During a recent blog in the series of blogs on different Tallahassee Subdivisions, a reader asked if I could profile the Lafayette Oaks Neighborhood.
The Lafayette Oaks Subdivision is nestled between Mahan Drive and Miccosukee Road on the east side of the Tallahassee Real Estate Market.
The quickest way to get a feel for what is happening in Lafayette Oaks is to look at homes for sale and recently sold homes. I pulled information from the Tallahassee Board of Realtors Multiple Listing Service (MLS) in order to construct the following chart:
What the chart is telling us is good and bad. First of all, there is 7 months of supply of homes for sale in Lafayette Oaks. This is well below the average in the Tallahassee real estate market. So that is the good news. Unfortunately, the homes that sold went at about $113 per square foot, while those on the market are asking $133 per square foot (18% more). If we were to do a one-to-one analysis, this might be fine if the homes on the market have more features (extra rooms, pools, etc.) than those that have sold.
Another quick peak reveals the following concerns:
The purple area represents the size of the homes, while the red bars show the price. The homes on the market in Lafayette Oaks are averaging an asking price of just over $350,000 versus the ones that have sold at an average sales price of $307,000 (14% higher). The biggest problem with this is the units sold were bigger than the units on the market by an average of 6%. Finally, let's look at the historic residential sales figures in Lafayette Oaks. I think this chart demonstrates that Lafayette Oaks is a great neighborhood in Tallahassee with super long-term appreciation. Values moved up much-faster than normal during the boom and prices have come back down off of the boom. This is o.k. and this is expected in a neighborhood with great history and situated in such a great location. Homes will continue to appreciate, over the long-term, in Lafayette Oaks.
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Joe Manausa is the Broker and Co-Owner of Century 21 First Realty. He can be reached by clicking on the comments button below, via e-mail through his company website at http://www.manausa.com/, or by calling (850) 386-2001.
