Home Sales In Piney-Z Are Struggling
Another great Tallahassee neighborhood is seeing tough times in the Tallahassee real estate market. Piney-Z, a great in-town neighborhood, has seen average home prices dropping nearly 27% and unit sales dropping a staggering 83% over the past three years!
I have seen some blogs and even a recent article in the Tallahassee Democrat that claim that Tallahassee has not seen significant drops in either home sales or home prices, and of course they do not provide any data or basis other than opinion to support these claims. I would encourage these authors to talk to people trying to sell a home in Piney-Z right now, I'm sure that their opinion might change.
This wreckless reporting will mislead some homeowners to lose their homes, as they hit the market at levels that buyers will not even consider. But rest assured, there are ways to sell a home in Tallahassee, but you must understand exactly where the market is at any given time.
Piney-Z Home Sales In Major Decline
The blue lines show that home sales once reached twenty homes per month, but now have dropped to less than four per month. Average Prices (in red) were once nearly $270,000, but now have dropped below $200,000! If you have to sell home in Piney-Z, you need to understand that prices have dropped significantly since the height of the market.
Piney-Z Existing Home Sales Have Fallen
Much like the real estate graph preceding this one, existing home sales (resales) in Piney-Z look just as bad. Less than four homes per month are selling and the average price point on existing homes in Piney-Z has dropped below $190,000.
Piney-Z Resale Price Per Square Foot History
One way to take a look at home valuations (and thus true depreciation) is to look at price per square foot across the market. While this is NOT a way to accurately appraise a home, it is a decent measurement of depreciation (or appreciation) over a period of time. So, if you live in Piney-Z and want a quick "rule of thumb" valuation, you could take your recorded square footage and multiply it by about $85 to $105 to see an estimate of its current value.
Historic Home Sales In Piney-Z
| Piney-Z Home Sale | Price | Sale Date |
| 4907 HERITAGE PARK BLVD | 190,000 | 1/16/2009 |
| 4853 PLANTERS RIDGE DR | 103,500 | 1/9/2009 |
| 4905 PARKVIEW CT | 100 | 12/30/2008 |
| 1057 LANDINGS LOOP | 175,000 | 12/12/2008 |
| 1150 LANDINGS LOOP | 180,000 | 11/24/2008 |
| 4877 LAKE PARK DR | 270,000 | 11/17/2008 |
| 4759 PLANTERS RIDGE DR | 214,000 | 11/14/2008 |
| 4915 HERITAGE PARK BLVD | 225,000 | 10/30/2008 |
| 4907 HERITAGE PARK BLVD | 244,100 | 10/28/2008 |
| 669 EAGLE VIEW CIR | 315,000 | 10/14/2008 |
| 1168 LANDINGS LOOP | 185,000 | 10/10/2008 |
| 4751 PLANTERS RIDGE DR | 208,000 | 10/10/2008 |
| 1162 HIGH MEADOW DR | 185,000 | 10/3/2008 |
| 911 PARKVIEW DR | 275,000 | 10/1/2008 |
| 1047 PARK VIEW DR | 215,000 | 9/24/2008 |
| 1018 HIGH MEADOW DR | 128,000 | 9/13/2008 |
