Steady Progress For The Gatlinburg Area Real Estate Market

Posted by Gatlin on

National real estate news continues to report positive progress for real estate as a whole and the Smoky Mountain area is no exception. The statistics through August reflect the same steady progress that we have witnessed throughout the year and with more positive changes being put in to play, such as the new we spoke about last week, we expect the trend to continue. Let’s take a look at the progress we have made so far in 2012.

In the category of Total Residences Sold we see an 18% increase over 2011. We would also like to point out that this is the highest number of single family homes sold in Sevier County since 2007.

The Total Dollar Volume Sold category shows almost $7,000,000 more real estate sold than last year. With mortgage interest rates so low buyers are very active in the market and homes are moving.

The Average Sold Price is still down however, we have maintained that as distressed properties are liquidated this will improve. The new guidelines for certain short sales that go in to place on November 1st will help move these properties along at a much more rapid pace.

Homes continue to spend less time on the market as buyers are ready willing and able to invest in real estate and sellers are taking advantage of the number of buyers in the market. Smoky Mountain properties are spending an average of 2 weeks less time on the market than they did in 2011.

We encourage those of you who have been dreaming of a home in the Smoky Mountains to take advantage of the current low interest rates and explore the wide variety of in the area. If you are thinking of selling but were holding out for the right time, we are happy to provide you with a to see what the current market value of your home may be. Our team is ready to help make your real estate goals a reality.

Here Are A Few Of My New And Reduced Listings:

Your Hillside Retreat Has produced over $27,000 in rental income for 2012 so far following great income history for both 2010 & 2011. This authentic log cabin sits atop the most beautiful lot in the subdivision. Type: Single Family Home Location: Pigeon Forge Price: $267,500 Get more information >

 

Picture Perfect Views Beautiful and private 2 acre site with postcard views. Literally, we have post cards from the 70’s that have the view from this home’s deck on them. A picture perfect view for sure. Type: Multi Family Home Location: Chalet Village Price: $422,500 Get more information >

 

Heirloom Quality Throughout Not often does a living piece of history come available for sale, perhaps once a generation. Such a time is this. Heirloom quality throughout this solidly built stone cottage boasts quality not often seen in homes built today. Type: Single Family Home Location: Pittman Center Price: $365,000 Get more information >

 

As The Market Improves, Warren Buffett Says Buy Houses

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We have seen many positive reports and predictions for the American housing market so far in 2012. Both nationwide and locally we continue to see positive signs of recovery and a slow but steady climb towards market stability. Some markets are seeing values rise as inventory decreases.

In an earlier in the year Warren Buffett praises owning homes as an investment, saying “Well, if I thought I was going to live, if I knew where I was going to want to live the next five or ten years, I would buy a home and I’d finance it with a 30-year mortgage, it’s a terrific deal. And if, literally, if I was an investor that was a handy type, which I’m not, and I could buy a couple of them at distressed prices and find renters, and again take a 30-year mortgage, it’s a leveraged way of owning a very cheap asset now and I think that’s probably as  attractive an investment as you can make now.”

Buffett also said “If I had a way of buying a couple hundred thousand single-family homes and had a way of managing—the management is enormous—is really the problem because they’re one by one. They’re not like apartment houses. But I would load up on them and I would take mortgages out at very, very low rates.”

Though most of us are not looking to purchase “a couple hundred thousand” homes, with interest rates at all time lows, it is a great time to consider adding investment homes to your portfolio. Mr. Buffett touches on the challenges of the management of investment properties, however, in the Smoky Mountain real estate market there are several options for handling the day to day care of your property. As this is a prime vacation spot, a large number of properties are used as overnight rentals which opens the door to not only making a great investment but also having a Smoky Mountain get away of your own. If you prefer a more hands on approach many investors in the area have had success with using online marketing tools and handling the rental and management of their properties themselves. With this option you may also consider the use of a company such as , which offers customized care plans for absentee owners. They work both with homes that are vacation rentals by owner and second homes that are not used as rental. They offer a wide variety of services from cleaning and maintenance to just stopping by to open the windows and make sure everything is in order. If you prefer to be less involved there are a number of vacation rental management companies in the area that will handle the daily details and offer a wide variety of services. Our team has great relationships with these companies and we will assist you in identifying the management solution that will be a fit for your investment goals.

