Over the past few years, many builders went out of business because of the crash in the housing industry. We also saw many foreclosures and short sales. But with 2014 approaching, we are seeing a change in the industry.
Developers have been buying up more lots and putting failed developments under contract for future growth. Short sales and foreclosures have also slowed down as the inventory is being depleted. This does not mean that they are all gone: but’ there are fewer hitting the market.
Prices are starting to stabilize from three years ago, as well. With all of this activity, we are finally seeing new homes being built in the Tallahassee area.
This also is a great positive aspect for the Tallahassee area and business owners. With new construction comes more jobs; and builders are spending money with suppliers to complete their projects. We are also seeing a shortage of lots available to purchase at a competitive price; this will eventually drive the land prices up as well as the home prices.
In northeast Tallahassee where the majority of new construction is going on, there are various subdivisions to choose from, including: Bull Run, Persimmon Hills, Velda Oaks, Centerville Conservation, Kings Mill, Cortona Hills, and Cavendish. In addition, a few other smaller plats are being developed.
In town, some of the developments available are Evening Rose, Mahan Villas and, going further east, Adiron Woods. Going south there is, of course, Southwood, and to the west of town, Summerlake and Tippecanoe. It’s hard to name all of them but this gives you a very good idea of what is now happening in Tallahassee and how it is a positive aspect to growth in our community.
There is a fair supply of new homes in Tallahassee priced from $119,000 to $450,000. So, if you are looking to purchase soon, contact your REALTOR® to see the current inventory available and pick out your new home—or, consider building your home/ as there is a good selection of lots that are still available in these communities to build your dream.
By Mike Ferrie, Realtor, PrimeSouth Properties 850.566.8373