Lafayette Oaks Continues To Fight Market Trends

Tallahassee’s first gated community, Lafayette Oaks, has always been a popular neighborhood in Northeast Tallahassee.

Lafayette Oaks was selected as the 2012 Neighborhood of the Year for unincorporated Leon County by the Leon County Council of Neighborhood Associations (CONA).

Currently, there are 4 homes for sale in Lafayette Oaks, priced from $225K to $375K.

Lafayette Oaks is named for the great Marquis de Lafayette because its location is part of the 23,000 acre land grant that was gifted to General Lafayette for his service to the US during the Revolutionary War. If only he had held onto the land … icon smile Lafayette Oaks Continues To Fight Market Trends, Tallahassee Real Estate

As I was assembling some market data to determine a home’s value, I noticed an interesting trend that seems to be unique to Lafayette Oaks.

Lafayette Oaks Home Values

Home values in Lafayette Oaks have not fallen nearly as far as have the other neighborhoods in Tallahassee. In fact, values are down only about half as much as similar neighborhoods in NE Tallahassee.

Lafayette Oaks Home Values Lafayette Oaks Continues To Fight Market Trends, Tallahassee Real Estate

Due to relatively few sales each year, as well as the addition of distressed sales beginning in 2009, the average values are bouncing around a lot more than we have seen elsewhere. But nevertheless, the average value in 2012 is down only 16% since the peak of the market (compared to well over 30% for most NE Tallahassee neighborhoods).

Lafayette Oaks Home Prices

Lafayette Oaks Home Prices Lafayette Oaks Continues To Fight Market Trends, Tallahassee Real Estate

The average price of a home sold in Lafayette Oaks in 2012 has been $254,500 (through 11/27/2012). Most of these homes rest on a 1+ acre lot, and considering the drive to downtown Tallahassee is usually less than 10 minutes, I’m almost surprised more homes are not selling there.

Home sales in Lafayette Oaks are currently running at roughly 40% of their historical rate, which is worse than the typical neighborhood in NE Tallahassee.

When we see a subdivision with slower sales but stronger values, it is usually a sign of a well established neighborhood with homeowners who are holding out for the higher prices found in the past. Buyers are choosing other neighborhoods for the most part, simply because of the great values that can be found in a market with far more sellers than buyers.

I’ll be interested to see if this trend can continue for the next few years as we work through the distressed properties that will be entering the market.

I hope so, as Lafayette Oaks is truly a neat place to live with a great history.

