Quite often superb opportunities come along that aren’t quite ready to hatch. One of our commercial listings in Gatlinburg was a perfect example of this. Now owned by a large national bank, the property was previously owned by a Knoxville based bank that had itself failed during the great real estate recession. Consisting of approximately 35 acres and a good amount of frontage on busy US Highway 321 at Hidden Hills Road, the property was initially significantly overpriced and there wasn’t the promise of the new Gatlinburg Rocky Top Sports Complex less than a mile away. Now however the bank is ready to deal and the Rocky Top Sports Complex is set to open in just a few months. The 1.3 acres in the southeast corner of the property is table top flat, features highway frontage, has every city utility at the property, and is perfect for a restaurant or smaller hotel site. The balance of the property features the mountain ridge behind the flat frontage and will someday be a great spot for a condominium complex or maybe a large resort hotel. The entire property including both the flat frontage and the high ridge behind has been priced by the bank at $1,300,000 for two years but the asset manager told me this week to “just bring them an offer”! We will be happy to submit any offer that you like – Just tell us how ridiculous you wish to be!
