Gatlinburg Real Estate Blog

But What About Your Mother-in-Law??

2012-05-24T15:59:00.001-05:00

If you've been looking for a perfect answer for you AND that sweet (or pesky) mother-in-law, we have recently listed an exceptional property you really need to see. With people now often needing space for an older parent to live with them, there are just not many great solutions but we have found one. Located in one of the county's best locations and just 10 minutes from downtown Sevierville, the home at 1248 Barton Fields Drive is perfect from any perspective, even your mother-in-law's!

With a separate driveway and no stairs to navigate, mom can get in and out safely and have her very own comfortable space. Furthermore, the second living space is private and spacious - Much better than an apartment or condo on the other side of town! There is even her own outdoor area that is also easily accessible for mom.

Say you don't have a mother-in-law? This spacious two family residence will be a perfect place to house a free spirited teenager or an adult offspring, or it can be a wonderful space for an at-home business. Want to see even more of this property - click here for 60 photos of this superb residence. Priced at only $279,900 you couldn't ask for a better solution. If this sounds like the answer to your real estate puzzle, please contact us!!

I Can't Help It - I'm a Numbers Geek!!

2012-05-23T05:00:00.000-05:00

Back in high school, I was a star member of the Chess Team, not the Football Team. We didn't get much of a crowd at our meets, the cheerleaders didn't show, and if even your mom came you felt fortunate (mine often did!!). Didn't help the social life much either as us nerds weren't generally at the top of the social ladder. Still, in the end brains are a plus, even if it didn't always feel that way in high school...

Today, things have changed somewhat. I still like numbers and patterns and graphs and enjoy researching trends and that DOES pay off. The reason I have had a great deal of success with foreclosures is that I saw this mess coming. Now, I think I can see a real recovery beginning but I've thought that I saw improvement coming before. This time it doesnt appear to be the result of our government's intervention and hopefully this time it will persist. If you look at the first four months of this year, you can see that we have enjoyed double digit percentage growth during every month so far in 2012. In fact, through April, residential unit sales as reported by our Great Smoky Mountain Association of Realtors have increased by over 36% when compared to last year. While that doesn't surpass the heady numbers for the same months in 2007, it does easily best any year since then. I'm not saying that we will return to the incredible volumes that we saw in 2005-2007 anytime soon, but we are doing so much better than during the bleak 2006-2011 period. Here's the latest table:

Truly Gated & Not So Gated Communities

2012-05-22T19:46:00.000-05:00

I am exceedingly blessed by God to live in Sevier County, and I try always to remember that. When I look however at what is happening around the world, and in our own country, it makes me somewhat concerned about my grandchildren's future. Crime (especially drug abuse and the violence associated with these addictions) continues to be a more and more serious problem around our great nation. In some parts of our country it really isn't safe to venture outside one's own home after dark and in some communities, even during broad daylight. The world today is nothing like the one I grew up in and it sometimes makes me apprehensive about where, as a nation, we seem to be headed.

Living within the Sevierville city limits, we reside in something like a bubble, as do all people fortunate enough to call home most any of the towns of Sevier County. Even visitors to our community can enjoy the "bubble" of safety and sanity for as long as they are tourists here in the East Tennessee Smoky Mountains. Even here, however, things aren't quite the same as they used to be. When I first moved here 15 years ago, I was surprised to learn that our local paper printed a complete list of every arrest that was made in the county. The weekly summary was rather short, and read something like what the crime blotter would look like for mythical Mayberry, RFD. "Otis" was in the drunk tank again and some kids were arrested for driving without a license. Might be an item for bad check writing or maybe even an actual felony but those were truly rare. Not that the local paper or the police and sheriff's departments weren't doing a good job - There just wasn't that much crime to report or criminals to pursue.

