Investment land in East Tennessee (Knoxville, Chattanooga: condos, crime, houses)

[miafunk]

I have recently taken interest in purchasing land in the east Tennesse area. I was wondering if anyone might be able to inform me on some of the "hot spots" in that area. I am ready to invest in an area that would most probably boom in the future. An area where construction has started but land is still available for purchase. I prefer an area where I can purchase the land and hold it for some time in hopes that prices rise. If anyone might know of a place that might fit this description I would greatly appreciate your help. On a side note, I was wondering if anyone thinks buying land in Norris Lake would be a good investment. Your opinions are greatly appreciated.

[SPLIT]

M: If you are from out of town or state I guess reading the newspapers or town web sites have the current accurate info "TIMES FREE PRESS.com" is the city of Chattanooga which just had today very good article that TVA may NOT SELL the land north of here around Watts Bar Res ? This sounds what you are asking ? Waterfront on river seems to be the drawing card. TVA was only developing 30% ?? Some big developments were released this year. South of city Chat- Nickajack area, also north - East side of Chichamunga lake rt # 60 area I believe. Large farms are always being offered or auctioned around Dunlap 100 acres, but any farms on river front would be prize score. Also town of Soddy Daisy has nice web site "SODDYDAISY.org " for info press releases on their industrial parks and attracting businesses.City of Cleveland announced recently G.E. was major new co coming to their enlarged industrial park. FOLLOW THE MONEY or the newspaper aarticles for the trends. Know where the next WAL-MART or Home DEPOT will be built ? North on the route #27 corridor is popular. Road was being widened south of Knoxville last week.

[insanesmooch]

In mentioning TVA, I though I would pass this on as a side note. I don't know about all land on the lakes, but I know about the place my aunt and uncle have in Roane Co. They own land on the lake, but TVA has rights to the first 25 feet coming off the lake. No one around there is allowed to put any permanet structures within 25 feet because TVA can come along and take it (the land) if they want it. I don't know how likely it is for them to want/need it. Depending on what TVA may do with it, it could have a negative impact on resale. So you may want to check into things like that in looking for land.

[LauraC]

This thread reminds me of something, have you had any big eminent domain stories in Tennessee within the last year? That is probably one of the most evil laws going and I suspect that if Tennessee is experiencing a development boom, it's going to pop up somewhere.

The last I read about it that instead of restricting it like some other states were moving to do, Tennessee was looking at the displaced party receiving triple the assessed value of the property. Did that come to pass?

[insanesmooch]

Originally Posted by LauraC

This thread reminds me of something, have you had any big eminent domain stories in Tennessee within the last year? That is probably one of the most evil laws going and I suspect that if Tennessee is experiencing a development boom, it's going to pop up somewhere.

The last I read about it that instead of restricting it like some other states were moving to do, Tennessee was looking at the displaced party receiving triple the assessed value of the property. Did that come to pass?

This link should take you to an article and link to the bill it refers to: TN:http://www.lptn.net/news/articles/108/
I didn't really see anything more recent (This was from May).

I have not heard the stories in TN as I have heard from other states. But there is one that people are on the watch for. In downtown Knoxville, they are trying to develop the riverfront over the next several years. So far, in South Knoxville they have been building some expensive condos down Scottish Pike and now the old Glove Factory has sold their land for more. It is just down the street, I guess it's address is actually Blount Ave. So the thing is, in between these two places is a neighborhood of those less well off. My great grandparents used to live at the house when you turn down that street. The houses could be nice, but basically it looks pretty dumpy these days. I cannot imagine paying $150,000 + to live in a condo and have to drive down that street to get to it. Plus they are going to build a boat house there ( up near the other set of condos). It is for the UT rowing team (and I guess others as well). As soon as I saw those places, I thought they are going to come after the land. Someone refered to it in a news story off one of the Knoxville news stations as well. This is all straight across the river from Neyland Stadium (in case you want a reference point). I'm not sure how long it may take for people to try to step in, but I think they will. There are a couple of old buildings and an old school (which the city should still own) that they will probably deal with first.

[mbmouse]

Originally Posted by miafunk

I have recently taken interest in purchasing land in the east Tennesse area. I was wondering if anyone might be able to inform me on some of the "hot spots" in that area. I am ready to invest in an area that would most probably boom in the future. An area where construction has started but land is still available for purchase. I prefer an area where I can purchase the land and hold it for some time in hopes that prices rise. If anyone might know of a place that might fit this description I would greatly appreciate your help. On a side note, I was wondering if anyone thinks buying land in Norris Lake would be a good investment. Your opinions are greatly appreciated.

Just a suggestion and my opinion, but you might want to look to Cosby TN, on the Gatlinburg end. Gatlinburg is growing...A LOT and starting in that direction, give it 5 years or so and it will about be to Cosby.

[LauraC]

Originally Posted by insanesmooch

This link should take you to an article and link to the bill it refers to: TN:http://www.lptn.net/news/articles/108/
I didn't really see anything more recent (This was from May).

I have not heard the stories in TN as I have heard from other states. But there is one that people are on the watch for. In downtown Knoxville, they are trying to develop the riverfront over the next several years. So far, in South Knoxville they have been building some expensive condos down Scottish Pike and now the old Glove Factory has sold their land for more. It is just down the street, I guess it's address is actually Blount Ave. So the thing is, in between these two places is a neighborhood of those less well off. My great grandparents used to live at the house when you turn down that street. The houses could be nice, but basically it looks pretty dumpy these days. I cannot imagine paying $150,000 + to live in a condo and have to drive down that street to get to it. Plus they are going to build a boat house there ( up near the other set of condos). It is for the UT rowing team (and I guess others as well). As soon as I saw those places, I thought they are going to come after the land. Someone refered to it in a news story off one of the Knoxville news stations as well. This is all straight across the river from Neyland Stadium (in case you want a reference point). I'm not sure how long it may take for people to try to step in, but I think they will. There are a couple of old buildings and an old school (which the city should still own) that they will probably deal with first.

Thanks for the link and story about Knoxville. I just read it the linked info. In researching Tennessee for retirement, one of the things I haven't paid enough attention to is local politics. I don't know who is running for the Senate or the House, this year, from the state and/or what they stand for. It's not out of disinterest but it's just knowing I won't be moving there in time for this year's elections so I put it on the back burner. I plan to be active politically when I get there, though, and this eminant domain issue, along with national security, crime and illegal immigration will be the factors that impact who I actively support. I'm not planning to be a property owner but I think the eminent domain thing is horrendous.