Watts Barr Lake Questions (Knoxville, Rockwood: sales, foreclosures, HOA fees)

[KyJake]

We just returned from our fifth trip to the Knoxville area in search of land or home for retirement. This trip we spent 4 days in the area including one day looking at lots on Watts Barr Lake in Grand Vista Bay. These properties were "on sale" - ranging from some interior lots just over an acre (resales) for $25,000 - no water view, wooded view, to a lot just over 3 acres with spectacular views of the lake for $200,000. This is the first time we've looked at that area and it is further out than we would prefer - not to mention HOA fees of $1000 a year. There were many foreclosures in the development but the realtor says there is a great deal of activity and sales are on the rise. Is anyone living in this development or on this lake? I'd like your thoughts on this area - shopping, medical facilities, etc. Thanks for your time - this is a big decision for us so all comments and information is appreciated. We have been looking at Dandridge and Kodak previously and like both those areas.

[piedmont]

I am not super familiar with the various lake developments, but I live in Roane County near Watts Bar. My gut is that the developers would be very lucky to get anything near 200k for that lake lot. Construction has slowed down a lot and land is not exactly selling quickly. I don't know these developers, but others in the area are discounting heavily and dealing with neighborhood foreclosures (ex. Rarity properties). I do think you could find a bargain if you were a smart cash shopper. Perhaps the best bargain might be buying an existing lake house that someone is ready to move. There are some nice ones on the market.

Rockwood (town closest to Grand Vista) is nothing to write home about, but I assume you know that. I find it quite inconvenient to get from the lakeside near Rockwood to I-40; it is actually quicker from my area (Ten Mile).

Good luck with your search. This is a lovely area, but it is rural and not exactly hopping!

[KyJake]

Thanks for the information. I agree - the area is beautiful. We will be moving from southwest Louisiana - not a mountain (or hill for that matter) in sight, so we're looking forward to finding a property in Tennessee. Every trip helps us to get more familiar with the area and I'm hoping that we will be out of here soon.