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Luxurious Custom Oasis in Farragut, Tennessee – Home for sale at 11808 Corto Lane, Knoxville, TN

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11808 Corto Lane, Knoxville, TN 37934

$1,065,000
Property Type: Single Family Bedrooms: 3 Square Footage: 2,518 Lot Size (sq. ft.): 48,787 Status: Closed
Current Price: $1,065,000 List Date: 5/27/2024 Last Modified: 9/20/2024

Description

Luxurious Custom Oasis in Farragut, Tennessee. Experience Unmatched Privacy and Elegance: Nestled on over an acre of pristine land in the heart of Farragut, Tennessee, this gated, custom-built luxury home offers an unparalleled living experience. It's an oasis of tranquility amidst the bustling town, combining privacy with the convenience of nearby amenities. Best of all, this home is not in a subdivision, so there are no HOA fees or restrictions. Exquisite Primary Suite and Bedrooms: The main floor features a stunning primary suite, complete with a magnificent, bright, and classy tiled bath. This sanctuary boasts a custom-tiled wet room, an oversized bathtub, and a show-stopping shower. With custom cabinetry, large pantry storage, and quartz countertops, this bathroom is a true haven for self-care. The light and bright primary bedroom boasts a 10-foot ceiling, a shiplap feature wall, and a private patio. Two additional charming bedrooms on the main floor provide comfort and elegance. Indoor-Outdoor Harmony: The statement 16-foot Pella sliding doors open to an expansive deck, featuring a custom Tennessee stone wood-burning fireplace. This seamless indoor-outdoor connection enhances entertaining and relaxation year-round. The Traeger grill smoker nook built into the back of the outdoor fireplace caters to all your grilling and smoking needs. Elegant and Functional Home Office: The home office, adorned with custom cabinets and a quartzite countertop, provides a sophisticated and productive workspace. Custom statement black Pella windows and trimwork throughout the home add character and charm to every room. Inviting Outdoor Spaces: Relax on the oversized front porch or enjoy the expansive yard, perfect for gardening and playing. The property is fully fenced with a power gate and includes a separate fenced area for a dog yard. Luxury Finishes and Features: Luxury Vinyl Tile floors for durability and easy maintenance. Electric fireplace in the living room for year-round ambiance. Timeless white paint with warm custom cedar trim and knotty alder 8-foot doors. 13-foot vaulted ceiling in the living room with v-groove paneling and custom cedar beams. Gourmet Kitchen: The dream kitchen features Taj Mahal quartzite on the island, a custom tile backsplash covering an entire wall, and a 6-foot window overlooking the front yard. High-end appliances, including a Dacor six-burner gas cooktop and a custom vent hood, create a kitchen worth savoring. Additional conveniences include panel front appliances, a microwave drawer, and an abundance of custom cabinets. Luxurious Bathrooms and Functional Pantry: The statement powder room is adorned with a fully tiled backsplash, custom cabinet, quartz counter, and elegant pendant lighting. The guest bathroom features a custom tiled walk-in shower and a beautiful vanity wall. The dream pantry offers extensive storage with custom cabinets, pull-out shelves, a drop zone quartz counter, and a tiled backsplash. The adjacent laundry room includes an oversized stainless steel sink, open shelves, and space for an extra refrigerator. Flexible Living Spaces and Ample Storage Above the garage, a versatile bonus room awaits, offering endless possibilities for additional living space. The home also includes an extra-large storage room, perfect for organizing seasonal decorations and other items. Garage and Workshop Excellence This home features an oversized attached two-car garage with custom storage and a workshop, perfect for all your projects and storage needs. Additionally, an oversized auxiliary three-car garage provides ample space for vehicles and additional storage. This auxiliary garage is larger than what is now allowed in Farragut but was grandfathered in as it was existing on the property when the home was custom-built in 2020. Uncompromising Attention to Detail The attention to detail in this home is astonishing. SEE MORE...

Supplements: No expense was spared when the owners custom-built this property, ensuring every element reflects luxury and quality. Additional Features -Superior wall precast crawl space with a concrete floor. -High-energy efficient spray foam walls and roof. -Modern electrical system with arc fault breakers. -Seasonal and travel-friendly hose bib shut-offs. -Water softener and underground sprinkler system. -Hardy board siding and metal roof. -Stained 8-foot doors and high-end cabinets (Mouser & Showplace). This extraordinary custom home in Farragut, Tennessee, offers luxury, privacy, and unparalleled living spaces. Don't miss the chance to make this exceptional property your new home.

