Waterfront Homes: Beating The Housing Market
No matter what type of home you have, the pace of home sales in Tallahassee is at or near a 20+ year low. But some homes are faring better than others, and today we'll see some evidence that waterfront homes in Tallahassee are performing better than there "inland" counterparts.
In order to create this housing report, I pulled home sales from the Tallahassee MLS and categorized them into two separate groups. Waterfront homes were defined as any homes that were tagged with one or more of the following descriptions:
- Lake Frontage
- Lake View
- Pond Frontage
- River Frontage
- River View
Of course, these tags are selected by the listing agents, so there is a bit of play in what is deemed as water frontage. Some homes that have a view of a tiny retention pond were shown to be both water frontage and water view, so take the results with a grain of salt (I didn't have time to drive out to thousands of properties to return with objective descriptions :)).
Price Trends For Tallahassee Waterfront Homes
The average price of a waterfront home in Tallahassee reached $398,000 in 2008, but has since dropped 22% to an average price of $309,500 (up this year from an average of $293,438 last year).
It is interesting to see an apparent rebound in home prices on the water (versus those that are not), but a better way to evaluate real estate market reactions is to look at average values rather than average prices.
Value Trends For Tallahassee Waterfront Homes
Waterfront homes have dropped 26% since the peak of the market, which is better than homes not on the water which have dropped 29%. Values have actually risen 25 cents per square foot for waterfront homes this year, but I think this is more a sign of slowing distressed property sales than anything else. Now that the banks are free to resume foreclosures at full pace, we might start to see a slide again the price of waterfront homes for sale in Tallahassee.
Our evidence does support the fact that waterfront home values are holding stronger than the rest of the Tallahassee housing market. Time will tell whether or not this is related to distressed property sales, or if in fact scarcity is the reason.
List Of Recent Waterfront Home Sales In Tallahassee
| Neighborhood | Address | SP | Price/SQF | Closing Date | Year Built | SQF |
| Woodbriar | 3396 WOODBRIAR LN | $120,000 | $96 | 7/18/2011 | 2005 | 1,249 |
| Lakeside | 4255 Cool Emerald | $152,000 | $86 | 7/15/2011 | 2006 | 1,767 |
| Mcbride Hills | 7762 MCCLURE DR | $445,000 | $162 | 7/15/2011 | 1999 | 2,747 |
| Summerbrooke | 1017 SUMMERBROOKE DRIVE | $407,500 | $154 | 7/15/2011 | 1993 | 2,651 |
| None | 3400 Williams Road | $850,000 | $266 | 7/15/2011 | 2006 | 3,195 |
| The Racquet Club | 1971 Maryellen Drive | $108,000 | $89 | 7/8/2011 | 1989 | 1,219 |
| Golden Eagle Plantation | 8889 GLEN ABBY DR | $565,000 | $174 | 7/5/2011 | 1997 | 3,238 |
| Lake Mary Ann Unrec | 4197 Kimmer Rowe | $338,000 | $111 | 7/1/2011 | 1997 | 3,052 |
| Rosehill | 287 Rosehill Dr E | $838,000 | $146 | 7/1/2011 | 1999 | 5,746 |
| Woodrun East | 7890 Tally Ann Drive | $77,000 | $73 | 6/30/2011 | 1990 | 1,055 |
| Lake Heritage Estates | 2128 Little River Lane | $87,500 | $81 | 6/30/2011 | 1980 | 1,086 |
| Burr Sub | 3268 Longleaf Road | $280,000 | $76 | 6/30/2011 | 1953 | 3,679 |
| Reserve At The Ridge | 9163 EAGLES RIDGE DR | $382,500 | $137 | 6/30/2011 | 2004 | 2,792 |
| Vieux Carre | 1453 Vieux Carre Drive | $477,675 | $167 | 6/30/2011 | 2004 | 2,868 |
| Moore Pond | 6867 Heartland Circle | $732,500 | $170 | 6/24/2011 | 1995 | 4,314 |
| The Lakes | 1327 Airport Dr E-10 | $95,000 | $88 | 6/22/2011 | 1984 | 1,083 |
| Sawgrass Plantation | 2785 SAW PALMETTO LN | $137,000 | $96 | 6/17/2011 | 1998 | 1,425 |
| Golden Eagle Plantation | lot 5 Shoal Creek | $431,532 | $154 | 6/15/2011 | 2011 | 2,801 |
| Killearn Estates | 4016 McLaughlin Drive | $279,500 | $115 | 6/13/2011 | 1988 | 2,440 |
| Kimberton | 3030 Shamrock | $355,000 | $88 | 6/10/2011 | 1981 | 4,021 |
| Forest Square | 1617 Seminole Drive | $230,000 | $114 | 6/2/2011 | 1978 | 2,016 |
