Gatlinburg Real Estate Blog

The picture below is of a decal affixed to one of three Sevier County foreclosure properties that we were assigned by the bank yesterday, November 26th. Note that the Pigeon Forge cabin was secured by the bank in mid April, but we are just now in late November beginning the process of marketing the home. Not sure exactly what caused the delay, but this is not the first time that I have seen a 6 month plus time frame from bank possession to assignment of a bank owned property. It certainly does make one wonder just how large the backlog of foreclosure properties is...

The picture below is of a decal affixed to one of three Sevier County foreclosure properties that we were assigned by the bank yesterday, November 26th. Note that the Pigeon Forge cabin was secured by the bank in mid April, but we are just now in late November beginning the process of marketing the home. Not sure exactly what caused the delay, but this is not the first time that I have seen a 6 month plus time frame from bank possession to assignment of a bank owned property. It certainly does make one wonder just how large the backlog of foreclosure properties is...

Each week, like many newspapers do, our local Mountain Press, provides a list of all of the previous week's real estate transfers.  In yesterday's edition, there were 36 transfers which made me long for the good old days of a few years ago when the weekly transaction count for Gatlinburg area real estate was much higher.  Speaking of the good old days, remember when banks generally were involved only as lenders in real estate transactions?? Although the newspaper's list of real estate transfers doesn't provide the lender's name, the interesting fact is that in this week's list bank names were all over the page, both as buyers (generally meaning new foreclosures that have been completed) and as sellers (almost always a reflection of the disposal of property that they had foreclosed upon previously).  If fact, out of the 36 real estate transfers Sevier County had last week, 17 had a bank as either the buyer or the seller.  Of those 17 transactions that involve...

Each week, like many newspapers do, our local Mountain Press, provides a list of all of the previous week's real estate transfers.  In yesterday's edition, there were 36 transfers which made me long for the good old days of a few years ago when the weekly transaction count for Gatlinburg area real estate was much higher.  Speaking of the good old days, remember when banks generally were involved only as lenders in real estate transactions?? Although the newspaper's list of real estate transfers doesn't provide the lender's name, the interesting fact is that in this week's list bank names were all over the page, both as buyers (generally meaning new foreclosures that have been completed) and as sellers (almost always a reflection of the disposal of property that they had foreclosed upon previously).  If fact, out of the 36 real estate transfers Sevier County had last week, 17 had a bank as either the buyer or the seller.  Of those 17 transactions that involve...

Once in a while, the foreclosure inventory surprises us - in a good way, that is. Between the myriad of ugly fixer-uppers there is the occasional truly stunning home. Consider this gorgeous, recent construction, three bedroom, three bath quality built log cabin in Settlers Ridge (less than 15 minutes from the center of Gatlinburg or Pigeon Forge), for example: Even though this cabin was part of the "No Light Bulb Left Behind" program ( all of the furniture and appliances have been removed), what is left is truly impressive.  From the soaring cathedral ceiling, the gleaming all-wood interior, to the magnificent unobstructed view of the Smoky Mountains and Mount LeConte, this cabin is a rare gem.  Granite counter tops, two fireplaces, and two full length decks complete the picture.  Just add furniture, appliances, and decor items and someone will have a stunning vacation home here in Gatlinburg.  When you consider that this property sold for $405,000 in 2008, an...

Once in a while, the foreclosure inventory surprises us - in a good way, that is. Between the myriad of ugly fixer-uppers there is the occasional truly stunning home. Consider this gorgeous, recent construction, three bedroom, three bath quality built log cabin in Settlers Ridge (less than 15 minutes from the center of Gatlinburg or Pigeon Forge), for example: Even though this cabin was part of the "No Light Bulb Left Behind" program ( all of the furniture and appliances have been removed), what is left is truly impressive.  From the soaring cathedral ceiling, the gleaming all-wood interior, to the magnificent unobstructed view of the Smoky Mountains and Mount LeConte, this cabin is a rare gem.  Granite counter tops, two fireplaces, and two full length decks complete the picture.  Just add furniture, appliances, and decor items and someone will have a stunning vacation home here in Gatlinburg.  When you consider that this property sold for $405,000 in 200...

Even though I have been in the Gatlinburg area real estate business for the past 15 years and the investment management field for the previous 8, I have never been exactly certain of what causes a declining market to turn around and go back up.  Sure, it requires there to be more buyers than there are sellers and you have to have a change in the market's psychology but what causes this to occur?  My question is not at all an idle one, as it has everything to do with when is the best time to purchase Smoky Mountain real estate here in our Gatlinburg/Pigeon Forge/Sevierville area.  Because falling prices cause more "underwater" homeowners to consider walking away from their mortgage, forcing banks to place more properties on the market at giveaway prices, a vicious cycle is formed which leads to yet lower prices and the cycle continues.  With the experience that we have gained during "the current unpleasantries" (the same term the South used to describe the Americ...

