East Tennessee Luxury Living

Real Estate Market Not as Dismal as Reported - Upcoming Event Nov. 9th

With mortgage meltdowns, plummeting home prices and soaring foreclosure rates constantly in the news, it’s no wonder people are wary of the housing market these days. But contrary to popular belief, things are not as dismal as they seem, according to Lawrence Yun, chief economist of the National Association of Realtors.

Some of the best perks of owning a home are the tax breaks.  By knowing what expenses you can deduct and how new laws may affect you, this could be the best time to buy or build a home. The Tax Foundation has reported that for the past three decades, Tennessee’s state and local tax burden has consistently ranked among the nation’s lowest.  CNNMoney.com states that Tennessee ranks 48^th with an 8.5% tax burden as a percentage of income. By way of comparison, Vermont is the highest with a 14.1% tax burden.

At East Tennessee Luxury Properties we encourage you to take advantage of year end specials that will allow you to maximize tax savings. On November 9th, we will host a Showcase Open Event at The Enclave at Cove Mountain, Gatlinburg,TN on Sunday, November 9^th from 1– 4 PM. Special incentives and pricing, including discounts up to 25%, will be offered that day on exclusive home sites.

Gatlinburg’s premier, non-rental, gated community offers unparalleled views of the Great Smoky Mountains – views which will never change as the Enclave is surrounded on all four sides by federally protected property.

Fourteen exclusive home sites from $395,000 to $825,000 will be available for tours. Special pricing, including discounts up to 25%, and incentives will also be available the day of the event. Additional information about The Enclave at Cove Mountain

may be found at www.enclaveluxuryhomesites.com or by calling 865-379-8729.

East Tennessee Luxury Properties Teams with RealtyBid.com to launch online auction

East Tennessee Luxury Properties is teaming up with the nation’s leader in Online real estate auctions, RealtyBid.com. "In today’s real estate market realtors need to try new, innovative ways to assist their sellers in selling their properties", says Donna Mitchell, Principal Broker of ETLP.

Retirees should look beyond state taxes when considering where to move

The Retirement Living Information Center’s 2008 Taxes by State Guide summarizes tax requirements for each state including income taxes, exemptions for seniors, and how retirement income and property are taxed.  Although a lack of state income tax alone may make a state seem desirable, other taxes may add up to more than you think.  The guide from the Retirement Living Information Center will allow you to get a good feel for what your total tax burden will be. 

Specialized living for airplane owners

A growing number of developments are catering to those who own their own airplanes with residential airparks which are communities that are built around grass or paved runways.  LivingWithYourPlane.com will allow you to search the more than 600 airparks in the US.  The majority of them are found in Arizona, Colorado, Florida, Texas and Washington, however Tennessee is home to several as well. 

For those wanting accessible private runways in East Tennessee, there are also quite a few private estates equipped with airplane hangars and runways.  These days you have the options to completely customize your lifestyle by incorporating your passions with your home life. 

Continued aggressive public and private sector investment expected in Gatlinburg for 2008

This is great news for investors and second/vacation home buyers alike.  For investors, communities like Gatlinburg Falls, a high-end resort mountain development, continue to bring an excellent return to their investors.  Should you purchase a rental cabin that does not have existing property management in place, companies like Mountain Dream Vacations offer luxury linens and Turkish bath towels…amenities not formerly thought of in reference to Gatlinburg cabin rentals.

 

Another addition to the Gatlinburg community, is the private, gated, non-rental community such as The Enclave at Cove Mountain which is meeting the new demands of luxury buyers in the area.  There is currently a mix of luxury custom and spec homes being built for those who are not interested in a rental-type community. 

Major public enhancements:

• Undergrounding project which includes several future phases, the walkability and aesthetic beauty of Gatlinburg have been heightened by placing all utilities underground and installing new street lighting, sidewalks, crosswalks, planters and benches.

• Enhancements made to the WL Mills Conference Center, in the heart of downtown offering 288,000 square feet of space that can accommodate meetings, conventions, shows, concerts and groups of all sizes.

• $2.74 million upgrade to the Gatlinburg municipal golf course and expansion of holiday lights program which will convert to energy efficient LED lights.

Major private sector enhancements:

The private sector has invested over $150 million in recent months and expected future projects, and the numbers are increasing.  Much of the private development includes high-end resort communities, new or enhanced restaurants and renovated shopping areas which increases both the vacation and investment opportunities the millions of visitors to Gatlinburg.  Gatlinburg officials anticipate continued aggressive investment from both the public and private sectors in 2008.

Downtown Knoxville Luxury Living and...Basketball?

With the Tennessee vs. Auburn game approaching this evening, I must admit I’m in a bit of a quandary.  Which team do I pull for?  I know many people in this area would inform me, politely I’m sure, that clearly there is only one choice.  I was born in Opelika, AL which is the town closest to Auburn University.  It being my father’s alma mater, I still proudly wear my War Eagle sweatshirt.  To make things even tougher, my alma mater is what Volunteers would call the “other” UT.  So, can I don that bright orange or is the Texas burnt orange still in my veins?  Well…I never thought I would say it, but I’m pretty darn close to rooting for this one.  Of course I must claim this is only safe to say as long as the match up is not Tennessee vs. Texas.  What kind of fan would I be otherwise? 

