The Timber Lake neighborhood was in the news yesterday, as Leon County commissioners approved a million dollar expenditure for flood relief. This additional money joins a federal grant of $2.4M for its flood-relief project.
So what have home values in Timber Lake been doing over the past 10 years? Like the rest of the Tallahassee real estate market, this popular Southeast Tallahassee neighborhood has seen depreciation. But home values and prices have fallen further in Timber Lake than in many other parts of town. Some of this has to be attributed to the flooding problems, and distressed property sales have contributed as well.
Currently, there are 7 Timber Lake homes for sale in the Tallahassee MLS, as well as 1 lot and 1 rental property. Asking prices go from $90,000 to $125,000, and the rental property is available for $1,200 per month.
Timber Lake Home Prices
In the real estate graph below, the number of home sales each year are shown in the green (arms length) and red (distressed) vertical bars and measured on the left axis, while the average home price in Timber Lake is shown in the brown field and measured on the right axis.
The average price for a home sold in Timber Lake in 2011 is just over $106,000, which is 34% lower than the $160,000 average reached in 2006 at the height of the housing market. Of greater concern however is that in 2006, 29 homes were sold, and this year only 4 sales have closed, 2 of which were distressed properties.
Timber Lake Home Values
Home values in Timber Lake have fallen 33% since 2007, where the average value was $131 per square foot, compared to the current average of $87 per foot. The fact that sales are significantly slower than the rest of the Tallahassee real estate market has to be tied to the flooding problems, so the work being done to fix it over the next 8 months might open the door for higher buyer activity. This is one neighborhood in Tallahassee where waiting to sell a home might actually bring a higher price.
As with all of our Tallahassee neighborhood reports, we provide these as important market information for home sellers and home buyers in the Tallahassee housing market. If you have a home that you are needing to sell, please schedule a time to see our Progressive Home Selling Plan. It will open your eyes to the changes in the real estate market and what it takes to get top price in an internet-based home selling environment.
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