The Smoky Mountain real estate market offers a wide variety of choices in investment properties. Why not take a look at our to see all that is available? If you see a property that looks like it has potential to add to your investments, let us know, we are here to help you obtain additional information about rental income history, market statistics and monthly expenses.

Here Are A Few Of My Featured Investment Properties:

Private Chalet Minutes To Downtown Produced $23,207 rental income for 2010 & right at $20,000 for 2011! Great location only a mile from the 441 Parkway and about 1.5 miles to downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

 

Close To Downtown Well over $30k rental income in both 2010 & 2011! Well built cabin in excellent condition within the city limits of Gatlinburg. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $289,900 Get more information >

 

A View From Above Did over $94K in rental income for 2010 & over $97K in 2011!!! Outstanding view of Mt LeConte in Smokies, with 5 master suites, media room, close to Gatlinburg, ski resort and National Park! Fully furnished! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $699,900 Get more information >

 

Smoky Mountain Real Estate Continues To Gain Ground In July

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The year has been positive so far for the Smoky Mountain real estate market. Looking at the market statistics through July we see continued improvement in most categories for single family homes in Sevier County with some areas showing huge gains over last year. Buyers are very active and properties are moving. Let’s see what the numbers have to tell us.

The category of Total Residences Sold shows that buyer activity remains strong with a 15% increase from 2011.

Total Dollar Volume Sold goes hand in hand with the last category and reports $5,203,117 more real estate sold than last year. We are also seeing homes in higher price ranges selling this year which will continue to push the increases in volume.

The Average Sold Price still lags behind 2011 but continues to improve every month. With the balancing of inventory occurring as distressed sales leave the market and homes in higher price ranges are selling we believe this category will continue moving towards being stabilized.

The Average Days On Market lets us know that sellers are ready to sell and buyers are ready, willing and able. From last year homes are spending 6% less time on the market and the number has shown gains from 2011 each month.

The Smoky Mountain region is a hive of real estate activity and opportunities. If you have been dreaming of owning a home near the National Park now is a great time to take a look at the and find your perfect get away. Our team is ready to help you every step of the way.

Here Are A Few Of My New Listings:

Fantastic Rental Income!! Fantastic rental income! Produced over $26,000 in rental income in both 2010 & 2011! Lots of features you want in a Smoky Mountin retreat. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $185,000 Get more information >

 

Quality Features & Mountain Views If you are looking for your own home away from home you must see this quality three bedroom. Fantastic Smoky Mountain Views, attached garage, workshop & much more. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $349,900 Get more information >

 

Great Price On A Gatlinburg Home Cute vintage chalet practically walking distance to Gatlinburg. Always used as a second home and perfectly suited for a weekend family get-away. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $89,900 Get more information >

 

Continued Improvement For The Smoky Mountain Real Estate Market

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Nationally the real estate market is improving and the statistics for single family homes in Sevier County show that the Smoky Mountain region is no exception. The numbers show strong improvement over last year in most categories for the first half of the year, let’s take a look.  

June’s numbers keep 2012 ahead of last year in the category of Total Residences Sold. With a difference of 21% or 111 more homes sold than the same period last year we see that buyer activity continues to be strong.

In the Total Dollar Volume Sold category 2012 outperforms 2011 with a 7% increase. This is just under seven million dollars more real estate sold than in the first half of 2011.

The Average Sold Price is still behind 2011 but shows improvement from last month. Through June the average price is down 11%, last month it was a 14% decrease from 2011. The number of foreclosures that are being sold and leaving the market continues to help with improving this number.  