What does this have to do with luxury real estate?  Not a whole lot, but I thought you might appreciate my challenge.  The connection, however, is coming… 

I recently had the pleasure of attending a 100.3 NewsTalk 100 radio remote at The Holston, a historic building with a story that dates back to 1913.  It is currently being converted into luxury condos, and I was there as a guest of Dewhirst Properties and East Tennessee’s Mountain Views for a tour of the downtown lofts.  I have to say, I was quite impressed with the rennovations, interior selections and views.  You can see more about all of the current Dewhirst projects here.  As a luxury real estate agent, people frequently ask my opinion about what is going on in downtown Knoxville.  Who is buying lofts in the $500,000 to $1,000,000+ range.  Is there a demand for them?  Well, I can make a bet that those UT sports fans, especially those who are responsible for the extra business at TACAir on football game days and those who have paid donation and licensing fees of up to $50,000 for luxury seats at the recently renovated Thompson-Boling Arena, are quite interested.  And, with some of the businesses that already have plans to make their way downtown, I do believe it will achieve that livable downtown feel that urban dwellers demand which will make it a place for successful young professionals and retirees alike.  I know those in both segments who have already purchased downtown.  As for future ideas of what should come, this former resident of one of the cities consistency voted hippest in the country would love to share them with any developer/entrepreneur who’s looking to capture the hearts of those who are headed for downtown living. 

Emerging Markets

This month's issue of Unique Homes Magazine features an article on emerging luxury markets around the world.  Among those listed in the United States, East Tennessee is noted as one of the locales that hold the potential to be an enclave of luxury.  Donna McCullough-Mitchell, broker/owner of East Tennessee Luxury Properties contributed with information on all the area has to offer.  The article will be available soon on www.uniquehomes.com.  I will include a link to it here once it is. 

Among the highlights of the article:

• As the number of millionaires and billionaires have almost doubled in the last 10 years, expectations have also changed.  It's not all about luxury "trappings" but what is unique and different that the home buyer will enjoy.
• US locales cited: East Tennessee, North Carolina, Oxford, MS, South Dakota's Black Hills, McCall Idaho, Pagosa Springs, CO and the Texas coast. 
• Mexico and Central America: Valle de Bravo, Belize and Nicaragua
• Asia: Thailand and Vietnam
• Africa: Marrakech, Morocco, South Africa
• On the horizon: more luxury in Buenos Aries and Patagonia and possibly the Maldives and Seychelles. 

As the tag line of the article states: They’re no California or Florida—yet—but these locales hold the potential to be enclaves of luxury.

 

True French Country Home Minutes from Tyson-McGhee Airport

This French Country home was designed by Johnson Architecture, Inc. and Landscape Architect Trey Benefield.  It was constructed with the most exact quality craftsmanship of Best and Hord Construction Co.  Three lots in beautiful St. Ives Subdivision were purchased to provide the required setting for this masterpiece.  The real stucco walls, brick, cedar and stone accents, steeply-pitched cedar shake roof, and all copper gutters were essential ingredients for the desired French Country effect.  St. Ives subdivision is conveniently located in Alcoa, TN which is just minutes from the Tyson-McGhee airport and provides easy access to all Knoxville has to offer.  Additional pictures, features and area information can be found at www.1461saintives.com.

SmartMoney Rates Knoxville Real Estate as Fairly Valued

SmartMoney Magazine recently rated the 330 biggest cities in terms of their home values.  As with the rest of the media, there is much doom and gloom in this article about the housing market...buyer's are wary even though it is a "buyer's market" and are waiting for prices to fall even further, there is a shrinking pool of potential buyers due to the increasing cost of obtaining loans and there is an average of a ten month supply.  You can read the full article here. 

However, not all news is bad for the Knoxville area.  Based on the statistics studied, Knoxville was rated as "fairly valued" and therefore predicted to not see home prices drop too much further.  There is definitely an over supply of million dollar-plus homes in Knoxville right now, but they are selling.  So far this year, there have been over 50 sold. 

Vickie Chrest Joins East Tennessee Luxury Properties

East Tennessee Luxury Properties is pleased to announce that Vickie Chrest has joined their team as an affiliate broker.  In addition to obtaining the 2006 Silver Award of Excellence, Vickie has extensive experience in the home building process from having worked with her husband and home builder, Robert Chrest, for 25 years as well as being the former owner of Interior Accents, a kitchen and bath showroom in California.  This experience has developed Chrest’s keen eye for quality and detail which is a must for the discerning home buyers in the luxury market.   She has translated this experience into a successful real estate career in East Tennessee. 

Vickie moved from California to Tennessee in 2004 and resides in Tellico Village.  “I really enjoy working with buyers in the luxury market which is why I have chosen to join the East Tennessee Luxury Properties team” says Chrest.  “The area’s luxury market is expanding and this team provides clients with the home buying and selling experience they are looking for” she adds.  Vickie’s clients include local buyers and sellers as well as those relocating for both their primary and second or vacation homes. 

“We are very excited that Vickie has decided to join our team along with the wealth of experience that she brings.  Our clients and our company will greatly benefit.” says Donna Mitchell, Principal Broker.  Vickie will serve as a buyer specialist on the team.  Mitchell focuses on listings while Kimberly Estes, affiliate broker, focuses on marketing.  “Working as a team allows us to provide the best possible service to our clients” states Mitchell. 

About East Tennessee Luxury Properties. A boutique real estate company dedicated to providing concierge level service to buyers and sellers in the luxury real estate market. With our luxury network we are able to provide an end to end solution in meeting the needs of our customers on every level. As your real estate consultant, we can assist a buyer or seller in any market.