Thursday, May 31, 2018
The Spring market is here and demand is high for condos especially affordable ones. The market place has less offerings or listings this spring. Of course, this makes home buying a little more complicated but still very attainable.
Are rates around 5% a concern? I truly hope not. Historically, a 5% 30 year rate is an outstanding opportunity. Rates have been low for a very long time. I have talked about what an opportunity 3.5 or 4 % 30 rates were. But I also noted that those rates wouldn't last forever.
Let's take a look at the difference in costs between 4% and 5%. In our example we will take a $180,000. condo on a 30 year loan and the focus will be just on Principle and interest.
For a loan at 180,000 at 5 % for 30 years amortization comes to $917.96
For a loan at $180,000 at 4% for 30 years amortization comes to $893.72
The difference ....$24.24. Looks like 3 latte's at Starbucks or ruffly 80 cents a day.
My point is that the 5% is still a great opportunity and if you are in the market be happy about the rate!
Tuesday, April 10, 2018
Questions always come up about are there still affordable homes in the Knox County area? I did a small sample of condos on the market priced between $120,000 to $140,000. All payments are based on a 5% downpayment, with a 5% interest rate and a 30 year term. The estimated payments included private mortgage insurance, h.o.a fees and taxes. All the indicated payments are estimates and used only for discussion here in this post.
My highest price home was located in Spring Hill Villas in the 37914 zip code. This home has 3 bedrooms and 2 bahs consists or a little under 1400 square feet and wa built in 2009. The house features a 1 garage, hardwood and carpeted floors, It is all on one level at an offered price of $139,900 would have a payment of $989.00 per month
Next house is in the Alison Park condos in the 37918 zip code. It features 2 bedrooms and 2 baths. It has nearly 1300 sq feet and also has a 2 car garage. It is a ranch style home built 1999. Some features are split bedrooms, new carpeting. Large kitchen and a master bedroom suite. At offered price of $134,900 the payment would be $935.00 per month
Third house is located in the 37914 zip and is in the Wood Song condos. The house is 1200 square feet and features 3 bedroom and 2 baths. This house offers a designated parking space, is one level and has an open floor plan. Also has hardwood floors and updates. It was built in 2001. At offered price of $127,900 the payment would be $831.00 per month
I bet you asked any houses out west? Sure, next house is located in the 37909 zip code. Locate in the Stone Hedge subdivision, this house has 2 bedrooms and 2 baths. It is 1100 square feet and has a 1 car garage. Home has a deck on level floor plan, and a fireplace. At offered price of $131,500 the payment would be $904.00 per month
Cedar Bluff? This house is located in the 37923 zip and is 1300 square feet and features 2 bedrooms and 1 and a half baths. It has a one car carport and a deck. It features and open floor plan, galley kitchen and a wood burning fireplace. At offered price of $125,000 the payment would be $912.00 per month
Lots of opportunities out there as an alternative to renting. It says a lot about the Knox area housing market.
If you have question about housing in Knoxville or Knox County please email me at email@example.com or visit my website at www.myknoxvillecondos.com
Wednesday, February 28, 2018
The all brick units appear to be mostly around 2200 square feet and are on 2 floors. Many units are 2 bedroom and 2 baths. The complex was built in 1979 on approximately 4.8 acres.
The complex is well cared for, noting good management. Property features a pool and associated areas. Fees currently are $750.00/ quarterly. Fees include Exterior maintenance, grounds maintenance, trash and bldg insurance.
If you have interest in Knoxville Real estate or Knox county condos please email me at firstname.lastname@example.org or visit my website at www.myknoxvillecondos.com
Tuesday, January 30, 2018
I found a recent article in the Knoxville Metropolitan Planning Commission website that talked about the rising air quality in the area. The article quoted several sources including the National Park Service and the Environmental Protection Agency. Improvements have been attributed to higher standards in motor vehicle emissions, and industry compliance. And, investments by power companies, such as TVA.
