Blue Ridge, GA

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Blue Ridge, GA

Shirley Dimitro
Member since 2023 · 32 posts · 4 votes

Hello, I'm seeing a lot of cabins for sale in Blue Ridge, GA that were only bought a couple of years ago (2020-2022). Were these just Covid "impulse" buys or is the STR market so slow now that owners are compelled to get rid of their investment? Anyone with STRs in Blue Ridge can give me some insight? Thank you!

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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y

+1 @Collin Hays. Too many folks thought they would pickup a place and they paid top dollar. Then things return to normal and they can't afford to keep it.

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  • Doug Smith
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    3y

    I love it up there! I just did a loan three weeks ago for a developer to build three mountaintop houses in Jasper backing up to Big Canoe. It's been "envogue" for the last handful of years, but my wife and I have spent a lot of time there and we have seriously considered buying a home of our own up there (we live in Tampa). The folks that we know and work with have done well and are still doing well there. I want to do a lot more lending there myself...I'm not scared of it. 

    2Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y

    Hi Doug, I'm in South FL. and looking to buy up there as well. Have been actively looking and ready to put an offer. But when I see so many selling that had only just bought, it gives pause and makes me wonder if maybe the market is now slow or saturated?

    0Reply
  • Arjav Parikh
    Real Estate Investor · Watchung, NJ · Member since 2016 · 52 posts · 13 votes
    3y

    I read recently Farmers insurance company pulled out of the Florida market adding to a growing list of insurance companies to pull out of the state. It seems like (at least optics says) it will be more expensive to buy insurance out there. This will impact your numbers adversely and will require higher rental income to meet your DSCR (debt service coverage ratio), if you are borrowing money.

    With interest rates being high, prices still not getting much downward pressure, insurance premiums going even higher (as less companies offering and their risk model will ask of higher premiums, that if they offer insurance in the first place) - are all contributing to a softer sentiment for the time being. 

    Just my 2 cents 

    1Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y

    If I'm buying in GA, wouldn't I go with an insurance that's in GA as well? Not sure what you mean regarding insurances in FL affecting me?

    1Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    3y
    Quote from @Shirley Dimitro:

    Hello, I'm seeing a lot of cabins for sale in Blue Ridge, GA that were only bought a couple of years ago (2020-2022). Were these just Covid "impulse" buys or is the STR market so slow now that owners are compelled to get rid of their investment? Anyone with STRs in Blue Ridge can give me some insight? Thank you!


    Impulse buy and compelled to sell.  Yes to both. 

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    2Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    +1 @Collin Hays. Too many folks thought they would pickup a place and they paid top dollar. Then things return to normal and they can't afford to keep it.

    4Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    3y
    Quote from @Michael Baum:

    +1 @Collin Hays. Too many folks thought they would pickup a place and they paid top dollar. Then things return to normal and they can't afford to keep it.


     The question now is, can they afford to sell it?

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    1Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Are prices dropping in Blue Ridge, GA? Also, this can be the danger with areas that are heavily concentrated STR pockets and have a lot of newbies that enter the market only to get fizzled/beat out by experienced competitors.

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y
    Quote from @Collin Hays:
    Quote from @Michael Baum:

    +1 @Collin Hays. Too many folks thought they would pickup a place and they paid top dollar. Then things return to normal and they can't afford to keep it.


     The question now is, can they afford to sell it?

    That is the question. Or rather, then they afford not to sell.

    I really feel bad for some of these folks who got themselves strapped. I will say that most people never use their vacation places as much as they think they would.

    I know this week is the first one in 2 years we have the whole family here.


    1Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    3y
    Quote from @Michael Baum:

    +1 @Collin Hays. Too many folks thought they would pickup a place and they paid top dollar. Then things return to normal and they can't afford to keep it.


     This is sad and I have seen it over and over again.

    0Reply
  • Wilson Hunter
    Investor · Greenville, SC · Member since 2020 · 210 posts · 302 votes
    3y

    I see Blue Ridge cabins as a siren call. Absolutely beautiful cabins, great views, and nice area commutable from Atlanta - but the market is glutted, and you can rent a 3 bedroom mountain view cabin there for less than a honeymoon loft in the woods 20 minutes from Gatlinburg.

    0Reply
  • Brian Barch
    Member since 2023 · 14 posts · 8 votes
    3y

    I’ve studied this market for a long time as I vacation there. There isn’t the draw in Fanin county to justify the prices in my opinion. Blue ridge as a town isn’t particularly quaint or cute. It lacks the waterfalls of NE GA. 

