Knoxville Condo News

ARE THERE CONSIDERATIONS CONCERNING A COMPLEX?

2012-03-09T10:57:00.000-08:00

What should you look for when you are looking at a prospective condo complex?

Lots of things come to mind. In my mind, I would be looking at the neighborhood first and see what you see. First and foremost is the complex complete?

I always advise my buyer clients to make sure enough of the complex has sold before they jump in as well. There are lots of risk in a complex’s early stages. I say a good time to go with a new complex is when the developer has enough units sold to turn it over to the association. Up to that point, you really never know if the developer will really finish the complex or not. It is a tough decision especially if the house works for you in every other way. A red flag may be 8-10 units built and no others started at this point,

While you look, how is the landscaping? How well have the fees the owners are paying been spent on improvements. A lot can be learned from just looking around.

Fees? How much are the fees and a bigger consideration what do they go towards? Future owners need to remember that for amenities you should look at if you would be using the pool, work out area or whatever it is that is in the fee. It may be good for resale later, but that may not be a consideration of yours if you are not going to use them. Have your agent ask the association about escrows for the roofs, repairs etc. It should be readily available from the management. There may be future assessments you have not been told about.

In looking at the rules to live by as well. Pets, and cars and parking and guests are all worthy of seeing what the rules are and if you can live by them.

Want to see one of these homes or others. Give me a call 865-218-1103 or email to steve@stevecaron.com or take a look at my website www.myknoxvillecondos.com

100K BUDGET? NEED A GOOD PLACE TO LIVE?

2012-02-24T06:44:00.000-08:00

Today, I wanted to take a look at Parkway Heights planned unit development. Parkway Heights was built in the early 1990's and sports a great commuting location being actually on the Pellissippi Parkway.

Consisting of 132 units the homes are mostly 2 bedroom 2 bath units made up of 4 units per building. They are 2 story homes set up in a townhouse format. The complex is laid out basically on 3 streets and most homes have parking right by their front door. A very fun feature of most of the homes, is the covered entry has a 2 person sitting swing on it. The swings give a homey feel to the place.

Inside the units are fairly open with a galley style kitchen adjacent to a dining area. The living room has a fireplace and is a spacious room. The bedrooms are set up each with their own bath. All the homes are around 1000-1100 sq ft. Outside rear has a small patio with a privacy fence. The fees here are currently $85.00 a month and the complex has a pool centered right in the middle of it.

Sales last year were brisk with 7 sales ranging from $87K to 93K. There were several foreclosures that sold in the complex as well. Presently there are 3 on the market ranging in price from 99K to 103K.

Parkway Heights offers a great place to live with reasonable fees on a budget. At 93K with a FHA loan, financing $89,745. at 4.25 for 30 years give you a payment of $725/month which would include taxes, insurance and condo fee!

Want to see one of these homes or others. Give me a call 865-218-1103 or email to steve@stevecaron.com or take a look at my website www.myknoxvillecondos.com

TRAFFIC FLOW? IN MY HOME?

2012-02-08T06:18:00.000-08:00

Traffic patterns in a room can make a huge difference in how a room feels. It can also make a difference in privacy, light, what type of furniture you have and many other obstacles.

In my many years of having my buyer clients give me a perplexed look and say “Where would I put my furniture”. It is often the case as well with the statement “this room is really tiny” when the seller has a wrong traffic pattern for the room.

So, what am I talking about? The most typical situation is in a living room with the rectangular room having a door in the middle or at the end of the room. In many cases the traffic flow (people walking in the door going to the next room) will have to walk around furniture. A good traffic pattern allows this to happen but segregates the furniture part of the room away from the traffic pattern. In many living rooms, you can achieve this by having the traffic flow straight across the room in front of the entertainment area (tv etc) directly to the kitchen as an example. This allows for the furniture to be set up in an orderly fashion, making the room more comfortable.

In many cases, especially in condos, the room was designed for 1 traffic pattern and works the best that way. A good example of this is the Master Bedroom. Most bedrooms have a designated place for the bed, television and dressers. The room will not work any other way in many cases.

What do you do with a “tough one”? My recommendation is to draw it out on graph paper and use cut and paste pieces representing the furniture for the room. You can see many different set ups this way with out exhausting yourself moving the furniture around the room. Try to take flow into consideration, as well as the light in the room and in some respects the privacy of the room. I hope this simple discussion has brought some thought from what may be a difficult room to one that really works for you and your comfort.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

ASSOCIATION DOCUMENTS?

2012-02-02T07:34:00.000-08:00

A very important item when considering a condo or Planned Unit Development(PUD)is what is the associations role in your future home. The developer had the documents created as to their vision of how the complex was to function. It is the association or the management job to see that vision carried out. So, it is very important to know what the rules are, how to fees are applied to what categories and how well is the complex being run.

The easiest way to see how a complex is run and rules adhered to is to take a good look when you visit. How is the landscaping? Are the homes being kept up? How big is the complex? How new is the complex?

All these questions pertain to how the association is going to effect your life in your home. If the place looks and seems well run, make sure you look at the documents before you agree to buy the home or have an out in your contract if you see a rule you can't live with.

The documents address parking, pets, trash removal, common spaces and uses of them as well as when fees are due etc. Some are very elaborate and detailed, some a lot less so. But, all of them should be reviewed so you know if you are OK with them.

Many times the rules are obvious and present no problem. Other times that is not the case, such as in pets. Many city units don't allow them. Here in Knoxville, there are a few but most complex's include them.

Overall, a good review of the documents should provide insight and give you confidence that you have made the right choice.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

DO YOU REALLY THINK THE MARKET HAS BOTTOMED OUT?

2012-01-30T11:34:00.000-08:00

Recently, I examined the Knoxville Area Association of Realtors, multiple listing statistics (KAARMLS)for the past year. It revealed some interesting trends and a real reflection of the market here in Knox County Tennessee.

Overall, the market has actually improved from 2010 to 2011. In total the market was up 1% over the previous year. In total condo sales here in Knoxville, Knox County and the surrounding towns and counties, 885 units sold in 2011. If you look at our report last year 1001 condos sold but the numbers were not as good because of the number of homes on the market was larger. 2011 ended with 4054 condos on the market as opposed to 4881 condos that were on the market at the end of 2010.

For a complete view take a look at my previous post from February of 2011 talking about the 2010 market.

http://www.blogger.com/post-edit.g?blogID=3260491704090453365&postID=7902325810093578623

Some interesting trends: the 120K-140k market was still the most popular here with 120 homes sold in this price range and 529 still on the market. The next most popular price range was the 100k -120k with 111 homes sold and 403 still on the market at the end of the year. This price range has grown in the last couple of years as prices have slid over the last 4 years. Remember that with an FHA loan a purchased @120k would be bring in a monthly payment of around $750.00/month. (4%, 30 years, 3.5% down) Go to for a more complete estimate of payments. www.marissaandmargo.com

How about the upper end of the market? The very highest segment of the market is still overloaded with homes with only about 10% of homes selling during the year. The medium areas $300-400k price range was much better with about 17% of the homes selling in this price range.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

ARE THERE BENEFITS TO CONDO LIVING?

2012-01-20T12:11:00.000-08:00

Condos have many benefits. They are a terrific option for many types of buyers. I n this post we will talk a lot about the benefits for all buyers.

Naturally, condos are an excellent choice for seniors. Many seniors wait too long to sell their home. Age catches up with folks and many times seniors don’t pay attention to the up keep on the home. They don’t update rooms and keep up with maintenance on the outside. A condo can be a real option for seniors to sell their home when it is worth the most and then have the association take care of the outside for them. Many condos are on a single floor which is great for seniors. Condos offer security, since the neighbors are only a few feet away in many cases. They also offer better opportunities for socializing. In many cases the home will be more updated and will require a lot less upkeep. Some will be more energy efficient and cost less to heat/cool.

