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Tallahassee, FL Real Estate News

By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Based upon the feedback that I received on the first two posts in my series on the Real Estate Shadow Inventory, I can tell that many real estate professionals around the country do not even have a great awareness of its impact in their market area. I have pointed out recently that I think the shadow inventory might be the most significant problem in the history of the housing market, yet the majority of my peers don’t think the problem is nearly that large. If you did not catch my first post titled Measuring The Shadow Inventory or the second one titled More Real Estate Shadow Inventory, I recommend reading them as much of what will follow is just a continuation of those thoughts and statistics. Today, I will temporarily complete this series with a look at some specific numbers in some...
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By Carol Palacios
(Century 21 Manausa & Associates)
Joe Manausa | Century 21 First Realty | (850) 386-2001 402 Midflow Street, Tallahassee, FL 3BR/2BA Single Family House offered at $104,900 Year Built 1954 Sq Footage 1,170 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking None Lot Size .24 acres HOA/Maint $0 per month DESCRIPTION Newly remodeled. Clean and neat. update bathrooms. Move in ready with fenced yard on quiet street with very little traffic see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Family room - Living room - Refrigerator - Stove/Oven - Microwave - Balcony, Deck, or Patio - Yard ADDITIONAL PHOTOS Photo 1Photo 2Photo 3Photo 4Photo 5Photo 6 Contact info: Joe Manausa Century 21 First Realty (850) 386-2001 For sale by agent/broker Equal Opportunity Housing Posted: Jun 24, 2010, 10:57am PDT
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
I have been doing quite a bit of research into the real estate shadow inventory in Tallahassee in an effort to gain a better understanding of just how long the real estate recovery is going to take. When I first published an empirical market forecast regarding a “return to normal” by 2013, I had a few flaws in my assumptions. I still stand by my model, as it is simple and fairly easy to implement. The assumptions that I used included a continuation of our population growth rate as well as normal open market conditions. As we all know by now, those open market conditions have been disregarded by significant government involvement in the mortgage market, and our population growth did not occur last year. The real estate forecasting graph below was created on September 23, 2008 and publish...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
This is the 2nd blog post in my series on Measuring The Real Estate Shadow Inventory. As you might remember, we addressed the sources of supply in the “Shadow Inventory” of homes that need to be sold but are not currently on the market. Over the past several days, we have been compiling our results from the Tallahassee MLS and they are a bit disturbing. For many years now I have been reporting on the growing shadow inventory, while NAR and most real estate bloggers are glossing over or ignoring what could be the biggest news in real estate since the roof was invented. What is going to happen if we amass a shadow inventory that is so large that the new construction market can plan to shut down for the five to ten years? We have often times illustrated the fact that more homes fail to sel...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
While so much has changed in the real estate market over the past three years, I have found one element that has not changed a bit. The fact is that people who are looking to buy a home in Tallahassee show up at our office with one of two  sets of expectations. Home buyers either see us as a great REALTOR® who is going to help them through the process of buying a home, or they see us as somebody who is going to take them to go see houses. The former is what the relationship needs to be, while the latter is something more like what a tour guide can offer. The REALTOR® Relationship Understanding your relationship with your REALTOR® is important if you want to safely navigate the difficult new world in the Tallahassee housing market. We had a customer recently who showed up at the office,...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
This is the first part of a multi-part series concerning the shadow inventory in real estate. For more than two years now, it appears as if most real estate publications and reporting services are glossing over what could be the biggest problem in the history of the housing market. Just a reminder, the Tallahassee Real Estate Newsletter published the 25th Edition today and was sent to all subscribers. If you haven’t taken the time to subscribe yet, you can click this link to receive the most informative newsletter about Tallahassee and the real estate market. Measuring The Real Estate Shadow Inventory So what exactly is the shadow inventory in real estate? It is those houses that need to be sold, but are not on the market. We call it the shadow inventory because we know that they are ou...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
  I have been talking quite a bit to real estate investors who are anxious to start working their way back into real estate investments but want to make sure they go about it in a safe manner. Many have read my blog on How To Invest In Real Estate Safely and have wanted more examples. Quite often, they are in the buy and flip mentality, so I have to work with them to understand that “buy and flip” is a business, not just a real estate investment. Most of my clients who invest in real estate want to do so in a passive manner. They are doctors, lawyers, business people, school teachers,  retirees, police officers, etc. They do not want to be actively working in the Tallahassee real estate market. It is for this reason that I encourage a long-term hold mentality, where market cycles come, ...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
