A Bright Spot In Tallahassee Real Estate

By
Real Estate Agent with Joe Manausa Real Estate 8508880888

Northeast Tallahassee - Inventory Levels Not So Bad

The Northeast quadrant of Tallahassee (Area 1 in the MLS) has shown to have the best response to the current market. It has been the least affected area in Leon County in terms of the number of homes that are selling, so I decided to look and see how each Subdivision was doing. Not surprisingly, many of its subdivisions were not doing bad at all, while many that still have new construction were a bit sluggish.

Subdivision

Sales

For Sale

Months Supply

2 Years Ago

Last Year

Grand Total

1939

1657

1229

8.9

Killearn Lakes

140

115

69

7.2

Killearn Estates

134

104

60

6.9

Killearn Acres

77

62

37

7.2

No Subdivision

56

51

67

15.8

Golden Eagle

64

43

58

16.2

Piney Z

70

52

37

8.5

Bull Run

46

43

20

5.6

Summerbrooke

41

39

25

7.7

Weems Plantation

48

17

20

14.1

Betton Hills

29

21

30

17.1

Ox Bottom Manor

30

28

21

9.0

Park Charleston

18

37

16

5.2

Killearn Commons

29

18

11

7.3

Midtown At Meridian Condos

28

27

3

1.3

Arbor Hills

27

22

8

4.4

Breckenridge On Park

17

30

8

3.2

The Glen At Golden Eagle

31

11

13

14.2

Goose Creek

29

13

9

8.3

Camelot Park

18

19

10

6.3

Waverly Hills

21

12

9

9.0

Sawgrass Plantation

16

14

9

7.7

Buckhead

13

16

9

6.8

Buckwood

16

9

6

8.0

Cameron Chase

7

18

5

3.3

Chateau Lafayette

19

8

3

4.5

Eastgate

14

8

8

12.0

Foxcroft

11

15

4

3.2

Deerfield Plantation

13

9

7

9.3

Adiron Woods

3

15

10

8.0

Park Brook Crossing

14

9

5

6.7

Shannon Forest

8

18

2

1.3

Richview Park

9

14

4

3.4

Villages At Maclay

7

15

5

4.0

Walden Place

7

14

6

5.1

Royal Oaks

10

10

5

6.0

Briar Chase

7

10

7

8.4

The Groves At Summerbrooke

13

5

6

14.4

Meadowbrook

13

8

2

3.0

Scotswood

13

5

5

12.0

Brandt Hills

7

11

4

4.4

Sable Chase

14

2

6

36.0

Chemonie Crossing

7

8

6

9.0

Stoney Creek Crossing

9

9

3

4.0

Swift Creek Woods

6

9

6

8.0

Hidden Valley

12

8

0

0.0

Woodgate

11

4

5

15.0

Centerville Trace

4

12

3

3.0

Gardens Of Killearn

4

8

7

10.5

Lenox Mill

10

4

5

15.0

Victory Terrace

8

9

2

2.7

Countryside At Benjamin's Run

9

6

3

6.0

Forest Commons

9

7

2

3.4

Lafayette Oaks

9

7

2

3.4

Avondale

2

11

4

4.4

Betton Woods

7

2

8

48.0

Homestead Ridge

4

9

4

5.3

Melody Hills

7

5

5

12.0

Miccosukee Hills

8

6

3

6.0

Township One North Unrec

7

2

8

48.0

Easton Glen

6

8

2

3.0

Brockswood Park

6

2

7

42.0

Cottages Of Miccosukee

0

1

14

168.0

Piedmont Park

9

2

4

24.0

Sandcastle

7

4

4

12.0

Eagles Ridge

5

6

3

6.0

Highgrove

5

6

3

6.0

Morningside Heights

1

4

9

27.0

Raintree

9

5

0

0.0

Vieux Carre

4

6

4

8.0

Capital Hills

6

4

3

9.0

Heartwood Hills

4

6

3

6.0

Kenilwood

4

4

5

15.0

Arvah Branch

4

6

2

4.0

Ashton Woods

6

4

2

6.0

Barrington Park

0

2

10

60.0

Durward

3

4

5

15.0

Emerald Woods

6

2

4

24.0

Kinsail

7

3

2

8.0

Meeting Street

5

7

0

0.0

Oak Park

6

2

4

24.0

Observation Pointe

0

2

10

60.0

Pine Landing

5

5

2

4.8

Dyrehaven

3

