Don't Let Summerbrooke Home Values Fool You
There are a handful of Tallahassee neighborhoods that I take the time to write about on a quarterly basis due to their significance in number of annual home sales or amenities, and Summerbrooke is a Northeast Tallahassee subdivision that I have included in this list for several years. The combination of location (NE) and amenity (Golf Course) make this one to watch.
While I am not partial to the Summerbrooke golf course (too narrow for my wide tee shots), there are many spectacular homes located in this upper-end Tallahassee neighborhood. Homes both on and off the golf course offer the kinds of bells and whistles that many affluent families in Leon County are seeking.
Are Home Values Stabilizing In Summerbrooke?
One of the hardest things to measure is price stability as we look higher and higher on the pyramid of home values in Tallahassee. When there is plenty of liquidity (many homes selling) in a price range, we can say with great confidence what is occurring as far as value movement. But when sales are sporadic, we have to look deeper into what the data really says.
In the real estate graph above, average values values (red line) appear to be stabilizing, while the number of homes selling each month in Summerbrooke (blue bars) has returned to a historically normal amount. While this appears to be really good news for Summerbrooke, I'm wondering why it is different than the rest of Tallahassee (which is still seeing price declines and unit sales are down to roughly 60% of historically normal rates).
Why Average Home Values Can Fool You
The problem with taking an average of anything is that "average" is so hard to measure. Average is even harder to measure when the "middle of the road" is not representative of either extreme. In Summerbrooke for example, homes are built on 1 of two types of lots. Either they are "premium" lots, meaning the home is directly on the golf course on or a lake, or they aren't.
Premium lots are more valuable than non-premium lots and most often, the homes built upon premium lots had more features and amenities built into the homes than did their counterparts on non-premium lots. So why does this matter?
The graph above shows a rise in the rate at which premium homes are selling in Summerbrooke. Back in 2005, roughly 1 in every 4 homes was on a premium lot, while currently more than half of recent sales have been on these higher value sites. This means that the "average" home recently is different than the "average" home of the past.
The first graph paints a picture of price stability, when in fact we are seeing buyers move towards the premium homes on golf courses and lakes. Were we to do an analysis comparing "apples to apples," we would see a similar decline in home values as we have in the rest of Tallahassee.
This case study is a graphic example of why working with an expert can save you money when buying or selling a home in Tallahassee. There are many opportunities in Tallahassee real estate right now, but there are also pitfalls that you should steer clear of. If you think now is the time for you to sell, or buy, or both, just drop me a note and we can get help you develop a winning plan.
Arms Length Home Sales In Summerbrooke
| Summerbrooke Address | Price | Home Size | Home Value | Age | Sale Date |
|---|---|---|---|---|---|
| 8143 BLOYS CT | $335,000 | 2,599 | $129 | 2001 | 1/7/2011 |