We often review Tallahassee neighborhoods at our real estate blog in order to keep a finger on the pulse of the Tallahassee housing market. Today, we take a quick peak at Heartwood Hills, a popular community on the east side of Tallahassee, to see how unit sales are values are performing. Not surprisingly, home sales and home values look to be consistent with the performance of other neighborhoods in Tallahassee. Home Values In Heartwood Hills When we look at the real estate graph above, the blue vertical bars measure the total number of arms-length existing home sales recorded each year, while the red area measures the average price per square foot of those home sales in Heartwood Hills. Just as we have been seeing across all neighborhoods in Tallahassee, home values are dropping in He...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
A favorite one of Aesop’s many fables is about a boy who cried wolf one too many times. I think this fable is well suited to teach those of us in real estate a very important lesson about how we report information and what we advise people to do. Aesop wrote: A shepherd-boy, who watched a flock of sheep near a village, brought out the villagers three or four times by crying out, “Wolf! Wolf!” and when his neighbors came to help him, laughed at them for their pains. The Wolf, however, did truly come at last. The Shepherd-boy, now really alarmed, shouted in an agony of terror: “Pray, do come and help me; the Wolf is killing the sheep”; but no one paid any heed to his cries, nor rendered any assistance. The Wolf, having no cause of fear, at his leisure lacerated or destroyed the whole flo...
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By John Stehmeyer
(Pro Players Realty)
Our luxury home buyers making purchases over 250k receive 25% off commission! All buyers over 100k receive a $500 credit, a free home warranty or a free home inspection! For more information call us today at (850) 942 – 7653
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
It has now been a month since the end of the Homebuyer Tax Credit and many of us are wondering how the market will react. For long-time readers of the Tallahassee Real Estate Blog, you know that I have predicted slower home sales, falling home values, but a rise in the “average” home price. On February 17th, 2009, the American Recovery & Reinvestment Act 2009 was passed, which included a new, temporary tax credit as an incentive for first-time homebuyers. With this bill, first-time homebuyers could qualify for up to $8,000 in a tax credit for the purchase of a principal residence. The credit would cover the time frame of January 1, 2009 through December 1, 2009. Later, it was determined that the housing stimulus was not so stimulating, so in November of 2009, the credit was expanded and...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
When conducting a simple housing market overview, we like to look at the “big 4″ trend lines to determine what is happening in the Tallahassee real estate market. Of course, by the “big 4,” we mean daily new sales, daily new pendings, daily new failures, and daily new listings. In the real estate graph above, the blue line shows that the one-year trend on new listings has flattened out around 15, which is still significantly lower than the 21 new listings per day the market was seeing at the end of 2008. The daily new failures trend (red line) continues to drop as well, down to 10 per month. In a simple observation, we can say that 15 new listings per day (with 10 failing to sell) means that roughly 1 in 3 listings are selling at today’s current rate of sales. Of course, there is a more...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Happy Memorial Day Tallahassee! Memorial Day is our Nation’s holiday which was created for those of us fortunate enough to be around to enjoy the benefits of the sacrifices made by those who have fallen in service to this great nation. Today reminds us that we should never forget that freedom isn’t free and that many men and women have given their lives to preserve our way of life. Turn on any tv anywhere, open up any newspaper or magazine, or log in to any web site and you will find non-Americans and Americans who wish to threaten those very freedoms. Today, as we celebrate a wonderful Memorial Day in Tallahassee, there are friends and family members in harm’s way in Iraq and Afghanistan, and other places around the world. I ask our readers to think of them today and be thankful for th...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Are you having any success in selling a home in Tallahassee? I get this question from prospective home sellers in Tallahassee, as well as from REALTORS from all over the internet. I think it is one of the more important issues defining our housing market nationwide. Most real estate professionals define a “good housing market” as one where when somebody wants to move, they can sell their home. Simple. Concise. Understandable. There is a market for homes and somebody will want to purchase mine if my family needs to move. Unfortunately, that has not been the case for the past few years. In fact, it has gotten bad enough that we actually track some key housing statistics so that we can continually monitor and be ready to answer the question on the mind of every home owner … How Hard Is It ...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
I have received a lot of feedback from my recent blog about how buyers are getting excited about the great deals on homes in Summerbrooke. While everybody knows that real estate depreciation continues and that values have dropped over 25% since the peak of the market, sometimes it takes specific examples for the scope of the adjustment to really hit home. One reader was going through the list of home sales in Summerbrooke and found a foreclosure sale that really stood out. Hi Joe, Just a couple of minutes was all it took for me to see that 933 Summerbrooke sold for 565k in 2005 and that those folks were foreclosed by BOA. BOA then just sold the house in April for 404k. You better believe buyers are excited! I wonder how much BOA lost on this deal. Keep up the good work on those NE neigh...