3

5

20.0

Glen Hawk

7

2

2

12.0

Inglewood

5

5

1

2.4

Kimberton

5

3

3

12.0

Legacy Park

6

2

3

18.0

Mint Hill

7

1

3

36.0

Pinecrest

6

3

2

8.0

Easton

4

0

6

0.0

Landover Hills

1

6

3

6.0

Meadow Hills

4

3

3

12.0

Miccosukee Pines

5

5

0

0.0

Northampton

6

2

2

12.0

Ox Bottom Gardens

6

1

3

36.0

Parkbrook Crossing

8

2

0

0.0

Shamrock Plaza

5

2

3

18.0

Shire Ridge At Moccasin Gap

2

4

4

12.0

The Plantation At Heritage Oaks

0

0

10

0.0

The Ravines

5

4

1

3.0


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Joe Manausa, MBA, CRB, CRS | Broker / Owner | Century 21 First Realty

2365 Centerville Road | Tallahassee, Florida 32308 | 850-386-2001 | http://www.manausa.com/

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Tags:
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Show All Comments
Rainmaker
388,619
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
That is a nice area.  I was there this past weekend.
Oct 25, 2007 09:21 AM #1
Anonymous
Larry

Great info, Joe

I was wondering if you have the monthly number for September or August number in NE area ?

Thanks

Oct 25, 2007 09:36 AM #2
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Thanks John. We love it when it's cool.
Oct 25, 2007 10:03 AM #3
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Larry, I don't know what "number" you are to which you are referring.
Oct 25, 2007 10:04 AM #4
Anonymous
Larry

Joe

I meant the monthly homes that were sold in August and Sept 2007, to reflect the most updated information.

Thanks

Oct 26, 2007 01:27 AM #5
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

How's this Larry?

  JanFebMarAprMayJunJulAugSep
Single Family         
 Total New Sales606675758184958482
 Total Resales230224322296364387369375218
 Total Single Family290290397371445471464459300
          
Condominiums/Townhomes         
 Total New Sales303528293442506931
 Total Resales456176657872889447
 Total Condo/Townhome75961049411211413816378
          
Mobile/Manufactured Homes414137353845463031
          
Residential Lots2638126211813710310811577
          
Commercial & Other IMPRV392337343449342316
Commercial & Other VACNT1248288474
          
Total720535845654774790794797506
          
Total Forclosures566652274
 

 

Oct 26, 2007 02:13 AM #6
Anonymous
Larry

Thank You

Joe

Oct 26, 2007 03:12 AM #7
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
You're welcome Larry. Have a great weekend.
Oct 26, 2007 03:16 AM #8
Anonymous
Larry

Joe,

Do you notice anyone still buying properties as investments lately?

Thanks

Oct 26, 2007 03:21 AM #9
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Definitely. Don't the smartest buyers "buy" when everyone else is selling? We are only seeing the professional investors buying now. All the get-rich-quick speculators seemed to have fallen by the way-side. Real Estate Investment is a long-term game. The short-termers never make it.
Oct 26, 2007 03:27 AM #10
Rainer
50,736
Bonnie Barbieri
Remax Marketing Specialists - Spring Hill, FL
GRI, CIPS, SFR, TRC,CNE,CDPE,SRES

Great stats.  I am looking forward to the Hernando County area having a better market.  We are still seeing buyers but they are taking forever. 

