Tallahassee Waterfront Property Sells For 78 Percent Premium
Now that 2012 is 1/3rd of the way to completion, let's see how Tallahassee waterfront property is doing compared to homes not on the water.
Every so often we take a look at niche property types, as people who own "special homes" often want to know how specific features affect real estate values.
Tallahassee waterfront homes are definitely a breed of niche property types, and homes on the water typically sell for more money than homes that have no water feature.
Tallahassee Waterfront Property Prices
Thus far in 2012, the average selling price of a home (condominium, townhouse, single family detached home) is $175,254 according to information in the Tallahassee MLS. The average home not on the water has sold for $166,700, while the average waterfront home in Tallahassee has sold for $296,700.
Tallahassee Waterfront Property Values
The graph above showed that the average price of a waterfront property was 78% higher than their landlocked counterparts in Tallahassee. The real estate graph below shows that values expressed in price per square foot are not as diverse. The average Tallahassee waterfront property has sold for $118 per square foot this year, versus $95 per square foot for homes not on the water.
Tallahassee Waterfront Property Sales
When we look at the behavioral change of homebuyers over the past few years, we see them moving to waterfront homes at a rate more than double what we saw during the boom of the housing market. In 2012, 7% of all sales have been for homes on the water, whereas each of the years 2002 through 2007 the rate was only 3%. I think we can attribute this to falling values and lower interest rates, allowing buyers to "buy more home."
If you want to know more information about selling a Tallahassee waterfront property, just drop me a note and we can schedule a time to demonstrate how our targeted marketing plan will get your home sold fast and for top dollar.