This is an update on real estate market activity for homes in Turnberry Lake for the first half of 2009. Turnberry Lake is a subdivision on the west side of Gainesville FL.
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.
