Wow, 14 Pending Sales and Counting!

It's been a very busy August for the Schoenfield Team and we're not done yet. With over a dozen pending Gatlinburg area real estate sales my entire team has been working long, hard hours and I really appreciate their effort. In case this wasn't enough to keep us busy, we are adding around 5 new bank owned properties each week to our future listing inventory as the pace of Sevier County foreclosures remains very high. Because of a number of last minute hitches several of the transactions that I expected to close during August remain as pending but these are gradually being resolved. If the rest of the area's Realtors have had a month like I am having the numbers for August should be very good. Unfortunately, I doubt that many other agents are in fact having a month like ours. While I am very grateful for our success I feel for my peers who are still very definitely struggling. A very sad reminder of this was the new foreclosure property in Sevierville that I was assigned by the bank last week. Unlike some foreclosed homes, this one was very neat and clean and left in a near pristine condition. In the garage was a set of at least 20 never used real estate signs for a company that (as far as I can tell) has now ceased to exist. This confirmed what I had thought - This home was formerly owned by a local real estate agent. Times in my industry are tough indeed...

Comments

Anonymous said…
Jeff,

I can see that this is time to get into the investment market in Gatlinburg and purchase a vacation rental. Do you think that this trend of low prices will continue for a while, or are we going to see pricing begin to increase soon?

Second, fact or fiction, can someone make money on a vacation rental investment property?

Thanks! I enjoy reading your blog!

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