More Information MLS# 1263925

Location Tax Legal Info

House #: 11808 Street Name: Corto St Suffix: Lane State/Province: TN Zip Code: 37934 Property Sub-Type: Residential PIN #: 152CF005 Geo Lat: 35.869441 Geo Lon: -84.174968

Contract Info

Auction Y/N: No Listing Price: 1195000 Current Price: $1,065,000 Status: Closed Listing Date: 2024-05-24

General Property Description

Type: 1 1/2 Story Acres: 1.12 Acre Source: Tax Records Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 2518 SqFt - Main Lvl: 2185 SqFt - 2nd Flr Lvl: 333 # Bedrooms: 3 Baths - Full: 2 Baths - 1/2: 1 # of Rooms: 8 Fireplace: Yes # Fireplace: 2 Property Status: N/A HOA: No Year Built: 2020 Bonus Room: Yes Extra Storage: Yes

Status Change Info

Status Change Date: 2024-09-19 Under Contract Date: 2024-07-15 Sold Date: 2024-09-19 Sold Price: $1,065,000

Property Features

Style: Craftsman; Traditional Construction: Frame Siding: Fiber Cement Basement: Crawl Space Lot Description: Level; Private; Rolling Slope Fireplace: Free Standing; Stone; Electric Floors: Tile; Vinyl Fuel: Electric; Gas (Natural) Heat: Central; Forced Air; Zoned Cooling: Ceiling Fan(s); Central Cooling; Zoned Appliances: Dishwasher; Disposal; Gas Stove; Microwave; Range; Refrigerator; Self Cleaning Oven; Smoke Detector Sewer: Public Sewer Water: Public Other Rooms: Bedroom Main Level; Den/Study; Extra Storage; Family Room; Great Room; Laundry/Utility; Mstr Bdrm Main Level; Office; Split Bedroom; Workshop Misc Features: Cathedral Ceiling; Drapes; Internet Available; Island in Kitchen; Pantry; Trey Ceiling; Walk-in Closets; Walk-in Shower; Washer/Dryer Connect; Wired for Internet Exterior Features: Cable Available (TV Only); Deck; Fence - Privacy; Fence - Wood; Fenced - Yard; Irrigation System; Patio; Porch - Covered; Prof Landscaped; Windows - Insulated Outbuildings: Detached Workshop Dining Area: Kitchen/Dining Rm Co Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; VA Loan

Room Information

Family Room Kitchen Dining Room Master Bedroom Bedroom 2 Bedroom 3 Garage Office Utility Room Bonus Room Other
Listing Office: CornerStone Realty Associates
Office Phone: 865-966-9700
Last Updated: September - 20 - 2024
11808 Corto Lane, Knoxville, TN 37934- MLS# 1263925
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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Experience Unmatched Privacy and Elegance in Farragut

Nestled on over an acre of pristine land in the heart of Farragut, Tennessee, this gated, custom-built luxury home offers an unparalleled living experience. It’s an oasis of tranquility amidst the bustling town, combining privacy with the convenience of nearby amenities. Best of all, this home is not in a subdivision, so there are no HOA fees or restrictions.

Exquisite Primary Suite and Bedrooms

The main floor features a stunning primary suite, complete with a magnificent, bright, and classy tiled bath. This sanctuary boasts a custom-tiled wet room, an oversized bathtub, and a show-stopping shower. With custom cabinetry, large pantry storage, and quartz countertops, this bathroom is a true haven for self-care. The light and bright primary bedroom boasts a 10-foot ceiling, a shiplap feature wall, and a private patio. Two additional charming bedrooms on the main floor provide comfort and elegance.

Indoor-Outdoor Harmony

The statement 16-foot Pella sliding doors open to an expansive deck, featuring a custom Tennessee stone wood-burning fireplace. This seamless indoor-outdoor connection enhances entertaining and relaxation year-round. The Traeger grill smoker nook built into the back of the outdoor fireplace caters to all your grilling and smoking needs.

Elegant and Functional Home Office

The home office, adorned with custom cabinets and a quartzite countertop, provides a sophisticated and productive workspace. Custom statement black Pella windows and trimwork throughout the home add character and charm to every room.

