House Hunters Knoxville Home Buying BLOG

Knoxville Real Estate: Current Top 10 Most Expensive Luxury Homes

October 26, 2012 By Troy Stavros

If luxury Knoxville real estate is what you are looking for, our area has plenty to offer. Whether you prefer living on the lake, in a Knoxville luxury community, on a private or public golf course, or high atop a hill with spectacular mountain views, Knoxville has got you covered.

The following are the Top 10 Most Expensive Luxury Knoxville Homes for Sale in (this list is updated daily so bookmark this post and check back often!)

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Knoxville Real Estate Preview: 12407 Somersworth Drive in Wentworth

October 24, 2012 By Troy Stavros

UPDATE: SOLD! Knoxville Real Estate Preview: Yesterday we were able to preview this beautifully updated home located at 12407 Somersworth Drive, Knoxville, TN 37934 in the Wentworth Subdivision in Farragut, TN. This home, listed by Janna Meredith of Gables & Gates, REALTORS, features plenty of custom upgrades from the appliances and granite in the kitchen to all of the updated bathrooms. I especially liked the custom etched glass on the doors of the laundry room and pantry. Unlike many Knoxville homes for sale of this age (18 years old), the updates that have been completed have brought this property to the standards of what most of today’s buyers expect in this price range of Knoxville real estate.

Knoxville Real Estate: Short Sale Opportunity on Avalon Golf Course

October 22, 2012 By Troy Stavros

The 865 Real Estate team, the leading Knoxville real estate team at Gables & Gates, REALTORS is assisting a client in the short sale of their Knoxville home for sale at 695 Oak Chase Boulevard, Lenoir City, TN 37772 in the Avalon Golf Community.

The home is less than 5 minutes to Farragut, TN and 10 minutes to the Turkey Creek Shopping plaza. The Avalon community features easy access to the interstate so it is only a short commute to private schools like the Webb School, Concord Christian School and CAK (Christian Academy of Knoxville). The prime golf location allows you to walk out the back door to the 12th green of the Championship 18 hole Avalon Golf Course. On site amenities include a golf clubhouse with pro shop, bar, and grill and a separate clubhouse with swimming pool.

What is a short sale? It is when a seller, who may be facing the threat of foreclosure enters into an agreement with their bank/lender to accept a price for their property that is less than the amount they actually owe on it. The seller makes no profit on the sale but avoids many of the problems that would come from a foreclosure.

Some of the seller’s possible advantages with a short sale are the avoidance of the time consuming foreclosure process, and the prevention of the negative impact a foreclosure can have on their credit score. In a short sale situation, the seller and the bank/lender work together to determine the details of the agreement, but typically sellers who complete a short sale can avoid owing the balance due. The obvious advantage to buyers is the prospect of moving into a property at a great discount.

So why would a lender accept a short sale if they are losing money? By accepting a short sale, banks/lenders don’t have to worry about dealing with the long, expensive foreclosure process. Priority #1 for lenders is to try to get their money back, and they typically want to avoid taking responsibility for selling a home. Statistics show that a bank/lender will net more from a short sale that they will from a foreclosure, so short sales can be a good thing for a lender.

Troy Stavros, Broker and Partner with the 865 Real Estate team at Gables & Gates, REALTORS stated, “If you are a buyer considering entering into a short sale, or looking at Knoxville homes for sale, it would be wise to consult with a Knoxville real estate agent who can answer your questions and help you navigate the often time consuming process. Short sales have a stigma for taking a long time to complete, but that is typically because of incorrect or missing paperwork. An experienced real estate professional can help eliminate those road blocks and get you into your new home faster.”

What is the term “Pocket Listing” in Knoxville Real Estate

October 15, 2012 By Troy Stavros

What is a pocket listing? When searching Knoxville real estate, one thing to keep in mind is that your Knoxville real estate agent may know of additional Knoxville homes for sale than what you are finding on internet sites. You may be asking yourself why that is. Aren’t all homes available for sale listed on the MLS and subsequently on the various real estate portals like Trulia, Zillow, and REALTOR.com? The answer to that question would be MOST, but not all Knoxville homes for sale are listed on the MLS.

Those homes not listed on the MLS are called “pocket listings”. They were called this originally because they were kept in the REALTORS pocket, out of public view. The definition of a pocket listing per Wikipedia is, “a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS), or where advertising is limited for an agreed-upon period of time.” According to Troy Stavros, Broker/Partner at the 865 Real Estate team, “It most oftentimes is when a homeowner and a real estate agent have a casual agreement, that says if the agent comes across someone who might be a potential buyer of their home, the agent will bring that person to see the house.”