In the last category of Average Days On Market we see signs that buyers are in the market and ready, willing and able to buy. With a 7% decrease in time on the market there is no doubt that the Smoky Mountain real estate market is active.  

The market is changing for the positive at a steady pace and we believe this trend will continue. Considering the purchase of a Smoky Mountain home? This is the time to take advantage of current mortgage affordability and the wide variety of available homes for sale. Spend some time browsing to see everything the area has to offer. When the time is right we are ready to assist you on your path to owning a mountain home.

Here Are A Few Of My Featured Listings:

Private Chalet Minutes To Downtown Produced $23,207 rental income for 2010 & right at $20,000 for 2011! Great location only a mile from the 441 Parkway and about 1.5 miles to downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >

 

Two Acre Mountain Retreat Charming log cabin on a private two acres. Type: Single Family Home Location: Pigeon Forge Price: $189,900 Get more information >

 

Great Home Or Home Away From Home Custom built home in desirable Norton Creek. It is in such good condition, you’ll think it was just finished. Thoughtful design for year around low maintenance make it suitable for retirement, second home use or as a family home. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $269,900 Get more information >

 

 

Expect Strong Improvement For The Real Estate Market In 2012

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When we looked at the Smoky Mountain market statistics for January through May of 2012 it was noted that homes are selling faster, sales volume is up but prices are still down by 14% from last year. We believe that this is directly related to the still existing inventory of distressed homes that are lingering on the market. Distressed homes affect not only the market but families, communities and the overall economy. It is positive news that both lenders and government have been working through several new options and getting more aggressive in their  attempts to liquidate inventory and prevent more from coming to the market. The National Association of REALTORS believes that increasing access to affordable loans and committing more resources to loan modifications and short sales is the key to calming the situation.

As we move through the year we expect to see the average sales price move more and more towards stronger numbers. Buyers are actively involved in the market and mortgage rates are at all time lows. The pieces are falling in place for a market recovery and every month we see more positive news both locally and nationally. The National Association of REALTORS reports that although the last four years in home sales have been essentially flat they forecast a solid increase of around 400,000 more homes sold in 2012. Nationally all major home price trackers are showing a trend of rising home prices in many areas. Harvard University’s Joint Center for Housing Studies released it’s Annual State of The Nation’s Housing report for 2012. The report points to increasingly strong market fundamentals and says home sales could see serious improvement this year.

Slower job growth, the above mentioned distressed properties and the slow pace that young people are moving in to their own homes are a few things hanging over the recovery but things are moving in the right direction. With rentals getting pricier and mortgage affordability at an all time high, demand continues to increase. The report from Harvard includes a detailed graph showing how much more affordable mortgage payments have become compared to rental rates. We expect to see many more first time buyers entering the market as the year progresses.

With the flurry of activity in the market now could be a great time to consider putting a home on the market as buyer exposure is continuing to increase. Wondering how much the market may have changed this year? We are happy to prepare a for you to give you an idea of what buyers are currently paying for homes similar to yours.

Thinking of buying a mountain home? With plenty of properties at great prices still to be found in the Smoky Mountain region and mortgage rates so low, now is the time to enter the market. We are happy to assist you with getting pre-approved, finding the right home and assisting with your path to home ownership. Why not take a look at all that is available at our ?

Here Are A Few Of My Featured Listings:

Like Brand New
The effective year built on this cabin is basically 2009. A very impressive top to bottom remodel has totally transformed it into one the nicest and most up to date you’ll find.
Type: Single Family Home
Location: Chalet Village
Price: $488,000
Get more information >

 

Custom Built Home On The River
Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods.
Type: Single Family Home
Location: Sevierville,TN
Price: $389,700
Get more information >

 

Secluded & Private Country Home
Over $30k rental income in both 2010 & 2011! This secluded & private country home is located in the heart of the Arts & Crafts community.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $289,900
Get more information >

 

The Smoky Mountain Real Estate Market Is Heating Up

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As we look at the statistics for single family homes in Sevier County through the end of May we are met with positive news in several categories. Buyer activity in the market continues to be strong, distressed properties are closing and disappearing from the market and higher priced homes are starting to move. Let’s take a look at what the numbers have to say.

