Richview Park Townhomes Doing Just Fine

Yesterday, my brother Mike and I were discussing our townhomes that we purchased in Richview Park in the early 90s. Richview Park is a town home community of roughly 150 homes in a very convenient location off of Richview Road and Apalachee Parkway in downtown Tallahassee.

Anyway, we were discussing the fact that real estate had dropped in value lately, yet his townhouse was still an incredible investment. This Tallahassee townhouses was purchased in the early 90s and if sold today would show a five percent annualized appreciation rate. Considering the fact that leverage was used, his return on investment (ROI) is going to be huge.

Great Returns On Townhomes In Richview Park

The real estate graph below shows that unit sales have slowed considerably in Richview Park, but values are only down somewhat from the top of the market several years ago.

The blue vertical bars represent the number of closed, arms-length townhome sales in Richview Park, while the red field shows the average price. Strangely for Tallahassee, this neighborhood has only seen a decline in prices by 3 to 5% from the peak in the market (5.5% on average price, 3.2% on price per square foot).

Richview Park As A Real Estate Investment Case Study [click for all sales and analysis in Richview Park…]