| 1152 GREENSWARD CT | $350,000 | 2,622 | $133 | 2000 | 1/6/2011 |
| 7115 NESTERS DR | $475,000 | 3,180 | $149 | 2003 | 12/23/2010 |
| 8061 PRESERVATION RD | $385,000 | 3,050 | $126 | 2005 | 12/20/2010 |
| 8135 VIBURNUM CT | $325,000 | 2,444 | $133 | 2005 | 12/17/2010 |
| 531 SUMMERBROOKE DR | $339,000 | 2,868 | $118 | 1990 | 11/19/2010 |
| 7532 PRESERVATION RD | $350,000 | 2,528 | $138 | 2003 | 11/18/2010 |
| 7131 NESTERS DR | $570,000 | 4,639 | $123 | 2005 | 11/18/2010 |
| 6872 SPICEWOOD LN | $310,000 | 2,692 | $115 | 2000 | 10/29/2010 |
| 8169 PARTERRE CT | $331,100 | 2,571 | $129 | 2003 | 10/28/2010 |
| 7960 DOWNS CT | $375,000 | 2,849 | $132 | 1999 | 10/27/2010 |
| 7140 HERITAGE RIDGE RD | $350,000 | 2,974 | $118 | 1993 | 10/27/2010 |
| 7562 REFUGE RD | $442,500 | 3,234 | $137 | 2002 | 10/22/2010 |
| 7032 SPICEWOOD LN | $315,000 | 2,683 | $117 | 2003 | 9/30/2010 |
| 7757 CRICKLEWOOD DR | $348,500 | 2,678 | $130 | 1997 | 9/17/2010 |
| 7109 HERITAGE RIDGE RD | $300,000 | 2,668 | $112 | 1991 | 9/15/2010 |
| 1239 CONSERVANCY DR E | $343,000 | 2,496 | $137 | 2000 | 9/10/2010 |
| 8117 BLENHEIM LN | $270,000 | 2,136 | $126 | 2003 | 8/31/2010 |
| 8123 VIBURNUM CT | $304,000 | 2,614 | $116 | 2000 | 8/26/2010 |
| 7504 PRESERVATION RD | $370,000 | 2,676 | $138 | 1999 | 8/20/2010 |
| 7140 WOODED GORGE RD | $376,000 | 2,673 | $141 | 2001 | 8/4/2010 |
| 8162 PARTERRE CT | $230,000 | 2,198 | $105 | 2005 | 7/28/2010 |
| 1351 CONSERVANCY DR E | $325,000 | 2,792 | $116 | 2000 | 6/29/2010 |
| 7083 SPICEWOOD LN | $282,500 | 2,133 | $132 | 2001 | 6/28/2010 |
| 1220 CONSERVANCY DR E | $312,000 | 3,038 | $103 | 1995 | 6/23/2010 |
| 7765 CRICKLEWOOD DR | $410,000 | 3,008 | $136 | 2000 | 6/15/2010 |
| 7477 PRESERVATION RD | $574,500 | 3,641 | $158 | 2003 | 6/1/2010 |
| 8089 LONGMEADOW DR | $537,500 | 4,092 | $131 | 2008 | 5/28/2010 |
| 7757 CRICKLEWOOD DR | $275,000 | 2,678 | $103 | 1997 | 5/27/2010 |
| 1275 CONSERVANCY DR E | $312,000 | 2,361 | $132 | 1996 | 5/25/2010 |
| 1033 SUMMERBROOKE DR | $465,000 | 2,796 | $166 | 2003 | 5/20/2010 |
| 1418 STOURHEAD CT | $330,000 | 2,513 | $131 | 1999 | 5/11/2010 |
| 8067 PRESERVATION RD | $338,000 | 2,425 | $139 | 2003 | 5/10/2010 |
| 1420 STOURHEAD CT | $409,000 | 3,733 | $110 | 1997 | 5/6/2010 |
| 300 SUMMERBROOKE DR | $465,000 | 2,920 | $159 | 1991 | 4/30/2010 |
| 1320 CONSERVANCY DR E | $465,000 | 3,320 | $140 | 2002 | 4/26/2010 |
| 1176 GREENSWARD DR | $362,500 | 2,781 | $130 | 2001 | 4/16/2010 |
| 933 SUMMERBROOKE DR | $404,000 | 4,018 | $101 | 1994 | 4/15/2010 |
| 1216 CONSERVANCY DR E | $360,000 | 2,710 | $132 | 2000 | 3/18/2010 |
| 1341 CONSERVANCY DR E | $375,000 | 2,672 | $140 | 1999 | 3/11/2010 |
| 7983 LOCHKNOLL LN | $392,000 | 2,911 | $134 | 2000 | 3/1/2010 |
| 7924 PRESERVATION RD | $350,000 | 2,478 | $141 | 1996 | 12/30/2009 |
| 8060 PRESERVATION RD | $330,000 | 2,901 | $113 | 2004 | 12/18/2009 |
| 1404 CONSERVANCY DR E | $320,000 | 2,417 | $132 | 1998 | 12/8/2009 |
| 7522 REFUGE RD | $430,000 | 3,762 | $114 | 2003 | 11/16/2009 |
| 317 SUMMERBROOKE DR | $299,000 | 2,359 | $126 | 1990 | 11/6/2009 |
| 8150 PARTERRE CT | $290,000 | 2,314 | $125 | 2001 | 11/2/2009 |
| 932 SUMMERBROOKE DR | $375,000 | 3,084 | $121 | 1993 | 10/30/2009 |
| 1160 CONSERVANCY DR W | $358,000 | 2,772 | $129 | 1996 | 10/29/2009 |
| 1200 GREENSWARD DR | $343,500 | 2,454 | $139 | 2000 | 10/27/2009 |
| 924 SUMMERBROOKE DR | $360,000 | 2,294 | $156 | 1996 | 8/31/2009 |