2012 continues to stay ahead of last year in the category of Total Residences Sold. With a difference of 21% or 94 more homes than the same period last year there is no doubt that the market is active.

May gave 2012 some momentum and overtakes 2011 with a 4% increase in the Total Dollar Volume Sold category. This is an increase of just over $3,000,000 in real estate sold.

The Average Sold Price is the only category that is still not ahead of 2011, showing a 14% decrease. This can be attributed to the continued liquidation of distressed homes and as the year continues we can expect to see this number looking more positive as well.

In the last category of Average Days On Market we continue to see signs that we are in an active and improving market as we see the time on the market decrease by 9% vs. last year.

If you have been thinking of putting your Smoky Mountain property on the market now is a great time to get a and measure what the market may have to offer. Properties are certainly moving and buyers are continuing to stream in to the market. Thinking of purchasing? There are still several great deals available and a wide variety of properties to choose from. Why not take a look at our and see if your dream property is waiting for you here in the Smoky Mountains?

Here Are A Few Of My Featured Listings:

Consistent $$$ Maker At A Great Price!! CONSISTENTLY RENTED OVER 200 DAYS PER YEAR FOR THE PAST FOUR YEARS, WITH REVENUE RANGING FROM $38,000-$41,000! Wonderful and spacious 3-level cabin tucked away in Gatlinburg and only a short drive to the Great Smoky Mountains National Park! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $250,000 Get more information >

 

Simply Unforgettable Over $20,000 in rental income for both 2010 & 2011! Located near Roaring Fork Motor Nature Trail this charming log cabin is sure to please. Beautiful wooded setting, very private and serene. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $199,900 Get more information >

 

Updated & Mountain Views Want a great investment property? Then this is it! Already on a rental program and has a great rental history. Recently updated, offers private bedroom suites, and has a sky walk to balcony and mountain views. Type: Single Family Home Location: Chalet Village Price: $219,900 Get more information >

 

The Housing Market Sees Best First Quarter In Five Years

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Existing home sales rose 3.4 percent over last year in April and the National Association of REALTORS has reported that the first quarter of 2012 has been the strongest for home sales since 2007. Lawrence Yun, NAR Chief Economist said “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points and now the recovery appears to be extending to home prices.”

We believe that there are many factors contributing to improving conditions. We are seeing all time low mortgage rates with Freddie Mac reporting the national average rate for a 30 year, fixed rate, conventional mortgage at 3.91 percent in April. With that trend, first-time buyers rose to 35% of purchasers in April. As confidence in the market continues to rise we will see even more improvement.

NAR President, Moe Veissi, highlights how important it is for home buyers to look into financing at the early stages of searching for a home stating, “With the tight lending environment it’s a good idea to consult with a REALTOR about mortgages and program options in your area and tips for boosting your credit score well in advance of making an offer on a home.” Being pre-approved is one of the strongest negotiation tools a buyer can have on their side. You may find out more about the process in a previous post titled

For sellers, we see a lowering percentage of foreclosures and distressed homes on the market which is helping home prices. Yun said, “We now have broad shortages of lower priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges. This is good news for many sellers who wish to list now or for those waiting for prices to improve.” In April, the median existing single family home price was up 10.4% from April of 2011 nationally. In the South, existing home sales rose 3.5% in April and was 6.5% higher than a year ago with the median price raising 8% from April of 2011.

As we move forward further into 2012 with an eye on 2013 economists predict that conditions will continue to improve. As a buyer, now may be just the right time to start searching for your perfect Smoky Mountain home. With plenty of inventory to choose from and favorable lending rates, why not stop by our and see what the market has to offer?

