Bull Run home sales have boomed over the past five years, as did many of the “boom” neighborhoods in Tallahassee. Located in a great northeast location, these executive homes have a lot to offer for many Tallahassee families.
But this subdivision was “born” during the boom, so this brings on more challenges than most Tallahassee neighborhoods have to face. Bull Run home sales only commenced in 2005, so even as we face the toughest real estate market of our lives, these property owners will also have to deal with normal movement cycles.
Bull Run Home Sales
When we look at the graph of home sales in Bull Run, we notice a much-better “stabilized” rate of sales than we do in older Tallahassee subdivisions. This is caused by many reasons, but I think the most prominent one is that falling land prices are allowing builders to bring smaller, new construction homes to the market at prices cheaper than existing homes are priced.
A much clearer picture of Bull Run appears when we look at valuations, in terms of Bull Run home sales price per square foot.
When we look at the green shaded section of the real estate graph above, we see rapidly falling values from 2007 to 2009, until a wave of smaller, new construction homes were sold in 2010. This gives the appearance of an appreciating neighborhood, but that is why doing thorough due-diligence is so important when you buy a home in Bull Run.
Expect High Turnover For Bull Run
We expect Bull Run to become a very high turnover neighborhood, meaning many of the residents are going to need to move soon (to a higher degree than other similarly priced neighborhoods in Tallahassee). The reason? While this is grossly over-simplified …. Any boom neighborhood is full of residents who “got there at the same time” and thus are going to “leave at the same time.”
The demographic for Bull Run is primarily families with children, and demographically speaking, then tend to move every 5 to 7 years. Even if this trend slows, we should expect high turnover levels from 2011 through 2015.
My advice to homeowners is to sell your Bull Run home immediately if you want to avoid the largest competition that you will be facing over the next few years.
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