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Woodbriar: Boom Neighborhood Goes Bust

The Tallahassee neighborhoods that were created during the housing boom are faring the worst during the correction of the housing market, and Woodbriar provides a vivid example of what can happen when everybody buys at the same time in a community.

The demographic group that comprises the Woodbriar neighborhood in Tallahassee historically owns their home for 5 to 7 years, and that means this 2005 neighborhood is loaded with people who have already sold or are needing to sell a home.

Unlike established neighborhoods (for example, we reviewed Killearn Estates yesterday), new neighborhoods have patterned behavior that can be very costly during a housing market correction. With many of the homeowners needing to sell, we have seen Woodbriar home values decline by an average of 55% since the peak of the market.

Woodbriar Home Sales

When we look at the overall housing market in Woodbriar, we see that home prices have dropped from a peak of $167K in 2006, down to $77K thus far in 2011. This represents a drop of 54% and the trend is still heading downward.

Average Home Price In Woodbriar

Average Home Values In Woodbriar

Home values in Woodbriar have dropped one percent more than home prices at 55%, with values in 2006 at $126 per square foot recently selling at $57 per square foot. With the current state of the market as it is, this kind of pricing pressure will not let-up any time soon. If you notice the red bars in the graph above (representing distressed property sales in Woodbriar), then you will understand the significant value decline that we see in the real estate graph below.

Average Home Value In Woodbriar

Single Family Home Sales In Woodbriar

There are two different property types in Woodbriar, single family detached homes and town homes, so it makes sense to evaluate them separately to discover how each are performing. The real estate graph below shows that single family detached home sales have fallen 37% in value and thus far in 2011 we have only seen short sales and foreclosures selling in Woodbriar.

Woodbriar Single Family Home Sales

Townhouse Sales In Woodbriar

As with the rest of the Tallahassee real estate market, town house sales in Woodbriar are doing far worse than single family detached home sales. Woodbriar town home sales are down 59% in value, and like their single family detached home counterparts, only the distressed properties have sold in 2011.

Woodbriar Townhome Sales

Woodbriar Report Has Hidden Lessons

As I was preparing the list of recent home sales in Woodbriar (see below), it reminded me how important a great buyer's agent is during the purchase of a home. Scroll down the list of sales and see if a few "jump out at you" in terms of what the buyer paid, despite the clear evidence of lower values in the market. Having somebody with a lot of experience and great analytical skills will prevent you from over-paying in a market that is loaded with great buying opportunities.