Quoting from the page:
Over the last several decades, the Knoxville region has been out of compliance with EPA standards for two pollutants – ozone and particulate matter – and was officially designated a ‘non-attainment area.’ That designation carried a heavy cost: it meant the air was sometimes unhealthy to breathe and it kicked in federal restrictions on some types of new business recruitment, detrimental to the regional economy.
The better quality air can be seen in the compliance with the ozone limits. In 1999, the area was out of compliance on more than 120 days. In 2017, the number dropped to just one day! One of the biggest impacts of the better quality air....is the views from Knoxville itself of the Smoky Mountains. Most days the views are striking to the Smokies some 35 miles away.
Better air is just one more reason to think about relocating to this great area and looking at the great selection of condos and housing available. If you have questions about the area or housing in Knoxville, Knox county or the surrounding counties please email me at email@example.com or visit my website atmyknoxvillecondos.com
Thursday, November 30, 2017
My post today looks at a very active Planned Unit Development(PUD) in West Knoxville called Chips Crossing. Chips Crossing is a 110 home complex with brick buildings of 4 units per and offers a common swimming pool. It is located in the Ball Camp area just off Andes Road.
There are a number of floor plans in the complex with many of them being a 2 bedroom 2 bath unit of approximately 1350 square feet with a single car garage. Some of these homes have a front porch and the homes offer vaulted ceiling living rooms and a split bedroom floor plan.
There are other floor plans as well, with some at 1500 square feet with 3 bedrooms and 2 baths and a more compact floor plan at 1250 square feet. Both units offer a 1 car garage and all are on a single story
The fees are reasonable, consisting of $94.00 monthly which includes exterior maintenance, grounds maintenance, trash and the swimming pool.
Values in 2017 were starting at $114,000 for a 2 bedroom home to $135,000 for a 3 bedroom home. Chips Crossing has a good location for commuting and because of the number of homes in the complex usually has some available for purchase.
Are you interested or have question about condos or real estate in Knoxville or Knox county? Please feel free to email me at firstname.lastname@example.org or visit my website www.myknoxvillecondos.com
Thursday, October 12, 2017
Located in the heart of West Knoxville off Gleason Drive is Brookshire Commons. Brookshire was built in the years 2001-2003 and consists of approximately 65 units.
The homes are configured in long rows with the garage being the common wall on most of the units. It is a pure condo with monthly fees and benefits that go along with a condo. The complex offers a club house and the fees are presently $115.00 month. Covered in that fee is the exterior maintenance, insurance, grounds maintenance and trash.
The homes are mostly 3 bedroom, 3 bath units that are around 2200 square feet and all one story. There are also 2 bedroom, 2 bath units that are around 1450 square feet, also one story. Last year prices ranged from $140,000 to 180,000.
Location of course in a big plus about this complex, the West Town Mall is very close, with lots of other shopping and restaurants in the area. Getting to Route 40 is less than 5 minutes away.
If you are interested in condos, homes or property in Knoxville, Knox County or the surrounding counties, I would love to talk with you about your thoughts. Please email me at email@example.com or visit my website at www.myknoxvillecondos.com
Tuesday, August 15, 2017
I have come across this question many times with potential clients when contemplating a purchase of a condo in downtown Knoxville. There are many considerations to think about, as well as lifestyle choices and just making it work.
In our discussions, one of the first consideration is what many folks have described as the New York City lifestyle. Living downtown, means lots of dinners and lunches out. Entertainment only a walk away, many choices between market square and old city and it is expanding.
If thinking about who do you shop in person, where do you store your car and what it the cost? Is biking really an option? What is the cost of delivery services for food like Blue Apron as an example. How do you shuffle packages and items from your car if you have to commute to work?
One of points for brought up was the use of the KAT trolley system and the recent creation of Publix and Walmart near the UT campus. Parking of course is a big one. Most of the homes have a dedicated space but they are usually fees associated with. Another consideration is how far is the parking from your home and what are the logistics concerned.
These are just some of the many topics to think about when considering looking at a home in the downtown area. It has real benefits and is tempting to live the urban lifestyle. But, since it is a huge financial consideration all these items and many more should be considered before a decision is made.
If you have comments or interest in real estate,condos in Knoxville or Knox county please email me at firstname.lastname@example.org