Sadly, the slide that the rest of America has been on is coming (fortunately still in a small way) to the Smokies. We traditionally run about 5-10 years behind the rest of the nation in many ways and that isn't always a bad thing. Quite the opposite, in this case it is truly a blessing. Nevertheless, the slide does continue and although our local paper still prints all of the arrest records, that weekly summary requires more space and occasionally the crimes aren't so minor.

In my opinion, because of these trends, now and in the future, gated communities will become more and more attractive. There are real and not so real gated communities in Sevier County and the difference is important. While some communities have gates, they aren't operable and some never have been for more than just for show. The truly functional gates do provide a real improvement in neighborhood security and thus do add value. Here is a very brief, but by no means comprehensive, list of communities that actually do have truly functional gates:

Shagbark Entrance Gate (which also has the bonus of a 24 hours a day live gate security guard)

The Double Gated Community of The Enclave at Cove Mountain

Hideaway Mountain in Wears Valley

Then there are lots of Faux-Gated Communities such as Settler's Ridge:

The gates at Settler's Ridge used to work, but are now ALWAYS open...

How about you? What is your favorite truly gated community in Sevier County - Post a comment and we will update this list!!

2012-05-15T06:03:00.002-05:00

With more late additions than normal to our Great Smoky Mountain Association of Realtors unit sales results, the final total of residential sales for last month isn't so bad after all. In April, the members of our board (which reports most of the sales for Gatlinburg, Pigeon Forge, Sevierville, and Cosby) combined to sell a total of 136 residential units and that is a nice increase indeed. This particular Smoky Mountain Realtor had a pretty good month too with a total of 13 sales of my own in April. Here is the updated summary for our entire board:

Pardon our Dust - Website Upgrade in Process!

2012-05-03T04:35:00.000-05:00

Like a friendly hotel that has a truly great location and a wonderful staff, but needs a little sprucing up, I recently had to admit that our GatlinburgHomes.com website, though it continued to work very well, finally needed an upgrade. When it was first created well over 10 years ago, it was certainly the state of the art, but time and a reluctance on my part to "fix something that wasn't broken" gradually took their toll. Like the great but now aging hotel property example cited above, newer websites offering useful functions to viewers continually closed the gap until we were actually trailing some of our competitors in terms of what we were offering online. This is something that I simply couldn't abide any longer...

Beginning last week, our real estate search functions were upgraded dramatically and more improvements are coming soon. You can now view ALL of the photos that are available for every listing in our Great Smoky Mountains Association of Realtors MLS database. Also, new listings are now added to the website every day so that you are always looking at the best, most current information. Furthermore, our new search function has a map based option and allows you to store listings that are of interest. Although I sort of miss the simplicity of our original site, the new functions are good and with just a little effort, more up to date and more complete information is available to our viewers.

As always, we don't require you to register with our site (unless you want to save your search, or your favorite listings, or create a notifier of matching listings). We believe that you will come to us when you are ready to work with a professional real estate agent. We also promise to work at your pace - It's just not our style to rush people. When the transaction is completed, we desire not only to have a customer but also to have a new friend. Watch for more upgrades coming soon but rest assured - Our commitment to professional and friendly real estate services is unchanged. We're just spiffing up a great property to make sure that it remains the best option that you have to view properties and information about our Gatlinburg area real estate market here in the Smoky Mountains of East Tennessee.

April Smoky Mountain Residential Sales Disappoint

2012-05-01T16:00:00.000-05:00

April's closed residential transactions as reported by the Great Smoky Mountain Association of Realtors MLS database tallied only 117, at least as of right now. As always, there will certainly be late reports of closings and I expect that the final tally will probably be closer to 130. This would at least surpass April 2011's sales but not by much and nowhere near match the very strong total of 151 homes sold during April 2010. The strong performance back in April 2010 was caused by the end of the federal government's first time home buyer tax credit incentive. Furthermore, April 2012's lackluster performance will likely not be better than the numbers from 2008-2010 as all of the 2012 first quarter's results were. For folks who (like me) generally prefer to see data in table form, here is the latest:

Check back in a few days to see if the revised April 2012 number does in fact exceed 2011's 123 homes sold - I'm betting it will!!