Here Are A Few Of My Featured Listings:

Smoky Mountain Views Found Here! Magnificent mountain views but just minutes to downtown Gatlinburg. This mountain get away is perfect for the buyer looking for a prime location at a great price. Type: Single Family Home Location: Chalet Village Price: $147,900 Get more information >

 

Character, Details & Views! Pictures do not do justice to the view! Picturesque home with tons of space and lots of windows. Wine cellar/tasting room are just one of the many unique features you will enjoy. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $384,200 Get more information >

 

Come Be A Happy Bear Great rental potential with $12,270 in rental income just for August – December of 2011. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $269,900 Get more information >

 

Smoky Mountain Homes Are Moving Fast In 2012

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We are still experiencing some glitches with the Great Smoky Mountains Association of REALTORS statistical reporting however some data is available. This week we would like to take a look at how 2012 is shaping up so far for the Smoky Mountain real estate market. The numbers below are for Sevier County single family residences and show a positive trend in a few key areas over last year.

In our first category of Residences Sold Through April we see good news with a total of 58 more homes sold in 2012.

As we take a look at the Total Volume Sold through April we see the numbers very close to 2011 with only a 3% decrease.

The category of Average Sold Price is also down from last year. This is still encouraging news as we see that in April almost half of the properties sold were foreclosures being liquidated. It is positive to see banks taking the needed steps to get distressed properties sold and off the market. As this continues to happen at a rapid pace we will start to see prices leveling out again.

In the last category, Average Days On Market, we again see a positive trend over last year with 30 less days this year than in 2011.

May continues to be busy in 2012 with a flurry of buyer activity in the area. Now is the time to take advantage of some of the great deals that are still to be had. Whether you are looking for an investment, vacation home or even land to build on, plenty of opportunities are available. Take a look at our to browse all that the region has to offer.

Here Are A Few Of My Featured Smoky Mountain Deals:

Come Home To A Resort Setting Just one mile from Ober Gatlinburg is where you will find this super affordable condo. Nestled in a resort like community you will enjoy all of the best amenities the Smoky Mountain area has to offer. Type: Condo Location: Gatlinburg ,Tennessee Price: $75,000 Get more information >

 

180 Degree Mountain & City Light Views $14,300 rental income in 2010 with 2011 already ahead at $14,500 through October. Very private ridgetop retreat w/ wraparound covered deck that has amazing 180 degree views of the mountains & city lights. Type: Single Family Home Location: Price: $189,900 Get more information >

 

Beautiful Ridge Top Property! Great Deal Beautiful ridge top property with level building site. Clear a few trees to have a wonderful mountain view. Driveway to the top of the ridge. VERY MOTIVATED SELLERS! Type: Land Location: Gatlinburg, Tennessee Price: $33,000 Get more information >

 

The Forecast Calls For An Improving Housing Market

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As we have mentioned in previous articles, this year has remained steadily busy and we are seeing higher home sales prices than have been evident in quite some time. We see the Gatlinburg and Sevier County markets moving steadily and economists are pointing to improvement in the national real estate market as well. We would like to apologize for not providing the monthly market statistics for March. Our local MLS system is experiencing technical difficulties and is not reporting accurate numbers. We hope this issue can be remedied soon. In the meantime we would like to share a little bit about what is going on overall in the real estate market.

In a recent , Lawrence Yun, NAR Chief Economist, said the recovery is in the process of settling into a higher level of home sales. Existing home sales were slightly down in March but are still 5.2% above the same period in 2011. The National Association of REALTORS reports that inventory has tightened and home prices continue to show signs of stabilizing. Mr. Yun stated, “The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases. He went on to say, “Existing home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”

Nationally, the median existing home price for all housing types was just under $164,000 in March. Short sales and foreclosures made up 29% of March sales compared with 40% in March of 2011. In the South, existing home sales are reported at 3.6 percent higher than one year ago.

Freddie Mac reports that the national average commitment rate for a 30 year, conventional, fixed rate mortgage was 3.95 percent in March, down from 4.84 percent in March of 2011. This makes financing very attractive for homebuyers and is opening up options for many.

