Smokies "hiney showing" thread

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Smokies "hiney showing" thread

Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes

 We have officially entered the "Hiney Showing" phase in the Smokies.  That is, homes being offered for less than what was paid for them very recently.  It's all a part of the boom/bust real estate cycle in resort areas.  The inevitable end to "But this time it's different" chants. 

I'll be posting these as I see them.  

Here's the first. No further bookings in April or May. It was purchased for $2.4 million in 2022.  Asking $2.25 million today, and offering $20K in "buyer credits".


3385 Birds Creek Rd, Sevierville, TN 37876 | MLS #1256702 | Zillow

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
2y
Quote from @Dan H.:

Real estate investing used to be "buy in the right location, rent it long-term, and hold onto it forever." Everyone started pushing STR, MTR, accelerated growth with more borrowed money, etc. I believe everything is going to correct and we'll see losses in more than just STR.

Buy property and do everything you can to hold onto it forever. It will eventually cashflow. It will eventually appreciate. It will eventually make you look like a genius.
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  • Collin HaysBusiness Member
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    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    2y
    Quote from @Calvin Baughman:
    Quote from @Collin Hays:

     We have officially entered the "Hiney Showing" phase in the Smokies.  That is, homes being offered for less than what was paid for them very recently.  It's all a part of the boom/bust real estate cycle in resort areas.  The inevitable end to "But this time it's different" chants. 

    I'll be posting these as I see them.  

    Here's the first. No further bookings in April or May. It was purchased for $2.4 million in 2022.  Asking $2.25 million today, and offering $20K in "buyer credits".


    3385 Birds Creek Rd, Sevierville, TN 37876 | MLS #1256702 | Zillow


     Oh god, this is astonishing. I've seen a couple of houses like that, but I didn't know it was a thing! It was inevitable, I guess... It happens all the time with economic investments... They overvalue and then there's a big drop, then the market giants look for another commodity. Why wouldn't it happen to properties like that?


     This is all a part of the cycle of real estate in resort areas. It repeats every 10-15 years, with an all new set of players saying “this time is different.”

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  • Wilson Hunter
    Investor · Greenville, SC · Member since 2020 · 210 posts · 302 votes
    2y

    Revisiting the Smokies summer activity. My June bounced back from lower rate April and May, and July will likely beat last year. Curious if others are having this experience.

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  • Collin HaysBusiness Member
    OP
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    2y
    Quote from @Wilson Hunter:

    Revisiting the Smokies summer activity. My June bounced back from lower rate April and May, and July will likely beat last year. Curious if others are having this experience.


     Close!  

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  • Ken Boone
    Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes
    2y
    Quote from @Wilson Hunter:

    Revisiting the Smokies summer activity. My June bounced back from lower rate April and May, and July will likely beat last year. Curious if others are having this experience.

    Actually my May and June 2024 beat my May and June 2023.   I think it is largely due to a change in pricing strategy I tried this year.  My July still has more vacancy than I want but I am anticipating that filling up as well though I don’t think it will beat last year. 
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