Tallahassee, FL Real Estate News

By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I had a reader who formulated an opinion about the Tallahassee Real Estate Market, based upon some statistical figures he found on a web site.I did not agree with his numbers and told him so. He responded with this comment:"Here's LINK,http://media.living.net/statistics/statisticsfull.htmMy guess is that the natural demand in Tallahassee might be around 2500 homes per year, or 200 house per month. Last four months of 2007 may be the true indication of  demand in Tallahassee. If my estimated demand is true, then we might have enough inventory to last for the next two years.  For sale signs are eveywhere in my neighborhood."___________________________________________________________________________________________________________Rather than reply in the comments section, I figured this wo...
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By Myers Jackson, America's Auctioneer
(Auctioneer, Texas Flip N Move )
Florida real estate property has become a hotbed of action, and real estate auctions in Tallahassee has brought great success to Rowell Auctions, Inc. The market for real estate auctions in Tallahassee continues to be of great interest as the city holds a varied crowd of people in an ever changing environment. As the capital of the state of Florida, Tallahassee continues to grow and the oppurtunities for great real estate auctions are increasing. With an influx of senators, representatives, and football fans, every year the city is in continual expansion and the real estate properties in the area are of great variety. Rowell Auctions, Inc. has sold everything from luxury residential homes, commercial development properties, to big land acres around surrounding areas. With aggressive mar...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Many of our readers and customers want to know what is happening in the Tallahassee Real Estate Market, but they want to know specifically what is happening in their Tallahassee subdivision or neighborhood. So, once a month or so, I put together a "Tallahassee Subdivision Report" in the hopes of answering many questions along the lines of what is happening and where is it happening in the Tallahassee real estate market.Most Active Tallahassee Subdivisions of 2007Subdivisions20062007ChangeGrand TotalSOUTHWOOD397208-48%605KILLEARN LAKES178176-1%354KILLEARN ESTATES165122-26%287KILLEARN ACRES10274-27%176PINEY-Z9270-24%162HAMPTON CREEK56607%116BULL RUN9260-35%152SANDSTONE RANCH445627%100PEBBLE BROOKE5551000%60BARRINGTON PARK CONDO854575%62MYSTIC WOODS CONDO53No 2006 Sales53PARK CHARLESTON824...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Often times, we read articles written in local and national publications referring to the state of the real estate market. Much of these articles are written based upon the sales activity of both new and resale single family homes in a particular area, such as the Tallahassee real estate market.It is important to understand a dynamic that is happening in the Tallahassee real estate market that is so important to the measurement of our activity. The dynamic that I refer to regards the condominium/townhouse (CT) category encroaching on the single family detached home (SF).As land prices have skyrocketed, it is becoming nearly impossible to bring a $150,000 single family home to the market. The average price for a lot in Leon County is over $80,000 (and we seen surges higher than $100,000!...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
The final numbers are in for the Tallahassee Real Estate Market. 2007 has been completed and we can move forward to 2008! So, how do you think our market was in 2007? Down, certainly. Dead, ... think again.Overall, the Tallahassee (Leon County) residential real estate market was better than all the years prior to 2001 (with the exception of 1999). Leon County real estate sales were 4% better in 2007 than they were in 2000. I remember back in 2000, and we were thinking it was a fairly good, above-average market. This market correction was needed and is a normal part of the long-term real estate sales cycle.New contruction sales (the residential category combines Single-Family homes, Condominiums, and Town Houses) had its fifth-best recorded year ever! With all the media stories preaching...