Eight bedroom rental is “Cabin of the Month”

eight bedroom rentalOur cabin feature this month is an eight bedroom rental property located in Wears Valley.

You’ll be “Steppin’ on the Clouds” in this gorgeous eight bedroom rental cabin in Wears Valley. This is a fantastic income-building investment, on track to pass $170,000 in gross rental income this year!

With its absolutely magnificent panoramic 180-degree views of the Great Smoky Mountains, you and your guests will love relaxing in front of one of the best views of the National Park any rental cabin here has to offer. Enjoy the cabin’s large fire pit or hot tub, or make your way over to the nearby resort at “The Preserve” to go swimming in the pool. Best of all, this cabin is just minutes from the National Park!

You’ll find plenty of activities inside this eight bedroom rental as well, ranging from the cabin’s fully outfitted gaming room with air hockey, foosball, and a pool table (not to mention an arcade game system). The cabin also houses a fantastic huge theater room. The cabin’s design includes handsome tongue-and-groove, gleaming large wood beams, walls of glass, and a stone fireplace centerpiece. It’s the perfect place for a relaxing vacation getaway, and can sleep up to 28 guests.

To learn more about this eight bedroom rental cabin, click here.

If you’d like to schedule a visit to see this eight bedroom rental cabin, contact me at 865-765-6157 or my support line at 865-654-2111.

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An update on our changing market

Due to our low number of properties on the market, we have seen prices continually climb on what’s available over the last nine months.

Many of you who follow our monthly newsletter and keep up with the articles we write each month about buying and selling properties in the Great Smoky Mountains region either currently own, or have owned properties, here in the past. Many of you also are in the market for something else to own, either in addition to what you have now or as an “upgrade” to your current vacation/rental cabin. And you’ve probably been keeping up with our articles about how the market has changed. It’s a sellers’ market – not just here, but in a lot of places around the country. The number of homes for sale is down from where it was a year or two ago. So when something new comes on the market, it really doesn’t stick around that long.

It’s true. Many listings in our market have offers within a matter of days if they are priced correctly (especially when they are priced a little under) current market values. My agents and I have had listings that were “under contract” within as few as three days. We frequently tell clients at showings, “This won’t be on the market next week.” It’s just where our market is right now.

So what can you do? Well, the first thing to keep in mind is that the deals of changing marketlast year are gone. If you do stumble upon something that’s brand new to the market and it is priced low, the offers that come in are going to be above asking price. The winning buyer won’t be placing any sort of contingencies on the offer, and you can forget about negotiating back and forth through a series of offers and counter offers. While you’re trying to get a discount on the price, someone else is coming in with a full price – or above asking price – offer that’s going to win. It’s a tough place for a lot of buyers to be, especially ones who have bought in our market in the last few years after the downturn, but it’s important to know that going into any offer you want to submit. Those days are over, at least for the time being.

Secondly, as prices are going up on properties, rental rates are rising along with it at many of the rental companies in our area. Large cabins are not as readily available for purchase as they once were, and so smaller cabins have quickly become the focus. We’ve also seen a significant reduction in sales of cabins in our more popular resorts, such as Sherwood Forest and Legacy Mountain. Where once there were about a dozen or so cabins for sale in each those areas at any given time a year or two ago, today there is half or even less than that.  But the good news is that there are still strong investment properties to purchase that will cash flow positive every month.  We are also building again so new construction may be a really good option for you.  This market is not for the timid.

This year, about a third of the properties I’ve listed have sold at or above asking price. We’ve had some where we ended up with multiple offers, even in places that haven’t traditionally been high demand areas in the past.

When national investors have analyzed the entire United States, Sevier County comes up in the top ten places to invest for overnight rentals. It’s also one of the most beautiful and inexpensive places to retire.  So be a good student of what is available and don’t be shy about an offer on a good property. If you can accept that, you will have a solid investment for years to come, whether it is your personal residence or an overnight cabin or chalet.

In the meantime, if you’d like to know more about the current market and where we are probably headed – whether you are buying or selling – my staff and I are always here to answer questions.

Finding a Profitable Cabin

profitable cabinAre you looking to own a profitable cabin in the Smokies? Then this article is for you.

