A large lot in the highly sought-after Lake Hall neighborhood – an example of steady demand in Tallahassee’s high-end real estate tier – has made history with its sale.
The 2.57-acre lot on Phipps Point Road went for $640,000, representing the highest price-per-acre for this size lot by almost 50% more than the previous record, said Tallahassee Realtor Bruce Foster, owner of the Big Bend Group at Keller Williams Town and Country, who represented the seller.
“The most recent comps goes back to 2021, I think it was, but it’s the most expensive lot per acre between 2 and 5 acres,” said Foster, adding the previous record was $177,000 per acre for a comparable lot.
The lesson? In Lake Hall, where multi‑million‑dollar homes and rare large lots come together, buyers are still paying record prices when a property offers the right mix of size, location – and neighborhood prestige.
And experts say buyers in Tallahassee’s upper-end housing aren’t all competing in one big luxury pool; they’re shopping in distinct price bands that behave differently.
Tallahassee-based Realtor Joe Manausa, known for his analysis reports, wrote in a recent blog post that luxury homes in Tallahassee are not moving as a single market.
There are “different price thresholds, supply conditions, and very different expectations for buyers and sellers,” he wrote on June 1. “That distinction matters.”
Located in northeast Tallahassee, the Lake Hall area is one of the city’s most prestigious neighborhoods. This latest lot sale represents one of several properties on the market in a neighborhood of multi-million dollar homes.
“That type of lot is rare,” said Foster, adding the property sold sooner than he expected. “That level of land, close to town. That doesn’t exist.”
Other high-priced properties are on the market, too. Foster said mentioned a few, including two on Live Oak Plantation Road where one is under contract for $400,000. He said the Lake Hall lot, which is not a waterfront property, is $200,000 more for similar size lots.
“This is another prime example of the fact that luxury buyers are looking for a certain thing,” Foster said. “This one checks all of the boxes.”
Contact Economic Development Reporter TaMaryn Waters at tlwaters@tallahassee.com and follow @TaMarynWaters on X.
This article originally appeared on Tallahassee Democrat: Large Lake Hall lot sold, making history in the process
Reporting by TaMaryn Waters, Tallahassee Democrat / Tallahassee Democrat
USA TODAY Network via Reuters Connect
By TaMaryn Waters, Tallahassee Democrat | USA TODAY Network
