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
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.
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.
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.
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:
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:
|Address||Price||Price/SQF||Closing Date||Year Built||SQF||Sale Type|
|3764 Bobbin Brook Circle||$1,600,000||$216||2019-11-22||2001||7,395||Resale|
|405 E Carolina St 220||$2,400,000||$1,875||2019-10-03||1969||1,280||Resale|
|3725 Phipps Point Road||$1,500,000||$264||2019-09-18||2004||5,679||Resale|
|6617 Heartland Circle||$1,950,000||$149||2019-04-17||2001||13,100||Resale|
|4442 Thomasville Road||$2,046,500||$398||2019-01-15||1982||5,148||Resale|
|4430 Thomasville Rd||$2,046,500||$398||2019-01-15||1982||5,148||Resale|
|4725 Mahan Drive||$6,042,730||$1,168||2018-12-20||1972||5,172||Resale|
|3700 Bobbin Brook Way||$1,800,000||$395||2018-11-30||2005||4,554||Resale|
|9525 Woodland Hills Way||$1,550,000||$232||2018-11-15||2002||6,679||Resale|
|9513 Woodland Hills Way||$1,550,000||$232||2018-11-15||2002||6,679||Resale|
|328 Cortez St||$1,675,000||$339||2018-09-28||1926||4,945||Resale|
|3891 Windbrook Ct||$3,550,000||$402||2018-08-13||2001||8,831||Resale|
|3924 W Millers Bridge Rd||$2,000,000||$154||2018-08-07||2018||12,948||New|
|6325 Velda Dairy Rd||$1,500,000||$430||2018-06-15||1989||3,485||Resale|
|930 Live Oak Plantation Road||$1,722,000||$241||2018-04-26||1972||7,140||Resale|
|2000 Dogwood Hill||$1,700,000||$147||2018-01-22||2003||11,558||Resale|
|6089 Leigh Read Road||$1,900,000||$165||2017-06-13||2009||11,521||Resale|
|217 Rosehill Dr N||$1,825,000||$347||2016-12-09||1990||5,261||Resale|
|5300 Bradfordville Road||$1,975,000||$595||2016-04-15||1980||3,318||Resale|
|2150 Thirlestane Road||$2,094,000||$197||2015-08-10||1995||10,644||Resale|
|6420 Thomasville Road||$1,550,000||$146||2015-07-10||1990||10,642||Resale|
|8008 Oak Grove Plantation Road||$1,550,000||$240||2015-05-05||2009||6,448||Resale|
|1812 Tuscan Hill||$2,500,000||$305||2015-05-05||2015||8,200||New|
|2984 Wateroak Plantation||$3,740,599||$249||2015-04-30||1945||15,000||Resale|
|259 Rosehill Dr N||$1,700,000||$265||2015-01-30||2000||6,416||Resale|
|6089 Leigh Read Rd||$1,999,900||$174||2015-01-21||2009||11,521||Resale|
|6986 Heartland Cir||$1,650,000||$234||2014-07-15||2004||7,059||Resale|
|3919 W Millers Bridge Rd||$1,550,000||$326||2012-12-31||2007||4,757||Resale|
|3907 W Millers Bridge Rd||$2,400,000||$303||2012-12-13||2003||7,909||Resale|
|1815 Tuscan Hill Dr||$1,500,000||$220||2012-04-27||2010||6,815||Resale|
|2163 Golden Eagle Dr W||$4,225,000||$329||2009-10-10||2005||12,836||Resale|
|3919 W Millers Bridge Rd||$1,550,000||$326||2009-04-20||2007||4,757||Resale|
|1410 Betton Rd||$2,000,000||$516||2008-12-05||1949||3,878||Resale|
|3669 Mossy Creek Ln||$1,500,000||$129||2008-11-10||2008||11,590||New|
|1815 Tuscan Hill Dr||$1,638,210||$240||2008-10-13||2010||6,815||New|
|621 N Calhoun St||$2,000,000||$164||2008-06-16||1972||12,204||Resale|
|545 Maclay Rd||$1,550,000||$273||2008-04-09||1987||5,684||Resale|
|2508 Kinhega Lodge Dr||$5,200,000||$400||2008-02-19||1953||12,989||Resale|
|3764 Bobbin Brook Cir||$1,625,000||$222||2008-01-25||2001||7,318||Resale|
|3710 Bobbin Mill Rd||$1,700,000||$366||2008-01-17||1977||4,643||Resale|
|7445 Heartland Cir||$2,000,000||$127||2007-11-05||2007||15,772||New|
|3677 Phipps Point Rd||$2,000,000||--||2007-09-17||2007||--||New|
|6617 Heartland Cir||$2,500,000||$237||2007-09-08||2001||10,540||Resale|
|3609 N Meridian Rd||$1,900,000||--||2007-06-04||2007||--||New|
|4418 High Grove Pl||$1,925,000||$367||2006-08-15||1991||5,247||Resale|
|6378 Ox Bow Run||$1,800,000||$357||2006-03-13||2005||5,039||Resale|
|2646 Millstone Plantation Rd||$2,225,000||$290||2006-02-23||1998||7,661||Resale|
|6420 Thomasville Rd||$2,250,000||$338||2005-12-30||1990||6,660||Resale|
|710 Live Oak Plantation Rd||$1,839,500||$368||2005-07-15||1981||4,998||Resale|
|3907 W Millers Bridge Rd||$3,725,000||$470||2005-06-30||2003||7,925||Resale|
|6420 Thomasville Rd||$2,150,000||$323||2004-10-28||1990||6,660||Resale|
|4430 Thomasville Rd||$1,747,500||$339||2004-10-15||1982||5,148||Resale|
|6157 Heartland Cir||$1,500,000||$239||2004-06-04||1995||6,275||Resale|
|6420 Thomasville Rd||$2,500,000||$375||2003-10-23||1990||6,660||Resale|
|267 Rosehill Dr N||$1,775,000||$291||1999-06-07||1997||6,099||Resale|
|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.