When buyers contact me about buying a vacation rental cabin that is at least partially for investment purposes, the hottest question on their mind is how well a property will do as a rental!  They are focusing right where we need to: finding a property that will perform well on rentals is essential! Sometimes the next thing I hear from them is “I only want to look at cabins that have a great rental history.” I love their spirit!  However, as I share at this point in the conversation with them, just because a cabin isn’t currently earning a high dollar amount, doesn’t mean it won’t. As a matter of fact, I usually am most interested in finding them a cabin that someone is making a mistake on because my staff and I are able to analyze the mistake and correct it.

The ability of a cabin to be profitable is based on a variety of criteria. Perhaps the current owners prefer to use the cabin more often than a new owner will. Maybe the cabin doesn’t have the right décor to attract guests. Sometimes it’s not being marketed as competitively as it could be. Once we identify the exact causes of a low rental income report, we can determine whether or not it’s something that can be corrected before we decide if this is the right cabin for you. If you purchase a cabin that is already performing at the top of its potential, you are most likely going to pay the highest price possible. This is not usually how I like my buyers to spend their money. I love to find a cabin that we can purchase, say, for $300,000, then make about $10,000 worth of changes to make it worth $350,000. And where it was doing a gross rental revenue each year of $40,000 before, now with our changes it is going to reach $60,000. That is the win we are looking for to make it a profitable cabin!

Over the years, I have put together a list of resorts based on discussions with past clients, with rental companies we maintain great relationships with, and from reviewing listings based on how they tend to perform on the rental market. From those discussions and reviews, I am able to keep track of how the rental cabin market is doing overall and which ones are producing the highest levels of income overall for their clients. When it comes to resorts, the ones that generally perform the best on the rental market are located in places that are easily accessible, have great mountain views or pristine Smoky Mountain forest views, are close to shopping and/or tourist attractions, or some combination of the above. While this is not always true for every single cabin, it is a great rule of thumb for our area.  One to two bedroom cabins on rental with the strongest performing resorts will be routinely earning up to $45,000 in gross rental income, while 3 to 4 bedroom cabins in the same locations will be performing around $60,000 on up. Larger cabins will produce $100,000 and above with the right combination of amenities, marketing, and views of the mountains!

Average rental incomes in profitable cabins

The “medium range” resorts tend to do a little more than half what the top-end resorts collect in rental income based on cabin size, number of rooms, and amenities. Meanwhile, 1 to 2 bedroom cabins at the lower end of gross rental amounts will bring in between $18,000 and $30,000 and 3 to 4 bedroom cabins will generally produce between $25,000 and $38,000, on average. With that being said, I do tell prospective buyers not to discount a cabin based on rental history – even if it’s in a lower producing area – until we’ve had a chance to look at why that might be happening. For example, if the cabin is on a high point in the resort and has a great view into the Smokies, it could produce a great deal more than the average for that particular area. Or maybe it’s being used primarily as a vacation destination for the owner during peak season. In that case, the next owner looking at it strictly for investment purposes will do far better with rental income than the current owner has. So it’s an art and not a science, but the performance of cabins can be predicted.

The search for the “perfect” profitable cabin will be an analysis of a group of important characteristics. By the way, we do have a report that just targets those characteristics. It is called “What Makes a Profitable Cabin?” 

Shagbark Cabin can be your vacation home

This 3 bedroom 3 and half bathroom Shagbark cabin located on a generous 2.3 acre lot is one of the most distinct properties in all of Sevier County! The gorgeous natural vertical garden with its roughly 20 feet of creek frontage creates the perfect serene atmosphere for you and your guests.
Shagbark cabinThe cabin’s handcrafted-custom carved wood posts adorn the overly generous more than 2,600 square feet of wraparound decks. This Shagbark cabin’s 2 car garage/workshop is a rare find among cabins in the Smokies. With its plentiful storage, you’ll still have space to park your vehicles in the cabin’s two-car carport, or the mini carport/covered shed.
Other features you’ll find at this Shagbark cabin include its handsome wood burning stove, tongue and groove, cathedral ceilings, an open loft, and custom painted glass ceiling feature. These are just some of the details that make this cabin so special. It also comes equipped with “dusk to dawn” automatic landscape lighting and grade 3 granite counters, taking this Smoky Mountain retreat to an even higher level.
Located just 15 minutes from all of the conveniences of Sevierville or Pigeon Forge, this home is located in the 24/7 gated and guarded mountain community of Shagbark. The road to the cabin offers a nice, simple drive with easy access. Best of all, additional internet choices coming to Shagbark over the course of the year. Be one of the first residents to enjoy the new technology options!

