I am newbie Investor in Tennessee area. I am interested in buying a plot/land from one of those burnt houses in Gatlinburg, TN which was affected by the recent wildfire.
I am looking for good suggestions for Realtors, Architects and Builders who can help me with that process and any other word of caution or suggestions, will be highly appreciated. Thanks.
Hello @Kirankumar Chasia this is my market. As far as realtors you want to talk to Avery Carl you can find her on here.
If it’s me I wouldn’t bother. PPSF is very high to build. Plus I’m really just not a fan of ski mountain where these burnt pads are. And how do you know the well and the septic didn’t also get burned up leaving you to dig some very expensive holes in the ground? I’m not saying it can’t be done but for my time and money I’m going down the street and buying one that’s still standing. I personally prefer pigeon forge anyway.
Now..... on the other hand I do love that you’re interested in coming in and helping rebuild the local economy. The wildfires were a tragedy that our hearts may never recover from.
Thanks a lot Carl for a quick response!! Thanks for your note on the well/septic, will keep in mind while considering such lots. Yes, I do want to be cautious about building costs and would like to have a good gauge before I actually buy such a lot. The reason I am interested is because I hear (and have experienced it myself multiple times) that the rate of vacation rentals in Gatlinburg/Pigeon Forge is very high and therefore my interest.
Luke now deffintly the man when it comes to this area! Building new construction usually cost over 200 a sq ft. If your looking as strikely and investment standpoint I personally wouldn’t want to do new construction in the area. However you want to build your dream cabin and have someone else pay for it, this is a great area for that!
@Bryce Stclair is no slouch. Yes you’re looking at 200k for 1000 sq foot. A well will run you 25k a septic 7-8k. So 230k for 1000 sq ft. If your lucky. There are also several lots available that didn’t burn down. You’re looking at close to 100k for one acre with a decent view. Grand total.... 330k for 1000 sq ft that will rent for $100 per night. Those numbers don’t work for me. And yes you need an acre or more in our market privacy is key. (Again... opinion. Plenty of folks rent cabins in what we call a “cabin camp” there’s also plenty of condo options. Just not my style).
You’re on the right track looking at this area as we have year round bookings and 12 million visitors per year. New construction just doesn’t work for me.
One more thing I’ll add... if yours burned down chances are your neighbors burned down too and who knows how many years it’ll take them to rebuild if ever so your guests are looking at charred remains of a house.
Again these are all opinions. I’d just call Avery and buy one that is still standing. 2 bedrooms are in the 275k area right now and rising. Still cheaper than building!
@Kirankumar Chasia I am in the middle of building now in Sevier County. Why even builders do not recommend inside Gatlinburg city limits is the new costly codes for Gatlinburg. Outside the city for a main level and completed basement the two best builder's I found charge between $120-$140 sq ft turn key. The major costs are more of the dirt work, foundation, well and septic. These costs can jump quick. My well is expected to be 600 ft and be close to $12K. If you need septic and sitting on bedrock expect high costs to blast add up to another $10K. Have a steep lot...add up to $100K for foundation. Expect the burnt pad to be fine.....it might not and might need to be dug up and replaced add $50K. I picked my lots up on the cheap and bedrock is 20 ft down so my costs are not bad. Depending on what you are looking at if you buy one already built you will have an extra 9-12 months income vs. building. I have a 25 yr strategy so my selection to build is based on that strategy, but if I see an already built come on the market that meet my criteria I have the funds on the sideline and ready to pounce.
As Lucas said get with @Avery Carl she knows the area and goes into almost any property with potential.
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