Last year in a previous post I talked a lot about the benefits of condo living. See the post from March 7, 2011
http://knoxvillecondonews.blogspot.com/2011/03/pros-of-condo-living.html

For younger folks the benefits are many as well. One huge one is the affordability of townhouses because the builder can build to a greater density. Many complexes are FHA financing approved, so you only need to a3.5% down payment. See my post from Dec 22, 2010, http://knoxvillecondonews.blogspot.com/2010/12/fha-203k-what.html Young folks live busy social lives and many work long hours, so the lack of time to maintain or update their living areas. Many of the complex’s here in Knox county offer a wide variety of amenities like work out areas and pools.

A huge benefit for singles is the security and options to be closer to the downtown or shopping areas. And yes, they all offer tax benefits that all single family homes offer.

All in all, condos offer a lifestyle choice for many people and it is a great opportunity to own one if your lifestyle will be enhanced by its benefits.

If you would like to visit or view any condos in Knox county, http://www.myknoxvillecondos.com please free to go to my website and view all homes in Knox county.

LESS JOBS MOVING TO TN?

2012-01-09T13:43:00.000-08:00

Tennessee had a reputation as a hot spot for jobs before the economy fell off. It was termed "vibrant" in many circles. Those gains were cut in half during the recession and halved again by 2010.

In a recent article in "The Tennessean"writer Lisa Green interviewed Bill Fox the Director of the Center for Business and Economic Research says "it will reverse". Fox stated that "we've replaced about a quarter of the jobs that we lost during the recession."

What this all means to the condo and housing market is that with more jobs returning, housing will be in more demand. And, we all know what happens when the demand gets higher. It would seem to me that better days are ahead and that the bottom of the market is here!!

Been on the fence? The time is now. Demand is still relatively low and rates are at and all time low. Your friends will talk about your financial wizardry in future years for buying at this time an the rate you got!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

COMMUTE AND WALKING

2011-12-13T11:18:00.000-08:00

New data suggests that looking at your commute before selecting a home is very important. It is a factor that has been becoming of greater importance as the 2000's have arrived. In recent surveys, 75% of polled respondents said that a maximum of 30 minute commute to work as "very important". 66% said that access to shopping also of importance. I would add that if you multiply that by how many children you have you will really need to focus on your location and commute, considering how many trips to schools, after school activities and friends.

According to Walkscore.com, walkable areas are also important with Millennials. This is partly because of lifestyle choice and environment but also because of rising gas prices. Demand for more information on neighborhoods is also rising for us Realtors as well!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

THRIFTY KITCHEN UPGRADES

2011-11-30T12:37:00.000-08:00

I thought I would pass along couple of ways to "upgrade" your kitchen inexpensively.

A good way to give your kitchen cabs some custom feel is to add furniture like feet at the end of the cabinet. It will give the cabinets a custom look, if installed at the ends and corners.

I saw a Pot rack recently made out of copper pipe. It was mounted to the wall and was about 4' long and 3' wide made out of 1/2" pipe with 90 degree fittings on the corners and 45 degree bars going across. This will allow you to hang the pots on the cross bars.

Remove that flat light over your kitchen sink and replace it with a pendent type light. Very easy to do and really adds new flair.

If you have a plain backsplash, consider using stick on decals to spice up the plain tile. They can even hide cracks.

Hope it helps!!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com ,
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

NEW LOFTS PLANNED

2011-11-01T13:18:00.000-07:00

The Lily Flour Company factory at Central Ave and Depot Street is going to be turned into Lofts by developer David Dew-hirst. The Knoxville Sentinel reported that renovations are already under way.

The developer expressed optimism about the large building. Only part of the 300,000 square foot building will be used for the lofts, and is primarily the older brick section.

The building is expected to have 36-42 units from 550 square foot studios to 950 square foot 2 bedroom units. A big plus for this downtown development is the parking across the street.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

FEDERAL FAILURE !!

2011-10-13T10:28:00.000-07:00

I don't usually post about the news, but I recently discovered that the homeowner recast bill proposed by the HUD as been stopped. HUD had said in a statement that the process was too stringent for many homeowners to get help to avoid foreclosure. Of the 1 billion set aside for this, only 437 million was used in the 2 years that it was out and $563 million went back to the treasury. What a tragedy.

This is truly your Federal Government in action. Setting a system up to help homeowners and then having the requirements so strict it doesn't work for most homeowners? In my opinion, you have one person to blame....Mr. Obama because the buck stops here!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

DOWNTOWN HOME TOUR

2011-09-30T12:08:00.000-07:00

If you wanted to see some of the downtown lofts and condos here is your chance. The City People Downtown tour is happening this Sunday from 11 to 4. Tickets are $10.00 per person and are available in advance @ citypeople.org/store

Some of the homes open are in The Holston Builing, YMCA, The Pembroke, The Residences at Market Square, Ryan's Row, Sterchi Lofts, Fire Street Lofts, The Jacksonian Condos and Westmorland on Central in the Old City.

Money for the tour will go to providing grants to groups downtown like James White Fort or Holidays on Ice.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

TIDBITS...

2011-09-19T13:30:00.000-07:00

Thought I'd pass along some small items of interest in today's post.

RATES! 3.87% for FHA fixed for 30 years. Wow, do I need to say more. A huge savings if you carry your mortgage for a 7 to 10 year period. I think the general public is rate saturated at this point but, what an opportunity.

USA today reported today that states have only dispensed 1% of mortgage aid fund. As of June 30, 17 states had used the funds to help about 7,500 homeowners. As an example, NJ started there program in May but only started making loans this month. The President announced the program in February of 2010, and since that time 1.5 million homes have been foreclosed on. Not a good record in anybody's book.

Speaking of Presidents, we will have to be watching the Republican contenders thoughts about how to solve the housing crunch we have been in for some time.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

AFFORDABILITY???

2011-09-01T12:26:00.000-07:00

I was asked the other day about was the affordability of condos in our Knoxville and Knox county area. According to the MLS, which has homes from Straw Plains to Cookeville, says there are 752 condos listed for sale under $140K. The prices start at $29,900 and go to $139,900.

Naturally the $29,900 condo is probably in pretty bad shape but just look at the numbers and you have to say opportunity. Lot's of chances here to change your rental situation from renter to owner. The likely financing programs are with FHA and THDA .
If the home needs a little work and you have the qualifications to fix it up. A great way to do it is the FHA 203K loan. I will feature a post on the program soon.

I have discussed in this blog about the opportunities. But this time I thought I'd show you the numbers! I was surprised myself.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

READY TO TURN FROM RENTER TO BUYER?

2011-08-17T07:43:00.000-07:00

Once you think about it and get over the fears of what it might mean, home ownership makes a lot of sense for most renters. In my opinion, 2 biggest questions to ask or yourself are: Am I staying in the area? If I am staying in the area are you staying in your employment field? If the answer is yes to both, then you are a prime candidate to own.

First thing you ought to do, is get a referral to talk with a Realtor. Pick someone from on line criteria or from a friend. Don't be afraid to do an interview. You need a pro you can work with and trust. This meeting should talk about your finances, your wants and needs and how the process works. So much time, stress and heart ache can be saved by having a meeting with a knowledgeable professional. Next is a pre-approval. Your pre-approval should really determine your type of financing you will be using.

Once these are done it is time to look at houses. Next edition we will talk about how to look and get the right house.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

NEED EXTRA SPACE IN A BEDROOM?

2011-08-08T14:51:00.000-07:00

A great idea to give a bedroom extra space is to use the space above it. Loft beds work great for kids, teens and even adults if you are trying to double your floor space use.

A typical twin bed can be vaulted quite easily by making a frame with 2 x 4's and a piece of 3/4" plywood for the platform that the mattress would go on. The underneath space can be used as a play area, desk space or for a small futon.

