TN Land and Lakes (Memphis, Chattanooga: homes, buy, live in)

[Granny Sue]

Ahhh this is why I like going over these kind of things with people who actually live there or are familiar with the area....
BC(before Charley) we went looking in Florida and just cracked up on what some were calling waterfront property....now that I think about it, it might be waterlogged now.

Here's basically what we are looking for and why this caught our eye....we want no less than 5 acres and if it's just land we don't want to go over 50K. We have at least 15 years to pay it off. Then we will build.

That's why this ad got our attention.

Thanks for all your imput.

[daniellefort]

Just take your time looking. We too were within a $50,000 budget of at least 3 acres and it took us 4 trips each 3 or 4 days of just driving around to look at properties we picked out that we saw online and finally we found something useable in our budget and in fact 8 acres with mountain views but it did take us a full year to find it so don't expect your first search to be a successful one. Also just driving around yourself rather than waiting on a realtors schedule helps you get things done faster and get to know the areas a bit better.

[Granny Sue]

Originally Posted by daniellefort

Just take your time looking. We too were within a $50,000 budget of at least 3 acres and it took us 4 trips each 3 or 4 days of just driving around to look at properties we picked out that we saw online and finally we found something useable in our budget and in fact 8 acres with mountain views but it did take us a full year to find it so don't expect your first search to be a successful one. Also just driving around yourself rather than waiting on a realtors schedule helps you get things done faster and get to know the areas a bit better.

Thanks for the advise...we actually started a couple years ago in the Talladega Al area. Just before we go to the races in the spring we pick a couple of properties to look at on our way.
Hubby's Aunt also lives in B'ham so she has her eye out for us too.

The only area in Tn I'm familiar with is Chattanooga so any and all advise on Tenn is welcome. I just have to convince hubby that a tiny bit of snow won't kill him.

[TXboomerang]

Originally Posted by Grizzlybear34

Interesting that you'd say this. I researched quite a bit and have also seen the same thing, though have also read many opinions that if you are paying this much you are getting ripped off.

If you want the conveniences of living near a medium to large city, be prepared to pay a lot more than advertised. If you like the piece and quiet of living out further, you can get the price that you want. 20 acres fro $29,000 sounds like your out there aways or not a real desirable lot.

Another thing we have started paying more attention to is utilities. If a piece of land is priced in the high 20's per acre or low 30's, but has water, electric, and phone all ready to hook up or at least at the road, its gonna be cheaper than buying land at 10k per acre that you will have to invest 5-10k in digging a well, along with a few thousand each for electricity and telephone.

Its really about figuring what the price is per acre AFTER utilities are all connected because you can lose every penny it seemed like you were saving once these are tallied up. Just our observation so far anyway, we are still learning as we go.

[daniellefort]

Originally Posted by tnbound2day

Another thing we have started paying more attention to is utilities. If a piece of land is priced in the high 20's per acre or low 30's, but has water, electric, and phone all ready to hook up or at least at the road, its gonna be cheaper than buying land at 10k per acre that you will have to invest 5-10k in digging a well, along with a few thousand each for electricity and telephone.

Its really about figuring what the price is per acre AFTER utilities are all connected because you can lose every penny it seemed like you were saving once these are tallied up. Just our observation so far anyway, we are still learning as we go.

That's a good point. also when we found our property, we got a good deal on it because there was not access to get to the top of it because where the driveway was had a rock ledge across it and trees. It only costs us about $1500 to have all that crushed and removed and now we have clear access to the top. Could easily sell it for much more than we paid for it now but it's little things like that you might also want to consider when looking around.

[kstrand08]

Heres Just A Few Other Costs.the Phone Is At The Road As Is Elec....running It To A 20 Ac Could Be Very Costly..add Well And Septic Min.10,000...survey Lot Clearing Etc...the Lowest Lot Is 29900...it Is 3 Miles To Clifton On Small Un Kept Roads...as For The Log Home 50,000 For The Sticks 12dollars A Sq.to Put Up.and Rule Is 2.5 Times Cost Of Log To Be Turnkey.doing The Math Its No Great Deal Unless Your Looking To Spend 300,000... Just My Thought

Oh And The Sales Team Cant Sent You Any Plats Or Sizes Or Actual Lot Costs Must Come See...sounds Like Time Share Hard Sales Pitch

[mbmouse]

I know a lot of folks see these ads in FL , CA, AZ, NM, NY and other "expensive" states for these development/areas for land in TN that in comparison looks "sooo cheep!!" but that is the point, it is all relative, There is a reason these developers do not advertise in TN to the locals.
Here is an example or two. Here is a piece of land for sale in Washburn TN:
Land - MUNCY HOLLOW ROAD, WASHBURN, TN, 37888 - Realtor.com
10 acres for 29k and it looks sooo pretty from the picture and it might be a very nice property but personally, you couldn't pay me to live in Washburn.
Here is another, and oddly enough, there are more than 5 listings on the same road, all over 5 acre lots for less than 20k and they have electricity but they are all in Sneedville....ie no mans land with people who do not want anyone but locals living there. Land - Snake Hollow Road, Sneedville, TN, 37869 - Realtor.com

