Bull Run (Tallahassee, FL)
Bull Run (Tallahassee, FL) Real Estate News
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A No-Bull Neighborhood Report Tells It Like It Is
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

Bull Run has not let a new year slow its pace, as this relatively young neighborhood is still producing new construction homes that buyers love. In the past twelve months, 61% of home sales in Bull Run have been new construction.

Though buyer activity is still very hot, Bull Run has yet to see it's "resale" side of the market take-off. The primary reason of course is that most homeowners "just moved there" over the past seven years.

As one of the top selling neighborhoods in Tallahassee (along with SouthwoodKillearn Lakes PlantationKillearn Estates, and Golden Eagle Plantation), we keep a close eye on Bull Run to gain insight on changing trends for the entire Tallahassee real estate market.

Thus far in 2014, there have been 10 homes sold in Bull Run, all were arms length sales (no foreclosures or short sales), 3 were existing home sales and 7 were new construction.

Currently, there are 26 homes for sale in Bull Run, with many of these being new construction homes. Even as they continue to build more, the relative supply of homes in Bull Run is balanced at just under 6 months of supply. Existing homes must be priced well and marketed well in order to pull buyers away from the brand new homes.

Home Values Creep Higher

After hitting a market low below 3 home sales per month back in 2009, Bull Run has seen sales grow steadily and are now approaching 5 home sales per month.

Home values continue to rise after hitting bottom last year. Distressed properties sales have declined greatly, with the last short sale having closed in September of last year.

Bull Run Home Values

Bull Run Home Prices Approach $300K

Home prices continue to recover from a bottom found early in 2013.

Currently, the average sales price of an of both new and existing homes in Bull Run is roughly $297,000, which equates to $145 per square foot new and $137 per square foot for existing (the newer homes are typically smaller than the existing ones in Bull Run). Combining the two means you are getting a 2,079 square foot home for just under $290K in a highly desirable NE Tallahassee neighborhood.

Bull Run Home Prices

Map Of Bull Run Listings

The following map shows the Bull Run homes that are on the market today. If you want more information on a particular home, simply click on the marker on the map and it will open up the listing to show you up to 25 pictures of each home.

Bull Run Map

Recorded Home Sales In Bull Run

The following is a list of all homes sold in Bull Run (recorded in the Tallahassee MLS).

Bull Run House Sales

I hope you were able to learn something from this Bull Run Home Sales Report, please drop me a note if you have any other questions or concerns that I can help you with.

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
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A "No-Bull" Housing Report For The New Year
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

House sales in Bull Run have nearly fully recovered, but house values and house prices have only bounced up from all time lows.

As one of the top selling neighborhoods in Tallahassee (along with SouthwoodKillearn Lakes Plantation, and Killearn Estates), we keep a close eye on Bull Run to gain insight on changing trends for the entire Tallahassee real estate market. Additionally, Bull Run is one of the few neighborhoods that has enjoyed robust new construction sales over the past six years.

Thus far in 2013, there have been 46 houses sold in Bull Run, with an average sales price of $294,000 and a value of $142 per square foot. That means you are getting a 2,080 square foot home for just over $294K in a highly desirable NE Tallahassee neighborhood.

Currently, there are 26 homes for sale in Bull Run, with many of these being new construction homes. Existing houses must be priced well and marketed well in order to pull buyers away from the brand new houses.

House Sales Slowly Growing

After hitting a market low of just over two house sales per month back in 2006, Bull Run has seen sales rebound to four houses per month, and the current rate of sales has been slowly growing for the past five years.

House values continue to rise after hitting bottom in November of last year. Distressed properties sales have declined somewhat, but new construction still controls much of the market.

Bull Run Home Values

Bull Run House Prices

House prices continue to recover from a bottom found in February of this year. Currently the average arms length sales price of a house in Bull Run is around $299,000, while the distressed houses have sold for an average of $255,000. More importantly, the average newly constructed house is selling at $296K, while existing home sales are selling for $292K. This small premium between new and used houses has allowed new construction to thrive in Bull Run.

With the falling number of distressed properties available in Bull Run, their impact on the "average" will be greatly reduced, likely allowing prices to go higher in 2014.

Home Prices In Bull Run

Houses For Sale

The following map shows the Bull Run houses that are on the market today. If you want more information on a particular house, simply click on the marker on the map and it will open up the listing to show you up to 25 pictures of each house.