Many stores have kits and many of them can be found on the internet.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

RENOVATION SPENDING THOUGHTS

2011-07-28T10:25:00.000-07:00

I recently had a discussion with a local Home Depot team member and her thoughts were that renovations overall had declined in most areas. I thought I should look into that and see what were some statistics on it.

The research firm Mintel reports that Do it Yourself projects declined from 2005-2010 21 percent. According to the survey 1 in 4 owners say they would like to renovate their homes but don't have the funds to do so.

Mintel went on to say that the 2011-2015 will have a pent up demand assuming the housing market stabilizes. Home improvements and repairs can only be put off so long.

In many cases, as we have discussed here in the posts, it is possible to do many renovations with an eye towards budgeting and keeping expenses low. Certainly, one of the best sources in the "how to" videos on the internet. It truly is amazing what you can find on You Tube and other sources. Myself, I was floundered trying to put cove molding in my master bedroom. When I finally took a minute to see what I was doing wrong in the instructional video, it was enlightening. I would have never guessed you cut it upside down to make it fir right!

All in all, if your renovation budget is tight, make sure you plan, read and watch to keep you within your budget.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

KNOXVILLE AMONG NATION'S BEST VALUES

2011-07-26T11:52:00.000-07:00

Kiplinger's Personal Finance Magazine announced Monday that Knoxville was on its top 10 cities for value in the U.S.A.

The criteria was based on low living costs, strong economies and great amenities. Knoxville was rated number "5" on the list. Kiplinger's teamed up with the Martin Prosperity Institute to come up with the list. The cost-of-living index is based on the national average of 100. Cities with a score below 100 have a lower cost of living.

Omaha, NE was the number one city in the survey. Charlotte finished second, followed by Nashville, Colorado Springs, Knoxville, Lexington KY, Little Rock, Wichita, Cedar Rapids IA and Cincinnati.

Knoxville was sited for having stable employment with TVA and the University of TN. It also talked about attracting new business such as Green Mountain Coffee Roasters.
Housing affordability was also noted as well as an abundance of eclectic family-friendly entertainment as well as a destination that loves its music.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

IS ANYBODY BUYING HOMES?

2011-07-18T11:30:00.000-07:00

Last Sunday I was hanging around the annex of my church waiting for the service to start and was asked a question by a fellow parishioner. Is anybody buying homes today?

I was initially thought he was kidding, but when we wasn't smiling I thought I needed to give him a good answer. I said "absolutely."

Our world is full of negative news about real estate, banks, mortgage loans and foreclosures. It is of no wonder that the buying public has doubts that anything is happening.

To see the other side one just needs to think if the world stop turning? People are still moving to other cities. There are still(unfortunately) getting divorce. People are still in need of large homes, smaller homes, condos and life does present these situations.

The amount of tremendous values are incredible and rates are at the low of lows, so just remember don' let the news sway your thoughts. It is always a good time to consider your real estate situation if the need arises.

For all your real estate needs and all Knoxville real estate listings are at my website.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

DO YOU NEED AN INSPECTION?

2011-07-08T12:57:00.001-07:00

An often asked questions concerning condos and planned unit developments is whether or not to have a building inspection prior to closing on your new home.

My answer is yes! There are many items to look at that the condo association would not cover. Lets look at a few...

Electrical. The home should be up to code with the latest in safety items like Ground Fault Interrupter circuits, arc fault detectors in the bedrooms and wired smoke detectors to name a few. Appliances working OK?

Plumbing. Do the drains function well? Any leaks? is there good water pressure or too much water pressure?

Floors and staircases. How good a shape are they in? Are they safe?

Other items. Doors shut right? Windows open and close, screens? Garage area safe? door open correctly. Storage areas hold the weight you need to store? Deck or patio areas in good shape? Entry ways and doors secure?

Obviously, the condo inspection will entail lots of items to review and look at prior to you buying your new home!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

BEHIND ON THE MORTGAGE? HERE'S HELP

2011-06-29T08:19:00.000-07:00

I recently came across an article in the Wall Street Journal written by Emily Glazer, mentioning a program to help with homeowners who are behind on their mortgages. Eligible homeowners can qualify for an interest free loan to pay a portion of their monthly mortgage for up to 2 years or up to $50,000 whichever comes first. The money can also be used to pay past due changes and to get current.

Requirements include a household income of less than $75,000/year or 120% of median income. The homeowner must be 3 months delinquent and have received notice of foreclosure. As many as 30,000 loans may be given out according to HUD.

To find out more info call 855-346-3345.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

MORTGAGE INSURSANCE? WHAT?

2011-06-24T08:10:00.000-07:00

Many of you are familiar with mortgage insurance(MI) and why someone needs it, but I thought I would go over some of the basics.

MI fills the gap in your mortgage when you don't have 20% down. MI levels can be 15%, 10% or 5%. The companies that offer the insurance make most of the rules that allow borrowers to qualify for a mortgage when they have less than 20% down. FHA also has a form of MI called "mortgage insurance premium".

Questions commonly come up with new homeowners as to "When does my MI payment get to go away?" Now that is a good question. Lenders must cancel MI payments automatically when the loan has amortized to 78%. Cancellation can be requested by the borrower at 80% of the original property value. Most times this is done by a full appraisal by a certified appraiser.

Despite falling values, it is possible for homeowners to gain enough equity to request cancellation in less than five years.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

HOW DO I MAKE A SMALL KITCHEN MORE USEFUL?

2011-06-22T06:59:00.000-07:00

Many prospective owners and actual owners of condos are always looking for more space in the kitchen. I thought I would discuss some space saving ideas out there to see if is helpful.

One big idea in remodeling is separating stove and cook top. Many times the cook top can save space by having available counter space below. Relocating the oven into a smaller wall oven maybe quite advantageous to the counter and cabinet space.

I big space saver is a bar. The bar makes additional counter space but also removes the need to have a table and chair set.

Colors will make the feel of the space better. The lighter the better.

Using digital or halogen bar lights can really provide more light in all spaces. These useful lights attach like a regular fixture but swing and turn to "spot" that dark space to make it more useful.

Glass doors in the cabinets can also make the space seem larger. Open shelving can be very handy for cooking and storage.

Hopefully, a few of these items can help make that kitchen the space you need and want.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

KNOXVILLE MAKES TOP 100!!

2011-06-16T11:47:00.000-07:00

Relocate America a research organization of community information has issued its 2011 top U.S. communities, named Knoxville in its top 100.

The study looked at communities that are well positioned for economic recovery, already experiencing strong recovery or have proven overall economic stability. Factors included employment, education,community leadership and overall quality of life. Franklin and Knoxville were the only cities in the state to make the list.

The link to vote and to read the article www.relocateamerica.com

Clicking on Knoxville's link presents a very informative article about the area and its economic development.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

PHOENIX BUILDING TAKES STEP BACK

2011-06-08T07:52:00.000-07:00

Headlines in yesterdays Knoxville News Sentinel reported that the condos at 418 S.Gay street have been foreclosed. Th newspaper reported Clayton Bank had been working with the developer for a while, but felt it was time to give it back.

The building has 18 units in it with 4 being sold and 2 under contract. The issue seemed to be its late start in the market in 2008. The article noted several other projects with slow sales and looking at leasing units.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

COURAGE and COMMONSENSE

2011-06-01T11:43:00.000-07:00

Sorry for the delay in posting. I was thinking today about what are big factors holding our housing industry back from returning to normalcy?

I would say 2 qualities and factors are courage and commonsense. In our discussion you must remember, "Normal" means regular. Historically markets had small amounts of appreciation each year and not everybody could get loans but most could qualify under the historically conservative system. FHA, VA, conventional and many other loans worked in regular markets. Not ever one was ready to buy at any one time, however housing seemed to make sense for a lot of people.

Today, because of the daunting loan process and the media storm on the housing market, many buyers lack the courage and the commonsense to take the step forward. I think to really look at the situation buyers need to ask themselves 3 questions.

