Forest Heights is heating up, and possibly might become the renegade neighborhood in Tallahassee. Though it has declined in value like the rest of the real estate market, Forest Heights is going to be attracting both real estate investors and owner-occupants alike.
With homes built in the 1950s, 1960s, and 1970s, Forest Heights is a mature subdivision in the northwest quadrant of Leon County. This means that no new construction has occurred in roughly 40 years, and the boom of the housing market pulled it up without having a direct impact on supply. These homes are very much “Tallahassee homes,” and you will find both students and families living in Forest Heights.
Home Prices shot up 77% from 2002 to 2007, but have since receded 31%. To put that in perspective, here’s the wild ride that homeowners have experienced in Forest Heights over the years. A home that would have sold for $109,000 in 2002 appreciated to $194,000 in 2007, but is now selling for $127,000, which is an annualized real estate appreciation rate of 1.6% since 2002.
Currently, home values in Forest Heights are below $80 per square foot, which is why this great rental neighborhood is going to be attracting real estate investors. The home sites (land) are large, and the replacement cost valuations are going to guarantee investors a very healthy long-term rate of return on their investment.
Due to the price point, I would think that most home owners in Forest Heights who want to sell their home should find a buyer very quickly if they are using a super aggressive home selling plan combined with a strategically sound asking price. This is a high demand price range located very conveniently to schools, shopping, etc.,