| 4917 LAKE PARK DR | 230,000 | 9/12/2008 |
| 4650 SOARING WAY | 332,000 | 9/4/2008 |
| 825 EAGLE VIEW DR | 260,000 | 8/22/2008 |
| 742 EAGLE VIEW DR | 345,000 | 8/8/2008 |
| 1025 PARKVIEW DR | 248,000 | 7/21/2008 |
| 817 EAGLE VIEW DR | 282,500 | 7/17/2008 |
| 1108 WINTER LN | 190,000 | 7/7/2008 |
| 1148 LANDINGS LOOP | 200,000 | 7/3/2008 |
| 1055 PARKVIEW DR | 205,000 | 6/23/2008 |
| 1096 LANDINGS LOOP | 187,500 | 6/23/2008 |
| 1032 KINGDOM DR | 185,000 | 6/20/2008 |
| 1149 LANDINGS LOOP | 190,000 | 6/20/2008 |
| 868 EAGLE VIEW DR | 351,000 | 6/9/2008 |
| 1015 KINGDOM DR | 167,000 | 5/30/2008 |
| 1072 PINEY Z PLANTATION RD | 215,000 | 5/29/2008 |
| 1168 LANDINGS LOOP | 23,000 | 5/29/2008 |
| 1112 WINTER LN | 200,000 | 5/9/2008 |
| 4661 NESTING TRL | 272,000 | 5/8/2008 |
| 1137 WINTER LN | 213,000 | 4/30/2008 |
| 989 PARKVIEW DR | 321,000 | 4/25/2008 |
| 1221 LANDINGS LOOP | 207,000 | 4/21/2008 |
| 874 PINEY VILLAGE LOOP | 368,000 | 4/17/2008 |
| 4856 LAKE PARK DR | 297,500 | 4/11/2008 |
| 821 PINEY VILLAGE LOOP | 99,000 | 4/4/2008 |
| 4710 PLANTERS RIDGE DR | 208,500 | 3/28/2008 |
| 861 EAGLE VIEW DR | 372,900 | 3/10/2008 |
| 1149 WINTER LN | 198,000 | 2/29/2008 |
| 1174 HIGH MEADOW DR | 200,000 | 2/29/2008 |
| 729 EAGLE VIEW CIR | 350,000 | 2/29/2008 |
| 867 EAGLE VIEW DR | 310,000 | 12/20/2007 |
| 910 PARKVIEW DR | 286,000 | 12/18/2007 |
| 1020 KINGDOM DR | 200,000 | 12/17/2007 |
| 1023 LANDINGS LOOP | 44,500 | 12/8/2007 |
| 1100 WINTER LN | 245,000 | 12/7/2007 |
| 1183 LANDINGS LOOP | 210,000 | 11/20/2007 |
| 816 EAGLE VIEW DR | 82,200 | 11/20/2007 |
| 4712 PLANTATION VIEW DR | 379,900 | 11/5/2007 |
| 933 PINEY Z PLANTATION RD | 317,500 | 10/19/2007 |
| 701 EAGLE VIEW CIR | 335,000 | 10/12/2007 |
| 913 PINEY Z PLANTATION RD | 260,000 | 10/12/2007 |
| 4922 HERITAGE PARK BLVD | 220,000 | 10/3/2007 |
| 1004 PINEY Z PLANTATION RD | 205,000 | 9/25/2007 |
| 995 PARKVIEW DR | 292,500 | 9/17/2007 |
| 866 PINEY VILLAGE LOOP | 370,000 | 9/4/2007 |
| 917 PARKVIEW DR | 298,000 | 8/24/2007 |
| 917 PARKVIEW DR | 298,000 | 8/24/2007 |
| 4881 LAKE PARK DR | 253,000 | 8/21/2007 |
| 1149 LANDINGS LOOP | 211,600 | 8/14/2007 |
| 1001 KINGDOM DR | 184,000 | 8/3/2007 |
| 1149 HIGH MEADOW DR | 205,000 | 7/31/2007 |
| 4853 PLANTERS RIDGE DR | 260,000 | 7/27/2007 |
| 749 EAGLE VIEW DR | 133,000 | 7/23/2007 |
| 4877 LAKE PARK DR | 273,500 | 7/18/2007 |
| 1069 KINGDOM DR | 210,000 | 7/16/2007 |
| 636 EAGLE VIEW CIR | 283,000 | 7/16/2007 |
| 1066 HIGH MEADOW DR | 241,000 | 7/13/2007 |
| 1107 WINTER LN | 247,500 | 7/6/2007 |
| 1034 HIGH MEADOW DR | 255,000 | 7/2/2007 |
| 1016 LANDINGS LOOP | 210,000 | 6/29/2007 |
| 1091 PINEY Z PLANTATION RD | 242,500 | 6/29/2007 |
| 1072 PINEY Z PLANTATION RD | 186,600 | 6/28/2007 |
| 931 PARKVIEW DR | 300,000 | 6/22/2007 |
| 4886 HERITAGE PARK BLVD | 247,800 | 6/15/2007 |
| 1154 LANDINGS LOOP | 209,000 | 6/11/2007 |
| 1026 PARKVIEW DR | 200,000 | 5/24/2007 |
| 4770 PLANTERS RIDGE DR | 250,000 | 5/23/2007 |