List of Recent Home Sales In Woodbriar

Neighborhood Address SP Price/SQF Closing Date Year Built SQF
Woodbriar 3357 Sawtooth Drive $62,000 $46 3/25/2011 2005 1,338
Woodbriar 3296 Sugar Berry $62,000 $42 3/17/2011 2005 1,470
Woodbriar 3259 Sugar Berry Way $59,900 $45 2/25/2011 2005 1,338
Woodbriar 3325 Woodbriar Lane $115,000 $93 2/25/2011 2006 1,234
Woodbriar 3217 Sawtooth Drive $74,900 $55 2/25/2011 2005 1,368
Woodbriar 3287 Sugar Berry Way $61,000 $46 2/15/2011 2005 1,338
Woodbriar 3209 Sawtooth $65,500 $49 2/11/2011 2004 1,328
Woodbriar 3288 Sugar Berry Way $80,000 $54 1/20/2011 2005 1,470
Woodbriar 3395 Woodbriar Lane $120,000 $87 1/18/2011 2005 1,375
Woodbriar 3316 Sugar Berry Way $71,000 $53 1/13/2011 2005 1,338
Woodbriar 3320 Woodbriar Lane $138,000 $110 12/17/2010 2005 1,249
Woodbriar 3332 Sugar Berry Way $77,000 $58 12/15/2010 2005 1,338
Woodbriar 3085 Sawtooth Drive $80,000 $60 12/15/2010 2005 1,338
Woodbriar 3352 Sugar Berry Way $62,000 $46 11/22/2010 2005 1,338
Woodbriar 3213 Sawtooth Drive $70,000 $53 11/17/2010 2005 1,328
Woodbriar 3089 Sawtooth Drive $68,000 $51 11/5/2010 2005 1,338
Woodbriar 3368 Golden Rain Drive $120,000 $96 10/29/2010 2006 1,249
Woodbriar 3382 Woodbriar Lane $120,000 $97 10/29/2010 2005 1,234
Woodbriar 3344 Sugarberry Way $66,500 $50 10/25/2010 2005 1,338
Woodbriar 3307 Sugar Berry Way $71,000 $53 10/8/2010 2005 1,338
Woodbriar 3322 Sawtooth Drive $74,500 $56 9/27/2010 2005 1,338
Woodbriar 3117 Sawtooth Drive $74,000 $56 9/17/2010 2005 1,328
Woodbriar 3249 Sawtooth Drive $80,000 $60 9/17/2010 2006 1,338
Woodbriar 3160 Sawtooth Drive $79,200 $59 8/5/2010 2006 1,338
Woodbriar 3185 Sawtooth Drive $79,900 $60 8/3/2010 2005 1,338
Woodbriar 3176 Sawtooth Drive $79,500 $59 7/26/2010 2005 1,338
Woodbriar 3348 Sugar Berry Way $66,900 $50 7/20/2010 2005 1,338
Woodbriar 3129 Sawtooth Drive $82,000 $61 6/25/2010 2005 1,338
Woodbriar 3266 Sawtooth Drive $79,900 $60 6/25/2010 2005 1,338
Woodbriar 3280 Sugar Berry Way $75,000 $53 6/23/2010 2008 1,422
Woodbriar 3276 Sugar Berry Way $75,000 $53 6/23/2010 2008 1,422
Woodbriar 3271 Sugar Berry Way $80,000 $58 6/16/2010 2006 1,368
Woodbriar 3303 Sugar Berry Way $71,000 $53 6/10/2010 2005 1,338
Woodbriar 3290 Sawtooth Drive $75,000 $56 5/28/2010 2005 1,338
Woodbriar 3193 Sawtooth Dr $81,000 $61 4/1/2010 2005 1,338
Woodbriar 3278 Sawtooth Dr. $80,000 $60 3/31/2010 2005 1,338
Woodbriar 3286 Woodbriar Lane $115,000 $92 3/15/2010 2006 1,249
Woodbriar 3121 Sawtooth Drive $77,000 $58 2/18/2010 2005 1,338
Woodbriar 3294 Sawtooth Drive $82,500 $62 2/12/2010 2005 1,328
Woodbriar 3225 Sawtooth Drive $74,900 $55 2/1/2010 2005 1,368
Woodbriar 3153 Sawtooth Drive $79,200 $59 1/14/2010 2005 1,338
Woodbriar 3264 Sugar Berry Way $82,700 $62 12/30/2009 2005 1,338
Woodbriar 3323 Golden Rain $141,900 $98 12/21/2009 2005 1,444
Woodbriar 3296 Woodbriar Lane $142,900 $115 11/30/2009 2006 1,246
Woodbriar 3237 Sawtooth $96,500 $72 11/20/2009 2005 1,338
