP | 180,000 | 1501 | 11/24/2008 |
| 4877 LAKE PARK DR | 270,000 | 2287 | 11/17/2008 |
| 4759 PLANTERS RIDGE DR | 214,000 | 1561 | 11/14/2008 |
| 4915 HERITAGE PARK BLVD | 225,000 | 1701 | 10/30/2008 |
| 669 EAGLE VIEW CIR | 315,000 | 2496 | 10/14/2008 |
| 1168 LANDINGS LOOP | 185,000 | 1478 | 10/10/2008 |
| 4751 PLANTERS RIDGE DR | 208,000 | 1500 | 10/10/2008 |
| 1162 HIGH MEADOW DR | 185,000 | 1430 | 10/3/2008 |
| 911 PARKVIEW DR | 275,000 | 2062 | 10/1/2008 |
| 1047 PARKVIEW DR | 215,000 | 1819 | 9/24/2008 |
| 4917 LAKE PARK DR | 230,000 | 1710 | 9/12/2008 |
| 4650 SOARING WAY | 332,000 | 2547 | 9/4/2008 |
| 825 EAGLE VIEW DR | 260,000 | 2338 | 8/22/2008 |
| 742 EAGLE VIEW DR | 345,000 | 2516 | 8/8/2008 |
| 1025 PARKVIEW DR | 248,000 | 1830 | 7/21/2008 |
| 817 EAGLE VIEW DR | 282,500 | 2124 | 7/17/2008 |
| 1108 WINTER LN | 190,000 | 1374 | 7/7/2008 |
| 1148 LANDINGS LOOP | 200,000 | 1461 | 7/3/2008 |
| 1096 LANDINGS LOOP | 187,500 | 1426 | 6/23/2008 |
| 1055 PARKVIEW DR | 205,000 | 1723 | 6/23/2008 |
| 1032 KINGDOM DR | 185,000 | 1479 | 6/20/2008 |
| 1149 LANDINGS LOOP | 190,000 | 1495 | 6/20/2008 |
| 868 EAGLE VIEW DR | 351,000 | 6/9/2008 | |
| 1015 KINGDOM DR | 167,000 | 1321 | 5/30/2008 |
| 1072 PINEY Z PLANTATION RD | 215,000 | 1604 | 5/29/2008 |
| 1112 WINTER LN | 200,000 | 1479 | 5/9/2008 |
| 4661 NESTING TRL | 272,000 | 2097 | 5/8/2008 |
| 1137 WINTER LN | 213,000 | 1555 | 4/30/2008 |
| 989 PARKVIEW DR | 321,000 | 1912 | 4/25/2008 |
| 1221 LANDINGS LOOP | 207,000 | 1461 | 4/21/2008 |
| 874 PINEY VILLAGE LOOP | 368,000 | 4/17/2008 | |
| 4856 LAKE PARK DR | 297,500 | 2120 | 4/11/2008 |
| 4710 PLANTERS RIDGE DR | 208,500 | 1539 | 3/28/2008 |
| 861 EAGLE VIEW DR | 372,900 | 3/10/2008 | |
| 1149 WINTER LN | 198,000 | 1399 | 2/29/2008 |
| 1174 HIGH MEADOW DR | 200,000 | 1550 | 2/29/2008 |
| 729 EAGLE VIEW CIR | 350,000 | 2458 | 2/29/2008 |
| 867 EAGLE VIEW DR | 310,000 | 2242 | 12/20/2007 |
| 910 PARKVIEW DR | 286,000 | 2684 | 12/18/2007 |
| 1020 KINGDOM DR | 200,000 | 1539 | 12/17/2007 |
| 1100 WINTER LN | 245,000 | 1747 | 12/7/2007 |
| 1183 LANDINGS LOOP | 210,000 | 1461 | 11/20/2007 |
| 4712 PLANTATION VIEW DR | 379,900 | 11/5/2007 | |
| 933 PINEY Z PLANTATION RD | 317,500 | 2174 | 10/19/2007 |
| 913 PINEY Z PLANTATION RD | 260,000 | 1884 | 10/12/2007 |
| 701 EAGLE VIEW CIRCLE | 335,000 | 1940 | 10/12/2007 |
| 4922 HERITAGE PARK BLVD | 220,000 | 1716 | 10/3/2007 |
| 1004 PINEY Z PLANTATION RD | 205,000 | 1671 | 9/25/2007 |
| 995 PARKVIEW DR | 292,500 | 2153 | 9/17/2007 |
| 866 PINEY VILLAGE LOOP | 370,000 | 9/4/2007 | |
| 917 PARKVIEW DR | 298,000 | 1997 | 8/24/2007 |
| 917 PARKVIEW DR | 298,000 | 1997 | 8/24/2007 |
| 4881 LAKE PARK DR | 253,000 | 1865 | 8/21/2007 |
| 1149 LANDINGS LOOP | 211,600 | 1495 | 8/14/2007 |
| 1001 KINGDOM DR | 184,000 | 1644 | 8/3/2007 |
| 1149 HIGH MEADOW DR | 205,000 | 1358 | 7/31/2007 |
| 4853 PLANTERS RIDGE DR | 260,000 | 1641 | 7/27/2007 |
| 4877 LAKE PARK DR | 273,500 | 2287 | 7/18/2007 |
| 1069 KINGDOM DR | 210,000 | 1481 | 7/16/2007 |
| 636 EAGLE VIEW CIR | 283,000 | 1962 | 7/16/2007 |
| 1066 HIGH MEADOW DR | 241,000 | 1588 | 7/13/2007 |
| 1107 WINTER LN | 247,500 | 1673 | 7/6/2007 |
| 1034 HIGH MEADOW DR | 255,000 | 1831 | 7/2/2007 |
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Keep checking out the Tallahassee Real Estate Blog every day for updates on real estate in Tallahassee Florida.
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.
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