| 1033 HIGH MEADOW DR | 250,000 | 5/22/2007 |
| 4863 HERITAGE PARK BLVD | 251,000 | 5/21/2007 |
| 689 EAGLE VIEW CIR | 371,000 | 5/15/2007 |
| 868 PINEY VILLAGE LOOP | 382,900 | 5/14/2007 |
| 1132 LANDINGS LOOP | 205,000 | 5/3/2007 |
| 1121 HIGH MEADOW DR | 212,000 | 4/30/2007 |
| 725 EAGLE VIEW CIR | 300,000 | 4/30/2007 |
| 1048 PINEY Z PLANTATION RD | 200,000 | 4/27/2007 |
| 920 PARKVIEW DR | 305,000 | 4/27/2007 |
| 926 PINEY Z PLANTATION RD | 369,600 | 4/19/2007 |
| 833 PINEY VILLAGE LOOP | 273,000 | 4/13/2007 |
| 1088 WINTER LN | 225,000 | 4/11/2007 |
| 1068 WINTER LN | 214,500 | 4/5/2007 |
| 945 PINEY Z PLANTATION RD | 330,000 | 3/23/2007 |
| 4859 HERITAGE PARK BLVD | 229,000 | 3/22/2007 |
| 4895 PLANTERS RIDGE DR | 256,500 | 3/21/2007 |
| 1169 HIGH MEADOW DR | 195,000 | 3/16/2007 |
| 900 PARKVIEW DR | 295,000 | 3/16/2007 |
| 1012 PINEY Z PLANTATION RD | 235,000 | 3/7/2007 |
| 1041 PINEY Z PLANTATION RD | 213,000 | 2/26/2007 |
| 1088 WINTER LN | 160,000 | 2/26/2007 |
| 1085 PINEY Z PLANTATION RD | 216,000 | 2/23/2007 |
| 1153 WINTER LN | 200,000 | 2/22/2007 |
| 853 EAGLE VIEW DR | 444,900 | 2/22/2007 |
| 4895 PLANTERS RIDGE DR | 211,000 | 2/16/2007 |
| 1188 LANDINGS LOOP | 210,000 | 2/11/2007 |
| 729 EAGLE VIEW CIR | 349,900 | 2/8/2007 |
| 4657 SOARING WAY | 92,000 | 2/2/2007 |
| 1015 LANDINGS LOOP | 203,000 | 1/31/2007 |
| 1017 LANDINGS LOOP | 203,000 | 1/31/2007 |
| 4929 LAKE PARK DR | 269,300 | 1/31/2007 |
| 887 EAGLE VIEW DR | 345,000 | 1/16/2007 |
| 4886 PLANTERS RIDGE DR | 252,500 | 1/10/2007 |
| 1208 LANDINGS LOOP | 190,000 | 1/9/2007 |
| 4738 PLANTERS RIDGE DR | 231,000 | 12/29/2006 |
| 4738 PLANTERS RIDGE DR | 231,000 | 12/29/2006 |
| 1033 PINEY Z PLANTATION RD | 210,000 | 12/22/2006 |
| 1080 WINTER LN | 212,000 | 12/22/2006 |
| 899 EAGLE VIEW DR | 340,000 | 12/21/2006 |
| 1000 KINGDOM DR | 155,000 | 12/19/2006 |
| 870 PINEY VILLAGE LOOP | 353,700 | 12/15/2006 |
| 628 EAGLE VIEW CIR | 325,400 | 11/30/2006 |
| 922 PINEY Z PLANTATION RD | 385,900 | 11/27/2006 |
| 911 PARKVIEW DR | 45,800 | 11/13/2006 |
| 1099 WINTER LN | 230,000 | 11/7/2006 |
| 1037 HIGH MEADOW DR | 225,000 | 11/3/2006 |
| 1184 LANDINGS LOOP | 203,000 | 11/3/2006 |
| 4706 PLANTERS RIDGE DR | 204,900 | 10/20/2006 |
| 1142 HIGH MEADOW DR | 193,000 | 10/13/2006 |
| 4915 PLANTERS RIDGE DR | 224,000 | 10/6/2006 |
| 1071 PARKVIEW DR | 265,300 | 9/29/2006 |
| 1138 HIGH MEADOW DR | 209,900 | 9/29/2006 |
| 781 EAGLE VIEW DR | 357,000 | 9/29/2006 |
| 824 EAGLE VIEW DR | 281,000 | 9/29/2006 |
| 828 EAGLE VIEW DR | 334,000 | 9/29/2006 |
| 1199 LANDINGS LOOP | 214,500 | 9/28/2006 |
| 1039 KINGDOM DR | 205,000 | 9/23/2006 |
| 1125 HIGH MEADOW DR | 212,000 | 9/21/2006 |
| 712 EAGLE VIEW CIR | 335,000 | 9/15/2006 |
| 1073 HIGH MEADOW DR | 227,000 | 9/5/2006 |
| 735 EAGLE VIEW DR | 485,000 | 8/21/2006 |
| 1088 LANDINGS LOOP | 220,000 | 8/18/2006 |
| 4661 SOARING WAY | 323,500 | 8/18/2006 |
| PLANTATION VIEW DR | 354,900 | 8/15/2006 |
| 1076 PINEY Z PLANTATION RD | 250,000 | 8/7/2006 |
