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The Most Expensive Luxury Houses For Sale In Tallahassee

Joe Manausa Real Estate recently sold the most expensive home on the market in Tallahassee; the WaterOak Plantation has a new owner.

And like many of the homes that have sold for millions of dollars over the past twenty years, much of the value was in the land. Eighty waterfront acres, located within the 32312 zip code's highest valued homes made for a great purchase for the lucky buyer.

But this sale really got me thinking about the all the luxury houses for sale in Tallahassee (as long-time readers of the Tallahassee Real Estate Blog can attest due to several recent articles on the supply of luxury homes in our housing market).

This article is loaded with high-end home data for the prudent home seller and home buyer. First, we show all high end homes for sale in Tallahassee priced over $1M, then we look at the supply and demand for million dollar homes. We include sound  guidance for both sellers and buyers who are the Tallahassee luxury homes for sale right now, and we conclude with all homes sold over $1M.

Luxury Houses For Sale Tallahassee

22 Properties
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Luxury Home Sales

The following real estate graph shows the number of homes that have sold each year where the sales price was one million dollars or higher. As you can see, it's a very small market for the highest of high end homes in Tallahassee.

Tallahassee luxury homes for sale Zillow

Do you find it concerning that there were more million dollar home sales in each year from 2005 through 2008 than there were in all of the ten years of 1990s combined?

That to me is staggering.

I wrote an article a while back which examined just how over-sold is the luxury home market and I encourage you to read it if you are going to be active in this segment of the Tallahassee real estate market.

Million Dollar Home Construction

If the graph above does not disturb you, take a look at the growth in construction of million dollar homes.

luxury houses for sale zillow

The simple question that I have is did the economy in Leon County, Florida improve so much that we can support a 430% growth in the number of million dollar homes, or is there something else going on that we should be monitoring?

High End Home Consumers Should Monitor The Mortgage Market

After a thorough study of the changes in population growth, inflation, and mortgage interest rates have impacted the high end homes market, I am concerned that we are in an artificially stabilized market for million dollar homes.

Tallahassee luxury homes for sale Zillow

The jump in the construction of luxury houses for sale in Tallahassee coincides with the availability of extremely cheap money. This super-low-interest rate period began around 2002 and has continued through today (and likely will continue through this year at least).

If you are thinking interest rates will be low forever ... perhaps we've entered into a new era ... that this time it's different ... than you might want to read a book that will likely change your mind. I read it and it blew my mind, we're heading down the same path today:

Joe Manausa real estate quotes  Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong.
[This Time Is Different: Eight Centuries Of Financial Folly]

If you want to buy one of the Tallahassee luxury homes for sale on Zillow or any othe site and plan on enjoying it for many years, than by all means do so. But if you aren't confident that your stay in Tallahassee is long-term, you should really take the time to assess the importance of equity retention should you decide to leave in a few years. The market is soft for million dollar homes, and will get softer with every tiny rise in mortgage interest rates.

If you currently own a million dollar home and love it, I would recommend that you keep it unless a move in the next few years is inevitable. Knowing that you must sell in the next few years would mean that now is your best time to attract a buyer who has the ability to utilize cheap money to buy your home. As rates rise, the buyer pool will diminish greatly, then supply and demand will make it tough on all high end homeowners.

Million Dollar Homes For Sale In Tallahassee

The following map and list show all homes for sale in Tallahassee priced at $1M or higher:

AddressPricePrice/SQFClosing DateYear BuiltSQFSale Type
3725 Phipps Point Road$1,500,000$2642019-09-1820045,679Resale
6617 Heartland Circle$1,950,000$1492019-04-17200113,100Resale
4430 Thomasville Rd$2,046,500$3982019-01-1519825,148Resale
4442 Thomasville Road$2,046,500$3982019-01-1519825,148Resale
4725 Mahan Drive$6,042,730$1,1682018-12-2019725,172Resale
3700 Bobbin Brook Way$1,800,000$3952018-11-3020054,554Resale
9525 Woodland Hills Way$1,550,000$2322018-11-1520026,679Resale
9513 Woodland Hills Way$1,550,000$2322018-11-1520026,679Resale
328 Cortez St$1,675,000$3392018-09-2819264,945Resale
3891 Windbrook Ct$3,550,000$4022018-08-1320018,831Resale
3924 W Millers Bridge Rd$2,000,000$1542018-08-07201812,948New
6325 Velda Dairy Rd$1,500,000$4302018-06-1519893,485Resale
930 Live Oak Plantation Road$1,722,000$2412018-04-2619727,140Resale
2000 Dogwood Hill$1,700,000$1472018-01-22200311,558Resale
6089 Leigh Read Road$1,900,000$1652017-06-13200911,521Resale
217 Rosehill Dr N$1,825,000$3472016-12-0919905,261Resale
5300 Bradfordville Road$1,975,000$5952016-04-1519803,318Resale
2150 Thirlestane Road$2,094,000$1972015-08-10199510,644Resale
6420 Thomasville Road$1,550,000$1462015-07-10199010,642Resale
8008 Oak Grove Plantation Road$1,550,000$2402015-05-0520096,448Resale
1812 Tuscan Hill$2,500,000$3052015-05-0520158,200New
2984 Wateroak Plantation$3,740,599$2492015-04-30194515,000Resale
259 Rosehill Dr N$1,700,000$2652015-01-3020006,416Resale
6089 Leigh Read Rd$1,999,900$1742015-01-21200911,521Resale
6986 Heartland Cir$1,650,000$2342014-07-1520047,059Resale
3919 W Millers Bridge Rd$1,550,000$3262012-12-3120074,757Resale
3907 W Millers Bridge Rd$2,400,000$3032012-12-1320037,909Resale
1815 Tuscan Hill Dr$1,500,000$2202012-04-2720106,815Resale
2163 Golden Eagle Dr W$4,225,000$3292009-10-10200512,836Resale
3919 W Millers Bridge Rd$1,550,000$3262009-04-2020074,757Resale
1410 Betton Rd$2,000,000$5162008-12-0519493,878Resale
3669 Mossy Creek Ln$1,500,000$1292008-11-10200811,590New
1815 Tuscan Hill Dr$1,638,210$2402008-10-1320106,815New
621 N Calhoun St$2,000,000$1642008-06-16197212,204Resale
545 Maclay Rd$1,550,000$2732008-04-0919875,684Resale
2508 Kinhega Lodge Dr$5,200,000$4002008-02-19195312,989Resale
3764 Bobbin Brook Cir$1,625,000$2222008-01-2520017,318Resale
3710 Bobbin Mill Rd$1,700,000$3662008-01-1719774,643Resale
7445 Heartland Cir$2,000,000$1272007-11-05200715,772New
3677 Phipps Point Rd$2,000,000--2007-09-172007--New
6617 Heartland Cir$2,500,000$2372007-09-08200110,540Resale
3609 N Meridian Rd$1,900,000--2007-06-042007--New
4418 High Grove Pl$1,925,000$3672006-08-1519915,247Resale
6378 Ox Bow Run$1,800,000$3572006-03-1320055,039Resale
2646 Millstone Plantation Rd$2,225,000$2902006-02-2319987,661Resale
6420 Thomasville Rd$2,250,000$3382005-12-3019906,660Resale
710 Live Oak Plantation Rd$1,839,500$3682005-07-1519814,998Resale
3907 W Millers Bridge Rd$3,725,000$4702005-06-3020037,925Resale
6420 Thomasville Rd$2,150,000$3232004-10-2819906,660Resale
4430 Thomasville Rd$1,747,500$3392004-10-1519825,148Resale
6157 Heartland Cir$1,500,000$2392004-06-0419956,275Resale
6420 Thomasville Rd$2,500,000$3752003-10-2319906,660Resale
267 Rosehill Dr N$1,775,000$2911999-06-0719976,099Resale
3607 N Monroe St$1,500,000--1998-06-24----Resale

If you are not sure which way to go, whether buying or selling, and you would like to further explore the financial aspect of million dollar home ownership in Tallahassee, just drop me a note and we'll schedule a time to review your specific situation.

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Joe Manausa Real Estate
2066 Thomasville Rd
Tallahassee, FL 32308
(850) 366-8917