All of this points to a steady move towards a positive outcome for the 2012 real estate market. Locally we are seeing a shift in buying patterns with more buyers present in the market and able to procure financing. Now is the time to enter the market, take advantage of extremely low mortgage rates and great housing deals available in inventory. With many financing options it may be a prime time to speak with a lender, see what is available and get pre-approved. Having a pre-approval in hand will put you in a great position when you find your “Smoky Mountain Dream”. There is a lot to choose from, start at our and view all that the Great Smoky Mountains have to offer.

Here Are A Few Of My Featured Listings:

Heirloom Quality Throughout Not often does a living piece of history come available for sale, perhaps once a generation. Such a time is this. Heirloom quality throughout this solidly built stone cottage boasts quality not often seen in homes built today. Type: Single Family Home Location: Pittman Center Price: $395,000 Get more information >

 

Private Mountain Retreat Private three bedroom, three bath Log Cabin with great mountain views from three decks. Type: Single Family Home Location: Pigeon Forge Price: $320,000 Get more information >

 

Character, Details & Views! Pictures do not do justice to the view! Picturesque home with tons of space and lots of windows. Wine cellar/tasting room are just one of the many unique features you will enjoy. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $384,200 Get more information >

 

Great Things Happening For The Gatlinburg Real Estate Market

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It has been not only an exceptionally busy year but also a year that has brought great news for the local housing market. Many sellers fear that buyers are not willing to spend much money and many buyers fear that banks are not willing to lend much, especially on investment or second homes. Recent events point to a very different story for both buyers and sellers. On March 14th, our team closed the largest residential real estate transaction that our local MLS service has seen in over five years. This was not a cash deal nor a distressed sale. It is simply a feel good story of willing buyer, seller and lender coming together. The home pictured above is a twelve bedroom vacation rental property here in Chalet Village above Gatlinburg. Many thought it would be impossible to sell in today’s market. With conventional bank financing and a willing and able buyer we were able to gain an acceptable offer and successfully close the transaction with a purchase price of $1,750,000. What does this mean for your real estate plans? The fears of a slow market are becoming a thing of the past. The market is saturated with buyers and banks are lending money. If you have been considering putting your home on the market, now may be a great time to .

This kind of market movement is combined with recent attention for the area from Forbes magazine. In a recent article they have named Gatlinburg one of the Top 10 Prettiest Towns In America. Calling upon experts from the Travel Channel, National Geographic, travel authors and others to bring the list together, Forbes cites many reasons why Gatlinburg made the list. Zain Habboo, National Geographic’s director of travel stated “The wildflowers around Gatlinburg and the Great Smoky Mountains National Park are absolutely spectacular in the spring as they burst with wildflowers at their peak.” Others pointed out access to whitewater rafting, hiking and the dramatic mountain backdrop as reasons Gatlinburg has become a hotspot. It is truly a beautiful mountain town filled with charm, history and nature. As a top tourist destination we believe the Gatlinburg area is one of the best places in America to consider purchasing an investment property.

There is plenty of inventory available, homes are moving and banks are lending. Is now your time to purchase that Smoky Mountain dream property? Take a look at to browse all that the Smoky Mountains have to offer. When the time is right our team is ready to help you turn dreams into reality.

Here Are A Few Of My Featured Gatlinburg Properties:

Travel Through Time Take a walk in the park just by stepping off of the deck. Perfectly preserved, this mountain home is just steps from the Great Smoky Mountains National Park Boundary and will take you back in time. Type: Single Family Home Location: Chalet Village Price: $179,900 Get more information >

 

Mount Leconte Views Beautiful mountain home with view, wrap around decks, updates throughout including kitchen, new appliances, quartz counter tops and glass tile back splash. Great for permanent residence or rental. Type: Single Family Home Location: Chalet Village Price: $239,900 Get more information >

 

Unparallelled View of Great Smokies!! Contemporary home with many interior updates and incredible view of ski slopes at Ober Gatlinburg and Great Smoky Mountains. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $224,900 Get more information >