Home values in the Glen at Golden Eagle are moving downwards, much like the rest of the Tallahassee real estate market. But there might be some signs of stabilization in this Northeast Tallahassee neighborhood which features homes from $150K to $250K.
Recently, reader “Don” wrote in with some questions about the Glen at Golden Eagle. Don wrote:
We’re always on here! I need some info about what is happening in the Glen Golden Eagle:
- Any forecasts for home values in this area? (down, way down)
- Is demand really low in the Glen?
- Is this neighborhood a reseller nightmare area?
- Is it hard to resell with a pool?
- Is there any thing about the Glen we should be asking, but have not?
Will there be HOTTER deals in Ox Bottom in next 12-18 months that we should wait based on data we can ascertain, (e.g arm resets, renters, delinquencies)? It seems that waiting 12 months may be better for deals than jumping on the rates/tax credits. We really like Ox bottom best. I think investors would just crowd normal folks out of deals in Ox Bottom, and am I wrong?
As any long-time readers of the Tallahassee Real Estate Blog knows, we love to use reader questions as the stimulus for our blog posts. This is a great way to ensure that we are keeping our content “fresh” and geared towards the interests of people buying and selling real estate today.
Home Values In The Glen At Golden Eagle
The real estate graph above tracks all arms-length existing home sales in the Glen At Golden Eagle. The one year trend in red shows how values rose and now are falling, while the five year trend shows no depreciation yet. Based on what we covered in our past few blogs on moving average crossovers, I can conclude that the market in the Glen is very bearish right now and values will continue to fall.
Currently, there are 8 homes for sale in the Glen at Golden Eagle, and the asking prices run from $159K to $225K. The number of sales have dropped to nearly 1 per month, which is the lowest it has been since resales started ten years ago. This tells me that Buyers do not see value at the current asking prices, and that demand will not return until more attractive pricing occurs.
Recent sales show anything purchased recently has fallen in value below 2005 prices. One sale showed overall appreciation because the previous sale was in 2001. It is important to note that no sale over $200K has occurred since 2008 (contract date).
This neighborhood is not “a nightmare”. Don had asked if there was something wrong in the Glen or if having a pool was good or bad. Pools are good for buyers wanting pools, and bad for those who don’t (how’s that for in-depth analysis!). Overall, I do believe that homeowners with pools sell for higher prices. And as far as Tallahassee neighborhoods go, the Glen at Golden Eagle is wonderful and highly desirable. Once prices settle a little more, I would not be surprised if we don’t see unit sales rush back upwards of 2o or 30 per year.