Here is another example. Here is a developer who probably bought up 100 acres or so for a song out in Tazewell....way out in Tazewell, miles from any thing and anyone and put in roads and a club house and is now selling the lots, small lots to boot for 39k Land - 174 Wedge Way, Tazwell, TN, 37879 - Realtor.com
But if someone buys these lots, puts in these expensive homes... then what? There is nothing to do in this area. It will be miles to a grocery store let alone anything else. Has anyone ever noticed the turn over rate in these " super developments" or these developments that spring up miles from anywhere? Folks learn very quick that yea, the land and house were a "deal" but there is about no quality of life and then can't resell the property except to someone else from out of state and if even then because there is the next "great deal" from another developer who bought up a 100 acres of farm land. That is if it can even be resold because of all the now issues with the "promises from the developer not fulfilled".
Ask yourself this before you answer one of those ads in another state for TN property: If it was such a great deal, why do they have to spend so much money advertising out of state when if it was a good deal the locals would be snatching them up?
Sorry, but myself personally, I would much prefer to buy an established home in an established area with the amenities my family will enjoy, find the deals there and then remodel to my own preferences and upgrades. There is less chances of perk issues, land rights, near future changes to rules and regs and the list goes on.
Here are some examples of what I am talking about. Here is a property for sale less than a 20 minute drive to Knoxville, 4 bed, 2 bath on almost 10 acres, pond, extra garage and buildings for under 170k.
Single Family Home - 360 TUDOR HOLLOW RD., ANDERSONVILLE, TN, 37705 - Realtor.com

Here is a great one, almost 2 acres a 3 one and a half bath for less than 70K in Elizabethton Single Family Home - Elizabethton, TN, 37694 - Realtor.com

Or how about 4 acres with a 3 1 1/2 in Hampton for under 75k? With a beautiful lake less than 10 minutes one way and a large town 20 minutes the other? Single Family Home - Hampton, TN, 37658 - Realtor.com

Or an already beautiful home on 3 acres for less than 130k?
Single Family Home - Elizabethton, TN, 37643 - Realtor.com

Or do without the headache of building/remodeling and here is a beautiful mountain view property already built for less than 150k Single Family Home - Watauga, TN, 37694 - Realtor.com

To me, these are good deals, I bet to those in FL they look like great deals and I will eat my hat if you see these being advertised in any Fl paper.

Just my 2 cents on the whole issue of Developers who advertise their "great deals" in a sneaky way and only out of state.

[hiknapster]

Originally Posted by mbmouse

Ask yourself this before you answer one of those ads in another state for TN property: If it was such a great deal, why do they have to spend so much money advertising out of state when if it was a good deal the locals would be snatching them up?

There you go.

[daniellefort]

That's a very good point on the ads. That is what ads are for though, to point out the info people want to hear and see but when you actually get out there to look at it, it's hard to focus on the good things you read about because your noticing all the negative things in the surroundings. I personally never looked at the ads and said, "oh i want to check this one out" I did all my searching just using the internet and search engines. Even that can be misleading at times too though which we did discover.

As far as why they don't advertise to the locals in TN, same reason as above because it's easier and more convienient to take a day drive over to look but on the other hand, it seems from what everyone says that finding decent paying jobs are hard to find in TN so for those already living in TN, can they afford to buy? The biggest thing I keep reading about is people are cashing in on their sales in FL and other states and moving to TN because they already have money in their pocket and income or jobs are not an issue to them? Even though homes are still selling here and prices are coming down people are still making a profit off their sales especially if they bought more than 6 or 7 years ago when prices were normal before the prices skyrocketed but they are just not making the big profit compared to a few years ago. People are still moving to FL and i'm sure once they're here a while, they'll be trying to get out before long too.

[mbmouse]

Originally Posted by daniellefort

That's a very good point on the ads. That is what ads are for though, to point out the info people want to hear and see but when you actually get out there to look at it, it's hard to focus on the good things you read about because your noticing all the negative things in the surroundings. I personally never looked at the ads and said, "oh i want to check this one out" I did all my searching just using the internet and search engines. Even that can be misleading at times too though which we did discover.

As far as why they don't advertise to the locals in TN, same reason as above because it's easier and more convienient to take a day drive over to look but on the other hand, it seems from what everyone says that finding decent paying jobs are hard to find in TN so for those already living in TN, can they afford to buy? The biggest thing I keep reading about is people are cashing in on their sales in FL and other states and moving to TN because they already have money in their pocket and income or jobs are not an issue to them? Even though homes are still selling here and prices are coming down people are still making a profit off their sales especially if they bought more than 6 or 7 years ago when prices were normal before the prices skyrocketed but they are just not making the big profit compared to a few years ago. People are still moving to FL and i'm sure once they're here a while, they'll be trying to get out before long too.

Trust me, there are a lot of locals purchasing houses and have very good jobs. I have a article stored on my office computer that shows North East TN as one of the largest employers of IT professionals. Yes, there is a large number of poverty or below poverty level folks living in TN, but there is also a large amount of middle class, upper middle class and VERY affluent people here in TN. I'll post the article for you tomorrow. And there really is a very few that are able to get enough equity out of there out of state home to come here and purchase out right for cash. Large down payments, yes, cash out right, not as much as you might think.