| 621 EAGLE VIEW CIR | 352,000 | 8/4/2006 |
| 979 WATERSVIEW DR | 365,000 | 7/31/2006 |
| 1065 HIGH MEADOW DR | 209,900 | 7/28/2006 |
| 4657 NESTING TRL | 355,000 | 7/28/2006 |
| 999 PARKVIEW DR | 332,500 | 7/28/2006 |
| 4913 PARKVIEW CT | 228,000 | 7/21/2006 |
| 4716 PLANTATION VW | 352,800 | 7/19/2006 |
| 4913 LAKE PARK DR | 268,000 | 7/14/2006 |
| 930 PINEY Z PLANTATION RD | 359,900 | 7/14/2006 |
| 977 WATERSVIEW DR | 311,000 | 7/10/2006 |
| 1114 HIGH MEADOW DR | 223,000 | 7/3/2006 |
| 1179 LANDINGS LOOP | 210,700 | 6/30/2006 |
| 1202 LANDINGS LOOP | 194,000 | 6/30/2006 |
| 4720 PLANTATION VIEW DR | 349,900 | 6/30/2006 |
| 934 PINEY Z PLANTATION RD | 372,800 | 6/30/2006 |
| 961 PARKVIEW DR | 357,000 | 6/30/2006 |
| 713 EAGLE VIEW CIR | 370,000 | 6/29/2006 |
| 1169 WINTER LN | 214,500 | 6/26/2006 |
| 1221 LANDINGS LOOP | 225,000 | 6/23/2006 |
| 1059 KINGDOM DR | 212,500 | 6/15/2006 |
| 4905 PARKVIEW CT | 125,000 | 6/12/2006 |
| 4728 PLANTATION VIEW DR | 350,000 | 5/31/2006 |
| 4853 PLANTERS RIDGE DR | 252,000 | 5/30/2006 |
| 1212 LANDINGS LOOP | 193,000 | 5/25/2006 |
| 904 PINEY Z PLANTATION RD | 300,000 | 5/18/2006 |
| 4929 LAKE PARK DR | 292,500 | 5/17/2006 |
| 1041 PINEY Z PLANTATION RD | 218,000 | 5/15/2006 |
| 1167 LANDINGS LOOP | 202,500 | 5/15/2006 |
| 4754 PLANTERS RIDGE DR | 245,500 | 5/11/2006 |
| 739 EAGLE VIEW DR | 375,000 | 5/11/2006 |
| 1109 HIGH MEADOW DR | 215,000 | 4/29/2006 |
| 4656 FLEDGLING DR | 281,000 | 4/28/2006 |
| 4927 HERITAGE PARK BLVD | 250,000 | 4/28/2006 |
| 1020 KINGDOM DR | 185,000 | 4/26/2006 |
| 1105 HIGH MEADOW DR | 217,500 | 4/20/2006 |
| 4855 HERITAGE PARK BLVD | 235,000 | 4/13/2006 |
| 907 PARKVIEW DR | 330,000 | 4/12/2006 |
| PLANTATION VIEW DR | 348,000 | 4/3/2006 |
| 1045 LANDINGS LOOP | 205,000 | 3/31/2006 |
| 1216 LANDINGS LOOP | 187,400 | 3/31/2006 |
| 1128 WINTER LN | 259,900 | 3/30/2006 |
| 1172 LANDINGS LOOP | 205,000 | 3/27/2006 |
| 4751 PLANTERS RIDGE DR | 224,000 | 3/17/2006 |
| 4849 LAKE PARK DR | 273,900 | 3/17/2006 |
| 613 EAGLE VIEW CIR | 319,000 | 3/15/2006 |
| 4759 PLANTERS RIDGE DR | 230,000 | 2/28/2006 |
| 968 WATERSVIEW DR | 271,000 | 2/28/2006 |
| 1064 KINGDOM DR | 190,000 | 2/27/2006 |
| 983 WATERSVIEW DR | 330,000 | 2/17/2006 |
| 1038 HIGH MEADOW DR | 193,100 | 2/16/2006 |
| 1159 LANDINGS LOOP | 200,000 | 1/27/2006 |
| 1209 LANDINGS LOOP | 206,000 | 1/27/2006 |
| 4714 PLANTERS RIDGE DR | 227,500 | 1/27/2006 |
| 1062 HIGH MEADOW DR | 247,800 | 1/20/2006 |
| 777 EAGLE VIEW DR | 380,000 | 1/19/2006 |
| 1157 HIGH MEADOW DR | 284,900 | 1/13/2006 |
| 1120 WINTER LN | 250,000 | 1/5/2006 |
| 4725 PLANTATION VIEW DR | 273,000 | 1/5/2006 |
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Discussion
