Tioga Homes for Sal

They range in age from 1999 to 2007. They range in heated and cooled square foot from 2044 to 4250. Their asking price ranges are $269,000 to $660,000.

The median asking $/sqft of homes for sale now is $148 – about $12/sqft more than the homes above sold for and $20 higher than the resale homes.

There are 3 homes under contract waiting to close. They range in age from 2003 to 2006. Their heated and cooled space ranges are 2030 to 3104. The asking prices ranged between $278,500 to $464,912.  The actual sale prices won’t be revealed until these sales are finalized and are recorded at the courthouse.

Closed Sales in Tioga

There were 5 homes that sold this year. They ranged between 2005 and 2011 in age, and from 2442 to 4523 in heated and cooled space. They were asking between $305,000 to $735,697.

In Town of Tioga there is about a 6 month supply of inventory.

Homes that sold were priced very close to market value when they were listed (only 4% higher), most of them sold within 3 months of going on the market. They closed from a low of $119/sqft to a high of $174/sqft – if we exclude new homes the prices went as high as $153/sqft and the median was $128/sqft. This is what buyers are paying and is very relevant to the market value of existing homes – keep in mind that the higher cost homes were brand new construction and adjust for that.

The homes that were withdrawn/expired recently aren’t significantly out of line with the prices or sizes of the sold homes. What does stand out is that they have been on the market much longer – most of them over 6 months. There was obviously something about these homes that buyers didn’t like, so even though they are priced similarly to the comps there is a money issue with these homes – it seems like they are overpriced and/or they need work done to make them more attractive.

The lot size, location, and upgrades play a big part in the values in Tioga. There are a lot of differences on those grounds in there, and prices will reflect that.

Click to see the Luxury Homes for Sale

Homes For Sale Now

There are 21 homes asking over $1,000,000.

They range in size from 3,450 sqft to 9,000 sqft and they are asking between $509,000 to a cool $3 million.

Homes Sold in 2011

There have been 29 sales closed since Jan 1, 2011 at $500,000 or higher  price point. These ranged in price from $529,000 to $1,775,000 and their square footage respectively was 3,740 sqft to 8,849 sqft.

Not bad for a slow economy, and shows that we have an inventory between one and two years available.

Click to view Luxury Homes for Sale

Properties selling for $500,000 or more are considered Luxury Homes in Alachua County.  This usually includes properties in or near the City of Gainesville but sometimes includes outlying country homes with acreage.

There have been 13 sales this year where the owners were asking $500,000 or more for their homes when they went under contract.

The Median

The median size  of these homes was 3,700 square feet (ranging from 3,000 sqft to 5,100 sqft).  They had 4 bedrooms, 4 full baths, and a half bath.

The median age was 5 years old (ranging from built in 1987 to 2010).

The median selling price was $595,000 (ranging from $490,000 to $1,150,000).  These homes were originally listed for $689,000 and overally they barely reduced their asking prices during the 230 days they waited to receive a contract.

The homes sold for 93% of their original asking prices, and 95% of their asking price at the time they received a contract.

None of these homes were short sales, one was a foreclosure.

11 were in Gainesville or near enough to still be in the city.  3 of them had an acre or more of land.

Homes Available Today

Click here to see the Luxury Homes available for sale today in Gainesville & Alachua County. (146 homes as of this writing)

140 Alachua County & Gainesville real estate listings had price reductions in the MLS system since our last update.  (Changes for 8/9/09 – 8/22/09)

Biggest Drops

25 Largest Price Reductions

The largest price reduction on the list this week is almost $96,000.  The luxury home is now listed at $1,399,000, located on a 5 acre parcel in “The Grove” in Newberry, FL.

It was built in 2008 and it seems to have most of the amenities that you would expect in a true luxury home, minus a pool.

formal living, dining & family rooms, bar/entertainment room, home theatre, playroom w/kitchen, hobby room, exercise room, butler’s pantry, wine cellar, gourmet kitchen w/breakfast nook, lanai w/summer kitchen, private garden/spa area, 3 laundry/utility areas, and both 2 & 3 car garages

There have been two sales since January 2008 priced above $1M.  They were similar and perhaps nicer than this home (one was a brand-new Shannon Built home, called “Le Chateau de Normandy”).  They sold for $210/sqft and $229/sqft. At $213 per square foot this luxury home is in a similar range as the homes that sold, and is offered in the lower 10% of the market for Multi-Million Dollar luxury homes by price per square foot.  With 44 other homes available in the Multi-Million Dollar range the competition is heavy for a small number of potential buyers.

Click here for details & photos of each property.

Overview

Since the above link won’t last forever, here is an overview of the properties:

*  This home is a ’short sale’, click here to learn what that means.

** This home is now under contract

+  This home is being offered by auction, with $200,000 being the minimum starting bid.

Recent Sales

2 homes have sold so far in 2009, both of them were new construction.

The average selling price was $594,000 for a 4.5 bedroom 3.5 bath home at 3,600 sqft, on the market for 7 months.  They sold for $143 per square foot and $173 per square foot.

For Sale Now

Turnberry Lake homes for sale

There are 10 homes listed for sale right now in Turnberry Lake.  Additionally, G.W. Robinson is still building custom homes for anyone interested, so there are many more potential homes available.  4 of the listed homes are brand new.

The asking prices range from $425,000 ($176/sqft) to $835,000 ($198/sqft).  The median size home is 4 bedrooms and 3.5 baths with 3,400 sqft, it has been on the market 300 days and is asking $171/sqft.

Click the photo to the left for details on all the homes for sale along Turnberry Lake.

Absorption Rate

In the last 12 months this area had 2 resales close.  There are 6 on the market at the moment.  At that rate there is a 3 year supply of inventory.

Other Gainesville neighborhoods where builders are still active are seeing similar problems with re-sales, because many builders are very motivated sellers at the moment.  In the past new-er resales would sell for slightly more than new homes, because the buyers could more in without waiting to build.  With builders holding homes that are completing the existing homes usually have to be prices well under new homes to entice today’s buyers.

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