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Old 08-24-2010, 10:54 PM
 
Location: East Tennessee
374 posts, read 502,321 times
Reputation: 411

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Quote:
Originally Posted by weisgarber1 View Post
Not sure what you mean by grossly inflated. Sevier County though, has very low property taxes, I would guess among the lowest in the state. Additionally, the growth rate in Sevier has been around 30+ percent each decade for the last 30 years. That creates increased demand for housing, so the property values are naturally going to increase.
What I meant was that you get very little for what you pay - at least that was the situation until the recent real estate crash. Don't know how it is now.

In the mid 80s I looked at houses in Sevier County and $50,000 - $60,000 would buy very little there, mostly houses in great need of repair. Moved to Knoxville where there was an abundance of really nice homes in that range, much nicer than what was available in Sevier. Again, in 1998 $80,000 +/- would buy a pretty decent home in Knox County. We thought we "stole" a home in foreclosure in Pigeon Forge for the low 80s - again, in much need of repair. And yes, the "value" of property increases significantly and regularly, to our great relief and benefit .

Again, 2006-2007, looked for property in Sevier, wanted to get out of the congested area. Nothing available (that was anywhere near liveable condition or hanging off a mountain side), and believe me, I looked DAILY at the listings, for min 1 acre, 3 br/2 ba around $150,000 - $160,000. I will concede that during that time, property prices were inflated nearly everywhere, just always higher in Sevier Co.

Yes, the property taxes were, and are, extremely low. Not much consolation though if you can't afford to purchase there. Especially considering that property is more expensive and wages are generally lower than Knox County. When I left Sevier County in 2007 I was almost making the same hourly wage I'd made in Knoxville in 1998 and I had, by all standards, a really good job.

I truly enjoyed living in Sevier County, it's a beautiful area with nice people. However, of all the places I've lived in TN (Newport, Pigeon Forge, Knoxville, McMinn County), Knoxville has the most to offer when considering affordable housing, work opportunity, restaurants, shopping, and a generally welcoming attitude to newcomers - just my opinion.
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Old 08-24-2010, 11:22 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,675 posts, read 31,630,359 times
Reputation: 11785
Quote:
Originally Posted by TN Gal now View Post
What I meant was that you get very little for what you pay - at least that was the situation until the recent real estate crash. Don't know how it is now.

In the mid 80s I looked at houses in Sevier County and $50,000 - $60,000 would buy very little there, mostly houses in great need of repair. Moved to Knoxville where there was an abundance of really nice homes in that range, much nicer than what was available in Sevier. Again, in 1998 $80,000 +/- would buy a pretty decent home in Knox County. We thought we "stole" a home in foreclosure in Pigeon Forge for the low 80s - again, in much need of repair. And yes, the "value" of property increases significantly and regularly, to our great relief and benefit .

Again, 2006-2007, looked for property in Sevier, wanted to get out of the congested area. Nothing available (that was anywhere near liveable condition or hanging off a mountain side), and believe me, I looked DAILY at the listings, for min 1 acre, 3 br/2 ba around $150,000 - $160,000. I will concede that during that time, property prices were inflated nearly everywhere, just always higher in Sevier Co.


Yes, the property taxes were, and are, extremely low. Not much consolation though if you can't afford to purchase there. Especially considering that property is more expensive and wages are generally lower than Knox County. When I left Sevier County in 2007 I was almost making the same hourly wage I'd made in Knoxville in 1998 and I had, by all standards, a really good job.

I truly enjoyed living in Sevier County, it's a beautiful area with nice people. However, of all the places I've lived in TN (Newport, Pigeon Forge, Knoxville, McMinn County), Knoxville has the most to offer when considering affordable housing, work opportunity, restaurants, shopping, and a generally welcoming attitude to newcomers - just my opinion.
And property tax in Knox is low anyway...
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Old 08-25-2010, 11:22 AM
 
Location: East Tennessee
374 posts, read 502,321 times
Reputation: 411
Default And I forgot to add

that when an area experiences such high growth rate, as mentioned to be around 30% for many years in Sevier County, much of the local "charm" gets lost in that rapid growth rate due to the extreme influx of people from outside the area. Not to even mention the infrastructure and extreme traffic issues of trying to keep pace with both the influx of full and part time residents and constant tourists.

Yes, growth and demand cause inflated property prices, but wages just haven't kept pace with that growth. And, I'd rather pay a little higher property tax and be able to drive 8 miles to the grocery store on ANY given day in 15 min, than drive 1 mile in 30-45 min
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Old 08-25-2010, 01:33 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,675 posts, read 31,630,359 times
Reputation: 11785
Quote:
Originally Posted by TN Gal now View Post
that when an area experiences such high growth rate, as mentioned to be around 30% for many years in Sevier County, much of the local "charm" gets lost in that rapid growth rate due to the extreme influx of people from outside the area. Not to even mention the infrastructure and extreme traffic issues of trying to keep pace with both the influx of full and part time residents and constant tourists.

Yes, growth and demand cause inflated property prices, but wages just haven't kept pace with that growth. And, I'd rather pay a little higher property tax and be able to drive 8 miles to the grocery store on ANY given day in 15 min, than drive 1 mile in 30-45 min
That always happens with tourist/vacation home areas. The last place I lived in Florida was the same way and it became the foreclosure capital of the country.
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