There are various reasons a seller might want to keep their home as a “pocket listing” as opposed to traditional marketing. Some of those reasons are: privacy, secrecy, convenience, motivation and time. Many sellers want to sell their Knoxville real estate, but do not want the aggravation associated with showing the property. Keeping the home as a pocket listing often allows the agent to weed out those people who are just curious, and only show the home to serious, qualified buyers. To ensure this, the seller typically has a Knoxville real estate agent who qualifies all potential buyers on their availability to purchase prior to scheduling a showing appointment. Stavros stated, “Then there are those homeowners who may not be actively looking to sell, but will always move ‘if the price is right’, and oftentimes, for the right house, a motivated buyer will pay their price.”

Pocket listings may give buyers an extra advantage as well when searching for real estate which is not being advertised publicly This significantly reduces the amount of competition for a home. These special properties may be unique because they are sold privately and may never be intended to be listed on the Multiple Listing Service (MLS). Oftentimes these are high profile homes, with perhaps high profile owners.

For sellers of Knoxville real estate, because of the highly reduced amount of exposure and marketing, they must decide if exclusion from the MLS is in their best interest. For a buyer searching Knoxville homes for sale, it is important to work with a local agent who has established relationships, and is in communication with other agents in the community. This way, you can be sure that you will be aware of all potential Knoxville homes for sale.

Preview of Bridgemore Custom Home in Knoxville Parade of Homes

October 13, 2012 By Troy Stavros

UPDATE: SOLD! I had the pleasure of previewing this stunning custom luxury home for sale and Knoxville Parade of Homes 2012 entry in Bridgemore, with the builder, David Haines, of BrookWood Construction. The home was designed by Jack Herr Design Associates of Brentwood, TN as part of the exclusive Hammock Lane Collection in Bridgemore. This home is the 4th home from the collection built on Hammock Lane as well as the 5th Knoxville Parade of Homes entry by BrookWood Construction in the Bridgemore neighborhood. Featuring extensive main level living and entertaining space the home has been very popular during the Knoxville Parade of Homes, and actually went under contract just prior to the start of the Parade. Homesites are still available in the beautiful Bridgemore neighborhood where BrookWood Construction has built many of the homes, and is taking on new clients for future custom built homes. Contact us for more information on Bridgemore or for an introduction to David Haines of BrookWood Construction.

Knoxville Homes for Sale and the Craigslist Rental Scam

October 10, 2012 By Troy Stavros

The 865 Real Estate team, the leading Knoxville real estate team at Gables & Gates, REALTORS has announced their personal fight against a popular internet scam they are seeing not only in Knoxville, but nationwide. The posting of fraudulent rentals on internet sites such as Craigslist and large real estate sites like Trulia and Zillow, that are actually Knoxville homes for sale. These fraudulent ads are being posted on a daily basis, hoping to lure in unsuspecting renters.

The 865 Real Estate team says they are fielding calls from potential renters on a daily basis. You may wonder why the 865 Real Estate team, a team that only lists and sells Knoxville real estate, are getting rental calls. The following is how the scam typically works: The scam artist begins by trolling the internet, looking at Knoxville homes for sale on sites like Trulia, Zillow, or Realtor.com. They find a Knoxville home for sale that is located in a desirable area and looks to be in nice condition. They then proceed to copy the address, photos, and description of the Knoxville home for sale and list it on sites like Craigslist, Trulia, and Zillow at a rental price well below typical market rent, and many times offering additional bonuses such as free utilities. When the potential renter gets in contact with the supposed owner of the home, a story typically ensues where the owner tells the renter that they are currently out of the country (often even saying they are on a mission trip), and are looking for someone trustworthy to rent their home. The scam artist uses the actual name of the owners of the home, which they have researched and found in public records. They follow by asking the potential renters to fill out an application, which they no doubt approve quickly, and then ask for them to mail a deposit so they can subsequently send them the keys to the home. All without the renter stepping into the home.

The lure for the renter is obviously the incredible deal, because the home is renting for so far below market rent. Gladly many of these would be renters do a little extra research by either doing an internet search on the address or driving by the property. This is how they end up calling the 865 Real Estate at Gables & Gates, REALTORS.

“Once they search the address on the internet, the property comes up for sale and they see our contact information, or they drive by the home and see our sign and call”, says Troy Stavros, BROKER/PARTNER at the 865 Real Estate team. “We are thankful to be able to speak to them before they proceed any further. We get multiple calls daily as a result of this scam. We typically have 40-50 listings on the market on a regular basis so the odds are good that a few of those will be picked up by the scam artists. I think they like our professional photography and the great homes we list. I just feel bad for the folks that don’t call us. Hopefully, before they go through with sending any money, they will realize that if it seems to good to be true, it usually is.”

The problem stems from the fact that you can list a rental home on sites like Craigslist, Trulia, and Zillow through sites like Postlets without any real verification of validity. Hopefully those sites can find a way to remedy the issue. Until then, along with fielding phone calls, and trying to get the word out to the public, the 865 Real Estate team is being proactive by searching the websites daily to find the fraudulent ads on their listings, and reporting them to the sites for removal. Stavros concluded, “Be careful out there! Do your due diligence. Our recommendation would be to do an internet search on the address and contact a professional real estate company for assistance.”