The Big 4-Oh In Tallahassee Real Estate - 11/30/09 05:47 AM
 

Forty is on my mind today. Yesterday, we celebrated the 40th birthday of my “little” brother Danny, and this month we celebrate the fact that 40 tough months of real estate is most likely behind us.
Today, we begin to make the climb up from the bottom of the worst housing market since the Great Depression. Incentives are ripe for home buyers, with federal income tax dollars, low interest rates, and some great buys in the housing market.
Sometimes you have to look backwards to see where you are going. Understanding the cyclical nature of the real estate market … (2 comments)

Expired Home Listings Adding To The Shadow Inventory - 11/27/09 08:16 AM
 
A friend of mine asked me the other day “what’s the real deal in Southwood?” I responded “The real deal?”
He said he heard all kinds of rumors about what is going on in Southwood, that taxes are up and values are down.
I told him that I would do a thorough analysis of the real estate market in Southwood, as I knew it would make great material for the Tallahassee Real Estate Blog.
So today we’ll take an analytical tour of the supply and demand of homes in the Southwood neighborhood.
This post is packed full of information, including … (4 comments)

Signs Show Shadow Inventory Of Homes Is Growing - 11/26/09 10:36 AM
 
Yesterday, I received a great comment by a Destin, FL REALTOR® who pointed out that the shadow inventory of homes has many more components than just the defaulted mortgage pool. His example was of homes in a new neighborhood, developed in 2005, where all of the home owners are now upside-down on their mortgages.
As he explained in his comment on the Tallahassee real estate blog, Jim noted
Until that whole neighborhood turns over, it is going to have downward pricing pressure. We are talking about hundred of homes within a small radius.
So what this means, in a nutshell, … (8 comments)

Forecast Calls For Home Prices Dropping in 2010 - 11/25/09 10:07 AM
The Tallahassee area logged 163 single-family existing-home sales in October, down 5 percent over a year ago which is not as good as many other areas in Florida that seem to show gains in every market measured. Of course, those measurements are from REALTOR® MLS reports, which typically do not show much more than 1/2 t o 2/3rds of the entire market activity.
The median price for those local sales gained 1.2 percent to $174,000 from $172,000 in October 2008. Fort Walton Beach was the only other market in October to see prices rise, up 1 percent from a year ago.
… (5 comments)

Foreclosures Affecting Shadow Inventory Means Trouble - 11/24/09 06:41 AM
We have been keeping an eye on home foreclosures in Tallahassee for several years now and have warned that a log-jam of homes has been accumulating in the shadow inventory. In today’s foreclosure update, we’ll look at the location trend of homes that are being added to the “distressed properties” list in the Tallahassee real estate market.
The foreclosure process begins with a lis pendens filing, so we make sure that we track not only the final foreclosure sale, but also the monthly lis pendens filings in Tallahassee. When we construct a real estate graph of these two important concerns, we … (2 comments)

FHFA Says Keep Loan Limits Same - 11/23/09 06:51 AM
 
The Federal Housing Finance Agency (FHFA) last week announced that the maximum conforming loan limits for mortgages originated in 2010 will remain unchanged from the list provided in 2009.
The maximum loan limits for Tallahassee and all other areas in the United States can by found in a download-able format in the right sidebar of the Tallahassee Real Estate Blog, or by clicking this link to the list of FNMA loan limits by county.
So why does it matter what the FHFA says about loan limits? Because the Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 … (2 comments)

Tallahassee,FL:Killearn Lakes Unit 4 - 11/20/09 05:33 AM
If you have been following the Tallahassee Real Estate Blog over the past few weeks, you know that we have sporadically reviewed some neighborhoods in Tallahassee, and lately have done the first three units in Killearn Lakes Plantation. Today we’ll take a final look at Killearn Lakes, with a review of its 4th unit of homes.
Killearn Lakes Unit 4 is also know as “Grandview” and features homes on lots that range from 1 to 10 acres. As you will see from the following real estate graphs and analysis, home values have held much more stable in this neighborhood than many … (0 comments)