House Sales In Bull Run

The following is a list of all houses sold in Bull Run (recorded in the Tallahassee MLS).

 

I hope you were able to learn something from this Bull Run Housing Report, please drop me a note if you have any other questions or concerns that I can help you with.

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
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The Real Impact Of Buying New Versus Used In Real Estate
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

Coming off a historic-slow 2012, the top home building neighborhoods in Tallahassee have really heated up in 2013.

Even though existing homes are still selling below replacement cost, some buyers are just drawn to owning a new home. Not unlike the car industry, you get value when you buy "used," but some just love that new car (home) smell.

So if you are thinking about buying a new home in Tallahassee, this report will show you what's available, what's been sold, and how much these modern homes are going for.

18 Home Building Subdivisions In Tallahassee

For the purpose of this report, I chose every subdivision in Tallahassee that has recorded at least two new home sales this year (through November 6).

The following graph shows where the sales are happening and the average prices that the builders are fetching.

Home Construction Neighborhoods Tallahassee FL

The top new home communities are organized from left to right by number of closed home sales recorded in 2013 (black columns measured on the left vertical axis). Additionally, the average new home sales price is shown in green (and measured on the right vertical axis). As seen above, Bull Run and Southwood are the two dominant new construction neighborhoods in Tallahassee.

Best Construction Values

The cost of building a new house continues to rise, as the following graph shows (but for a few exceptions), homes are starting well above $130 per square foot.

New Construction Neighborhoods Tallahassee FL

It is important to note that the values shown in the graph above include the cost of land, so as an example, the $141 per square foot in Adiron Woods delivers a 1,700 square foot home for $240,000. So assuming the land value is roughly $50,000, we can conclude that builders are delivering a 1,700 square foot house at a new construction price of roughly $112 per square foot.

We can perform this same type of analysis on any place in Tallahassee, and it provides interesting information for people who are thinking about buying an existing home versus building a new one in any particular area of town.

Newly Built Homes For Sale In Tallahassee

The following map shows all new home listings in the Tallahassee MLS. You can also make the map more specific by tweaking the criteria in the header of the map (price/beds/baths/size).

Recent New Home Sales

If you are thinking about buying a home, whether new or used, just drop me a note and we can schedule a time to make sure you make an informed decision and that you get the best price for the home that you want.

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
Subscribe To The Tallahassee Real Estate Newsletter
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Improved House Sales Is No Bull!
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

The Bull Run neighborhood is tied for 6th for the number of closed home sales in Tallahassee thus far in 2013.

Currently, there are 23 homes for sale in Bull Run, and through August, there have been 32 closed home sales.

We have graphed some Bull Run house sales trends in order to provide closer scrutiny for this popular NE Tallahassee neighborhood.

Bull Run House Sales

This first real estate graph shows the number of home sales recorded in Bull Run through August 2013. Note that home sales are recorded twice so that we can track specific types of sales. New home sales versus existing home sales (dark red versus blue) are shown, as are distressed home sales versus arms length home sales (red versus green).

Bull Run Home Sales

One trend that is interesting to note is that new house sales are occurring a little more frequently than existing house sales. I would expect this trend to flip-flop soon, as many Bull Run residents have lived there going on seven years and normal move cycles would project them to enter the real estate market shortly.

Bull Run House Values

Bull Run home values are rising nicely for all sales types.

Bull Run Home Values

With only 4 home sales each month, on average, my only concern is that 2 are resales (existing home sales) and one is distressed. That means that roughly 50% of existing home sellers are having to sell as a short sale or foreclosure, and that raises an alarm regarding the continuation of new home construction.

Houses For Sale In Bull Run

The following map shows each of the houses for sale in Bull Run. Simply click on any marker and the full details of the home will be revealed.

Houses Sold In Bull Run

The following is a list of all Bull Run house sales in the Tallahassee MLS:

(Click for 320 more home sales)

 

I hope you have gained valuable information regarding house sales in Bull Run, please don't hesitate to drop me a note if you want to more information about selling a home or buying a home in Tallahassee.

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
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Discover The Distressed Impact On Arms Length Home Values
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

Today we continue with our mid-year housing reports with a look at the Bull Run Subdivision in Northeast Tallahassee. In case you missed them, you might want to also see our reports on Killearn Acres and Piney Z.