| 1276 CONSERVANCY DR E | $395,000 | 2,980 | $132 | 2001 | 8/13/2009 |
| 1044 SUMMERBROOKE DR | $380,000 | 3,329 | $114 | 1994 | 8/11/2009 |
| 1136 GREENSWARD DR | $383,000 | 2,447 | $156 | 1999 | 8/10/2009 |
| 893 SUMMERBROOKE DR | $309,000 | 2,822 | $109 | 1994 | 8/10/2009 |
| 1009 SUMMERBROOKE DR | $412,500 | 2,404 | $171 | 2005 | 8/7/2009 |
| 637 SUMMERBROOKE DR | $374,000 | 2,956 | $126 | 1991 | 8/4/2009 |
| 7874 PRESERVATION RD | $325,000 | 2,363 | $137 | 1997 | 7/24/2009 |
| 7734 CRICKLEWOOD DR | $400,000 | 3,326 | $120 | 2001 | 7/10/2009 |
| 1337 CONSERVANCY DR E | $335,000 | 2,263 | $148 | 2000 | 6/29/2009 |
| 7912 PRESERVATION RD | $315,000 | 2,239 | $140 | 2000 | 5/22/2009 |
| 1359 CONSERVANCY CT E | $277,500 | 2,153 | $128 | 2001 | 5/7/2009 |
| 7110 HERITAGE RIDGE RD | $369,000 | 2,523 | $146 | 1992 | 5/6/2009 |
| 7510 PRESERVATION RD | $485,000 | 2,847 | $170 | 2000 | 5/6/2009 |
| 7516 PRESERVATION RD | $376,000 | 2,450 | $153 | 1995 | 4/24/2009 |
| 1228 GREENSWARD DR | $460,000 | 3,032 | $151 | 2001 | 4/3/2009 |
| 1346 CONSERVANCY DR E | $385,000 | 2,940 | $130 | 2002 | 4/3/2009 |
| 7845 PRESERVATION RD | $240,000 | 2,151 | $111 | 1995 | 3/16/2009 |
| 6520 SPICEWOOD LN | $325,000 | 2,436 | $133 | 1997 | 2/6/2009 |
| 8086 RONDS POINTE CT | $370,000 | 2,448 | $151 | 2002 | 1/12/2009 |
| 7477 PRESERVATION RD | $550,000 | 3,641 | $151 | 2003 | 12/10/2008 |
| 7708 PRESERVATION RD | $410,000 | 2,910 | $140 | 1995 | 12/5/2008 |
| 1144 GREENSWARD DR | $365,000 | 2,799 | $130 | 1999 | 12/2/2008 |
| 1383 CONSERVANCY DR E | $360,000 | 2,700 | $133 | 1997 | 11/24/2008 |
| 8116 BLENHEIM LN | $342,900 | 2,448 | $140 | 2003 | 11/21/2008 |
| 1435 CONSERVANCY DR E | $439,000 | 2,961 | $148 | 2000 | 10/31/2008 |
| 8129 VIBURNUM CT | $390,000 | 2,891 | $134 | 2002 | 10/27/2008 |
| 7585 PRESERVATION RD | $440,000 | 3,217 | $136 | 2000 | 9/12/2008 |
| 917 SUMMERBROOKE DR | $535,000 | 3,018 | $177 | 1993 | 9/5/2008 |
| 7133 WOODED GORGE RD | $440,000 | 3,622 | $121 | 1995 | 8/1/2008 |
| 1108 GREENSWARD DR | $452,500 | 3,203 | $141 | 1998 | 7/30/2008 |
| 1209 CONSERVANCY DR E | $315,000 | 2,318 | $135 | 2001 | 7/9/2008 |
| 1224 GREENSWARD DR | $540,000 | 3,386 | $159 | 2003 | 6/30/2008 |
| 1435 CONSERVANCY DR E | $440,000 | 2,961 | $148 | 2000 | 6/30/2008 |
| 512 SUMMERBROOKE DR | $450,000 | 2,530 | $177 | 1990 | 6/27/2008 |
| 1378 CONSERVANCY DR E | $415,000 | 2,661 | $155 | 1999 | 6/20/2008 |
| 8124 BLENHEIM LN | $334,000 | 2,532 | $131 | 2000 | 6/11/2008 |
| 1060 SUMMERBROOKE DR | $460,000 | 3,004 | $153 | 2002 | 6/10/2008 |
| 1400 CONSERVANCY DR E | $380,000 | 2,573 | $147 | 1999 | 5/15/2008 |
| 1304 CONSERVANCY DR E | $435,000 | 2,813 | $154 | 1998 | 5/1/2008 |
| 1112 LOCHKNOLL CT | $630,000 | 3,717 | $169 | 2000 | 4/25/2008 |
| 8136 VIBURNUM CT | $380,000 | 2,768 | $137 | 2003 | 3/21/2008 |
| 883 HILL ROOST RD | $319,300 | 2,178 | $146 | 1992 | 3/21/2008 |
| $489,900 | 3,158 | $155 | 2000 | 3/21/2008 | |
| 1391 CONSERVANCY DR E | $365,000 | 2,437 | $149 | 1999 | 3/5/2008 |
| 8156 PARTERRE CT | $72,000 | 2,721 | $26 | 2005 | 2/20/2008 |
| 7083 SPICEWOOD LN | $315,000 | 2,128 | $148 | 2001 | 1/31/2008 |
| 7540 PRESERVATION RD | $465,000 | 2,728 | $170 | 2000 | 1/18/2008 |
| 7116 WOODED GORGE RD | $390,000 | 2,360 | $165 | 1996 | 1/7/2008 |
| 7695 WILLOW BASTIC CT | $365,000 | 2,501 | $145 | 1994 | 1/5/2008 |
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