Is my job as secure now as it was in 2007? No one worried about the security of their job then before signing a mortgage in 2007. For people who are still at the same job is it any less secure?

Could I get a larger home for my growing family at the same price per month as I pay now?

Will I look back at this opportunity and say "if I had only ..."

You have the power and the opportunity to really invest in a wonderful home at great values. If you could say yes to any of these questions maybe it is time for courage and commonsense!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

GLENVIEW PLANNED UNIT DEVELOPMENT

2011-05-18T11:28:00.000-07:00

Glenview PUD is located in the Cedar Bluff area. The complex was built in 1998 and 99. The number of homes is approximately 70. They range in size from 1200- 1500 square feet.

A drive through Glenview shows a well run complex. The homes and grounds are well kept. The units themselves are either in buildings of 2, 3 or 4 homes. There are numerous homes with basements.

A unique feature or Glenview is the fully fenced yard and garden area for each home.
Several that I visited offered exceptional privacy and opportunity to garden.

Fees are reasonable at $66/month for grounds keeping and trash etc. All in all, Glenview offers an excellent home for the money, especially for those looking in the $130,000 - $160,000 range.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

CENTER UNIT VS END UNIT

2011-05-06T11:48:00.000-07:00

Which is the better decision and end unit or center unit? There are few positives
and negatives about each.

In many circles, end units are the most desired. End units are at least one less party wall or connecting wall. They can many times have a better outdoor space because there is a neighbor on one side. It is understood that the noise level may be less because of only one party wall.

Center units can also have equal desirability. One very big item forgotten about center units is that they are easier to heat and cool. Most times center units have only two exposed walls. Thus it is easier to keep the temperature constant. Noise levels can be a "non issue" due to the design of the connecting walls. Staggered connecting walls can really keep active areas isolated with out sacrificing privacy or space. Another solution can be mirrored floor plans. Stairs against stairs etc.

Other issues maybe light. Some center units tend to be dark, especially if the home is north facing on an end. Does the home have skylights or other places that can let more light in? If you are more light sensitive, make sure you check out an end unit to determine if they are in fact "lighter". Many units do not have side windows even though there is an exposed wall.

In all in it comes down to taste and what is available. Hopefully, some of this discussion could help determine which is better home for you.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

CONDO FIX UPS ....WHAT IS THE RETURN $$$?

2011-05-04T07:33:00.000-07:00

HomeGain.com annual home improvement and staging survey recently discussed 6 fix ups to your condo and what the return could be. Full article can be seen at www.homesalemaximizer.com

The projects all included a cost of less than $3,000. Here is the list:

1. Cleaning and decluttering. Wow, a very obvious number one. Removing personal items, uncluttering counters, clean, clean, clean. Cost associated $290.00 return $1990.00

2. Brightening. Open the windows! Open the shades! Clean them up, add new lights or bulbs. Really anything to bring in light to the room. $375.00 cost $1550.00 return.

3. Staging. Rearrange furniture, bring in new furnishings and art work. Play soft music during showings. Cost $550.00 return $2194.00

4. Landscaping enhancements. Remulch, weed, plant flowers, make sure the lawn looks good, fertilize and seed if necessary. Cost $540.00 Return 1932.00

5. Repair Electrical or plumbing. Remove stains on ceilings, fix leaks ensure plumbing is in good order. Update the electrical with new wiring. Fix open boxes and close them . Cost $535.00 Return $1505.00

6. Replacing or cleaning carpets. Hire a pro and get the rugs looking better. Install new if really worn out. $647.00 cost , Return $1739.00

Total $2937.00 Return over 10,000. Seems worth it to me.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

CONDO NEED SOME COLOR?

2011-04-25T11:24:00.000-07:00

If your feeling like your home is drab, maybe it is time for some color. Debbie Zimmer of Paint Quality Institute had some great color descriptions for your thoughts for each room.

Purple: Zimmer suggests that the people reserve this color for their daughters room. She suggests it stimulates brain activity!

Blue: It is supposed to slow your pulse rate and lower the body's temperature.

Green: Very popular and versatile. Green has a soothing effect. Zimmer quotes "it is calming, great choice for bedrooms".

Yellow: Yellow makes you happy! Creates positive vibes and thoughts.

Orange:Gets your attention. Dusky shades can be very calming as well. Vivid tones may appear quite stimulating.

Red: Zimmer says "it bespeaks energy and excitement. It actually makes the heart beat faster." If red is your color the dining room maybe the best place for it.

Color can be very personal, and really will put a "brand" on your home. Remember, if selling is in your future... makes sure the tones are subtle!

GOOD WEATHER IS HERE, IS THE PATIO/DECK AN INVITING PLACE?

2011-04-21T07:26:00.000-07:00

Wow, 80 degrees yesterday here in Knoxville. The weekend may be a good time to take a look at your patio or deck. It is a great time to spruce it up and clean it out.

I have posted about how nice outdoor spaces can be. Does your deck make you want to sit out there with your morning coffee?

A great way to cheer up the place is to pull in some potted plants or use larger plants for screening. It night be fun to have some tomato plants growing or some bean plants crawling up a piece of lattice. Having the plants will make you stop being busy and take the time to water and pick.

DIY network site suggested metal trash cans on wheels to pot plants, in effort to shine up the place but yet make them easier to move. Full article is at www.hgtv.com/landscaping.

Make sure you put a table and chairs out there and get some sunshine. Sweep off the deck or patio and take a few minutes when you can to smell the air and relax.

HUNTERS CROSSING IN POWELL

2011-04-08T12:47:00.001-07:00

A recent visit to Hunters Crossing planned unit development brought some surprises. Located off Clinton Highway and not far from I-75, Hunters Crossing is a complex of mostly attached homes but some detached and tax records tell me about 130 units.

The streets and cul de sacs are well kept and the buildings themselves are very distinct. Built in the mid eighties, Hunters Crossing design is unusual because of the all brick exterior, hip roofs with overhangs and impressive brick chimneys.

Most of the homes average around 1400 sq ft and most have 2 car garages. They have been solid performers in the market and average around $160-170k presently.

I think you'll be impressed, I know I was.

HAIL THE PAINT STORE!

2011-04-06T10:56:00.000-07:00

We live in a society of expertise in every conceivable area. Before you start painting your condo, get some advice from the experts. There are a host of stores with "paint experts" all over the city. Sherwin Williams, Benjamin Moore, Pittsburgh and lots of others.

It is very interesting when you ask some questions about what you are trying to do. One of the critical areas is new types of paint and computer matching. Most brands have numerous options in latex and oil. Make sure you talk about what surface, you are painting on, what type of application you are going to use and what is the best type of paint to cover your particular situation.

Recently, doing some painting myself, I was surprised how rollers have progressed in years. The mini rollers are outstanding for trim and smaller areas usually done by brush. They are light, hold paint really well and are inexpensive.

Computer matching is another great (not new) technology. If you have old paint and you want to use the color but don't have enough, get it matched. Tinting the primer was a great idea suggested by the paint store to hide more of the purple I was attempting to paint over. It really worked well.

A good question to ask the sellers at the closing is if they bought the paint in the house from a particular dealer. The dealer will most likely have all the matches and types of paint used in the house on their computer. Even if you don't use the colors is a great source to know what kind of paint is on the walls so you can get a good match of types in insure a good cover and compatibility.

Well, hope this helps you in your painting project. Please email or post comments with additional recommendations.

LOVED THE CONDO JUST NO WHERE FOR A DINING TABLE

2011-03-28T12:30:00.000-07:00

One of the biggest constants I see with a smaller condo is the lack of decent eating space, especially for company. In searching for a table for my house, I came across this great table called the "Reddington Breakfast Bar".

This product is a bar that folds out to a 4 person table by simply lifting the top and pulling out the end supports. Viola! You now have a table to seat company and when your done it can be folded back to a bar that can go up against a wall.