    I don’t mean to pick on it, but when I saw Mountain View cabins start to average $650k+, I knew it was overheated. I too have seen the glut of cabins purchased in the last two years.

    When I study the numbers, Fanin county is still up 8% in sale price from June 2022. However a much higher % are selling below list price, signifying to me that prices have peaked and will start to turn. 5+ bedroom homes are down about 10% in price however. 

    0Reply
  • Trent Reeve
    Atlanta · Member since 2022 · 706 posts · 634 votes
    3y
    Quote from @Wilson Hunter:

    I see Blue Ridge cabins as a siren call. Absolutely beautiful cabins, great views, and nice area commutable from Atlanta - but the market is glutted, and you can rent a 3 bedroom mountain view cabin there for less than a honeymoon loft in the woods 20 minutes from Gatlinburg.


     its visitable from Atlanta, but not commutable. no one is working in atlanta and commuting to Blue Ridge.

    0Reply
  • Wilson Hunter
    Investor · Greenville, SC · Member since 2020 · 210 posts · 302 votes
    3y
    Quote from @Trent Reeve:
    Quote from @Wilson Hunter:

    I see Blue Ridge cabins as a siren call. Absolutely beautiful cabins, great views, and nice area commutable from Atlanta - but the market is glutted, and you can rent a 3 bedroom mountain view cabin there for less than a honeymoon loft in the woods 20 minutes from Gatlinburg.


     its visitable from Atlanta, but not commutable. no one is working in atlanta and commuting to Blue Ridge.


     I didn’t mean to insinuate someone would live in Atlanta and travel to Blue Ridge daily, but its location is an easy mountain getaway for a couple nights or weekend for Atlanta folks. It’s about a 75 minute drive from the northern side of Atlanta metro area.

    0Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y
    Quote from @Brian Barch:

    I’ve studied this market for a long time as I vacation there. There isn’t the draw in Fanin county to justify the prices in my opinion. Blue ridge as a town isn’t particularly quaint or cute. It lacks the waterfalls of NE GA. 

    I don’t mean to pick on it, but when I saw Mountain View cabins start to average $650k+, I knew it was overheated. I too have seen the glut of cabins purchased in the last two years.

    When I study the numbers, Fanin county is still up 8% in sale price from June 2022. However a much higher % are selling below list price, signifying to me that prices have peaked and will start to turn. 5+ bedroom homes are down about 10% in price however. 


    0Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y

    Hi Brian, I totally agree with you. I think the prices have maxed out up there and are in fact a bit outrageous. I do hope you're right in thinking the prices will be inching downwards, but by how much is the question? Enough to still be profitable as a STR? I guess that's the question that is nagging me. I do love that area because it's an easy hop from FL, where I live. But as far as being a profitable investment for STR, I do have to say that I'm feeling pretty hesitant now.

    0Reply
  • Brian Barch
    Member since 2023 · 14 posts · 8 votes
    3y
    Quote from @Shirley Dimitro:

    Hi Brian, I totally agree with you. I think the prices have maxed out up there and are in fact a bit outrageous. I do hope you're right in thinking the prices will be inching downwards, but by how much is the question? Enough to still be profitable as a STR? I guess that's the question that is nagging me. I do love that area because it's an easy hop from FL, where I live. But as far as being a profitable investment for STR, I do have to say that I'm feeling pretty hesitant now.

    I’m under no illusions that a crash and fire sale are happening any time soon. I think better deals can be had in Blairsville, hayesville, murphy, etc.

    rather it’s back to old days in terms finding a deal or creating a deal. I think there are still opportunities to buy inexpensive properties and spend $30k on furnishings and interior design and make them good renters. Enough renters will look past lack of Mountain View if the cabin is cozy and has a hot tub and fire pit. Just have to get creative
    0Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y
    Quote from @Brian Barch:
    Quote from @Shirley Dimitro:

    Hi Brian, I totally agree with you. I think the prices have maxed out up there and are in fact a bit outrageous. I do hope you're right in thinking the prices will be inching downwards, but by how much is the question? Enough to still be profitable as a STR? I guess that's the question that is nagging me. I do love that area because it's an easy hop from FL, where I live. But as far as being a profitable investment for STR, I do have to say that I'm feeling pretty hesitant now.