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By John Stehmeyer
(Pro Players Realty)
PRO PLAYERS REALTY “We can help you find ANY Home!” - We can refer you to the most experienced lenders in Tallahassee that utilize the greatest loan programs to help you save thousands!!! - Take advantage of the Tallahassee Home Buyers Service that we have to offer than can provide the best deal on a foreclosed home. - Let us suggest quick and easy fix-ups so you can get top dollar for your home. - Do you want to know what the value of your home is compared to your neighbors?  We can create a Comparable Marketing Analysis for you free of charge. - Buyer’s questions?  Let us email you our Buyer’s Guide to answer all of your questions when buying a home. - Seller’s questions?  Let us email you our Seller’s Guide to answer all your questions when selling a home. - We can do a FREE home sea...
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
  With the real estate market still sluggish, it should come as no great surprise to see that the average production levels of Tallahassee REALTORS is dropping. As part of our total scrutiny of the Tallahassee real estate market, we have combined some long-term measurements to see how productive the average REALTOR in Tallahassee is performing. So, before we get into the “nitty gritty” of the measurements, ponder this question to yourself real quickly: How many homes does the average Tallahassee REALTOR sell in a year? Was your first thought “less than two!” If so, you are spot on. Tallahassee REALTOR Productivity The following real estate graph shows that the average sales person in the Tallahassee Board of REALTORS is selling fewer than two homes per year! Ouch. I suspect that equates...
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By Carol Palacios
(Century 21 Manausa & Associates)
Joe Manausa | Century 21 First Realty | 850.386.2001 1197 Tumbleweed Run, Tallahassee, FL 3BR/2BA Single Family House offered at $130,000 Year Built 1985 Sq Footage 1,343 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 1 Car garage Lot Size Unspecified HOA/Maint $0 per month DESCRIPTION SHORT SALE! All offers contingent on lien holder approval. Fenced in yard, screened in back porch, 1 car garage. Master bath has walk in shower and tub and shower. 2nd bedroom set up as office with current owner so has rons of cabinets for storage. Large open floor plan with vaulted ceilings. Newer windows! see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace - High/Vaulted ceiling - Living room - Office/Den - Dining room - Dishwasher - Refrigerator - Stove/Oven...
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By John Stehmeyer
(Pro Players Realty)
Our luxury home buyers making purchases over 250k receive 25% off commission! All buyers over 100k receive a $500 credit, a free home warranty or a free home inspection! For more information call us today at (850) 942 – 7653
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By Joe Manausa - Tallahassee, FL, Tallahassee Real Estate
(Joe Manausa Real Estate)
Every month on the 25th, the National Association of REALTORS® releases the Existing Home Sales Report which includes single family detached homes, condominiums, townhouses and co-ops. Of all the real estate reports that the NAR produces, this one best identifies the strength and direction of the national housing market. The April Existing Home Sales Report was positive, showing a 7.6% increase over April of the previous year. Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’...
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