Woodbriar 3337 Sawtooth Drive $89,000 $67 11/13/2009 2005 1,338
Woodbriar 3194 Sawtooth Drive $87,000 $65 10/30/2009 2005 1,338
Woodbriar 3325 Sawtooth Dr $86,100 $64 10/28/2009 2005 1,338
Woodbriar 3351 Golden Rain Dr $132,200 $96 10/9/2009 2005 1,375
Woodbriar 3198 Sawtooth Drive $90,000 $67 9/30/2009 2005 1,338
Woodbriar 3133 Sawtooth Dr $96,000 $72 9/22/2009 2005 1,338
Woodbriar 3279 Sugar Berry Way $95,000 $69 9/15/2009 2005 1,368
Woodbriar 3329 Sawtooth Dr $87,000 $65 9/3/2009 2005 1,338
Woodbriar 3248 Sugar Berry Way $98,100 $73 8/14/2009 2005 1,338
Woodbriar 3375 Woodbriar Lane $150,000 $105 8/14/2009 2006 1,430
Woodbriar 3319 Sugar Berry Way $94,000 $70 7/24/2009 2004 1,338
Woodbriar 3177 Sawtooth Drive $88,900 $67 7/15/2009 2005 1,328
Woodbriar 3173 Sawtooth Drive $95,900 $72 6/11/2009 2005 1,338
Woodbriar 3324 Woodbriar Lane $159,200 $109 5/29/2009 2006 1,461
Woodbriar 3268 Sugar Berry Way $98,900 $74 5/27/2009 2005 1,328
Woodbriar 3405 Sawtooth Drive $99,900 $75 5/20/2009 2005 1,338
Woodbriar 3281 Woodbriar Lane $120,000 $96 3/18/2009 2006 1,249
Woodbriar 3283 Woodbriar Lane $120,000 $96 3/18/2009 2006 1,249
Woodbriar 3286 Sawtooth Dr $98,000 $74 3/7/2009 2005 1,328
Woodbriar 3347 Golden Rain $129,900 $101 2/25/2009 2005 1,280
Woodbriar 3299 Sugar Berry Way $103,000 $77 12/19/2008 2005 1,338
Woodbriar 3275 Sugar Berry Way $105,000 $77 11/20/2008 2005 1,368
Woodbriar 3374 Woodbriar Lane $151,000 $118 10/10/2008 2005 1,280
Woodbriar 3352 Woodbriar Lane $153,200 $122 9/22/2008 2005 1,256
Woodbriar 3180 Sawtooth $128,000 $96 7/11/2008 2005 1,328
Woodbriar 3310 Sawtooth Drive $119,900 $90 7/9/2008 2005 1,328
Woodbriar 3338 Golden Rain $170,400 $132 7/2/2008 2006 1,294
Woodbriar 3370 Woodbriar Lane $173,000 $140 6/27/2008 2005 1,234
Woodbriar 3302 Sawtooth Dr $134,900 $102 6/13/2008 2005 1,328
Woodbriar 3190 Sawtooth $125,000 $94 6/13/2008 2005 1,328
Woodbriar 3369 Sawtooth Drive $125,500 $94 6/5/2008 2005 1,338
Woodbriar 3181 Sawtooth $123,000 $92 5/14/2008 2005 1,338
Woodbriar 3334 Sawtooth Dr $120,000 $90 4/30/2008 2005 1,328
Woodbriar 3168 Sawtooth $120,000 $90 4/30/2008 2005 1,328
Woodbriar 3277 Sawtooth Drive $130,000 $97 4/25/2008 2005 1,338
Woodbriar 3128 Sawtooth Drive $104,000 $78 4/18/2008 2005 1,338
Woodbriar 3319 Golden Rain Drive $165,000 $134 3/19/2008 2005 1,234
Woodbriar 3334 Golden Rain $172,500 $138 12/28/2007 2006 1,249
Woodbriar 3307 Sugar Berry Way $130,000 $98 11/30/2007 2005 1,328
Woodbriar 3270 Sawtooth Dr $154,500 $116 11/9/2007 2005 1,328
Woodbriar 3216 Sugar Berry Way $139,800 $105 10/31/2007 2005 1,328
Woodbriar 3380 Sawtooth Drive $134,000 $100 10/11/2007 2005 1,338
Woodbriar 3309 Sawtooth Drive $157,500 $119 8/31/2007 2005 1,328
Woodbriar 3088 Sawtooth Drive $153,000 $115 8/17/2007 2005 1,328
Woodbriar 3208 Sawtooth Drive $125,000 $94 8/7/2007 2005 1,328
Woodbriar 3372 Sawtooth Dr. $143,500 $108 7/27/2007 2006 1,328