Inviting Outdoor Spaces

Relax on the oversized front porch or enjoy the expansive yard, perfect for gardening and playing. The property is fully fenced with a power gate and includes a separate fenced area for a dog yard.

Luxury Finishes and Features

  • Luxury Vinyl Tile floors for durability and easy maintenance.
  • Electric fireplace in the living room for year-round ambiance.
  • Timeless white paint with warm custom cedar trim and knotty alder 8-foot doors.
  • 13-foot vaulted ceiling in the living room with v-groove paneling and custom cedar beams.

Gourmet Kitchen

The dream kitchen features Taj Mahal quartzite on the island, a custom tile backsplash covering an entire wall, and a 6-foot window overlooking the front yard. High-end appliances, including a Dacor six-burner gas cooktop and a custom vent hood, create a kitchen worth savoring. Additional conveniences include panel front appliances, a microwave drawer, and an abundance of custom cabinets.

Luxurious Bathrooms and Functional Pantry

The statement powder room is adorned with a fully tiled backsplash, custom cabinet, quartz counter, and elegant pendant lighting. The guest bathroom features a custom tiled walk-in shower and a beautiful vanity wall.

The dream pantry offers extensive storage with custom cabinets, pull-out shelves, a drop zone quartz counter, and a tiled backsplash. The adjacent laundry room includes an oversized stainless steel sink, open shelves, and space for an extra refrigerator.

Flexible Living Spaces and Ample Storage

Above the garage, a versatile bonus room awaits, offering endless possibilities for additional living space. The home also includes an extra-large storage room, perfect for organizing seasonal decorations and other items.

Garage and Workshop Excellence

This home features an oversized attached two-car garage with custom storage and a workshop, perfect for all your projects and storage needs. Additionally, an oversized auxiliary three-car garage provides ample space for vehicles and additional storage. This auxiliary garage is larger than what is now allowed in Farragut but was grandfathered in as it was existing on the property when the home was custom-built in 2020.

Uncompromising Attention to Detail in Farragut

The attention to detail in this home is astonishing. No expense was spared when the owners custom-built this property, ensuring every element reflects luxury and quality.

Additional Features

  • Superior wall precast crawl space with a concrete floor.
  • High-energy efficient spray foam walls and roof.
  • Modern electrical system with arc fault breakers.
  • Seasonal and travel-friendly hose bib shut-offs.
  • Water softener and underground sprinkler system.
  • Hardy board siding and metal roof.
  • Stained 8-foot doors and high-end cabinets (Mouser & Showplace).

This extraordinary custom home in Farragut, Tennessee, offers luxury, privacy, and unparalleled living spaces. Don’t miss the chance to make this exceptional property your new home.

For more information, to schedule a private showing, or for assistance with buying or selling a home in Farragut or anywhere in East Tennessee, contact Troy Stavros with CornerStone Realty Associates at 865-999-0925.

Let’s look at the Farragut, TN Housing Market: Insights from January 2024

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The Farragut, Tennessee housing market has shown some intriguing trends as we closed January 2024. Those considering buying or selling homes in Farragut should take note of these developments to make informed decisions. Despite a year-over-year decrease in home sales and pending sales, largely attributed to a significant winter storm, the market dynamics offer unique opportunities and challenges for both buyers and sellers.

For Farragut Buyers: A Silver Lining

Inventory has risen by 11.7% compared to last year, providing more options. However, with new listings down by 8.1%, competition remains fierce. The median sales price surged to $652,500, reflecting a robust demand for quality homes. Buyers should act decisively but also cautiously, ensuring their investments are sound.

For Farragut Sellers: A Seller’s Market

The absorption rate has decreased, indicating a seller’s market with less than two months worth of inventory available. This scenario, coupled with a median sales price increase, positions sellers advantageously. However, the market is not as heated as in previous years, emphasizing the need for correct pricing and openness to negotiation.

The Farragut Market’s Pulse

Sales spanned across various price points, with activity from the affordable to the luxury segments. The most active listings were in the $650,000 to $700,000 range, but diversity in inventory means there’s something for every buyer. The market action index places us in a slight seller’s advantage, tempered by higher interest rates affecting demand.

Forward-Looking Strategies

For those entering the Farragut real estate market, staying informed on inventory trends, pricing, and absorption rates is crucial. Buyers should be ready to move quickly on desirable properties, while sellers need to price homes competitively to attract serious offers.