Upscale Smoky Mountain Foreclosure Properties Coming Soon!!

2012-04-30T21:20:00.000-05:00

All too often the foreclosure properties that we see are smaller homes that can be pretty badly dilapidated. In fact, many Gatlinburg area foreclosures are homes that I can't really take any pride in listing. Some of them are almost embarrassing and make you wonder "Do people really live like this??". Fortunately, there are some exceedingly attractive Smoky Mountain foreclosures in the pipeline currently that should be available very soon. Consider these "Coming Attractions" which we were just assigned last week:

In Sevierville's New Center community, a very attractive home at 3534 Walking Horse Lane.

Between Gatlinburg & Pigeon Forge, a great log cabin at 150 Sky View Drive.

East of Gatlinburg in the Rocky Flats community, a large residence with acreage at 1035 Rocky Flats Rd.

None of these properties are priced yet but we are expecting prices very soon - Please contact us for more information!!

Spring in The Smokies!!

2012-04-28T21:03:00.000-05:00

Although personally autumn is my favorite time of year here in the Smoky Mountains of East Tennessee, spring is pretty special too! Trees are budding, bushes (and some trees) are blooming, and the weather is delightful. One of my favorite pieces of real estate that fortunately can't ever be listed or sold is the magnificent Sevier County Courthouse in Sevierville. I wish that I could claim that I took the following photograph, but I can't - That doesn't however make it any less beautiful:

To see more of Christine Rich-Romano's wonderful photography and God's matchless handiwork on display, please visit her Facebook page. To have the blessing of living or having a getaway in the Smokies, please contact us!

Easiest Smoky Mountain Short Sale Ever!!

2012-04-27T21:01:00.000-05:00

I have suffered through a number of short sale efforts and they have in the past often ended very badly. Sellers can (& do) get foreclosed upon during the short sale process or the Buyers lose patience with never ending requests for extensions by the seller on behalf of their lender. After these experiences, I became disinterested in pursuing short sale opportunities because it just wasn't worth it. Nobody came out of the process unscathed and, as a friend said years ago, "Jeff, I don't need any more practice - I need to get paid!". But the sale I closed today (my 54th completed sale already in 2012) was definitely different!

My friend who I go to church with approached me around the beginning of March and told me that, due to a number of unfortunate events, he needed to sell but owed considerably more than his house is now worth. This is not unusual in this era. In fact, a large percentage of all home owners are now "underwater" - Especially if they bought during the 2003-2007 "bubble" years.

When we met, I explained that the only possible solution was a short sale and warned that this was a challenging process that often takes months (if ever) to succeed. Despite my warning, my friend had no other option and we listed his lovely Sevierville residence on March 5th for $110,000 (a little over half of what it appraised for in 2007). We used the very attractive price to generate lots of interest which is an absolute must. To qualify for a short sale, the seller has to be in arrears on the mortgage so there is a ticking time bomb in the impending foreclosure that will occur at some point. With multiple offers, my seller accepted the offer of the buyers (that I also represented) and on March 14th we had a pending sale at a price of $115,000.

I then proceeded to explain to all parties that the easy part of a short sale is putting the property under contract but the hard part was getting to the closing and that the process could take many months. In fact, I got a really sour taste from a Bank of America short sale that I worked a few years ago which went on for NINE MONTHS until the seller was foreclosed upon negating all our hard work. As someone who lists a lot of foreclosure properties, I see all too often that there was a short sale pending on the property that the bank has just assigned to me because the foreclosure has been completed. We then hunkered down for the anticipated misery of a long and painful process but it didn't take long to learn that this short sale would be different.

