Existing home sales in Killearn Lakes (Unit 2) have dropped 72% from the peak of the market. With home prices historically running about 15% below the average home price in Tallahassee, Unit 2 of Killearn Lakes has been a very popular destination for Tallahassee homebuyers.

So why have existing home sales declined in Unit 2 of Killearn Lakes faster than the rest of the market (existing single family detached home sales are down 62% from the peak of the market)?

I suspect that the declining market has created value buyers (for those who were/are buyers) due to the glut of supply in the Tallahassee real estate market. This suggests that some areas have priced their homes more aggressively than homeowners in Killearn Lakes Unit 2, and that most likely is why home sales have slowed here faster than other areas.

Killearn Lakes (Unit 2) Home Values

Home prices continue to fall in Unit 2 of Killearn Lakes. In the real estate graph below, the red field shows that the average home price in Unit 2 of Killearn Lakes has dropped to $164K, while monthly have sales have fallen to a paltry level of just 2 homes per month.

Average Home Values In Killearn Lakes (Unit 2)

The average home price in Killearn Lakes Unit 2 has dropped 17%, but home values have actually depreciated 19%. The real estate graph below shows the average price per square foot trend of a home in Unit 2 of Killearn Lakes has dropped to $116 per square foot, and continues to trend downwards.

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[click for past 100 home sales in Killearn Lakes Unit 2]

You always hear the expression that real estate is local, and there certainly is a whole lot of truth to that. Certainly, national interest rates and Obama stimulus money have an affect on a local market, but the reality is that local job growth and local population growth have a whole lot more to do with the housing market than outside influencers.

Today, I want to mention two people who are very local to Tallahassee  and are starting to make an impact, both in our local market, as well as upon the national market. I am thinking that the work they are doing could have a wonderful affect on our local job growth and population growth.

I have always admired people who could create something from scratch. “Big ideas” people are a dime a dozen, but people who can bring a thought to a tangible reality have always been able to impress me.

Local Inventor Hits National Markets

The first person that I will mention today is a local inventor, Rod Presnell, who has invented a fish-landing net like no other that I have seen. I grew up in Tallahassee, and fishing has been something that I have enjoyed since before I can remember.

My brothers and I used to walk to Lake Ella with worms and bread and fish for bluegills when we were really young. Then, when Mike hit driving age, we would throw the rods and nets in the back seat of his car and throw the canoe (aptly named Mastercharge) on the roof of the car and head for Lake Jackson.

Invariably, all of that fishing equipment would find its way together and a resulting entanglement with the fishing net would result in a 10 minute delay to our fishing trip. If only somebody could have invented a tangle-free net ….

The Bass Lasso was invented by Rod Presnell for this very reason. As a matter of fact, I wouldn’t be surprised if he won the Best New Fishing Product of the Year at the Fishing & Boat Show in Jacksonville this past weekend. Here is a video showing how his invention works.

Remember, Rod is a local Tallahassee guy, so give him some support. Visit a web site that shows different videos about the Bass Lasso as well as tells the story of why and how he invented the net. Please give some written feedback on his site so when the rest of the world finds him, they know that he has great local support!

Local Eating Has Never Been Better

Another local “inventor” created the most unique dining experience that I have ever seen. It combines speedy service (not quite “fast food”) with stir-fry “made to order,” to deliver a great meal for under $10. Bill Poole created One Fresh Stir Fry right here in Tallahassee, and now has three great locations in which you will frequently find me dining.

Why am I so impressed with Billy Poole’s creation? Because I would never in a million years thought of making a fast-food stir-fry restaurant. He not only did it, but he did it with the freshest tasting food I’ve ever had. And why mention this here? ….

Because you are going to see this local guy hit the national markets when his franchise takes hold. All it takes is the first one outside of Tallahassee, and I think this is going to be hot. 1 Fresh Stir Fry has done very well in Tallahassee because of it’s simple operating premise “Because a meal is fast doesn’t mean it has to suck. And … just because a meal is fast doesn’t mean you couldn’t get it made to order the way you like it.“

If you have not tried One Fresh yet (here’s a copy of the menu), I encourage to support this local “inventor.” If you like fresh food, without having to wait a long time to be served, I think you will be impressed with this restaurant. If you think you might like to try your hand at owning a restaurant, I cannot imagine a more exciting and excitable guy to work with than Billy Poole. You can read more about franchise opportunities at One Fresh Stir Fry on his Tallahassee web site.

Stimulate The Tallahassee Economy

All of us can have a positive effect on the Tallahassee real estate market. Choose local when possible (like eating at One Fresh Stir Fry or fishing with The Bass Lasso.) As our economy grows and our population grows, so too shall our local real estate market.

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Congress has extended and expanded the homebuyer tax credit. The modifications will become effective when President Obama signs the bill, which could occur as early as November 6, 2009.

I have received numerous emails and comments from readers who asked for me to report the changes to the First Time Homebuyers Tax Credit when they occurred, and the changes most likely will occur immediately. This post will review the changes and enhancements so you should be able to understand the new housing tax credit. I

The Obama Administration Says Buy A Home

Buy a house and you can take part in the Obama Stimulus plan. The Obama train is printing wheelbarrow loads of money for everybody who wants to buy a home now, not just first timers! So, how does this all work?

The $8,000 homebuyer tax credit for first-time buyers, due to expire November 30, 2009, will be extended through  June 30, 2010. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, roughly a $55,000 increase above the level in existing law.

For the first time, the new legislation states that buyers who already own a home are eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

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Download  Home Buyer Tax Credit Changes Flyer

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