Complete real estate information about the Gatlinburg area real estate market and everything related to it including Pigeon Forge and Sevierville as well as the rest of Sevier County and our Great Smoky Mountain National Park area. Current market statistics and new listings including foreclosures are also highlighted here.
Why I LOVE Cash!!
This really shouldn't be a surprise to anyone - Everyone loves cash! It's one of those words that is almost always good, regardless of how it is used, like "firm", "svelte", "fit", "athletic", etc. As a real estate broker I particularly love cash because of how much simpler, faster, and more predictable cash transactions always are. As Donald Trump famously said during a New York City real estate downturn several years ago, "Cash is king!".
I am smack dab in the middle of THE most frustrating financed transaction I have EVER seen after 20 years in the real estate industry. The lender, who shall remain nameless, is a national firm with a good reputation. The buyer is super strong financially, with a great credit score, and could by liquidating assets, pay cash for the amazing $550,000 residential home we have listed in Sevierville if he wanted to.
The house we have listed appraised for over $570,000 over two years ago when the local real estate market wasn't as strong as it is now. We priced it to sell at $550,000 and got a good offer that we were able to negotiate to very close to the asking price. The buyers provided us with the proof that they were pre-qualified and we all assumed that we would have a quick and painless closing. You know what they say about what happens when you assume...
The young appraiser came out and appraised this spectacular house, at first unaware that both lots and the barn were to be included in his appraisal. He said that he didn't anticipate any problem and we waited for his report. When it came in, the value he assigned was for only $500,000 and that made no sense to me. Looking closer at the report, it was clear to me that he had undervalued the property significantly. The comps he used were not built as well nor did they have as much above ground heated and cooled living area but for some unknown reason he assigned a lower price per foot to my listing than the comps had sold for. Made no sense whatsoever so I wrote a letter to the lender contesting the appraisal value.
Meanwhile, our buyers still want the home as they have looked at property for almost a year and they know what else is out there and the quality difference that this home offers. Amazingly, when the sellers refused to drop the price, the buyers offered to pay the full contract price, coming up with the additional downpayment that would be required, as the lender will only loan 80% of the appraisal price. The sellers began the large task of moving out of a spacious and well furnished residence and I wiped a large bead of sweat off my face, again assuming that we could now quickly close.
Back at the bank, someone who read my letter decided that the appraisal was indeed flawed, agreeing with me that there appeared to be some errors. Incredibly, the bank wasn't willing to just proceed with the low appraisal and allow the willing buyers to pony up the additional downpayment, but instead demanded a second appraisal, temporarily derailing the sale again.
The second appraiser came out promptly on Friday afternoon, and promised that his second opinion appraisal would be delivered to the bank on Monday. On Monday, the appraiser said that he was still working on his report and it would be Tuesday. On Tuesday the appraiser said that he would have the report done by the end of business that day but much to my dismay it didn't arrive. Late on Wednesday afternoon the report finally arrives but it is now under review by the lender. All the while, we all continue to wait for the lender. The sale that was supposed to close on the 23rd, and then was extended to the 30th is still not sure to close. Now I can't even get an answer as to the status of the loan.
This is why I really do love cash transactions! Every day that goes by costs my clients money. My sellers are incredibly patient people but this can't go on forever...
Every once in a while, an opportunity arises that we just can't pass up and this fantastic log sided home certainly fell into this category. Private, without another home anywhere in sight, this 3-bedroom, 3-bath house with 3 master suites is located in the coveted Pittman Center area and is perfect as either a residence or a vacation home.
This stunning property features over 280 feet of pristine riverfront on the beautiful cascading white water of the Little Pigeon River and this is no postage stamp sized lot either. It is actually a huge parcel of just under 4 acres. From either of the full length decks, you can view & listen to the beautiful rushing river below. Inside, there is also plenty of room to spread out, with over 3,000 square feet of heated & cooled living space, with large rooms and lots of glass.
Should you ever become tired of being alone, Dollywood is less than 20 minutes away but you would never know it from how perfectly peaceful this location is:
We have recently listed 4 otherwise unrelated Smoky Mountain true luxury properties in Sevier County and these estates are absolutely breathtaking. Whether you are looking for an incredible view from a huge mountain side home overlooking Gatlinburg, a spectacular 100+ acre horse farm estate in the Wears Valley area of Sevierville, the landmark Gatlinburg Castle, or just desire your own massive pristine property surrounded by the State and National Forests, we can satisfy your urge to own an undoubtedly unique Smoky Mountain estate. Click on the caption under each of the pictures below to be directed to a full description of these remarkable Gatlinburg area estate properties.
Gatlinburg area sales rocketed past January 2016's tally and we haven't even got all of the sales reported yet. Because this is only the preliminary total, we could rocket past 2006's red-hot all time record of 210 sales. Here is the initial report of January 2017's blistering sales pace for Smoky Mountain residential real estate sales:
Because of some MLS data errors, January's average sales price is not shown on the report above, but hopefully will be soon...