 

www.HomeInTheSunGroup.com

Oct 26, 2007 04:52 AM #11
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Thanks Bonnie. Good luck in Hernando County.
Oct 26, 2007 10:32 AM #12
Anonymous
Stan

I love the statics you put out there Joe !!!

by the way,It was reported today that 1 out of every 5 mortgages originated in 06 are in serious delinquency. It's probably an indication that home prices have gone up to a point where only few people can afford it.

In your earlier comment to Larry, you said speculators are gone, and only the professional investors are still dancing.  How do you distinguish between speculators and professionals?

Thanks

Oct 26, 2007 11:52 AM #13
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Stan, speculators are looking to make money. Investors look to create wealth. Wealth is a long-term thing. We don't worry about markets. Due to scarcity and population growth, real estate will always go up in the long run. Markets go up and down, but the long-term is up. That is why investors focus on the long term. Speculators play the market.
Oct 27, 2007 12:35 AM #14
Anonymous
Stan

I think making money and creating wealth is same thing. Both specualtors and investors want to make money. Money is what motivate you wake up every morning and go to work. An old Chinese General said that War is won before it's ever fought. It means you can realize a profit before you sell a property if you can buy the property for what it is worth. say paying 75 cents for a dollar bill

Unfortunately, home prices are truly over priced in Tallahassee. If you buy today, you are hoping paying 1.25 for a dollar, hoping sell it to the next idiot for 1.5.  and you may succeed, but I would not play the game.

 

Oct 28, 2007 01:04 PM #15
Rainmaker
1,163,163
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Stan, I highly recommend that you do some reading. There is a huge difference between creating wealth and making money, and it is obvious you have not discovered this yet. The "old Chinese General" that you refer to is Sun Tzu, and he wrote perhaps the greatest book ever on warfare The Art of War. I read this during my West Point days.

Donald Trump is buying real estate now.

We have investors worth tens of millions of dollars, here in Tallahassee, buying real estate now. Are they stupid? Does The Donald not know what he is doing? Maybe so. Maybe you are right.

 

Oct 28, 2007 09:06 PM #16
Anonymous
Stan

Donald Trump is someone I don't respect.  He inherited most of wealth from his dad.   Casino business is a fine business, recession proof. why? no competition, getting a license is tough from government and it's addictive.  Question:  Can you name a casino ever file for bankruptcy?  I can recall one, that's Trump Casino in Atlantic City.

Trump had a lousy business track record, He was investing in football team in the 80s and lost all the money there, Then He tries to take United Airline private in the Late 1980s, the plan was a bust, because the company went bust few years later.

If you want to follow a smart guy in the Real Estate, I recommend that you follow Sam Zell. He sold most of his property in 06, He was buying big in early 1990s. People called him the Graver Dancer

We shall see how this downturn will unfold 

Oct 29, 2007 02:31 AM #17
Anonymous
Stan

Joe

I would like to buy property that's selling at below construction costs. Please let everyone know when the time has arrived. Maybe three years from now

Oct 29, 2007 02:34 AM #18
Anonymous
Stan

here's a chart of Permits, The home prices usually lag Permits by a year. In the other word, Home prices peaked one year After the permits Peaked, and prices Bottomed one year after permit has made the Bottom. As you can see permits is in a free fall, just made a new low in Sept 2007. So the prices will continue go lower

 Graph: New Private Housing Units Authorized by Building Permit

Graph: New Private Housing Units Authorized by Building Permit

Oct 29, 2007 02:40 AM #19
Anonymous
Stan

Home builders drive prices, when their business is too good, they raise prices, like they did in from 2001-2005, when they can't sell, they drop  prices to clear the inventory, like they are doing now. Now they can not sell now, so they don't buy lots. Sooner or later the lot price will drop, then the overall construction cost will go down, because lot price is big component of a home.

I think Home builders are getting a little bit desperate now, keep a spec home for a year costs lots of money.

Oct 29, 2007 02:46 AM #20
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