This great idea gives many homes the opportunity to looked at because the space now makes sense.

If your interested in the table, contact Libby Simpson at Haverty's Furniture. 1-865 694 7572 or lsimpson@havertys.com

CON'S TO OWNING A CONDO

2011-03-24T07:25:00.000-07:00

A couple of posts ago, I talked about the pro's of owning and living in a condo. Today we'll discuss some of the "con's".

Condo ownership comes down to a lifestyle. Most people who purchase a condo do so because it represents a lifestyle choice. You are willing to take some of the negatives because it is a huge upgrade from renting. The obvious lifestyle choice is...freedom to do what you want and you write a check so somebody else can do the maintenance. There are 1000's of other reason to own a condo.

The cons to ownership can be several things. With many years in the business of real estate the biggest negative I have heard is the density of the complex. I have many clients who could never imagine being 6" away from their neighbors. There are advantages to that but, different strokes for different folks.

Some other discussions I have had are lack of storage, lack of outdoor space, noise and of course interactions with your neighbors. These are all issues one needs to think about before committing to a home.

All in all, I wanted to present some discussion of the cons to owning to make sure you visit these issues while considering making the leap to a new home.

DOES THE CONDO HAVE STORAGE?

2011-03-17T11:37:00.000-07:00

At times condo life takes some planning and some thought. Storage is one of the most discussed items with Realtors. Here are some ideas to ponder;

Too much furniture? Most homes have spaces to store extra furniture. With a little work you can steal storage from garage areas. Try shelves above the doors, suspend items from the ceiling. There is always storage rentals for couches and mattress.
There is no shortage of rentals storage places in Knoxville.

If you can't be without your stuff, you'll have to find creative ways to fit them into a small space. Bookshelves are a great start, as they can be adapted to hold collectibles and keepsakes other than books. Condos tend to have a large amount of wall space, think of unique ways to maximize that space. For example, making an upgrade to a flat screen television can save you a great deal of room as these can be wall mounted to relieve you of bulky television stands. If you prefer to have the T.V. sitting, look for entertainment units that give you lots of storage units. Baskets can also enhance bookshelves and closets.

Analyze your closets. Do you take advantage of every inch of space? Ventilated shelving is relatively easy to install and can add extra storage to closets and to cabinets.

Some places you may not have thought of... behind couches, under chairs, cornices of kitchen cabinets, under the beds, back of corner cabinets, shelves over the toilet shelf over the mirror in the baths.

These tips can help make your life in your new or future condo more organized and still have that homey uncluttered feel.

Pro's of Condo Living

2011-03-07T11:36:00.000-08:00

I'm sure you think based on this blog, I could recite these in the middle of the night if you woke me up and asked me.

but, seriously thinking about a lot of the "pros" may be obvious to you, but many may not. Probably the most obvious is the no maintenance or lower maintenance.
1. Condo living offers a great choice to folks who are not interested in working on the outside of their home. Most of the time, you write a check to get the lawn cut, trim the hedges and touch up the outside trim. All you need to do is relax or go do your favorite activity.

2. Safer

Condos offer a higher security because of the density and the fact your neighbor is not far away. Another benefit is they are great for part timers. Because your maintenance and security are taken care of, part time owners can relax more. Naturally, condos are not exempt from theft, but generally they are safer than single family homes.

3. Amenities

Many associations have amenities that normally are prohibitively expensive. These may include pool, gathering rooms and exercise areas with equipment. These can be big benefits if they are items you are interested in.

4. Friends

Most of the time, because of the density of the complex you will be in situations to meet your neighbors. Hopefully, you eventually learn to like them and become friendly. Having neighbors you like and that can help out at times is a big pro.

5. Other items to consider

There are many other pros but some topics that come to mind are: lower property taxes, possible access to waterfront or golf or other activity lifestyle you couldn't get to on you own.

In our next post we will talk about some "cons"!

BIG STATEMENT!! MARKET HAS BOTTOMED OUT.

2011-02-15T12:13:00.000-08:00

I have been a positive advocate on the Knoxville housing market in this blog. I guess based on the figures I am going to reveal, I would say I don't have to be positive, I can re sight the "numbers".

In 2009, the condo market in the general Knoxville area saw 1037 sold homes. The average home sold for $161,200. These statistics are from the Knoxville Association Area Multiple Listing Service (KAARMLS) by the way. The number of solds had dwindled for the last 3 years. The market showed a steady decline since 2006. The peak number of condos that year was 2103. In 2007, there was a small change to 1905. Unfortunately, 2008 was a huge drop to 1209.

Now for the good news, In 2010, the number stayed basically steady at 1037 condos for the year. In looking at 09 and 10, with about 1000 homes sold each year, you could draw the conclusion that the worst is over. 2 years with similar numbers suggests that the market has stopped dropping.

Paralleling the condo market was the single family home market as well. The numbers in both active listings at year end and number of solds were quite similar to the 2009 numbers.

The wild card here is the foreclosure market. Hopefully, we will see turn around there as well and not the dire predictions that have been made.

What does this mean to you? It might be time to sell if you have been waiting. It is now time to buy if you been on the fence. Rates have risen slightly to the 5% range. All signals to get moving!

SURVEY RESULTS INTERESTING

2011-01-26T06:51:00.000-08:00

The National Association of REALTORS and Harris Polls recently surveyed 3800 homeowners and renters and found some interesting results.

The survey revealed that home owners are more likely to:

Be more satisfied with the community in which they live.
Very or extremely satisfied with the overall quality if life.
That they are more engaged in the community.
Vote more often in local elections
Have more involvement in civic affairs.

In a more detailed section of the survey was a part dedicated to young adults ages 18-29. Of the 798 adults surveyed , 3 out of 4 said that owning a home provides a healthy, stable environment for raising a family. More than two thirds say owning a home contributed to their long term financial goals. More than 8 in 10 said that is makes more sense to own a home over a period of years.

On the other hand, seventy one percent said it was much more difficult to achieve the American dream than it was for their grandparents.

Interesting results. One of the big positives for the Knoxville area is the amount of affordable condos in the area and the numerous financing options for first time buyers. With the Tennessee Housing Authority loans, FHA and various banks first time buyer programs definitely make it easier to afford a home.

Overall the benefits of home ownership are numerous and the condo is an intricate part of that picture. As always your comments are welcomed.

REVERSE MORTGAGE - KEY FROM TO HOUSE TO CONDO

2011-01-21T12:45:00.000-08:00

A very old product with a recent twist can be of great help in moving from your owned home into a condo. The reverse mortgage is basically a loan that pays you to live in your house until your demise and then the mortgage holder gets the home and ideally its equity down the road. Reverse mortgages have been a great product for folks who want to stay in their home but need income to help pay taxes and expenses etc. Until recently, it had not been possible to combine cash from a sale and buy a new residence.

The new product called "Home Equity Conversion Mortgage" basically through an FHA mortgage the buyers could purchase a new condo for $200,000. and bring $75,000. in cash from the sale of their home to closing and combine it with a new reverse mortgage of $125,000. purchase their new home and have no monthly mortgage payments.

The product allows a senior(need to be 62 to qualify) Down size to an easier to live in or maintain home. Buy a home with easily accessible and has modern amenities. It is allows a purchase in a senior community.

Needless to say you would need to speak with reverse mortgage lender to see if you qualify but it could be the ticket to living in a newer home, with less maintenance and newer amenities.

As always, please comment or email with questions.

2011 BRINGS IN SOME ENCOURAGING NEWS

2011-01-05T07:19:00.000-08:00

Amongst the depressing news in the housing market we have been hearing and reading on a daily basis, there were 2 rays of hope recently released. The Federal Bank Regulators reported that applications for mortgage assistance were down in the 4th quarter 32%. It was the 3rd consecutive quarter this year that applications requests were down.