| Lake Vern Estates Unrec | 3017 TISHA DR | $310,000 | $119 | 6/2/2011 | 1994 | 2,610 |
| Killearn Estates | 3050 Bay Shore Drive | $175,000 | $95 | 5/27/2011 | 1978 | 1,845 |
| Meadows At Woodrun | 2344 WINDERMERE RD | $125,000 | $102 | 5/25/2011 | 1980 | 1,230 |
| The Antlers | 7047 Alhambra Drive | $241,000 | $106 | 5/20/2011 | 1997 | 2,273 |
| Edinburgh Estates | 4352 Camden Drive | $278,800 | $112 | 5/17/2011 | 2006 | 2,486 |
| Southwood | 3174 Baringer Hill Drive | $435,000 | $154 | 5/17/2011 | 2006 | 2,825 |
| Killearn Estates | 4716 Tory Sound Lane | $175,000 | $80 | 5/13/2011 | 1979 | 2,174 |
| Coventry Banks | 8128 Lanternlight Lane | $730,000 | $168 | 5/12/2011 | 2002 | 4,357 |
| Moore Pond | 6617 Heartland Circle | $1,300,000 | $99 | 5/12/2011 | 2001 | 13,100 |
| Killearn Acres | 3136 Lookout Trail | $182,000 | $98 | 5/10/2011 | 1987 | 1,864 |
| Golden Eagle Plantation | 2945 Golden Eagle Drive East | $415,000 | $127 | 4/29/2011 | 1991 | 3,267 |
| Summerbrooke | 7551 Preservation Road | $350,000 | $105 | 4/29/2011 | 2004 | 3,332 |
| Golden Eagle Plantation | 8986 Winged Foot Drive | $647,500 | $134 | 4/29/2011 | 1988 | 4,850 |
| Ketcham Trust | 3164 W Lakeshore Drive | $230,000 | $122 | 4/25/2011 | 1956 | 1,886 |
| Luna Plantation | 10850 Luna Point Rd | $260,000 | $127 | 4/22/2011 | 1990 | 2,054 |
| Woodrun East | 7800 Tally Ann Drive | $45,000 | $35 | 4/21/2011 | 1981 | 1,270 |
| Chemonie Crossing | 7241 Old Chemonie Court | $356,000 | $135 | 4/21/2011 | 2002 | 2,631 |
| Edinburgh Estates | 4379 Woodbridge Road | $154,000 | $79 | 4/19/2011 | 1984 | 1,948 |
| Brandon Woods | 810 Maderia Circle | $365,000 | $102 | 4/15/2011 | 1991 | 3,585 |
| Golden Eagle Plantation | 9149 Shoal Creek Drive | $354,900 | $121 | 4/15/2011 | 1996 | 2,932 |
| Southwood | 4308 Grove Park | $205,000 | $133 | 4/13/2011 | 2005 | 1,541 |
| St Andrews | 1900 Nicklaus Ct | $47,500 | $50 | 4/12/2011 | 1989 | 952 |
| Russell's Pond | 4617 Russells PondLn | $100,000 | $85 | 4/6/2011 | 2001 | 1,173 |
| Hall Property Unrecorded | 17521 Frank N Margret Lane | $16,800 | $21 | 3/30/2011 | 1971 | 800 |
| Centerville Trace | 3638 Oxhill Court | $179,000 | $114 | 3/30/2011 | 2001 | 1,571 |
| Killearn Estates | 4724 Tory Sound Lane | $160,000 | $76 | 3/30/2011 | 1977 | 2,092 |
| Killearn Estates | 3166 Ferns Glen Drive | $230,000 | $74 | 3/30/2011 | 1981 | 3,123 |
| Killearn Estates | 2644 Nantucket Lane | $165,000 | $99 | 3/25/2011 | 1990 | 1,670 |
| Meridian Meadows | 218 Mill Branch Road | $120,000 | $130 | 3/18/2011 | 1970 | 920 |
| Golden Eagle Plantation | 8155 Glenmore Drive | $560,000 | $153 | 3/18/2011 | 1997 | 3,664 |
| Groves At Summerbrooke | 1528 Applewood Way | $195,000 | $125 | 3/16/2011 | 2005 | 1,558 |
| 1300 Live Oak Plantation | 1455 Millstream Road | $425,000 | $103 | 3/10/2011 | 1989 | 4,108 |
| Barrington Park Condominiums | 2801 Chancellorsville Drive | $162,400 | $106 | 2/28/2011 | 2004 | 1,532 |
| Greenwood Hills | 2070 Wildridge Drive | $285,000 | $80 | 2/28/2011 | 1990 | 3,557 |
| Summer Lake | 1766 San Damian Road | $331,106 | $137 | 2/25/2011 | 2009 | 2,418 |
| Luna Plantation | 10053 Collins Hole | $439,000 | $157 | 2/18/2011 | 1997 | 2,800 |
| Laruel Trace | 2624 Fenwood Court | $140,000 | $84 | 2/17/2011 | 2006 | 1,665 |
| Southwood | 3254 Belle Meade Trail | $704,000 | $175 | 2/16/2011 | 2005 | 4,012 |
| Blounts Camp | 24064 Lanier St. | $95,000 | $170 | 2/4/2011 | 1954 | 560 |
| None | 4209 Rabbit Pond Road | $195,000 | $139 | 2/4/2011 | 1997 | 1,400 |
| Southwood | 3166 Dunbar Lane | $506,099 | $167 | 1/28/2011 | 2011 | 3,022 |
| Golden Eagle Plantation | 2286 Cobb Drive | $386,000 | $122 | 1/27/2011 | 2002 | 3,156 |
| Southwood | 3169 Mulberry Park Blvd | $135,000 | $91 | 1/26/2011 | 2002 | 1,483 |
| Killearn Lakes | 2409 Bass Bay Drive | $282,000 | $115 | 1/26/2011 | 1994 | 2,442 |
| Woodbriar | 3395 Woodbriar Lane | $120,000 | $87 | 1/18/2011 | 2005 | 1,375 |
| Mission Manor | 6109 Greenon Lane | $32,000 | $51 | 1/4/2011 | 1983 | 623 |
You can always drop me a note if you want more information about waterfront homes in Tallahassee.
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