Do you have actual facts to back up some of your figures in this blog? I am one of the original buyers in Piney Z and have been fuming over some of your blogs over the past few years, but this one really takes the cake. Anyone selling at the rates you suggest is desperate to get out of the bad deal their Realtor pushed in the last few years. Yes, there are houses in Piney-Z selling at ridiculously low rates. There are some for sale for $50,000 LESS than they paid just so they can get out before their entire financial situation falls apart. However, responsible homeowners (not investors) are being pulled into the mess you created.
Where did you get the $44,000 figure, the $100 figure, etc.? At $85 per square foot I guess I should be suing my builder, the bank and the appraiser since that doesn't come close to the actual construction cost.
Realtors had no problem pushing up the prices in Piney-Z when they were racking up huge commissions. The speculators and investors pushed prices up to an unreasonable rate. However, the only houses selling for the rates you are pushing now are the same buyers with sub-prime mortgages you put into houses that were over priced .
Now that the entire global economy is struggling the "all real estate is local" gets thrown out the window. I'd bet that a Realtor would not sell his own personal home for the rates you are pushing. Yet, you expect sellers to drop the sales price to get you the fast sale and your commission. Maybe the fee based real estate model would be better for everyone.
How about some positive reporting on the Tallahassee real estate market in general and Piney-Z in particular. Houses are selling at reasonable rates when the buyers come with a realtor who is actually working for the buyer and seller of a home that will be owner occupied. Anyone coming in with the attitude that prices have dropped 27% and sales are down 83% will be lucky to get one of the foreclosures or short sales.
Realtors who keep pushing the "you need to price your house lower than the current lowest price" mantra are pulling down the value of the entire neighborhood. There are 3 different sections in Piney-Z with 3 very different price ranges. I would suggest that they should be treated as 3 very different subdivisions.
I'm really wondering what happened to ethics in real estate. I thought the Realtor was employed by the seller and therefore supposed to work for the seller (unless there is an exclusive Buyer's agent agreement). Maybe the commission should be based on how well the Realtor actually works for the seller. It is amazing how much the seller loses every time the sales price gets lowered. Yet, with the commission being a percentage the Realtor's fee barely moves. Realtor's who will only show houses with the highest commission percentage also need an ethics lesson. Why should thousands of dollars be added to the sales price for the Realtor's "services"? Maybe we should be able to negotiate on the basis of hours worked and how well the seller's needs are met.
1. Yes. These are the actual sales recorded in Leon County. Not just MLS (REALTOR sales) but For sale by owners and builder sales as well. All sales recorded at the County.
