Distressed Home Sales Pressure Home Values In Harbinwood Estates

Located just to the south of Lake Jackson, one can find perennially popular Harbinwood Estates, with roughly 250 homes that have been consistent performers among the top selling neighborhoods in the Tallahassee real estate market.

While not producing high sales numbers like the top 5 subdivisions (SouthwoodGolden Eagle PlantationKillearn Estates, Killearn Lakes Plantation and Bull Run), Harbinwood Estates does see enough home sales to often times drop into the top 40 most active neighborhoods in the Tallahassee MLS.

Thus far in 2014, Harbinwood Estates ranks tied for #11 based upon 5 home sales with an average sales price of $194,900 and a value of $73 per square foot.

Does that means you are getting a 2,676 square foot home for just under $195K right next to popular Lake Jackson?

Currently, there are 4 homes for sale in Harbinwood Estates, 2 of which are already under contract.

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Changing Times For Short Sales And Foreclosures In Tallahassee

Times and trends are changing for the short sales and foreclosures in Tallahassee.

What we often refer to as “distressed properties,” we have seen a new industry within an industry arrive, dominate, and now recede, all in the past 7 years.

The percentage of distressed properties in Tallahassee that are being sold as short sales is nothing like we have seen in the past, but you might be surprised how  this change has impacted the liquidation of these non-performing loans.

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February Report On Southwood Homes For Sale

Of all the property searches performed on the Tallahassee Real Estate Website, Southwood homes for sale tops the list.

Maybe it’s because we have written so many market reports on Southwood, or maybe it’s because the searches are fast and can be automated for routine updates, regardless we will continue to provide the most accurate, up to date information on the Southwood housing market.

This month’s home sales report for Southwood shows continued improvement for home values which are up roughly 10% since this time last year.

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Distressed Homes Are Not Going Away In 2014

Yes, the market is getting stronger every day, but that does not mean that we have seen the last of the distressed homes.

From coast to coast, I am seeing reports about short sales and foreclosures still being very prominent in the market, and that is very true still in the Tallahassee real estate market.

With roughly 30% of all home sales reported as non-arms-length, these problem properties will continue to impact home prices and home values throughout the 2014 selling year.

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Tallahassee Neighborhoods With The Most Foreclosed Properties

This weekend we posted our annual report on foreclosed properties, listing every new lis pendens filed during 2013 and identifying trends that we feel will impact the Tallahassee real estate market.

I recommend you give it a read if you have any interest in distressed properties or if you plan on buying or selling a home this year. The included graphs show a major trend change that will impact the number of distressed homes for sale in Tallahassee this year.

Today we’ll look at the neighborhoods that posted the most new lis pendens filings, and which ones will likely see significant offerings this year from lenders and property owners that need to cure a problem.

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2014 Brings Surprising Find In MLS Listings Search

With 2014 being two weeks old already, I have found some surprises when conducting an MLS listings search.

We monitor all of the houses for sale in Tallahassee, and with a rebounding housing market, we had anticipated higher asking prices and more sellers streaming into the market.

Today we reveal two real estate graphs that show everything is not going as expected thus far in 2014.

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Tallahassee Foreclosure Sales Rise 316%

In case you missed our update on Tallahassee foreclosure sales, the year over year change in November showed a rise of 316%.

Yeah, that’s not a typo, our latest report on foreclosure sales in Tallahassee showed 187 recorded in November, versus 45 that were recorded in November 2012.

So is this bad news or good news for the Tallahassee real estate market?

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Fewer Distressed Homes For Sale In Tallahassee, Florida

There are fewer distressed homes for sale in Tallahassee, Florida today than there were at this time last year.

The difference is less than one percent, but it’s a positive sign that we have been anxiously awaiting since the collapse of the Tallahassee real estate market in 2006.

Today’s article has two graphs that focus on the non-investment segment of our market, featuring homes for sale in Tallahassee that are priced above $100,000.

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It’s Time To Demand The Mortgage Forgiveness Debt Relief Act Extension

I am not sure why, but there isn’t much talk yet about extending the Mortgage Forgiveness Debt Relief Act into 2014.

Before you (yawn) and figure this topic doesn’t impact you, you might want to reconsider your position.

In fact, this issue will have a significant impact on home values for the next five to ten years, so you might want to take the time to speak your mind.

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Number Of Short Sales And Foreclosed Homes Declining

The number of foreclosed homes and short sales continues to decline, though they still account for nearly one third of all homes sold in Tallahassee.

Our continued tracking of the distressed homes for sale in Tallahassee has yielded a report that has exceeded our expectations for 2013, and looks to continue doing so next year as well.

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IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Data is deemed reliable but is not guaranteed accurate by the MLS.

This IDX solution is (c) Diverse Solutions 2014.