Within days after submitting the complete package to Fifth Third Bank for their approval, we were contacted and told that a Broker Price Opinion had been ordered and that the file was in review. Additional information was requested by Fifth Third and my confidence waned somewhat - This was starting to look a little like the route I have travelled with other lenders before when pursuing a Smoky Mountain short sale. On April 13th however, less than a month after we had submitted the executed contract, Fifth Third advised us that the short sale was APPROVED!! The buyers then went to work in earnest to obtain their loan from Smart Bank, a Sevier County local bank that did a great job of quickly getting their package together and we closed TODAY!

Less than 60 days from listing to closing on a short sale is an experience I didn't believe could actually happen. With this success, I am no longer allergic to short sale transactions if the right components are present. For the hope of a prompt short sale, these ingredients are required:

A legitimate hardship that can be proven with regard to the Seller's ability to service the debt.
A contract sales price that is in line with current market realities.
Complete paperwork submitted promptly by all parties.
An organized and realistic Seller's lender.

With these 4 ingredients (plus a healthy dose of prayer), I will be happy to tackle more short sale efforts. If you owe more than your Smoky Mountain home is worth and want to try a short sale, we want to be your agency! Please contact us today for more information about how a short sale might be the answer to your prayers.

Gatlinburg Area Residential Sales Top 200 in April!!!

2012-04-14T20:48:00.007-05:00

For the first time in any month since 2007, the Great Smoky Mountains Association of Realtors MLS database shows that the Realtors of our area combined for 204 residential sales last month!! This is yet more evidence that our market is returning to life and that buyers are snapping up the remaining bargains. For the third month in a row, sales are sharply higher than a year ago and we are now seeing evidence of a new & very positive trend. Don't just take my word for it, here is the chart:

If you have been waiting for the right time to purchase Smoky Mountain real estate, this looks like it may be what you have been waiting for! When volume increases, prices usually follow!! If you think you might be ready to make an investment in Gatlinburg area real estate, please contact us!

Early Revision of Gatlinburg's March Residential Sales!

2012-04-02T10:18:00.004-05:00

Agents started posting sales from last week's end of the month activity and the results are really good. The latest total for the month of March is now 169 residential sales and that will still likely be revised even higher. Here is the latest table:

Another Very Strong Month for Gatlinburg Real Estate!!

2012-03-31T08:58:00.006-05:00

March 2012 was indeed another VERY strong month for for Gatlinburg area residential real estate sales and for the third month in a row one has to go all the way back to 2007 to find a superior result for this month. Obviously, a strong positive trend appears to be at work here with every month in 2012 being sharply ahead of last year. Although the past doesn't ever guarantee future results, it is generally the best predictor we have of the future so it is certainly worth reviewing. In March 2012, the quick value for residential sales is 157, a solid 17% increase when compared to the same month in 2011. As I always remind readers, this instant result will certainly be revised upward as more firms enter their end of the month closings into our Great Smoky Mountain Association of Realtors MLS database. I expect that the final tally may be as high as 170 which would be the highest value for ANY month since the good old days of 2007 when we actually AVERAGED more than 188 homes being sold monthly. The fact that our community's recent high record doesn't match the average performance during the year 2007 or even come close to the heady performances of 2006 and 2005 gives one an idea of the severity of the drop off we have now hopefully come through. Here's the monthly residential sold table for your review:

The next market statistic that should start to show improvement is the average sales price of homes sold. Generally, volume must improve before prices can so we now turn our attention to the sales price averages. Intuitively, it does appear that prices are starting to turn, especially on the lower end of the market. It is becoming very difficult to find an attractive 3 bedroom, 2 bath home in our Sevier County, TN market offered for sale for under $100,000 and that was not the case a couple of years ago. I hope to publish more concrete data on average home price sales soon but haven't had a lot of time lately. With the very capable assistance of my office staff, I personally closed 19 sales during March. Other than a few hours of sleep at night and a little bit of time serving in my church youth department, that doesn't leave time for much else. We are however more than willing to help others have success in this market - Please contact us and let us know how we might serve you!!