Even though I have been in the Gatlinburg area real estate business for the past 15 years and the investment management field for the previous 8, I have never been exactly certain of what causes a declining market to turn around and go back up.  Sure, it requires there to be more buyers than there are sellers and you have to have a change in the market's psychology but what causes this to occur?  My question is not at all an idle one, as it has everything to do with when is the best time to purchase Smoky Mountain real estate here in our Gatlinburg/Pigeon Forge/Sevierville area.  Because falling prices cause more "underwater" homeowners to consider walking away from their mortgage, forcing banks to place more properties on the market at giveaway prices, a vicious cycle is formed which leads to yet lower prices and the cycle continues.  With the experience that we have gained during "the current unpleasantries" (the same term the South used to describe the Americ...

I was assigned a new foreclosure in Pigeon Forge on Thursday and it is absolutely beautiful!  A stunning log look structure with some space around it and a "to die for" view!  When we looked at the rental company's site we saw it was also furnished very nicely.  Here are the original pics: Spectacular View!! Log Bedroom Set and Flat Screen Wall Mounted TV Deluxe Stainless Steel Appliances Leather Sofa, Flat Screen TV, Log Furniture Unfortunately, when we arrived on Friday this is what the cabin looked like: Missing flat screen TV and log furniture Missing stainless steel appliances Fortunately, The View Remains! Although the property was booked on Wednesday with guests, by Friday the cabin was completely gutted. Someone even took the light bulbs and the bear proof garbage container that was anchored into the asphalt driveway!! In case you think I'm exaggerating, here is the proof: Why some people think that they should remove the contents of a home they no longer ow...

I was assigned a new foreclosure in Pigeon Forge on Thursday and it is absolutely beautiful!  A stunning log look structure with some space around it and a "to die for" view!  When we looked at the rental company's site we saw it was also furnished very nicely.  Here are the original pics: Spectacular View!! Log Bedroom Set and Flat Screen Wall Mounted TV Deluxe Stainless Steel Appliances Leather Sofa, Flat Screen TV, Log Furniture Unfortunately, when we arrived on Friday this is what the cabin looked like: Missing flat screen TV and log furniture Missing stainless steel appliances Fortunately, The View Remains! Although the property was booked on Wednesday with guests, by Friday the cabin was completely gutted. Someone even took the light bulbs and the bear proof garbage container that was anchored into the asphalt driveway!! In case you think I'm exaggerating, here is the proof: Why some people think that they should remove the contents of...

Once again, one of the new foreclosures I was assigned to today was a property formerly owned by a Gatlinburg area real estate broker.  Sadly, this is now the FIFTH home that I have recently witnessed being lost to the bank by one of my peers.  Unfortunately, Gatlinburg area real estate brokers have been very hard hit by the state of our local real estate economy.  With a drastic reduction in sales volume, and the continual pressure on profit margins in the vacation rental industry, I'm surprised that more of my friends in the real estate business haven't been seen on the foreclosure list. We have been blessed by being in the depressing but profitable foreclosure end of the Smoky Mountain real estate business.  With 5 new foreclosure assignments since last week, it looks like we are facing yet another wave of new foreclosure properties that will soon be hitting our Sevier County real estate market.  Each time I believe that this debacle...

Once again, one of the new foreclosures I was assigned to today was a property formerly owned by a Gatlinburg area real estate broker.  Sadly, this is now the FIFTH home that I have recently witnessed being lost to the bank by one of my peers.  Unfortunately, Gatlinburg area real estate brokers have been very hard hit by the state of our local real estate economy.  With a drastic reduction in sales volume, and the continual pressure on profit margins in the vacation rental industry, I'm surprised that more of my friends in the real estate business haven't been seen on the foreclosure list. We have been blessed by being in the depressing but profitable foreclosure end of the Smoky Mountain real estate business.  With 5 new foreclosure assignments since last week, it looks like we are facing yet another wave of new foreclosure properties that will soon be hitting our Sevier County real estate market.  Each time I believe that this debac...

I've always believed that in the real estate business, if you aren't busy you're broke or headed there.  Being busy is to be counted as a blessing, not a curse, but we're getting close lately.  Today was the day that my inventory of listings and future listings for the first time reached 100 properties!  That's right, I currently have 78 active Gatlinburg area listings and 22 more "Coming Soon" properties that will eventually become active listings.  That seems like an incredible number and it is huge but consider that I have been very blessed in 2010:  With 57 sold or pending properties already this year we're selling these properties at a pretty good clip too. To generate this pace of sales and manage this number of properties requires a lot of organization and a hard working team of professionals.  Our office manager and transaction coordinator, Kim Breeden is the hardest working person I know.  Often staying after everyone else has gone h...

I've always believed that in the real estate business, if you aren't busy you're broke or headed there.  Being busy is to be counted as a blessing, not a curse, but we're getting close lately.  Today was the day that my inventory of listings and future listings for the first time reached 100 properties!  That's right, I currently have 78 active Gatlinburg area listings and 22 more "Coming Soon" properties that will eventually become active listings.  That seems like an incredible number and it is huge but consider that I have been very blessed in 2010:  With 57 sold or pending properties already this year we're selling these properties at a pretty good clip too. To generate this pace of sales and manage this number of properties requires a lot of organization and a hard working team of professionals.  Our office manager and transaction coordinator, Kim Breeden is the hardest working person I know.  Often staying after everyone else has gone...