For the past several years, Bull Run has posted enough home sales to land in the top 5 most active neighborhoods in Tallahassee. New construction has been very active (in a market with almost no new construction), so it is a neighborhood we like to monitor regularly.

Currently, there are 14 homes for sale in Bull Run, ranging in price from $260,000 to $360,000.

Bull Run Rising Values?

When we look at our first Bull Run home sales graph below, we see that new home sales still lead existing home sales each month. The green vertical lines show the number of existing home sales (measured on the left vertical axis) while the red vertical lines measure the number of new home sales in Bull Run.

Simultaneously, we see the one-year trend of home values (measured on the right vertical axis) show with new homes selling for roughly $143 per square foot while existing home sales are selling for $136 per square foot. Currently, the average value of new homes and existing homes would appear to be on the rise.

Bull Run Home Sales

But when we break existing home sales down between distressed home sales and arms length home sale in Bull Run, we see that distressed sales are making up some distance with arms length sales. The green vertical lines show the number of sales by type (left vertical axis) while the horizontal lines shows the one-year trend of home values (right vertical axis).

Remember, new home sales were removed, and we are looking at what existing home sellers are getting for their homes. The green line shows that values seem so have stabilized around $140 per square foot, while distressed sales are just above $120 per square foot.

 

Bull Run Home Sales Report 

300+ Home Sales In Bull Run

 

 

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
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How Do Existing Home Sellers Compete With A Low Cost Builder?
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

Bull Run home values are in for a wild ride, as new home sales continue to lead existing home sales by a factor of 2 to 1.

New home construction in the Bull Run Subdivision has been relatively strong, mostly due to liquidation of lots at far cheaper prices than were seen during the boom of the housing market.

While this is good news for the builder, it is not so good news for existing home owners who continue to see Bull Run home values decline.

Bull Run Home Values

The real estate graph below shows that Bull Run home values are still on an overall decline trend, though existing home values have bumped along fairly flat for the past two years. But if you look to the left vertical axis, you can see that existing home sales (green resale units) are averaging about one home sale per month. You have to wonder what will happen as more people need to relocate out of this newer subdivision.

Bull Run House Values 2013

The red line above shows that Bull Run house values for newly constructed homes has been on a steady decline, and it is likely that these lower home prices is why buyers have been attracted to Bull Run. But how low can new home prices go in Bull Run? And what is this doing to the value of existing homes in Bull Run?

I think we'll see the builders hit a point where they can no longer bring new product to the market at the values we are approaching, and then we'll find out how badly buyers want to be in Bull Run. Will they pay higher prices for existing home sales, or will we see a rash of distressed homes hit the market ... only time will tell.

People who want to sell a home in Bull Run will need to be ready to compete with newer homes, and offering buyer closing cost assistance could be useful.

Currently, there are 16 homes for sale in Bull Run in the Tallahassee MLS. Bull Run home sales for the past two years are listed below.


>> List Of Recent Bull Run Home Sales <<

 

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
Subscribe To The Tallahassee Real Estate Newsletter
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Finding The Bull In A Bear Market
Joe Manausa, Tallahassee Real Estate (Joe Manausa Real Estate)

Home sales in Bull Run are on a bull run!

With 41 homes sold in Bull Run in 2012, it marks the second best year of all times for the number of homes that sold.

Located in the popular NE quadrant of the Tallahassee real estate market, Bull Run seems to be leading the charge towards the recovery.

Bull Run Home Values Stabilize

Currently, there are 16 homes for sale in Bull Run in the Tallahassee MLS, and distressed home sales are not out of control, posting a small decline in 2012.

Home values stayed level in 2012, which is quite extraordinary as most every other neighborhood in Tallahassee is still fighting depreciation.

Bull Run Home Values

It is hard to anticipate home values changes for Bull Run in 2013, as distressed properties for sale are few and new home sales are brisk.

We know there are plenty of distressed properties the shadow inventory around Tallahassee, and this will have an impact on Bull Run. As long as the supply of similar homes nearby does not spike, Bull Run might enjoy another stable year of new home sales.

>> Click Here For List Of Recent Bull Run Home Sales <<

 

Joe Manausa, MBA
Joe Manausa Real Estate
www.manausa.com
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