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Promising Signs In Tallahassee Real Estate MarketI have been so busy "closing out" 2007 that I haven't been very active blogging for the past month or so. This is going to change....I figured a great way to start 2008 is with some exciting news! One chart that I track every month regarding the Tallahassee Real Estate Market is created with information from the Tallahassee Board of Realtors Multiple Listing Service (MLS). This chart shows current trends and actually is useful when trying to predict the near future.The chart below is from information from all the counties in the MLS, and it shows a great new trend that seems to have started four months ago. The blue line shows the trend of monthly "newly pended (newly written but not closed) contracts," while the red line shows the trend ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Mortgage Rates At 2 Year Low Are you taking advantage of the lowest interest rates in two years? Homeowners have a few exciting options right now.Compare your current loan with today's low interest rates. If you are happy, do nothing. But be informed. Compare your current loan with today's low interest rates and refinance to lower your rate and thereby lowering your payment. If you are comfortable with your current payment, sit down with an expert in the Tallahassee Real Estate Market and determine how much home your current payment can buy with today's interest rates.Regardless of the choice that you make, I would encourage you to be informed. Historically, interest rates are in the 8 to 9% range on a 30-year fixed rate mortgage. Right now, they are below 6%. You might be able to save ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Inventories Dropping In The Tallahassee Real Estate MarketIf you have been observing the Tallahassee Real Estate Market for any time (or reading this blog for that matter), you'll know that we are in a market cycle where supply is greater than demand. We have been in an over-supply state for quite a while, and we all have been wondering when the supply-side would quit growing. It is bad enough that we have more than enough homes on the market, but it seemed that each month for the past three years we were seeing this supply grow!Well, 2008 brings us some great news! I was checking our inventory trends this morning and I am happy to report that inventory appears to be dropping. This trend began back in May, but it took until November to really outline the trend. In the chart below, the b...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Tallahassee Real Estate Season The Tallahassee Real Estate Market moves faster or slower every year at different times. While not all years are the same, over time we have come to expect activity levels at predictable times. We refer to these activity cycles or changes as seasonality.I have measured seasonality for many years in order to better prepare my Tallahassee real estate brokerage company for the changes that occur throughout the year, and I always get excited in mid-January because this is when the market starts to heat up for its strongest time of year. The following charts demonstrate this. These charts are based upon closings, but the actual activity that creates closings (people making decisions and writing contracts) actually starts 45-60 days prior to the closing. Based u...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
The December numbers are in and I'm preparing an extensive analysis of the 2007 Tallahassee Real Estate Market. This report will be published in the next few days on this blog.As a quick preview/overview, I thought I'd mention a few items that first come to mind:Average Prices remained fairly stable, with an overall decline of about 4%. Not nearly the decline the "bears" were predicting. (Click For Larger Image) Lot sales were down significantly, which is expected when new construction starts decline. One reader (Gooch) asked "I'm curious how dirt is doing.Tallahassee seems like a crazy place for empty subdivision lots. Have they dropped accordingly with the home market?" At this point, I am not certain that the price trend is affected more by the slowing of speculative "upper end" home...
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By Peggy Dye
(Dye and Wright Realty, LLC)
GOOD NEWS...YAHOO!Leon County's real estate market was called "thoroughly stable" by noted economist Hank Fishkind in his second annual Attorneys Title Fund report on the state of Florida's residential real estate market.  Fishkind's assessment of the Tallahassee market was a high note in the report that noted Florida population and economic growth will be "very slow, especially during the first half" of 2008.But, this is good news for Leon County...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
One of my major goals when joining Active Rain (about 6 months ago) was to find out as much as I could about web traffic, SEO, internet marketing, etc. I have learned so much here on this site.I knew I needed to upgrade my primary website. We had a "stock" product that was delivering weak leads at best. So I searched Active Rain for somebody who seemed to be well-versed in the areas of SEO and Web Site Development and was happy to find a member, Brad Carroll, of Dakno Marketing.His company has helped us build our site, all with original content, and we went live on it two days ago. While we have a lot of "kinks" to work out, I believe it is the site that we were seeking. Please check it out when you have time at http://www.manausa.com.