Click here to learn more about this Shagbark cabin.

If you’d like to schedule a visit to see this Shagbark cabin call me at 865-765-6157 or my support line at 865-654-2111.

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Buying property in a sellers’ market

We – like many communities around the country – are in a sellers’ market.
If you’ve discovered that finding the perfect vacation cabin or second home in the Smokies hasn’t been the dream you imagined this year, don’t fret – you aren’t alone.

We have had a shortage of properties for sale this year. Even now, there are only about 1,000 active market listings for sale in our local Great Smoky Mountains MLS association. At the same time, we have seen our number of buyers increase, but with less properties to consider, it’s definitely driven the demand, and the sales prices, up.

Winning the bid for the cabin in a seller's market isn't easy.However, if you’ve found a property your heart is set on, there’s hope. There are things you can do and ways you can approach the seller with an offer that will make them choose yours over everyone else’s. Here are few ways you can make the successful bid.

Be prepared to go above the asking price. This is just the reality in a sellers’ market. When supply isn’t keeping up with demand, the market value – what someone is willing to pay – inevitably goes up. We’ve seen a number of properties on the market sell for an amount above asking price, particularly when the property is in what agents will call a “multiple offer” situation. This is where the seller has received more than one offer, and instructed the agent to give all of the people making offers the chance to submit the very best offer they can within a set amount of time (usually a day or two). So if you had offered a little less than asking but someone else offered asking price or even just a couple of thousand dollars more, it’s more likely they will take that bid over yours.

Do anything you can to make your offer the most appealing. Going above asking price, particularly in a multiple offer situation, isn’t a guarantee you will win the bid. What matters the most is which offer looks to have the strongest chance of making it to closing. Can you buy the property with cash? If you can, that is usually the offer that will win. If not, then you will need to consider some other ways to make the offer more appealing. Get prequalified with a lender who will provide a letter. These days, lenders can get prequalification within five minutes, and most have an app where you can do it from the ease of your cell phone. Have a larger down payment or offer a higher escrow. Agree to take the property “as-is.” “As-is” is a real thing that happens frequently these days, but it doesn’t mean you’re stuck with the property if there’s something seriously wrong. You can still order a home inspection and go through the normal procedures, and if your inspector finds a problem that the two parties can’t resolve a way to fix, you can still will walk away from the purchase. Most sellers and their agents understand that if it is a serious issue with the property, it will have to be addressed if you decide not to buy the property after all. So that tends to make the seller a little more open to negotiating the repairs for those types of issues. And lastly…

Don’t wait to make the offer if it’s the one you really want. This is the hardest part of the home search for many buyers. Buying a home or cabin is a big decision and most people, understandably, want to take some time to think on the decision before they make an offer. Impulsive buying really goes against human nature, and rightly so. Unfortunately though, time is of the essence these days. While you’re sleeping on it, someone else is making an offer that could be accepted by the seller. It’s not uncommon for a buyer to miss out on the cabin or home they really want because they didn’t want to make an offer immediately.

The bottom line is, it’s a sellers’ market and will continue to be so for the foreseeable future.

Going into the home search with that understanding in mind will make the process of finding a home in a sellers’ market much less stressful for you and give you the edge in making the best, most attractive offer you can in order to win the bid for the home or cabin you really want.

Gatlinburg investment property is fantastic opportunity!

Our featured “Cabin of the Month” for June is a great investment property in Gatlinburg!

Measuring nearly 3,000 square feet in all, this investment property’s 4 bedrooms, 4 bathrooms and 2 half baths offer plenty of space for vacationing guests! Located right next to the National Park in Gatlinburg Falls Resort, this cabin is performing extremely well on the vacation rental program!Gatlinburg investment property
It’s open concept floor-plan is perfect for entertaining all of your guests. Equipped with multiple fireplaces, a home theater, and a game room offering a billiards table, air hockey, flat screen and arcade games, the guests at your investment property will never be bored! What’s more, all four bedrooms are set up as their own master suites with fireplaces and a television!
Outside, the cabin offers plenty of space for guests to relax and enjoy the outdoors on any of the three covered porches, either from the comfort of the hot tub on private back porch or while sitting by the fire pit in the back yard.
This investment property is nestled in a prime location with less than a 5 minute drive from Gatlinburg to Pigeon Forge and Dollywood!
If you have questions about or would like to visit this cabin, call me at 865-765-6157 or my support line at 865-654-2111.

