Every once and a while an entirely new degree of Smoky Mountain developer ineptness is discovered and I think I have found evidence of just that. During the peak of our cabin boom, Gatlinburg area log homes were selling at a breakneck pace, often to buyers who had never personally seen the properties! As the mania grew, previously never imagined prices and locations became commonplace and literally thousands of cabin lots were created in ever more bizarre places. Suddenly, much like in the kindergarten game of musical chairs, the music stopped and everyone was forced to scramble to find a seat. The repercussions of this bubble are still being felt as foreclosures continue to drive our market with no end in sight, at least not in the near-term. The recent bank foreclosure property assignment we received takes the cake however for sheer stupidity.
On the romantic sounding Wesley Way, Sevierville address sits a huge home with a truly dramatic mountain view. Unfortunately, it is over 20 miles away from ANYTHING. With only 3 homes in the entire large subdivision and only a poorly maintained 1.5 mile long gravel road for access there really is not much to brag about here. Although we don’t have our bank foreclosure property priced yet, the hapless developer is trying to sell a nearly identical property in the same development via this listing. If you would like to know exactly where this property is and how to get there you can find it via this Google Map. If you REALLY want to get away from it ALL please contact us!
Its no wonder that people who are trying to sell nicer homes are having so much trouble doing so. First the foreclosures saturate the market and now this builder with the "build them and they will buy" attitude slaps a few houses out there and now can't move them. It may be a good while before all of this corrects itself. Good homes with good rental history get ignored at a time like this.
With the market so slow only fire sale priced properties are getting much attention. Fortunately, when the market improves, quality homes will again sell for premium prices.