Real estate in downtown Tallahassee has been dominated by the commercial sector since forever, but residential opportunities are starting to take traction. While there have always been a scattered presence of townhouses, condominiums and apartments, the luxury condo market is finally taking shape.
The following is a quick list I produced by pulling some of the more active condominium developments in downtown Tallahassee. There are many condominium developments now compared to the relative few just ten years ago.
Due to the current market conditions in Tallahassee (and Florida and the entire US), there are some great values available. Many units are now selling below what it would cost to replace them. As you will be able to see, prices go from super-affordable to well over $1M.
[click here for table of condo units in Downtown Tallahassee]
When shopping for a downtown luxury condominium in Tallahassee, buyers have a great selection due to the glut of inventory on the market. The amenities that are being offered range from absolutely nothing to downright incredible, so shopping is very important. Two financial points to consider if you are going to be buying a condo downtown include:
- Condo Fees – Unlike buying a single family home where you can easily compare apples to apples, one must consider condo fees in the value consideration. For example, a unit selling for $150K with a $500 per month condo fee should not be compared with a condominium selling for $150K and having a $200 monthly condo fee. The extra $300 represents a value difference of over $60K for a unit that is financed with 3.99% interest, meaning a unit that is selling for $150K with $500 in monthly condo fees has a similar monthly cost as a $210K unit with $200 in monthly condo fees.
- Financing – 100% financing is available on some of these units. While this would not have been “headline material” several years ago, it certainly is today. Both owner-occupants and investors can buy a downtown Tallahassee condominium with low interest rates and 100% financing. Since financing is typically the costliest expense in buying a condo unit, this makes now an incredible opportunity.
Our offering in this year’s Parade of Homes is a prime example of why many people are considering downtown Tallahassee as great place to live. Within walking distance of so many great places for dining and entertainment, it is not surprising that buyers are taking advantage of great low prices, 100% financing, and interest rates so low it would make our President blush.