In a related article, Knoxville News.com reported that the Bankruptcy rate in 13 states declined December. The rate also declined in October. The nations 90 bankruptcy districts showed 113,000. in December which was down 3% nationwide from the same month before.

In total, across the United States there were 1.55 million filings in 2010. The number of filings showed an increase of 8%. However, that was a much smaller growth rate that the 32% jump recorded for 2009 and the 33% jump in 2008 from the years before that.

Lucky for us in Knoxville, the rates showed very different results in many areas of the country. The South had a majority of the 13 states reporting declines. However, the west had several states indicating growth in foreclosures, in places like Hawaii 22%, Utah 19%, California 19% and Arizona 18%.

Overall, I am always looking for a new turn and the whole side of the housing market. As always, I welcome your thoughts and comments to the posts. 2011, will be a great year!

FHA 203k? What?

2010-12-22T12:28:00.000-08:00

A very popular home program offered by the Federal Housing administration (FHA) is the 203b which most loans are. The "K" loan is a two part loan to be able to buy a condo in just ok shape and be able to get funds to fix it after the closing. Eventually, having only one loan and a fixed up condo.

This is great way to buy that condo that is an excellent location but has been lived in for 20 years and not had many updates. It is an ideal program to replace windows, counters, flooring and a whole host of other things. The Streamline product allows for most fix ups but not structural ones. So, no knocking down walls and other large projects. In a condo, the streamline can really be helpful. Imagine getting new cabinet faces, new counters, appliances and flooring in that kitchen that was circa 1987?

If you can qualify for a "b" loan than you qualify for a "k" loan. The full blown 203 k requires an FHA consultant to evaluate your retro fit and then after closing money is done in draws. Either program will require a lender who knows the product and is able to get you through the process seamlessly.

Please email, text or comment with questions about this outstanding loan program.

HAS YOUR ASSOCIATION RE-CERTIFIED YOUR FHA APPROVAL?

2010-12-15T07:10:00.000-08:00

FHA loans have become a huge part of the financing on homes in the Knoxville area. IN 2009 FHA accounted for nearly 25% of the financing market here. To finance a condo, the FHA must approve the complex and maintains a list for buyers who are trying to use an FHA loan to buy the home. Many complexes in Knoxville are approved, but FHA requires re-certification on all complexes by March 31, 2011. I was able to find a schedule on line so I'll put the deadlines out here as follows.

Initial Approval Date/ Current Expiration Date/ New Expiration Date
1972-1980/ December 7, 2010/ December 31, 2010
1981-1985/ December 7, 2010/ December 31, 2010
1986-1990/ December 7, 2010/ May 31, 2011
1991-1995/ December 7, 2010/ July 31, 2011
1996-2000/ December 7, 2010/ August 31, 2011
2001-2005/ December 7, 2010/ September 30, 2011
2006-2008/ December 7, 2010/ March 31, 2011

The extension were granted because of the overload of paper work and reviewing. It is critical that your association get the re-certification done so a major part of the financing a home in your complex can be done. There are a bunch of other requirements as well to re certify, if you have questions please comment or email me and I can get them to you.

TOUGH TIMES...CHRISTMAS PRESENTS

2010-12-01T07:52:00.001-08:00

Christmas is upon us and it is always a special time. 2010 has brought us many trying times, and some condo owners out there may be trying to sell or may be needing to sell because of certain circumstances. In that vein, I thought I would write about some ideas to help.

If your an owner of a condo and have FHA financing, there is a attractive program called PFS or Pre-foreclosure Sales Program. This program was set up during the Clinton Administration for FHA homeowners to have a streamlined way to sell their home faster and with a lot less hassle. Simply, FHA gets the house appraised, hardship needs to be documented, must be listed with an agent and one down side is owner must be at least a payment behind to qualify. The benefit of this program is the streamling of the sale. The appraisal up front, mandatory listing and "as is" sale can really be helpful.

The other program I wanted to mention was the HAFA program or Home Affordable Foreclosure Alternatives. The program is a government sponsored program that is overseen by the US treasury and administered by Fannie Mae. HAFA directs lenders to assist eligible homeowners in quickly and effectively implementing short sales by providing financial incentives to lenders that carry out foreclosure alternatives the the program's guidelines. To qualify the house must be a principal residence, have a first loan originated before 01/01/2009, must be past due, loan is less than 729k and there is a hardship with costs exceeding certain ratios.

If any of these apply to you, in my opinion your best way to get more info or find out more is to first contact a Realtor that has a Certified Distressed Property Expert certification (CDPE). These agents have considerable expertise in short sales and pre-foreclosure properties. In some cases, in may be possible to get your home sold without being behind on your payments and damaging your credit. To find an agent in your area go to the CDPE website or email me here.

If any of this helps, Merry Christmas!

RENTING VS BUYING A QUICK ANALYSIS

2010-11-17T11:58:00.000-08:00

For most people renting the question often comes up; Should I be buying my own home and stop renting? Life in 2010 can produce lots of reasons not the buy a home. Of course there are serious issues contemplate:
Is my job stable?
Buying would require money I don't have.
I'm not sure I am staying in the area.

These are tough questions but if the answer is yes and you do have a little money put away buying may be just the thing.

When considering a condo purchase, one of the major advantages is that you really don't have maintain the exterior of the home...much like renting. For many folks, especially like younger buyers this may be particularly appealing.

The numbers truly sell themselves. In Tennessee, it is still possible to buy with little or no money down. Tennessee Housing has programs combined with FHA that make it possible to purchase with less than $1,000. Planned Unit developments work well with this program. BB&T also has a no money down option as well. But in this case let's just look at renting a 2 br 2 bath apartment vs a similar size home.

Renting in a complex $950.00
Buying a condo at $120,000. based on 4.25% fixed for 30 years. 2% down.

$576.48 Principle and Interest $120.00 taxes insurance $35.00 condo fee $50.00 Mortgage insurance premium $65.00 Total = $846.48

The home is west Knox, 3 years old, 2 bedroom, 2 bath, 1048 square feet, 1 car garage. This example used FHA with a total investment of $3,000. Even if you could qualify for no money down and got the owner to pay closing costs the payment would only go up about $25.00 per month.

Well, hope fully this makes as much sense to you as it does to me. If you can be in the house for 5 to 7 years it will really work well for you in your future plan to buy single family or larger home. Please remember in a 5 year analysis renting would cost you $57,000. Buying would save you that money and even if you sold after 5 years and you home didn't appreciate and you sold your home for $120,000. You would save the following:
Sold, $120,000. 6 % commission $7200. and $2,000 in closing costs for the buyer.Your check at closing would be approximately $4010. Remember, you paid your loan down to $106,790. by making payments for 5 years. Total savings in this example, $61,010. buying vs renting.

Please feel free to comment or email with questions.

300 BUILDING OPENS ON GAY STREET

2010-11-11T08:09:00.000-08:00

The Knoxville Sentinel recently reported on the opening of a new condo complex on Gay Street, in the heart of the downtown. Josh Flory, who writes a property column for the paper, gave a complete story of the new condos. In 2007, the building had a substantial fire and was purchased by the Whites, the owners of Toyota and Lexus of Knoxville. The former name of the building was the Crimson building. The new name has been changed to 300 Building.

The homes are high end and have views form balconies overlooking Summit Hill Drive and the 100 block of Gay Street. Prices range from the low 400's for a third floor unit to close to a million for fourth floor unit. A big benefit is the basement parking for the residents. The model unit is on the first floor and an unusual feature of the units is that there are no retail business on street level.

Overall, it is great to see that development is continuing downtown and hopefully in all our of fine city.

10 REASONS TO BUY A CONDO NOW...

2010-10-27T07:53:00.001-07:00

I recently put together a list of the best reason to buy a condo now as opposed to waiting. Here are some ideas:

You can get a great deal.

Now doubt about it, now is the time. The deals are phenomenal.

Mortgages are at record low rates

Yes, I would think 4.25% fixed for 30 years is worth considering. Wow.