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
"JUST THE FACTS, MA'AM."I had a conversation the other day with one of our real estate agents.  He was complaining about a customer of his being "all over the map" on what they wanted in a home in Tallahassee.  "They have been bouncing around for weeks now!"  So, I asked him if he had taken his customers through our discovery process.  "Oh, that just takes too long."  Longer than guessing at what they want for weeks????I'm dumbfounded how some people insist on doing things the hard way.  The first time I tried to buy a house was long before I got into the real estate business.  The only thing my agent, not a Tallahassee Realtor, asked me was how much I wanted to spend a month.  She didn't even pre-qualify me!  And worst of all, she never tried to discover my motivation for buying.  Over...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
 One technique that we here at Century 21 First Realty have been having great success with lately is our office tours. This month we have had a 100% success rate on listing presentations performed with this technique, all of which were well priced.  We have taught our agents to do two part listing presentations.  First is the preview.  This is exactly as it sounds.  The agent goes out and takes a good hard look at the property.  They take note of anything that will affect value.  They also tour the neighborhood to see first hand the immediate competition and to get a feel for the area. The second part is the close.  We are highly encouraging our agents to bring their prospective sellers into the office for this phase.  This affords our agents many advantages.  One, it gets the prospect...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
The long-awaited pictures from my trip up the Blueridge Mountain Parkway... are finally here!     This was even with the fog still hanging over us!                                                              The reds were more prevalent this season...  and we were really lucky that the leaves turned while we were driving north-east towards Virginia!                                                                      We did have some surprises - like when we started our adventure at Milepost 269 in Cherokee, NC , we came across the most astounding find:                   But he wasn't the only one!   These bears were beautiful!  The one below was outside the post office---    There were lots more inside a parade ground but we couldn't get close enough to take pictures...  The one that ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Several readers have commented about the charts, graphs, and data that I have been providing via my Tallahassee Real Estate Blog. I am happy that people are enjoying them and I appreciate the comments that I have received, even the negative ones. It allows me to adjust what I am doing so that I am providing a service to as many readers as I can.I utilize two main sources of information. The most complete data that I have on sales in the Tallahassee Real Estate Market comes from Metro Market Trends. This is every recorded sale in Leon County, dating back to January of 1991. The other source of data that I use is the Tallahassee Board of Realtors Multiple Listing Service (MLS). While this does not include every sale that occurs in Leon County, it does provide roughly 2/3rds of the sales i...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Looking back over the past twelve years of information that have been compiled on home sales in the Tallahassee Real Estate Market, we can see that the pace of sales over the past five years has cooled off. I decided to graph the sales of residential units (Single Family, Condominiums, and Townhomes) in order to see how 2007 was doing versus the previous years. Since I have the data on hand for the county, this was not difficult. The results were not surprising. The number of sales in Leon County in 2007 make this year just above average for the twelve recorded years.As we can see from the graph, 2002 - 2006 had more unit sales than this year, while 1996 - 2001 were lower. These sales figures are recorded from the County Courthouse by a company (Metro Market Trends) that gathers all of...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
With all the talk of increased inventories in the Tallahassee Real Estate Market, I decided to take a look at what was available and where it existed. In order to do this, I accessed the Tallahassee Board of Realtors Multiple Listing Service (MLS) and pulled all of the properties that we actively listed for sale. I included Leon County, Gadsden County, Wakulla County, Jefferson County, Franklin County, and "Other" (which means all properties for sale by the Tallahassee Board of Realtors that are not located in the previously named counties). Perhaps the first thing that I noticed is how active the surrounding counties are. It wasn't long ago that our MLS only tracked Leon County Real Estate. Additionally, note how there are more Lots and Land listings in Wakulla County than there are i...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
Ok - so I've been gone for a couple of weeks... I have a really good excuse ---I murdered my laptop !  Yes - you read it right--- murdered my laptop!!!!  Made a real mess of it to boot - not clean and totally bloodless like Dexter (for those of you who have read the books or watched the TV series on Showtime).Noooooo, I really did it up goooood.Three Sundays ago, I returned late from showing houses to a really nice client.  We looked at or visited about 9 homes and I was tired (my excuse for this mess).  It was about 6:30 in the evening and I still had 2-3 hours of computer work ahead of me, including my AR blog, etc.... so I thought to myself:   "hum,,,, I think I'll fix a martini, salty, shaken - not stirred - with an olive, to sip on while I work!"So I did.  And I set it down - - - n...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
How Long Does It Take To Sell A Home In Tallahassee? Often times, I see reports referring to the average market time that it takes to sell a home in Tallahassee. Unfortunately, these reports are based on data that is not accurate.They are a compilation of MLS sales data, where the market time is measured by taking the date the property was sold and subtracting the date the property was listed in the MLS. While this is an accurate way to measure the market time for that specific listing in the MLS, it fails to measure other critical components:Many properties are listed and fail to sellMany properties are listed for a period, pulled off of the market, and then re-listed (the only market time measured is the final listing period).Many properties are placed into the MLS after a Realtor se...
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