Navigating the Farragut, Tennessee housing market requires a nuanced understanding of its current state and trends. Whether you’re looking to buy your dream home or sell for the best price, the January 2024 data offers valuable insights for strategic decision-making. As the market evolves, aligning with knowledgeable real estate professionals in Farragut can enhance your journey in this dynamic market.

Connect with a Farragut Market Expert

Navigating the Farragut housing market requires insight and expertise. Troy Stavros of CornerStone Realty Associates in Farragut, with a deep understanding of the Farragut real estate landscape, is poised to guide you through buying or selling your home. Whether you’re looking to capitalize on the seller’s market or find your dream home amidst competitive listings, Troy’s expertise can provide you with the edge you need. Contact Troy Stavros today at 865-999-0925 to discuss your real estate goals and strategize your next move in the Farragut market.

Despite higher interest rates data shows buyer activity is UP!

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Are you a homeowner considering selling your house? Wondering if it’s the right time? Well, here’s some good news: despite higher mortgage rates, buyer traffic is on the rise.

Recent data from the ShowingTime Showing Index, which measures buyers actively touring homes, reveals a significant increase in buyer demand over the past few months. Even during the colder months, the limited number of homes for sale kept shoppers on the lookout.

To put things into perspective, let’s compare this February’s foot traffic with the traffic from the past six years. This February showcased one of the strongest buyer activities we’ve seen in recent memory, excluding the highly unusual years of 2021 and 2022. When compared to the more normal, pre-pandemic years, the data clearly indicates a rise in buyer activity.

What’s even more impressive is that this increase in buyer traffic occurred despite the rise in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate climbed from 6.09% to 6.50%. However, it didn’t deter more buyers from searching for their dream homes.

According to Jeff Tucker, Senior Economist at Zillow, this upward trend in buyer activity may continue. Typically, March and April experience a seasonal uptick in home shoppers.

If you’re looking to sell your house, this year’s active buyer market should be encouraging news. It’s a clear indication that potential buyers are out there, possibly searching for a home just like yours. By partnering with a real estate professional and listing your house now, you can put your home in front of eager buyers today.

In conclusion, the rising foot traffic in this year’s housing market is a positive sign that buyers are actively looking to purchase homes, even in the face of higher mortgage rates. If you’re ready to sell, let’s connect and make the most of this opportune time.

Have questions? Want to talk about buying or selling a home? Contact Troy Stavros with CornerStone Realty Associates today at 865-999-0925. My team and I are here to serve you!

APRIL 2023 East Tennessee and Knoxville Housing Market UPDATE

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The Current Housing Market in East Tennessee: Rising Prices, Low Inventory, and High Demand

The Knoxville real estate market and the broader East Tennessee region are experiencing a significant surge in housing prices due to a combination of factors, including an incredibly low inventory of homes for sale and a high demand driven by an influx of people migrating from other parts of the country. As a result, both homebuyers and renters are feeling the impact of these market conditions.

One of the primary reasons for the rising prices in East Tennessee is the shortage of available homes. The inventory of houses for sale has reached historically low levels, creating a highly competitive market. With fewer homes on the market, potential buyers are faced with limited options, leading to increased competition and bidding wars for desirable properties. As a result, prices are being driven up as buyers vie for a limited supply of homes.

The region’s popularity as a destination for relocation is a key driver of the high demand in East Tennessee. Many people are choosing to move to this area due to its natural beauty, affordable cost of living, and growing job opportunities. This influx of new residents has intensified competition for housing, further fueling price increases.

Rents in Knoxville, specifically, have been significantly impacted by these market dynamics. According to recent data, apartment rents in Knoxville were up 12.75% in the first quarter of 2023, far surpassing the national average of 4.46% growth. The scarcity of available rental units has given landlords greater leverage, allowing them to raise rental prices to meet the soaring demand.

While the rising prices may pose challenges for renters, homeowners in the region are benefiting from the current market conditions. A recent report from the National Association of Realtors revealed that middle-income homeowners in Knoxville accumulated an average of $109,890 in housing wealth over the past decade as their homes appreciated in value. The sharp increase in home prices has provided homeowners with significant financial gains and enhanced their overall net worth.

