East Tennessee Luxury Living

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.