Our Team's Phenomenal Buyer's Agents

2012-03-17T16:44:00.003-05:00

Like any successful team, the Schoenfield Team has team members who are specialists in particular fields and others who are more like utility players who play any position as needed. Our team has three members who specialize in working with Smoky Mountain real estate buyers. They help our clients find excellent homes at good prices and then make sure that the transaction is as smooth and pleasant as possible. Working with buyers every day requires a certain mindset and it isn't the easiest work by any means. Showing property every day demands specific market segment knowledge as well as the ability to understand what a would-be buyer is looking for when sometimes even the buyers themselves aren't exactly sure what that perfect property looks like...

It's always nice to hear about when one of our team members has done a particularly good job. Actually, I believe that it happens much more often than I hear about, but people often don't have the time to let us know. Here's an email that I recently received about Cindy Hopson, one of our expert Buyer Specialists:

I would like to inform you that we were extremely pleased with Cindy's customer service, real estate knowledge, and personal skills to listen to our needs and find us the cabin we were searching for. This cabin is house number 14 in 4 different states in 36 years and we have never come across such an excellent realtor. Cindy truly cares about her clients and follows through, communicates, shows commitment and goes above and beyond to make sure all details, documents, utilities are in line. Cindy is by far the best realtor we have worked with and ReMax should be thrilled that she is a part of your team. I am a very picky, detail oriented person as Cindy will attest to this and speak my mind when a professional does or does not perform to what I believe is appropriate. I would recommend Cindy as a seller or buyers realtor without a doubt. Cindy is a 5 Star Realtor and definitely in the right profession. If your association hands out annual awards, Cindy certainly deserves one for 2012. Kindest Regards,Regina LeBlanc

If you are looking for the same professional level of service in your search for Gatlinburg area real estate, please let us know. Cindy is just one of our three excellent Buyer Specialists and any member of our team will work to make sure that you get the same professional level of service that Ms. LeBlanc received earlier this year. One last thing - When we do a great job for you please take just a minute to write a quick email to us. It's always nice to hear when we've done a great job!!

Best February Since 2007!!

2012-03-09T06:12:00.004-05:00

Our Great Smoky Mountain Association of Realtors members are still reporting sales for February but I'm going to assume that at this point, most of the transactions have been recorded. If a few more are added in the coming days that just adds to the tally which is already pretty remarkable. During February 2012, local agents have completed 137 residential sales and that is nothing to sneeze at! In fact, you do have to go all the way back to 2007 to find a better February total when 187 homes & condos were sold or 2006 when 196 Smoky Mountain homes and condo sales were completed. As far as I can tell, that 2006 tally is the all time high for the month of February for ANY year in the long history of our MLS. Here is a link to a summary of our Gatlinburg area's residential real estate sales by month.

2012 is indeed looking good for me as I have already completed 28 transactions since the first of the year and have 5 more set to close today which is certainly a personal record. Here is a link to the ranking of agents within our board. Without my superb office staff of Suzy Compton-Hays, Giulia Luzzana, Pamela McCowen, and Angie Goderich, this simply wouldn't be possible!! Some of our office's agents are also having a good start to the year and our company also ranks #1 in unit sales so far in 2012. We are certainly grateful to God for the success He has allowed us to have!!

February was Awesome (at Least for Us!!)

2012-03-02T20:09:00.012-05:00

February is typically the coldest month here in the Gatlinburg area but this year it has been a very mild winter. While our February weather was relatively gentle, the pace of Gatlinburg real estate sales has been anything but mild. The members of the Great Smoky Mountain Association of Realtors combined for 126 residential sales, a 34% increase when compared to the depressed level of a year ago and this is just the preliminary count. The final total will probably be even higher when all of the dust settles and all sales are recorded. This continues the trend that began in January of significant positive comparisons versus the sales of a year ago:

There is no doubt that market conditions are starting to improve. Although most hard assets (gold & other precious metals, oil, etc.) have appreciated sharply during the past 10 years, real estate prices nationally are at about the same level as they were almost 10 years ago. Mortgage rates are at long term (if not all time) lows and the selection of available homes is excellent. Sensing that this can't continue forever, astute investors are now snapping up bargains that won't likely be seen again. If you have been waiting to get into the market, this IS the time.