2. You are obviously upset with how the market has turned, as most of us are. But you are confused about how prices are reached. Sellers and REALTORs can ask any price that they desire, but ultimately it is the buyers who set the market value. It is fear and greed that dictate the direction of the market, and today fear is running rampant. If you have followed my blog or newsletter at all, then you know I have been advising sellers to pull their homes off the market unless they absolutely have to sell. This is a buyers’ market and they are demanding discounted prices.
3. Real estate is still local, but local emotions and financial capabilities are greatly affected by international markets. When the stock market dropped 40%, so did consumer confidence. When loan programs were removed from the market, so were buyers. Nevertheless, there are some strong real estate markets around the country, because their economies are growing. Most are not. Tallahassee’s is not.
4. Positive reporting. I report what is happening. I substantiate it with facts. Those charts were reported as generalized and if this was a Phd thesis, the data would have been cleaned up to remove all non-arms length sales. However, it is a daily blog designed to deliver true facts about the market. You claim that houses are selling in Piney-Z at “reasonable rates,” yet I listed EVERY SALE in today’s blog going back to 2006. When buyers and sellers agree on a price and close on the sale, that is the “reasonable rate” and is recognized as market value.
5. Competition. There are so many short sales and foreclosures entering the market that pricing pressure is very strong. If you have time to wait, then wait! Once the short sales and foreclosures have worked their way through, the market will be much stronger. BUT IF YOU DON’T (have time to wait) then you are COMPETING WITH every other similar opportunity in town. Buyers right now are scared and thus scarce, and the ones taking action are demanding the best price they can get.
6. The value of competent REALTORS has never been higher (see recent article in this blog on REALTORs doing more of the business). If you think you can go it alone or work with a discount broker….good luck. There are over 14 months of supply of homes in Leon County and that figure has been growing.
7. Again, I understand that you are upset. I suspect you are upset at the turn in the stock market as well. And with the Florida economy. And with the State and local government budget short falls. Unfortunately, the whole financial world is a mess right now and we need to grind our way through it. I for one, will report the real estate market activity as it is truly occurring. Most of the feedback that I get is from grateful readers who see this as a resource. I’m not a cheerleader and I do not have a staff, so I do the best I can with what the market is doing.
8. Feedback. I do not know if you are aware of it, but blog administrators like myself get to choose whether or not a comment gets viewed. Even though yours was not supportive, I think it is solid feedback and that is why it is here. I appreciate your feedback, though I disagree with much of your assessment.
It's buyers who determine how much they are willing to pay for a home, not the sellers nor Realtors. Homes that have been on the market for months without any activity are not priced at a rate that buyers are willing to pay.
If you think that Realtors set the prices, then you don't understand the process. Realtors give the sellers information about other homes in the neighborhood that are for sale and have sold recently. Sellers use this information to decide how much to ask for their house.
If the seller prices it too high, then it will sit on the market with no activity. There is a lot of inventory for buyers to choose from and they ignore the ones that they think are overpriced.
uturn3 - I sure hope you don't HAVE to sell anytime soon...
It appears that personal responsibility is truly a thing of the past. There's always someone else to blame.
Dare I ask your profession uturn3?
Saint?
Heart Surgeon?
I'm guessing Government worker.
You would be terribly wrong about my profession.
It is not nice to malign Government workers.
Nice post Joe. I think a lot of homeowners fail to understand that in a buyers market (which is what we're in) BUYERS drive the prices... And with the glut of homes on the market, the competition between the homes is HUGE!
Economics 101---- over stocked in a commodity forces a price reduction!
I read your Piney-Z blog yesterday morning with great interest. We have friends living on Heritage Park Blvd. who love their home and their neighborhood.
Your hostile reader is apparently very upset with the present economy and I share his anxiety. He is taking his angst out on you and not being reasonable. He commented that the realtor needs to protect the seller's interests. Doesn't he realize a realtor must also support the buyer he represents?
Joe, continue writing an honest blog and don't "sugar coat" or alter your analytical results to pacify a frustrated reader. Personally, my husband and I are not down-sizing and putting our home on the market until our realtor tells us there is an upturn in homes' market values.
Thanks Petra, and I agree with you. Market extremes end up bringing crazy results.
Bottom line is buyers drive all real estate markets. Buyers decide what they will and will not pay for a home.
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