Turnberry Lake is just off Hwy 241,

There are 5 homes for sale if you want to live here. They range in age from 2005 to 2011. They range in heated space between 2488 to 4421. They are asking between $314,900 to $599,000. They have been on the market from 97 to 404 days, and their price per square foot runs between $132 to $147.  These homes have many upgrades.

There are four homes that are under contract waiting to close. They were built between 2005 and 2007. They were asking between $285,000 and $799,000 before they went under contract, which puts them about $120 to $184 per square foot.

There are 2 that have closed since June of this year. They were 2293 and 3228 square feet. They were built in 2005 and 2006. They were sold at $284,500 (or $124/sq ft) and $399,900  (or $115/ sq ft). They were only 124 and 101 days on the market before they went under contract.

Turnberry Lake just west of Gainesville Florida is one of the luxury subdivisions that have seen the brunt of the slowing real estate market.

Want some history? Click here for June 2009 update for Turnberry Lake

What’s for Sale

Click to see Turnberry Lake homes for sale

There are 8 homes on the market right now. Seven of these homes were listed when we last spoke.

The sellers are asking from $389,000 to $795,000. These are larger homes, ranging from 2,413 to 4,253 square feet and they were built no later than 2005. Three of these homes are owned by the builder (G.W.Robinson) and it appears they have never been lived in.

The average days on the market is 586 (yes, coming up on two years now)!

The average price per square foot they are asking is $170. Some homes are listed for more or less taking into account special features one home may have over another, or the size of the lots.

Click Here to see the homes for sale in Turnberry Lake.

What Has Actually Sold?

There is one home that recently went under contract and is waiting to close. It is a builder home (new construction) and was built in 2009. (2916 square foot, asking $178 per square foot, and the asking price is $373,938.)

One has closed in Turnberry since June of 2009. It was built in 2005, 3551 sq ft at a low per square foot of $134, is sold at $475,000. Note this was a bank owned (foreclosed) property and was sold as-is.

We will take another look at Turnberry Lake in March 2010 to see what the market trend is for luxury homes in this area. See you then!

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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