Save on Taxes.

Well yes, if you are able to take deductions on your taxes, all that interest on your 30 year mortgage is still deductible.

You own it.

You can paint the interior, change it and decorate it the way you want. No more landlords to worry about or please. It is yours!

You'll be able to buy a better home than you thought.

Unquestionably, you will have more choices so you will get a better home. You probably can upgrade for around what you thought you would pay originally. You may get a home that is a little larger, a better kitchen or nicer location.

Protection against inflation.

Because,you have fixed payments that you'll be well able to handle,no matter what the economy does you will have protection against the highs and lows of the economy. One thing about the housing market, is that if your not selling or buying the market has no effect on you.

It can be risk capital.

Yes, once you gain equity in the property you can tap it at times to make improvements to your home. Equity lines are not for vacations or frivolous items.

A Savings account

As you pay the mortgage down, you are gaining in your house savings account. By paying on time and working towards paying the house off you will have a savings in the home. Your home always has value.

Selection choices

Since this housing market is unique. The selections in the market are unusually high. With the wide range of choices with sellers, you also have a wide range of foreclosures and short sales to pick from. You will even have a larger selection of new homes as well.

The market will clear itself.

I know it sounds optimistic, but the market will clear it self of the inventory and then we will be talking about...remember when. Make your story part of it. You'll be glad you did!

FEES, SOME THOUGHTS

2010-10-13T12:03:00.000-07:00

One of the most discussed topics amongst condo owners are their fees to the association. But, if you were buying a condo what are some of the items in the fees and association laws you ought to look at?

First and foremost, get your Realtor to give you time to obtain and review, and have an out in the contract for the documents for the association. You should be looking for rules that they live by that you may not want to live by. A big one if you own a cat or dog, do they allow pets? Most condos do, but some that have small or tight common spaces do not. A another might be parking, if you don't have a dedicated garage, how many spaces do you have and more importantly, where are they located? Does the location work for you? What are the common spaces and how are they used? Many condos in Knoxville, have pools and tennis courts, meeting rooms etc.

Other items to look at are the "rules" of the association. These are just common understandings of the owners and how they want to live together. Most times these all make sense, but on occasion you might object strongly to one. Better to know ahead of time, is what I say.

A big part of your focus should be on fees and what do they pay for. Most times the association can give you their annual budget and if they are planning special fees (assessment) for items that weren't budgeted for or need extra money to be fixed.
Some things to look for are what was spent on the site, on the buildings or the common spaces. A very good review will help, but usually if the place appears well run...it probably is.

Lastly the owners, because they do live in common with each other, need guidelines to insure the place which they have chosen live, looks and feels great and they can have the quiet enjoyment of their property!

THINK ABOUT YOUR OUTDOOR SPACES BEFORE BUYING

2010-09-30T10:46:00.000-07:00

In a condo, outdoor space is your opportunity to experience world outside. The deck, patio or balcony maybe your only chance to feel sunlight, wind or catch a breath of fresh air.

When you are looking at a perspective home, you should make a list prior to visiting of what is important to you in that space. Some things to consider would be:size, access, exposure facing and privacy just to name a few. Let's take a look at some of these.

Size

The space needs to be what you can make work. A small deck or patio is your only opportunity. Can you make a 6' x 8' space work. What furniture are you going to place there? Do you want to have an outside eating space? More is better than less, but most of the time you'll have to work with less.

Access

What room do you access the outdoor space from. Many condo's only have a bedroom balcony. The access really determines how much you will use the space. Think about carrying food or drinks out to it or entertaining. Is it easy for guests to use?

Exposure

How and when the sun hits your space can alos determine alot about how you use it. Remember, southern exposures can be really hot at certain times of the day. A eastern or northen facing can be quite nice, especially in warmer climates.

Privacy

How private is the space and depending on that, will you feel like you will use? This aspect is really a individual item. Many people have no trouble at all with using public park spaces and may not even think about it in their homes. Others, of course, want to feel the space is all their own. Can I be seen by the abutting neighbors? Where does the front of the space face? It is possible to really have a private space if you think about it Can you use a panel or plants to make it feel better?

Other

Do you have power accessible? Usually one or two plugs works. Outdoor lighting? Can you cook with a regular grill or do you have to go electric? Do you have the measurements of your furniture? Can you install an awning for shade?

All in all, just a few minutes and some thought put into the perspective space can quickly determine if it will work for you. I know you'll be glad you did.

FEATURED NEIGHBORHOOD....WESLEY PLACE

2010-09-07T08:28:00.000-07:00

Several times a month we will focus on a complex to highlight its features and livability.

Wesley Place is located on the corner of Westland Drive and Ebenezer Rd in West Knoxville. The location is an excellent one based on its close proximity to Rt. 40, Rt.140 and all kinds of shopping from Kingston Pike, Turkey Creek and the West Hill Mall.

The neighborhood is comprised of 17 homes ranging in size from 1700 sq. ft to 2700 sq. ft. Originally developed in 1984-1986, the neighborhood has been kept up beautifully. Walking along Wesley Place gives you the feel of a lovely older big city town home neighborhood. It is a wonderful combination of nice landscaping, small court settings and overall relaxing feel.

Monthly fees here are $210.00 a month and the place truly reflects the fees are being used. The neighborhood is very well run.

Presently, there are 3 homes actively on the market. They range in price from $199-209k. These homes are 3 beds/2.5 to 3.5 baths and are just shy of 1800 sq. ft. to almost 2400 sq. ft. Courthouse Retrieval System estimates the median appraised value at $179,500. Most of the homes are one or two story with attached 2 car garages. A feature of most, is a first floor master suite.

The planned unit development lists its amenities as a pool and a clubhouse. Next time your in the area and you have minute to take a slow drive through, please do it may be the place you would like to land in the future.

KNOXVILLE GOOD INVESTMENT CITY

2010-08-25T09:08:00.000-07:00

The Knoxville Sentinel reported this morning that a recent Wall Street Journal report from last weekend picked Knoxville as the 4th best city for investment!

The report states that Local Market Monitor Inc. of Cary NC, analyzed 315 markets throughout the U.S. and compiled its results in the first "Investor Suitability Report". The firm is well known for housing market forecasts which incorporate house prices and how they relate to incomes, job growth and population. This new report uses similar criteria to rank communities by their investment potential focusing on single family housing. The WSJ article talks about the top and bottom 10 cities.

The report stated that there are places where income is growing moderately, where employment is relatively stable because of the large percentage of jobs in health care, education or government. The report also looks at the volatility of jobs.

President Ingo Winzer explained in the report that "good markets for conservative investors are those that already have stabilized and should yield average returns".

Knoxville was bundled in with Lexington ,KY and Indianapolis as the top 4. The number one was Durham NC. The bottom ten were the markets which had the most heavy investment during the boom... Las Vegas, Phoenix, and Florida.

Naturally, this means good news for the Knoxville market and for the Condo market here as well. Because of the diversity of the market here, Knoxville should be a good investment for some time!

KNOXVILLE CONDO MARKET ALIVE WITH OPPORTUNITIES

2010-08-18T07:48:00.000-07:00

According to the Knoxville Area Association of REALTORS Multiple Listing Service(KAARMLS) latest sales statistics, great deal opportunities abound. Sales for the month of July logged in at only 89. The number reflected a 20% drop from the July 2009 number of 111 sales. The three most active price ranges were the 120-140k where there were 17 sales, the 160-180K range had 10 sales and the 200-250K range had 9. Average sales price for a condo in Knoxville is $153,000.

So what does all this data mean? Wonderful, incredible opportunities in the market. Presently there are 2021 condos on the market in price ranges from 50k to 500k. I'm sure you heard about the rates... some below 4% if you are looking at a 15 year term.
So, if you have ever thought about owning a condo or selling your home to go to a condo now is a super time to really look at the possibilities.