You can learn more about this investment property here.

Starr Crest Resort cabin can be a fantastic vacation home or top rental investment

Starr Crest Resort cabinOur “Home of the Month” pick for May is this perfect vacation Starr Crest Resort cabin.

With the means to pay for itself when you’re not using it, this Starr Crest Resort cabin is a gorgeous true log cabin located on an over sized lot!  The lot is very private, which is a rare find for Starr Crest! Make this your vacation home or a rental investment property.
Offering front and center views of the famous Mt. LeConte this 1,500 square foot cabin on Lone Eagle is conveniently located just under two miles from the Pigeon Forge Parkway and is only a few minutes more to the Great Smoky Mountains and Gatlinburg. This cabin features walls of glass with handsome wood interior, ample parking, and a spacious floor plan. Coupled with the great community amenities at this Starr Crest Resort cabin, it makes for the perfect mountain getaway. Best of all, the cabin has the potential to be a top performer on a rental program or rent it yourself on VRBO.
The resort’s HOA includes pool and playground access and takes care of the wide and easy-to-access roads.

You can see more details about this Starr Crest Resort cabin here.

If you’d like to schedule a visit to this Starr Crest Resort cabin, call me at 865-765-6157 or my support line at 865-654-2111.
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Don’t miss seeing this one bedroom rental cabin at The Preserve

This one bedroom rental cabin at The Preserve in Wears Valley is our “Cabin of the Month.”

one bedroom rental cabinWith its amazing National Park views off of both decks, you will definitely want to check out this one bedroom rental cabin if you are looking for a fantastic rental investment opportunity in the Smokies! You will love the walls of glass, river stone fireplace, the upscale touches, hardwood floors, large beams and timbers. The loft serves as a large open game room, and the multiple decks offer plenty of privacy for you to enjoy the views of Smoky Mountain nature at its best!
This roughly 1,400 square-foot one-bedroom rental cabin is a true log cabin located in The Preserve, a very popular destination resort for many of the tourists who visit our area. The resort has its own wedding chapel and outdoor pavilion overlooking one of the most majestic mountain scenes around the area.
You’ll be hard pressed to find rental cabins with such fantastic views in this price range – this one bedroom rental cabin is in the top two most popular of its kind for this rental company.

You can learn more about this one bedroom rental cabin here.

 If you’d like to visit the property, contact me at 865-765-6157 or call my support line at 865-654-2111.

Sky Harbor cabin can pay for itself!

Sky Harbor cabinThis serene, private two bedroom Sky Harbor cabin is our featured “Cabin of the Month” for April! This true log cabin is the perfect second home or investment property!  With a master bedroom on the main floor, this cabin’s 1,200 square feet space offers an open concept floor plan perfect for entertaining your entire family and guests. The oversized windows in your new investment’s cathedral ceiling bring in the majestically serene views of nature. You’ll adore the gleaming wood floors throughout.
Upstairs, the Sky Harbor cabin’s large open loft is equipped with a game room. The wrap around deck with its own private hot tub is the perfect place for relaxing in the evening with a glass of wine as you wind down from the day of exploring and/or shopping, thanks to the convenient location that puts this cabin just 10 minutes from the Parkway into Pigeon Forge, 15 minutes to Gatlinburg, or just a few minutes more into the National Park!

Best of all, this Sky Harbor cabin will pay for itself. Ask us how!

If you’d like to know more about this Sky Harbor cabin, click here.

If you’d like to visit this Sky Harbor cabin, call me at 865-765-6157 or my support line at 865-654-2111 to schedule a showing.

Make this 2-bedroom cabin your vacation home

For our March “House of the Month,” we’ve selected this beautiful 2-bedroom cabin in Parkside Village.

2-bedroom cabinNow you can own your own perfect getaway with this cozy two bedroom and two bath cabin smack dab in the center of Wears Valley! It’s located just minutes from town and offers easy access to either Townsend or the National Park. This is a mountain lover’s dream!

Well maintained and newly stained, this 2-bedroom cabin’s open floor plan will offer you the chance to relax with family and friends or enjoy a nice game of pool in the downstairs game room.

You can learn more about this 2-bedroom cabin here.

Turn this into your cash-flow nest egg today! Contact me at 865-765-6157 or call my support line at 865-654-2111 to visit this 2-bedroom cabin.