    I’m under no illusions that a crash and fire sale are happening any time soon. I think better deals can be had in Blairsville, hayesville, murphy, etc.

    rather it’s back to old days in terms finding a deal or creating a deal. I think there are still opportunities to buy inexpensive properties and spend $30k on furnishings and interior design and make them good renters. Enough renters will look past lack of Mountain View if the cabin is cozy and has a hot tub and fire pit. Just have to get creative
    Great. I appreciate the insight. Will definitely keep my eyes open for any good opportunities.
    0Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    3y

    Our STR coach is in the Blue Ridge mountains of GA and their doing fine. Could be a case of not correct pricing, a STR lacking in design and amenities, and lack of good marketing that could be affecting the market there. Plus, people who did impulse buy a couple years ago found out a STR is actually work and don't feel like messing with it anymore.

    [email protected]330-557-3021
    1Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y
    Quote from @Sarah Kensinger:

    Our STR coach is in the Blue Ridge mountains of GA and their doing fine. Could be a case of not correct pricing, a STR lacking in design and amenities, and lack of good marketing that could be affecting the market there. Plus, people who did impulse buy a couple years ago found out a STR is actually work and don't feel like messing with it anymore.


    You are probably right with STR being work. It's definitely hard managing a property from afar. Would you mind me asking who is your STR coach and what exactly do they help you with? Thank you!

    0Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    3y
    Quote from @Shirley Dimitro:
    Quote from @Sarah Kensinger:

    Our STR coach is in the Blue Ridge mountains of GA and their doing fine. Could be a case of not correct pricing, a STR lacking in design and amenities, and lack of good marketing that could be affecting the market there. Plus, people who did impulse buy a couple years ago found out a STR is actually work and don't feel like messing with it anymore.


    You are probably right with STR being work. It's definitely hard managing a property from afar. Would you mind me asking who is your STR coach and what exactly do they help you with? Thank you!

    Sure! We're members of STR Secrets Mastermind. There are 5 coaches, and we were placed with one when we joined. They specifically coach on co-hosting STR and boutique hotels.
    [email protected]330-557-3021
    0Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y
    Quote from @Sarah Kensinger:
    Quote from @Shirley Dimitro:
    Quote from @Sarah Kensinger:

    Our STR coach is in the Blue Ridge mountains of GA and their doing fine. Could be a case of not correct pricing, a STR lacking in design and amenities, and lack of good marketing that could be affecting the market there. Plus, people who did impulse buy a couple years ago found out a STR is actually work and don't feel like messing with it anymore.


    You are probably right with STR being work. It's definitely hard managing a property from afar. Would you mind me asking who is your STR coach and what exactly do they help you with? Thank you!

    Sure! We're members of STR Secrets Mastermind. There are 5 coaches, and we were placed with one when we joined. They specifically coach on co-hosting STR and boutique hotels.
    Great! Thank you for the info! :)
    1Reply
  • Dustin TaylorBusiness Member
    Realtor · Blue Ridge, GA · Member since 2020 · 62 posts · 22 votes
    3y

    I am still coming across some great deals in the Blue Ridge market. Just like many other markets, some investors thought the STR strategy would work with buying any "cabin" in the mountains and only listing it on 1 OTA (AirBnB). This may have worked during covid but today you'll need to put some more effort into searching for a great deal, and picking an amazing property. I am a local Realtor in Blue Ridge and I personally would not buy just any cabin in the woods here. You need to stand out from your competition! I tell many of my clients NO to properties because they do not offer the WOW factors! Reach out to me to discuss details about the North GA market. There are few upcoming markets here I think would be beneficial for an investor to dive into!

    [email protected]
    1Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    3y

    Love the area too, just an interesting entry point. Think there and Smokies have a bit more to work down on, then I will enter. And if I'm wrong, so be it.

    0Reply
  • Shirley Dimitro
    OP
    Member since 2023 · 32 posts · 4 votes
    3y
    Quote from @Dustin Taylor:

    I am still coming across some great deals in the Blue Ridge market. Just like many other markets, some investors thought the STR strategy would work with buying any "cabin" in the mountains and only listing it on 1 OTA (AirBnB). This may have worked during covid but today you'll need to put some more effort into searching for a great deal, and picking an amazing property. I am a local Realtor in Blue Ridge and I personally would not buy just any cabin in the woods here. You need to stand out from your competition! I tell many of my clients NO to properties because they do not offer the WOW factors! Reach out to me to discuss details about the North GA market. There are few upcoming markets here I think would be beneficial for an investor to dive into!


     Hi Dustin, thank you very much for your input. I am already working with a realtor and would hate to abuse of your services. I agree that there a few upcoming markets that offer better deals than Blue Ridge. We do look at all options when they come up on the market, but still seem to gravitate towards the Blue Ridge/Cherrylog area. I will take your advice at heart, though, and will put more of an effort into surrounding areas. :)

    0Reply
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