With 25 residential sales completed in the first two months of 2012, I have been extremely blessed. This amounts to over 10% of all of the units that our board's over 400 active agents have generated. If you want our top performing marketing services applied to your effort to sell Smoky Mountain property, please contact us!

Tornadoes in Gatlinburg??

2012-03-02T19:58:00.002-05:00

Although East Tennessee and Southeastern Kentucky are again under a severe weather watch this evening, this reminded me of an interesting fact. To my knowledge, there has not been a tornado that has actually touched down in the Gatlinburg area since records have been kept. Seems that the mountains keep the storms from forming or gaining great strength. Flatter areas like the midwest and particularly Kansas are MUCH more at risk of killer weather.

Reason # one hundred something that I love living here in Sevierville is that we don't get severe weather. No tornadoes, hurricanes, earthquakes, or other life threatening phenomena are seen here. Even in a very busy spring weather season, we just don't have to worry about this stuff. Although some areas are flood prone, that certainly isn't a problem if you stick with higher elevation properties (which have the best views).

If you are tired of severe weather and other challenges where you live, why not consider relocating to Sevier County and the Gatlinburg area?? We'd love to help you find a great place to live here in the relatively safe Smoky Mountains!

Ouch, What a Week it Has Already Been...

2012-02-16T07:30:00.006-05:00

During only 3 days so far this week, I have run the gamut of challenges. Starting with the foreclosure of a good friend's personal residence in Gatlinburg that I have been assigned to by the foreclosing bank to be the listing agent of. My friend is a fellow real estate agent in the Gatlinburg area and the foreclosure process has been working for some time. On Monday however, I received a call from my favorite Sevier County Sheriff's deputy telling me that he was going to have to evict this very kind person because the court delays were finished. Not a great way to start the week...

On Tuesday, I viewed a Gatlinburg condo which Fannie Mae has just completed a foreclosure on. Interestingly enough, the buyers had purchased two adjoining units separately, with different lenders, and then taken out a portion of the fireproof dividing wall combining the two units into one super condo unit, twice the size of anything else in the development. They then proceeded to completely gut the two units and redesign them to create one very large unit. All of this would have been fine (if a little mis-guided value-wise) if it weren't for the fact that there are still two unrelated loans with two banks and the foreclosure that has been completed is only for one of the loans. That's right, Fannie Mae has one half of a condo unit to sell and some other institution will no doubt at some point have the other half. Like conjoined twins, these units will have to be surgically separated and that will be a real challenge because they share some crucial "organs" such as the single electrical panel in "my" unit# 303 that serves all of the electrical circuits in both units. Additionally, while unit 303 does have the only kitchen between the two, it doesn't have a single bathtub or shower enclosure as that space was converted into a laundry area with washer/dryer connections. While washer/dryer connections are a good thing, gaining them at the expense of your only shower/bath space doesn't seem like a very wise proposition...

If the above two days weren't enough, yesterday a rotting deck board on a Pigeon Forge cabin gave way under me and I went crashing through toward the ground some 25 feet below! Fortunately, my knee stopped my fall (OUCH!!) as it is a little larger than the hole in the board that I was falling through. Not only did I escape with my life, but my new Apple MacBook Air laptop didn't even hit the ground so it too survived unscathed. I on the other hand am somewhat scathed but nothing that some bandages and a little disinfectant won't hopefully cure. There is a fantastic view from this upcoming listing and you will want to see it just as soon as we get those bad deck boards replaced...

Not sure what today in Gatlinburg area real estate holds but I guess we will just have to wait and see...