Woodbriar 3327 Golden Rain Dr $179,900 $145 6/1/2007 2005 1,237
Woodbriar 3252 Nw Sugar Berry Way $145,000 $108 4/23/2007 2005 1,338
Woodbriar 3339 Golden Rain Dr $180,000 $146 3/15/2007 2005 1,237
Woodbriar 3214 Sawtooth Dr $145,000 $109 2/28/2007 2005 1,328
Woodbriar 3096 Sawtooth Dr $155,000 $117 8/25/2006 2005 1,328
Woodbriar 3345 Woodbriar Lane $164,000 $131 8/22/2006 2005 1,249
Woodbriar 3287 Woodbriar Lane $181,135 $146 8/18/2006 2005 1,237
Woodbriar 3296 Sugar Berry Way $165,000 $111 8/17/2006 2005 1,480
Woodbriar 3306 Sawtooth Drive $174,000 $131 7/27/2006 2005 1,328
Woodbriar 3353 Woodbriar Lane $180,000 $146 7/27/2006 2005 1,237
Woodbriar 3359 Golden Rain Drive $173,000 $140 7/21/2006 2006 1,237
Woodbriar 3335 Golden Rain Drive $183,000 $147 7/20/2006 2005 1,249
Woodbriar 3349 Woodbriar Lane $174,900 $140 7/20/2006 2005 1,249
Woodbriar 3316 Woodbriar Lane $176,000 $142 7/14/2006 2005 1,237
Woodbriar 3304 Woodbriar Lane $179,500 $137 7/5/2006 2006 1,312
Woodbriar 3260 Sugar Berry Way $162,900 $123 6/30/2006 2005 1,328
Woodbriar 3271 Sugar Berry Way $157,900 $116 6/30/2006 2005 1,360
Woodbriar 3300 Sugar Berry Way $156,000 $105 6/26/2006 2005 1,480
Woodbriar 3334 Gloden Rain Drive $177,000 $143 6/23/2006 2005 1,237
Woodbriar 3292 Sugar Berry Way $158,500 $107 6/23/2006 2005 1,480
Woodbriar 3291 Woodbriar Lane $176,000 $141 6/21/2006 2005 1,249
Woodbriar 3295 Woodbriar Lane $170,789 $138 6/16/2006 2005 1,237
Woodbriar 3294 Sawtooth Drive $152,000 $114 6/9/2006 2005 1,328
Woodbriar 3161 Sawtooth Drive $164,900 $124 5/31/2006 2006 1,328
Woodbriar 3331 Golden Rain Dr $165,000 $135 5/31/2006 2005 1,219
Woodbriar 3325 Woodbriar Lane $180,000 $144 5/31/2006 2005 1,249
Woodbriar 3312 Sugar Berry Way $156,000 $105 5/31/2006 2005 1,480
Woodbriar 3157 Sawtooth Drive $162,500 $122 5/26/2006 2006 1,328
Woodbriar 3300 Woodbriar Lane $157,000 $126 5/26/2006 2005 1,249
Woodbriar 3304 Woodbriar Lane $160,000 $128 5/26/2006 2005 1,249
Woodbriar 3316 Gloden Rain Drive $176,000 $142 5/26/2006 2005 1,237
Woodbriar 3308 Sugar Berry Way $160,000 $108 5/26/2006 2005 1,480
Woodbriar 3304 Sugar Berry Way $156,000 $105 5/26/2006 2005 1,480
Woodbriar 3338 Golden Rain Drive $180,000 $141 5/25/2006 2005 1,275
Woodbriar 3347 Golden Rain $182,900 $129 5/24/2006 2005 1,420
Woodbriar 3282 Woodbriar Lane $179,900 $137 5/19/2006 2006 1,312
Woodbriar 3311 Golden Rain Drive $157,000 $126 5/16/2006 2005 1,249
Woodbriar 3286 Woodbriar Lane $179,000 $143 5/16/2006 2005 1,249
Woodbriar 3358 Gloden Rain Drive $178,000 $144 5/16/2006 2005 1,237
Woodbriar 3332 Sugar Berry Way $162,000 $122 5/12/2006 2005 1,328
Woodbriar 3346 Golden Rain Drive $179,900 $128 5/2/2006 2005 1,408
Woodbriar 3368 Gloden Rain Drive $180,000 $146 5/2/2006 2005 1,237
Woodbriar 3201 Sawtooth Dr $160,000 $120 5/1/2006 2005 1,328
Woodbriar 3205 Sawtooth Dr $160,000 $120 5/1/2006 2005 1,328

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