GRADS LOVE KNOXVILLE

2010-08-09T12:01:00.000-07:00

Business Week magazine has ranked Knoxville among its top 30 cities for new college graduates.

On the stands now, the periodical talks about that the best area for new jobs and lifestyle is the south. Houston was top dog, notibly the mix of jobs, pay and affordibilty of homes and less taxes. Our Knoxville was ahead of Seattle, Portland,OR and Tuscon, AZ. Overall it was 26th on the list. A quote from the article states: "Knoxville lies under most people's radar but its stable econonmy is wortj a second look for recent college graduates." The top 5 cities in the ranking were Houston, Washington, Dallas, Atlanta and Austin. A heavy weight for the rankings was the number on job posts for new graduates. This is great news for our city. Knoxville is a super place to live, with excellent affordibility in housing, and of course, that means CONDOS AS WELL.

DECORATING TIPS!!

2010-08-03T08:21:00.000-07:00

Condos sometimes present challenges when remodeling or decorating is necessary. There are often limited windows and compact spaces. Here are 5 tips for you when you are considering a change.

1. Make sure you look at the floor plan and assess if what you are attempting will alter the flow of traffic, or may require the removal of a wall. Make sure you contact a contractor or architect to see if the change is OK structurally. Moving walls can make a huge change in the feel of the space.

2. Go with lighter or more neutral colors. Lighter colors will maximize your space visually. Colors from room to room should be coordinated. Colors that don't flow can make your space feel cut up.

3. Color is a great way to open up expression and to accessorize a space. Remember it is the whole room: furniture, floors, rugs and wall hangings that will say "I love this space."

4. Remember that if you have less space than more space, to limit the number of furniture pieces in the room. Incorporate what you need and then take a hard look at what you don't need. The flow and feel of the space will dictate what will work.

5. Remember that there are other storage places besides closets. A great way to maximize storage options are storage in ottomans, use of baskets on shelves and adding shelving to existing closets spaces. Using baskets is great way to store and decorate in one.

Hope this helps, oh and one last thing: take your time and enjoy the experience!

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.

DOWNTOWN MARKET ALIVE WITH CHOICES

2010-07-27T09:10:00.000-07:00

If loft condos are your thing, in Knoxville you have lots of choices and offerings. All these homes are either on Gay Street or blocks from it. Prices start in the $220,000. range and can go as high as $860,000! Presently on Gay street are 3 principle units, The Phoenix, The Burwell Building and the The Gallery Lofts. The Phoenix has 11 units on the market ranging in price from $209,000 to $339,000. Some of the many features include Italian tile bathrooms, tall ceilings (some 16 feet) upscale kitchens and hardwood floors. Size varies as well with homes form 900 sq ft with 2 beds and 1 bath to 1800 sq.ft. with 3 beds and 1.5 baths. Located at 418 Gay Street you can grab a micro brew, dinner and a movie less than 5 minute walk to all. The Gallery Lofts at 402 Gay Street, currently have 5 offerings on the market. These range in price from $319,000 to $364,900. These homes are mostly 1400-1600 sq. ft. with 2 beds and 2 baths, The Penthouse is a stunner at almost 3200 sq.ft. and 3 bedrooms and 2.5 baths. It offers 3 levels with granite counters, stainless appliances and exposed wooden beam ceilings. The outdoor space offers a roof top deck and balcony. It can be yours for $859,900! At 602 Gay Street is the Burwell Building Condos. Presently only one is offered on the market. This 2 bedroom 2 bath home offers large window with expansive views and quartz counter tops. It is offered at $349,900. Recently, a home in the Burwell Building was auctioned and purchased for $415,000.

The downtown also has more units close by on State Street and W. Church Ave. So, if your thinking a loft home is in your future you'll have many options to choose.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

HOUSING REBOUND? A DIFFERENT TAKE!

2010-07-22T13:51:00.000-07:00

In a recent article finance guru Jim Cramer divided housing market trends into 3 categories. He was one of the few investors to talk about the housing market had gone astray way back in 2006. He theorized that markets are in one of 3 modes, they are: Price appreciation, Price stabilization, and Price depreciation. He talks about based on the latest stats of new housing stats, that we have entered into the area of Price Stabilization. "New Housing stats were down 5% in June,to their lowest since October." "The theory is this...builders can't help their own industry. They took bailout money from Congress and built more new homes than they should have. I think we would have already had price appreciation if those companies hadn't gotten such generous breaks." So, by the these figures, I think we are very much in a price stabilization market and not in a depreciation mode which is very much where the media think we are."

Well there you have it, if your waiting for the bottom of the market to hit, at least some of us think we are already there and then some!

CONDO PROTECTION IDEAS

2010-07-19T07:28:00.000-07:00

You bought or your thinking about buying a condo to get away from home maintenance and be able to live your lifestyle. But, condo owners need to think about protection and prevention of damage and potential claims.

One of the biggest issues comes from water damage. Naturally, flood and storm damage are insurable items but some big prevention needs to come from potential items that might not be covered. You should review your house policy or the condo policy to ascertain what is covered. In many cases, your insurance agent will do this if you ask. Regardless of how the water damage was done is really important to make sure it is remedied. The biggest issue if it is not taken care of is....mold. In recent times, insurance companies are restricting mold damage. Mold can grow fast and it is very necessary to have it removed as soon as it is discovered.

Make sure if your purchasing to have a good inspection done of the property including basements, crawl spaces and attics. Many times these preventable issues will be found prior to you purchasing your condo.

Since condos have lots of common spaces and tight outdoor spaces a preventable protection idea is to look at your dog if you have one. Condo lifestyle requires living in a dense area and your pet may not be used to it or unfamiliar with people around all the time. Insurance companies have lists of high risk dog breeds, and you may not be covered or may be excepted by your pets breed. Care and consideration have to be taken concerning barking, fencing on patios are decks and exercising your pet in common spaces. Most times anticipating an issue is all that's required. Most condos are OK with having dogs, but what you used to do in your house or rental may not work in your new home.

The last item today is making sure you have enough insurance coverage for your home. Take a look at what some other homes recently sold for and make sure you are covered for those amounts. Does your policy cover you for liability and all your personal property within your home. You need to make sure you understand where your association policy ends and if your coverage will fall into place. As an example, for fire damage, many condos are covered to the sheet rock of interior walls others only to the studs. If you own or are purchasing a Planned Unit Development(PUD), you really need to carefully see what is and is not covered.. PUD's may be just like a house, just like a condo or somewhere in between.

Overall, some simple planning and examination can really insure that you are really pursuing those lifestyle choices and have a safe, quiet home to enjoy when you get back.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home.I am always available via email, text or calls at 1-865-318-4489.

Condo under contract! Wait before you buy furniture...

2010-07-15T12:49:00.000-07:00

You've looked and searched and now you've finally picked your home out. You've negotiated the price, terms, personal property and possession. You are under contract waiting for the closing date...how exciting!

In the paper today is an advertisment from a local furniture company and they are having a HUGE sale. Your all approved, why not buy some nice chairs to fill that new space. Well, I'm here to tell you to wait. Mortage lenders are pulling credit to ensure credit scores haven't changed as late as the day of closing. They are analyzing and microanalyzing your situation. Even verification of employment calls have increased as well.

If you purchase and your close to the cut off for your loan's minimum credit score, it could not be pretty. Lenders don't want to so see you have taken on new debt, so hold off on major credit card purchases. Don't apply for new credit lines or other loans. The credit inquiry actually can lower your score. We had several examples of folks close to closing on a home and not being able to close because of credit score dipping below the minimum number. Some as high as 675!

So, have the discipline to wait until the ink dries on the closing papers and then go shopping.

Naturally, if your in the market we would love to help. Go to www.myknoxvillecondos.com
sign in and let us know that you are interested in talking about purchasing a home. I am always available via email, text or calls at 1-865-318-4489.