Housing Starts Drop, Confuse Associated Press - 11/19/09 07:48 AM

All across America this morning, people will be grabbing their morning paper (online most likely) and reading an article that was circulated through the Associated Press about the new home construction industry. As a matter of fact, the article features a picture of a home being built in Tallahassee (and that is how this feed caught my attention).
Unfortunately, the article is grossly misleading. The authors of this article apparently do not consider “supply and demand” in real estate to be a factor that home builders should consider when deciding what to do.
In the real estate equation, the supply … (0 comments)

Any Truth To Tiger Woods Joining CENTURY 21? - 11/18/09 07:43 AM
 
I have heard the rumors, have you? Tiger Woods joins the Tallahassee Real Estate Team At CENTURY 21 First Realty? It’s not enough to hear the rumors, but do we have photographic evidence as well?
Of course, the picture of Tiger Woods could just be the one where he is wearing the victor’s Gold Jacket after winning the Australian Masters golf tournament this past weekend, but who knows….
Speaking of golf tournaments, I was fortunate to play in a charity golf tournament at Golden Eagle on Monday. The tournament was created to support Christmas Connection and our Winning CENTURY 21 … (4 comments)

Know The Stages In This Housing Market Turn - 11/17/09 06:56 AM

Many people are wondering just exactly where this crazy real estate market is heading and how to anticipate its next move.  Unit sales have dropped and prices are continuing on a downward spiral.
In the past three years, we have seen a very hot sellers’ market change to a very cold buyers’ market, but many people do not realize that there are five distinct stages that we must move through to  transition from a buyers’ market back to a sellers’ market.
After posting yesterday’s Tallahassee Housing Report, I received a  comment from a colleague who wanted me to cover this … (6 comments)

Graphing Provides Clear Understanding Of Housing Market Moves - 11/16/09 07:33 AM
 
The Tallahassee Housing Market is undergoing a pleasant change right now. Most of the key indicators signal that we might be starting a recovery.
Is it due to the fact that we have spent two years selling roughly 50% of the number of homes that our market history sells? Or is it due to the Home Buyers Tax Credit (both the extension of the First Time Homebuyers Program as well as the extension into a program for all)?
I think it most likely is a combination of both of these. I also think it is wise to keep track of … (6 comments)

Seven Oaks Home Sales Continue Decline - 11/13/09 08:23 AM
 
Home sales in 7 Oaks (Killearn Lakes Unit 3) continue their steady decline from the height of the boom market several years ago. Consisting of 3 and 4 bedroom, single-family detached homes, Seven Oaks has been a very popular family neighborhood in Killearn Lakes for the past 20 years.
This seems to be a fairly consistent theme as we perform more of our Tallahassee Neighborhood Reports, both average home prices dropping as well as signs of roughly 20% depreciation in home values since the top of the market.
Killearn Lakes Unit 3 Home Sales Decline 71% More and more, we … (2 comments)

What Home Owners Should Know About The Cap And Trade Act - 11/12/09 06:51 AM
 
A good friend and client of mine asked me to give him a quick opinion on the American Clean Energy and Security Act of 2009 (Cap and Trade Act) and to gauge its impact on the real estate market in the coming years. No big deal I figured, I’ll just grab a beer and see what this thing is all about …
What I found was disturbing. First of all, that beer needed to be a 12-pack, because the American Clean Energy and Security Act of 2009 is a 1,428 page document written in typical political gobilly gook, with far … (6 comments)

Existing Home Sales In Killearn Lakes (Unit 2) Not Pretty - 11/11/09 08:36 AM
 
Existing home sales in Killearn Lakes (Unit 2) have dropped 72% from the peak of the market. With home prices historically running about 15% below the average home price in Tallahassee, Unit 2 of Killearn Lakes has been a very popular destination for Tallahassee homebuyers.
So why have existing home sales declined in Unit 2 of Killearn Lakes faster than the rest of the market (existing single family detached home sales are down 62% from the peak of the market)?
I suspect that the declining market has created value buyers (for those who were/are buyers) due to the glut of … (2 comments)

Existing Home Sales In Killearn Lakes (Unit 2) Not Pretty - 11/11/09 08:33 AM
 
Existing home sales in Killearn Lakes (Unit 2) have dropped 72% from the peak of the market. With home prices historically running about 15% below the average home price in Tallahassee, Unit 2 of Killearn Lakes has been a very popular destination for Tallahassee homebuyers.
So why have existing home sales declined in Unit 2 of Killearn Lakes faster than the rest of the market (existing single family detached home sales are down 62% from the peak of the market)?
I suspect that the declining market has created value buyers (for those who were/are buyers) due to the glut of … (0 comments)