January 2012 Residential Sales Results

2012-02-06T13:54:00.002-05:00

As many of you know, I was out of state last week attending a business conference in Fort Worth, Texas. Now that I'm back at work, it's time to report the tally for January's residential sales in our Gatlinburg area real estate market. During last month, local real estate agents combined for the sale of 109 homes, condos, and mobile homes. As usual, this tally does not include land or commercial sales nor are any lease type transactions included in this total.

The 109 transactions for January 2012 is slightly ahead of the 106 sales recorded last year and we probably will see a few more posted as everyone get's January's business finalized. Although the 109 sales is just ahead of last year's number, it is a positive comparison and tends to add to the argument that our market is improving, albeit slowly. For those of you who are visually oriented, you can view the table below or click on it to download a clearer version:

It's That Time of Year Again, Time with The Smartest People I Know!

2012-01-27T18:57:00.000-05:00

Each year, I join a group of about 100 of the most tech savvy, top producing real estate agents in the entire world, the CyberStars. Allen Hainge created this group over 10 years ago to further the use of technology among real estate agents and the group has grown since then. At no other conference I attend will every participant have a laptop or tablet open and most of these people are top producers in the industry as well. Every year, we share ideas about how to serve our clients better and more efficiently. We discuss marketing, management, cost controls, legal and ethics issues and much more. My staff worries that I will come home to Gatlinburg and want to change everything that we are doing in our real estate practice because of what I have learned at this 3 day conference. Fortunately for them, I already like most of what we are doing so I don't anticipate many changes. With over 100 sales personally in 2011, we must be doing something right...

Options Are Only Optional the First Time You Choose Them

2012-01-20T05:00:00.000-05:00

I recently purchased a truck to replace my trusty vehicle that I have enjoyed since buying it new 10 years ago. With VERY few problems and a lot of miles racked up, I decided it was time to trade. In sizing up my options, I ended up with a replacement that I am quite happy with. Funny thing is that I have become quite spoiled. I considered another version of the same vehicle but because that particular truck didn't have a leather interior or heated seats, I decided it just wouldn't work.

The fact is that once you have an option, it is very hard to purchase your next vehicle without the same option or accessory. My reason for writing this here is that the same thing is true for homes. Once you are used to certain features, it is VERY unusual to settle for a home without the same options/amenities. People who vacation here expect their getaway home to be at LEAST as nice as the home they live in when they aren't on vacation. For this reason, people considering the purchase of a vacation rental property here should carefully consider what the second home already has and what can with a reasonable expense be added. The following options are now pretty well requirements to have a successful Smoky Mountain vacation rental:

Mountain view
Hot tub on the deck
Jetted tub indoors
Pool table
Video games
Wi-Fi internet access

While a Gatlinburg area rental property doesn't HAVE to have ALL of these amenities, it will rent best if it does. Failing to have any of these features will make the property a less attractive option and the rental market here is SO competitive. Let me know if I have missed any options that you look for when considering a vacation rental here in the Smokies...

December Gatlinburg Area Real Estate Sales are Lackluster

2012-01-18T22:02:00.000-05:00

After a phenomenal November, December's residential real estate sales count as recorded by the Great Smoky Mountain Association of Realtors was a little disappointing. Although I was hoping for a second consecutive positive monthly unit sales tally, (and maybe the beginning of a trend), December just didn't meet my loft expectations. Here is the latest (but not as promptly created as usual) table:

Go figure! After the best month in more than 4 years we have the worst December since 2008. This business could make a fellow lose his hair...

