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Waterfront Homes: Beating The Housing Market

waterfront homes TallahasseeNo 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).

Tallahassee Waterfront Home Prices

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.

Tallahassee Waterfront Home Values

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