After 40 Months, Growth Returns To Housing Market - 11/10/09 06:45 AM
Something positive occurred in the Tallahassee real estate market during the month of October. It was long awaited, yet one month prior to my prediction made earlier this year, so I am very excited to report REAL PROOF of a housing market improvement in Tallahassee.
We finally put a halt to a run of year over year declines in home sales! Previously, the Tallahassee housing market experienced a 39 month run, from July 2006 through September 2009, of year over year home sales declines! October records show more home sales this year than October of last year (242 total home sales … (12 comments)

Local Growth Drives Real Estate - 11/09/09 09:08 AM
 
You always hear the expression that real estate is local, and there certainly is a whole lot of truth to that. Certainly, national interest rates and Obama stimulus money have an affect on a local market, but the reality is that local job growth and local population growth have a whole lot more to do with the housing market than outside influencers.
Today, I want to mention two people who are very local to Tallahassee  and are starting to make an impact, both in our local market, as well as upon the national market. I am thinking that the work … (0 comments)

Congress Tells Homebuyers "We Will Print More Money" - 11/06/09 06:32 AM
 
Congress has extended and expanded the homebuyer tax credit. The modifications will become effective when President Obama signs the bill, which could occur as early as November 6, 2009.
I have received numerous emails and comments from readers who asked for me to report the changes to the First Time Homebuyers Tax Credit when they occurred, and the changes most likely will occur immediately. This post will review the changes and enhancements so you should be able to understand the new housing tax credit. I
The Obama Administration Says Buy A Home Buy a house and you can take part … (2 comments)

Tallahassee, FL: Killearn Lakes Unit 1 Home Sales Update - 11/05/09 07:01 AM
The Tallahassee Real Estate Blog regularly reviews Tallahassee neighborhoods in order to get a feel for what home values are doing. You can click any one of the links in the right side bar (see pictured on the right) for a list of any blogs when the corresponding neighborhood in Tallahassee is mentioned.
When we last looked in on Killearn Lakes Unit 1, we noted that the home prices were holding fairly steady, though values (when looked at price per square foot) were falling. This told us that people who were buying a home in Killearn Lakes Unit 1 were buying … (2 comments)

Home Supplies Dropping - New Report Available For Download - 11/04/09 09:47 AM
 
For those of you who like to carry a one-page summary of the current supply and demand report for Tallahassee housing, you can download this report from the right sidebar of the Tallahassee Real Estate Blog. It looks like the picture on the right and you only need to click the top link. Every month I post the updated report at this location.
Relative Home Supply Dropping! As we have discussed often in the past, there exists a glut of homes for sale in Tallahassee. The Home Inventory Reports tell us not only how many homes are available (real home … (6 comments)

Tallahassee, FL:Sable Chase Home Sales Report - 11/03/09 10:32 AM
Like many people who live in Killearn Lakes Plantation, I’ve discovered a great little neighborhood (56 homes) that joins Killearn Lakes to Bannerman Road. It’s called Sable Chase and it is relatively new, with new home sales that started just five years ago.
Unlike some of the larger subdivisions in Tallahassee for which we report, Sable Chase has fewer than 1 home sold each month, so the trends are not as clear to see. The key to trend reporting is to have enough sales (liquidity) that you can draw clear conclusions from the data. With fewer than 1 sale per month, … (0 comments)

Real Estate Needs Politicians OUT - 11/02/09 07:46 AM
Do you remember when you were growing up and falling down all the time, Mom would put a band aid on your fleshy scrape to keep it from getting infected. That band aid made you feel really good, but it came with a price.
Removing a band aid from a messy wound is not a pleasant experience. There are two schools of thought on how to remove the band aid:
Take your time – Be very slow, gently trying to “peel” it away from the would without damaging new skin or pulling hairs out. Grip it and rip it – Get … (12 comments)

 
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Joe Manausa - Tallahassee Real Estate

Tallahassee, FL

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Century 21 Manausa and Associates

Address: 1140 Capital Circle SE #12A, Tallahassee, FL, 32301

Office Phone: (850) 386-2001

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