Gatlinburg Area Real Estate Prices Continue to Trend Lower

2011-12-27T04:00:00.000-05:00

Although our Smoky Mountain real estate market showed great volume in November, prices haven't yet risen. In fact, in November, we actually had the lowest average sales price in recent memory for our Gatlinburg area according to our Great Smoky Mountain Association of Realtors MLS database. The new low wasn't dramatic, as it was just below the average sales price that we saw in April of 2011. If December's sales volume is good, we will have four of the last six months showing positive comparisons to the values from a year ago. That is particularly noteworthy when you consider that during the first half of the year, five of the six months were in negative territory. Hopefully the improvement in volume will lead to higher prices but it hasn't started just yet. Here is a chart of the average sales prices for residential sales in our Gatlinburg area real estate market:

No bell will sound indicating that our Gatlinburg area real estate bear market has become more bullish. In fact, the only way you will recognize it is after the price rise has begun. If you want to capitalize on the excellent prices and loan rates that are currently available, please contact us!

Sometimes, Nature Strikes Back...

2011-12-24T21:19:00.000-05:00

For many years here in the Gatlinburg and Pigeon Forge areas, as well as the rest of Sevier County, real estate developers have carved a tremendous number of cabins ever deeper into the forests around these communities. Recently, I have witnessed the revenge that the wild side of Sevier County has exacted upon some of these developments. Bears in downtown Sevierville, trees crashing through roofs, and then the more subtle but potentially even more destructive attack of the insects...

Boring bees, termites, and other insects are a part of God's recycling plan that takes dead trees and converts them into mulch for the forest. Unfortunately, the rather unintelligent insects sometimes confuse purpose built structures (made from dead trees) with every day ordinary dead trees and the results can be disastrous. Consider the foreclosure home in Wears Valley we were just assigned that I viewed for the first time today:

Sadly, the exterior of this Sevierville (actually Wears Valley) cabin is covered with this damage which is caused by a boring bee or a similar insect. After the bee bores a perfectly round hole about a half inch in diameter it lays its eggs deep within the tunnel it has chewed out. The larvae hatch and eat their way back out but woodpeckers and other birds find the bugs tasty so they peck the wood apart to find their lunch. When a house is this severely damaged, it can be very expensive to repair as the wood siding or logs will have to be patched or replaced. The key to preventing this sort of damage is to keep the exterior of a log or log look home stained. The stain, if it is a good grade, will discourage the boring insects from attacking the wood. Unfortunately, a house that has a lot of exposure to the sun or that stays damp due to surrounding tree coverage will need to be re-stained about every 3-5 years, even if you are using Sikkens or another top grade brand. If you are using a "bargain" stain, plan on re-staining more often.

And the Foreclosures & Short Sales Keep Rolling On...

2011-12-21T13:47:00.000-05:00

Yesterday, I was asked by a reader of this Gatlinburg real estate blog how many of our Gatlinburg area's November residential sales were foreclosures or short sales. The answer is far, far too many, unfortunately. Out of 158 residential sales (the most in any single month since 2007!!) that were completed during the month by the members of our local board, the Great Smoky Mountain Association of Realtors, 60 were marked as foreclosures while another 15 sales were flagged as short sales.

On the other hand, we have to get these distressed properties sold before prices can make any real positive headway. Because banks are still adding a good number of new foreclosures to the market (we have been assigned several new properties this month), the supply tends to remain fairly constant. In fact, we have some very attractive properties coming to market soon, so watch this Gatlinburg real estate blog and our GatlinburgHomes.com website for all of the area's newest listings as they become available.

November Sales Best in over FOUR YEARS!!

2011-12-17T13:30:00.002-05:00

November was an even better month than we thought! With all of the dust now settled, members of the Great Smoky Mountain Association of Realtors combined for a very impressive 158 residential unit sales during November. To provide a little perspective, you have to go all the way back to October 2007 to find any month in which more homes were sold here in the Gatlinburg area. Here is the chart that I have maintained since way back in 2005:

As I've said for a long time, you have to have an increase in volume before prices will improve. While one month does not a trend make, this is VERY encouraging for our Gatlinburg area real estate market!! There won't be a headline in the paper that says, the real estate market is currently bottoming and prices appear set to increase. Likewise, we won't know until after mortgage loan rates start back up that we missed the bottom. If you have been considering making a purchase of Sevier County real estate, it looks like we are approaching the best time to make that move...