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Interesting Information About Condo Pricing In Tallahassee

Condo Taxes In TallahasseeThe entire economy continues to restrict and families are looking at every way to save money or reduce their daily expenses. One area that many Tallahassee homeowners are reviewing are their Leon County Property Tax Assessments. Some of the valuations in the tax records do not accurately reflect what is occurring in the Tallahassee real estate market and I think for some homeowners it makes sense to dispute the assessment that they received.

Condo Owner Struggles With Leon County Property Tax Assessment

I received the following message from a past client and thought I would look into Condo prices in Tallahassee.

Joe,

Finally got around to talking to the property appraisers office and sounds like they won't budge on their assessed value. A couple things I think are off base:

They say property values have dropped 1-2% in some of the WORST cases and that almost all have continued to appreciate or no change in value over the past 2 years. They have to be kidding, right?

They also said that refi appraisals are now done much more conservatively and that a value might actually be higher than a refi value....huh?

I'm waiting to hear back from them. Happen to have a graph that shows a trend in condo resale prices? Or have I just been off base and wasting my time?

Bubba

What a crazy question... Do I happen to have a graph that shows a trend ....

Tallahassee Condominium Sales Graphs

I checked everywhere and couldn't find an extra graph laying around, so I worked up two new ones. This first graph shows all condo sales in Leon County from January 1991 through October 2008. The blue area is the average price per square foot that was recorded for each sale while the red line is the one year trend (average price per foot over the past twelve months) for all condo sales.

Condominium Sales Graph In Tallahassee

The next condo graph shows the average price per foot for new condos and resale condos in Tallahassee. The blue trend line is currently running at about $167 per heated and cooled foot for new condo sales, while the red line is running at $107 per heated and cooled foot for resale condominium units.

Condominium resales in Tallahassee

Tallahassee Condo Prices Down From The Market High

I think it is clear that the overall condo market has seen prices drop since the end of 2005. But the reader asked a great question, specifically, what about resale prices? Resale prices should be separated from new prices because they historically sell at a lower rate than new units. But there is also another factor to consider.

Tallahassee Downtown Condo Sales Skew Market

Downtown Condos are a fairly new market and they are selling at significantly higher levels. The prices that they are attaining skew the rest of the market. Because of this, I would not treat this chart as an appraisal of condo values, rather as a "middle of the road" report of what condo pricing has done. Average condo resale values for units near the schools will be far less than those downtown, and because of this,one needs to apply an adjustment for location on any condo in Tallahassee that is being evaluated.

How To Dispute Your Tallahassee Condo Property Tax Assessment

I wrote a blog in August about how to dispute your property taxes that shows a great video of the process. I recommend everybody who is concerned about valuations re-read that article. As a final comment about the readers' questions, I can say that I do not agree with property values only dropping 1-2%. We are well over 10% off the high in all parts of Leon County. I have not seen a refi appraisal that is lower than a sales value because prices are still dropping. Old appraisals are higher than new ones.

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Joe Manausa is 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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Discussion

#1 By Joe Manausa at 7/11/2017 3:48 AM

Gavin, I would recommend you call Karen Gillispie at Premier Bank with all of your specific questions. She provided me the basic information that I distributed but she knows much more about the loan programs than I do.

#2 By Gavin at 7/11/2017 3:48 AM

The question is, do you have to use the one of the FTHB Mortgages in order to receive one of the FTHB DPAs? Or can you have a conventional or FHA mortgage and use the DPA assistance you qualify for?

#3 By Gavin at 7/11/2017 3:48 AM

Oooops. I posted this on the wrong blog entry. This was meant to go on the FTHB entry. My apologies.

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