Doctor, It Hurts Here...
If there is one category of our Gatlinburg area real estate market that is currently feeling the most extreme pain it is definitely in the class of lot and land sales. With foreclosures still driving our market most builders are currently huddled in a fetal position or have already left the community for greener pastures elsewhere. Where those better prospects are I don't know but I do know that most of our Sevier County builders are parked with unsold inventory that they have more invested in than the current market will pay. Many spec homes sit idly waiting for a better market and some builders have chosen to rent their unsold homes out to at least earn some income from their investment. Builders are generally the best buyers of lots and in view of the current real estate environment the idea of starting another spec (cabin, chalet, or even primary residence) home is a very unattractive concept indeed. Last week I was asked to sell a residential lot in the Sevierville area by a l...