Tuesday, May 23, 2006
More Growth Outside the Beltway
You are gonna see more of these more often. As the suburbs crash, the urual area will boom.
Luxury Mountain Home Demand Continues To Grow Despite Warnings of Housing Bubble Burst
Tuesday May 23, 5:09 am ET
Tips for Investing in Mountain Property
KNOXVILLE, Tenn., May 23 /PRNewswire/ -- Despite warnings of a burst in the housing bubble, real estate continues to grow in value, particularly among mountain properties. In East Tennessee, where the Smoky Mountains reign, the demand for luxury homes increased by 137 percent from 2000-2005. In the Rockies, buyers paid more for real estate in the first nine months of 2004 than they did in all of 2003.
Consider the Estates at Norton Creek in Gatlinburg, Tenn. In the 1900s, this property that borders the Great Smoky Mountains National Park was simply given away. Today, a 1.25-acre lot in this environmentally-conscious development goes for about $425,000.
Mountain property values are increasing for several reasons:
- The recent spate of hurricane activity, wildfires and droughts has many
people headed for higher ground.
- Statistics show that baby boomers want to retire to places where they
can mountain bike, hike and fish.
- National parks and property that has remained in families for
generations limit the amount of available land.
- With a waning dollar, more people are looking to invest in land, which
can be viewed as a safe investment.
Because of this, plus the beauty offered by the sweeping vistas, it can be tempting to purchase property without hesitation. Before consumers sink money into a mountain lot or home, the following tips should be considered:
-- Consider the views -- what they are now and what they will be in
years to come. The view today might be of an untouched mountain
across the valley, but soon could be covered with condos. Master
planning, which can include conservation easements that restrict
development, can protect your investment.
-- Account for proximity to emergency services and entertainment
venues. It's important to be secluded, not isolated. Ideally,
mountain real estate should be within five to 10 minutes of critical
care or things to do.
-- Decide if the elevation is acceptable. Make sure the elevation
level won't cause you to suffer from altitude sickness or create
problems in the kitchen (baked goods have difficulty rising at
higher altitudes).
-- Consult a professional builder. A professional builder who has
experience in mountain construction can tell you if a mountain slope
is too steep for building or advise you on how to prevent slippage
or collapse.
-- Determine if there is access to utilities and services. Be sure the
mountain property is not so remote or high up that you cannot access
water or a sewer or septic tank. Also make sure you can receive
cell phone service, high-speed Internet and cable or satellite TV.
-- Check out the amenities. Many developments include golf courses and
tennis courts. However, more people are opting simply for nature's
amenities: fly fishing, hiking or walking trails. The Estates at
Norton Creek, for example, offers homeowners a private fly fishing
stream and access to the neighboring national park's trails.
Carefully consider whether amenities would add value or interfere
with the natural landscape's beauty and offerings.
-- Go for 'green building.' Rising in popularity are homes that are
built and maintained in a manner that protects the landscape and
uses the environment's offerings to make a home run more
efficiently. Green building also preserves home and property
values.
-- Become familiar with the property. Visit the lot or home at various
times to understand what kinds of views you'll have in terms of the
sunrise, sunset and foliage cover. Also determine what the
surrounding elements are like, including sounds and neighbors.
-- Know from whom you're buying. Understand whether or not the person
or business selling the property is reputable and in good financial
standing. Get referrals. Find out about the character of the
proprietor, and if that person or business is trustworthy.
-- Contemplate the climate. Consider what kind of climate and
temperature you want most. Some mountain properties are best
visited in the winter while others are suitable year-round and allow
for lots of outdoor activities.
Luxury Mountain Home Demand Continues To Grow Despite Warnings of Housing Bubble Burst
Tuesday May 23, 5:09 am ET
Tips for Investing in Mountain Property
KNOXVILLE, Tenn., May 23 /PRNewswire/ -- Despite warnings of a burst in the housing bubble, real estate continues to grow in value, particularly among mountain properties. In East Tennessee, where the Smoky Mountains reign, the demand for luxury homes increased by 137 percent from 2000-2005. In the Rockies, buyers paid more for real estate in the first nine months of 2004 than they did in all of 2003.
Consider the Estates at Norton Creek in Gatlinburg, Tenn. In the 1900s, this property that borders the Great Smoky Mountains National Park was simply given away. Today, a 1.25-acre lot in this environmentally-conscious development goes for about $425,000.
Mountain property values are increasing for several reasons:
- The recent spate of hurricane activity, wildfires and droughts has many
people headed for higher ground.
- Statistics show that baby boomers want to retire to places where they
can mountain bike, hike and fish.
- National parks and property that has remained in families for
generations limit the amount of available land.
- With a waning dollar, more people are looking to invest in land, which
can be viewed as a safe investment.
Because of this, plus the beauty offered by the sweeping vistas, it can be tempting to purchase property without hesitation. Before consumers sink money into a mountain lot or home, the following tips should be considered:
-- Consider the views -- what they are now and what they will be in
years to come. The view today might be of an untouched mountain
across the valley, but soon could be covered with condos. Master
planning, which can include conservation easements that restrict
development, can protect your investment.
-- Account for proximity to emergency services and entertainment
venues. It's important to be secluded, not isolated. Ideally,
mountain real estate should be within five to 10 minutes of critical
care or things to do.
-- Decide if the elevation is acceptable. Make sure the elevation
level won't cause you to suffer from altitude sickness or create
problems in the kitchen (baked goods have difficulty rising at
higher altitudes).
-- Consult a professional builder. A professional builder who has
experience in mountain construction can tell you if a mountain slope
is too steep for building or advise you on how to prevent slippage
or collapse.
-- Determine if there is access to utilities and services. Be sure the
mountain property is not so remote or high up that you cannot access
water or a sewer or septic tank. Also make sure you can receive
cell phone service, high-speed Internet and cable or satellite TV.
-- Check out the amenities. Many developments include golf courses and
tennis courts. However, more people are opting simply for nature's
amenities: fly fishing, hiking or walking trails. The Estates at
Norton Creek, for example, offers homeowners a private fly fishing
stream and access to the neighboring national park's trails.
Carefully consider whether amenities would add value or interfere
with the natural landscape's beauty and offerings.
-- Go for 'green building.' Rising in popularity are homes that are
built and maintained in a manner that protects the landscape and
uses the environment's offerings to make a home run more
efficiently. Green building also preserves home and property
values.
-- Become familiar with the property. Visit the lot or home at various
times to understand what kinds of views you'll have in terms of the
sunrise, sunset and foliage cover. Also determine what the
surrounding elements are like, including sounds and neighbors.
-- Know from whom you're buying. Understand whether or not the person
or business selling the property is reputable and in good financial
standing. Get referrals. Find out about the character of the
proprietor, and if that person or business is trustworthy.
-- Contemplate the climate. Consider what kind of climate and
temperature you want most. Some mountain properties are best
visited in the winter while others are suitable year-round and allow
for lots of outdoor activities.
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