Recent Home Sales In Lafayette Oaks

Address Sales Price Price/SQF Closing Date Year Built SQF Type
2211 Monaco Dr $193,800 $94 11/9/2012 1981 2,056 Distressed
2304 Orleans Drive $209,900 $89 10/10/2012 1980 2,351 Distressed
5128 Ile De France Drive $242,000 $101 9/21/2012 1975 2,397 Arms Length
2709 Victor Hugo Dr. $285,000 $79 9/21/2012 1974 3,587 Arms Length
5305 Touraine Dr. $380,875 $154 6/21/2012 2012 2,472 Arms Length
2301 Napoleon Bonaparte Dr $225,000 $85 5/4/2012 1986 2,645 Arms Length
2101 La Rochelle Drive $380,000 $143 4/30/2012 2000 2,651 Arms Length
2148 Orleans Drive $188,000 $91 2/23/2012 1979 2,077 Distressed
2212 Napoleon Bonaparte $225,000 $100 2/3/2012 1978 2,256 Arms Length
2205 Napoleon Bonaparte Drive $230,000 $72 8/26/2011 1982 3,214 Arms Length
5200 Touraine Drive $370,000 $138 6/24/2011 2003 2,679 Arms Length
2367 Tour Eiffel Dr $206,250 $91 6/14/2011 1980 2,268 Arms Length
5508 Touraine Drive $112,500 $52 5/10/2011 1981 2,144 Arms Length
5002 Touraine Drive $185,000 $73 3/15/2011 1983 2,541 Distressed
2104 Bagatelle Dr $347,000 $141 9/17/2010 2003 2,457 Arms Length
2101 Napoleon Bonaparte Drive $218,500 $102 5/25/2010 1985 2,137 Arms Length
2309 Bourgogne Drive $302,500 $96 3/29/2010 1979 3,153 Arms Length
2213 Orleans Drive $220,000 $103 1/15/2010 1977 2,129 Arms Length
2207 Orleans Drive $175,000 $74 12/1/2009 1980 2,365 Arms Length
2320 Monaco Drive $253,900 $97 11/19/2009 1980 2,626 Arms Length
2122 La Rochelle $360,000 $106 10/1/2009 1985 3,381 Arms Length
2353 Tour Eiffel Drive $307,000 $104 9/4/2009 1980 2,943 Distressed
2212 Napoleon Bonaparte $255,000 $113 6/26/2009 1978 2,256 Arms Length
5516 Touraine Dr $350,000 $120 4/30/2009 1992 2,927 Arms Length
2300 Orleans Drive $350,000 $123 6/5/2008 1982 2,855 Arms Length
2160 Orleans Dr $316,450 $126 4/25/2008 1974 2,517 Arms Length
2148 Orleans Dr $275,000 $132 4/11/2008 1979 2,077 Arms Length
2135 Orleans Drive $400,000 $124 2/23/2008 1980 3,217 Arms Length
5117 Touraine Dr. $299,000 $133 12/15/2007 1979 2,250 Arms Length
2400 Napoleon Bonaparte $343,300 $100 8/27/2007 1984 3,440 Arms Length
2604 Napoleon Bonaparte $305,000 $127 6/4/2007 1981 2,400 Arms Length
2132 Orleans Drive $349,900 $90 5/11/2007 1978 3,900 Arms Length
2101 Napoleon Bonaparte Dr $285,000 $133 4/20/2007 1985 2,137 Arms Length
2059 Champagne Drive $308,000 $111 3/23/2007 1976 2,764 Arms Length
2312 Napoleon Bonaparte Drive $380,000 $118 12/27/2006 1982 3,210 Arms Length
2113 La Rochelle Drive $275,000 $113 12/15/2006 1980 2,436 Arms Length
5504 Touraine $283,000 $109 8/21/2006 1972 2,608 Arms Length
2313 Orleans Drive $400,000 $108 8/7/2006 1986 3,700 Arms Length
2010 Amboise Ct $310,000 $119 7/26/2006 1973 2,606 Arms Length
2139 La Rochelle Dr. $300,000 $123 7/5/2006 1977 2,434 Arms Length
2146 Larochelle Drive $300,000 $140 6/5/2006 1980 2,147 Arms Length
5103 Touraine Drive $301,500 $130 2/15/2006 1975 2,324 Arms Length
2364 Tour Eiffel Dr. $338,500 $137 2/10/2006 1973 2,476 Arms Length
2004 E Amboise Court $400,000 $151 2/7/2006 1973 2,650 Arms Length
2217 Monaco Dr $292,000 $127 12/29/2005 1979 2,307 Arms Length
2307 Bourgogne Drive $286,000 $116 9/6/2005 1979 2,469 Arms Length
2311 Bourgogne Drive $300,000 $113 8/1/2005 1981 2,652 Arms Length
5117 Touraine Dr $295,000 $131 8/1/2005 1979 2,250 Arms Length
2320 Tour Eiffel Dr. $225,000 $110 7/20/2005 1973 2,048 Arms Length
2316 Bourgogne Drive $254,000 $104 7/11/2005 1977 2,443 Arms Length
2327 Tour Eiffel $245,400 $107 6/30/2005 1984 2,300 Arms Length
2436 Monaco Dr $285,000 $116 6/17/2005 1980 2,453 Arms Length
5317 Touraine Drive $364,900 $118 6/9/2005 1988 3,100 Arms Length
2104 Napoleon Bonaparte Drive $322,000 $120 2/18/2005 1990 2,688 Arms Length
2108 Napoleon Bonaparte Drive $274,900 $105 1/27/2005 1986 2,620 Arms Length
5115 Ile De France $306,250 $113 11/30/2004 1972 2,720 Arms Length
2122 La Rochelle Dr $286,500 $93 11/22/2004 1985 3,084 Arms Length
2417 Monaco Drive $231,750 $109 11/22/2004 1981 2,120 Arms Length
2307 Bourgogne Drive $234,000 $95 10/8/2004 1979 2,469 Arms Length
2160 Orleans Drive $275,000 $112 9/24/2004 1974 2,450 Arms Length
2304 Orleans Drive $252,000 $107 9/22/2004 1980 2,351 Arms Length
2319 Monaco Drive $273,520 $104 7/30/2004 1979 2,629 Arms Length
2315 Bourgogne Drive $262,500 $107 7/15/2004 1976 2,464 Arms Length
5107 Ile De France Drive $267,500 $101 7/1/2004 1973 2,648 Arms Length
2152 Orleans Drive $223,400 $108 5/20/2004 1978 2,075 Arms Length
2301 Orleans Drive $265,000 $103 2/5/2004 1988 2,576 Arms Length
2608 Napoleon Bonaparte Dr $255,500 $105 2/2/2004 1986 2,435 Arms Length
5313 Touraine Dr $280,000 $110 1/15/2004 1998 2,540 Arms Length
2408 Napoleon Bonaparte $191,000 $86 12/30/2003 1975 2,211 Arms Length
5161 Ile De France Drive $220,000 $76 12/19/2003 1979 2,900 Arms Length
2211 Orleans Dr $226,500 $104 12/8/2003 1976 2,182 Arms Length
2316 Bourgogne Drive $195,000 $80 10/20/2003 1977 2,443 Arms Length
5401 Touraine Dr. $285,837 $87 10/6/2003 1977 3,295 Arms Length
2217 Monaco Drive $219,000 $101 8/11/2003 1979 2,170 Arms Length
2059 Champagne Drive $226,500 $82 7/15/2003 1976 2,764 Arms Length
5108 Touraine Drive $285,000 $83 4/18/2003 1986 3,439 Arms Length
2018 Amboise Ct $135,000 $60 2/28/2003 1973 2,251 Arms Length
2409 Napoleon Bonapart Dr $199,000 $78 1/14/2003 1976 2,562 Arms Length

I hope you gained something from our Lafayette Oaks Home Sales Report and please check back for updates and more Tallahassee neighborhood reports.

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About Joe Manausa, MBA

Joe Manausa, MBA is a 23+ year veteran of real estate brokerage in the State of Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

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