The speed at which homes are selling in East Tennessee is remarkable. Statistics show that half of the homes sold were under contract in 16 days or less. Furthermore, 23.8% of homes sold for more than the asking price, with 12% selling for at least $10,000 over asking and 4% selling for at least $25,000 over asking. This data indicates a highly competitive market, with buyers willing to pay a premium to secure a property.

New construction has played a role in meeting the demand for housing, representing 15% of total home sales in the area. However, it is still not sufficient to offset the low inventory levels and escalating prices in the overall market.

Buyer competition remains fierce, although there has been a slight decline in the number of offers received on average. According to the Knoxville Area Association of Realtors’ Market Pulse Survey, the typical listing in the Knoxville area received 2.2 offers in the first quarter of 2023, down from 6.2 offers in 2022. Nevertheless, multiple offer scenarios are still extremely common, with half of all homes receiving at least two offers.

Affordability is becoming a growing concern in East Tennessee, particularly as mortgage rates have increased in recent weeks. Economic uncertainty has placed upward pressure on rates, with the current average rate for a 30-year loan standing at 6.69%. The higher interest rates are discouraging some homeowners from listing their homes for sale, as they are locked into lower rates below 4% or even below 3%. This further constrains the available housing supply and exacerbates the affordability problem in the market.

In conclusion, the housing market in East Tennessee, including Knoxville, is experiencing a surge in prices driven by a combination of low inventory and high demand.

MARCH 2023 East Tennessee & Knoxville Housing Market Update

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Knoxville Real Estate Market Shows Signs of Growing Beyond Its Affordable Reputation

The Knoxville real estate market has always been known for its affordability, but new data shows that the city’s median listing price is now higher than the national average. This suggests that the competitive advantage of Knoxville’s affordability may be slipping away, making it more challenging for homebuyers to find homes within their budget. In the fourth quarter of 2022, the median listing price in the Knoxville area was $426,633, compared to $412,743 nationally. By February 2023, the local median listing price had increased by more than $42,000 compared to the U.S. average, making Knoxville the 47th-highest among the top 150 U.S. housing markets. One of the significant issues contributing to the shortage of inventory is that fewer people are moving. Life event movers, who typically move up or down in the housing market, are staying in their homes longer, creating a “mortgage lock-in” group. With over 60% of outstanding residential mortgages in Tennessee having an interest rate of 4% or below, potential sellers are hesitant to list their homes for sale, given the prospect of trading out their current mortgage for a new one with a much higher interest rate. This has led to fewer homeowners putting their homes on the market, particularly those priced under $500,000, where new listings are down 19% year-over-year.

Additionally, some homeowners who have to move are opting to keep their existing house with their sub-3% mortgage, rent it out, and buy a new home without selling their current one, which further exacerbates the inventory problem.

Investors represent another group that has not contributed much to the inventory. While institutional investors with Wall Street money have slowed their purchasing, none of them are selling, creating no discernible inventory coming from investors at this time.

Distressed homeowners represent the third potential source of inventory, but as of now, essentially none of these people are selling homes either. With the US still having record employment and the big layoffs in the tech sector generally finding work quickly, there are no indications of this group selling homes at this time.

According to experts, homeowners in Knoxville can see that they have a really good deal where they currently live. Therefore, unless something dramatically changes, the current environment is expected to remain.

The Knoxville real estate market’s challenges are not just about inventory, however. Tennessee’s population surpassed seven million residents in 2022, marking the largest year-over-year population increase since 2007, according to the Tennessee State Data Center. This growth is driving up rent prices, with Knoxville experiencing the second-fastest rent growth of any US metro area in 2022, according to a report from the National Association of Realtors®.

As Knoxville continues to grow, it will be essential to address the inventory shortage and affordability issues to ensure that the city remains an attractive place to live for both current residents and newcomers.

Have questions? Comments? Want to talk about the market? Want to talk about buying or selling a home in East Tennessee? Contact Troy Stavros at CornerStone Realty Associates today at 865-999-0925. My team and I look forward to serving you!

Almost Half of the Homes Sold in Farragut in March were CASH or At or Above List Price!

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Almost 1/2 (45%) of the homes sold so far in March in Farragut have been for cash or at/above their listing price (some both). We saw some sell for over $100K above their list price! I go over these sales in the video along with the breakdown of the sold prices and subdivisions. Lack of inventory and consistent demand is still pushing prices higher both in Farragut and most of East Tennessee. Don’t believe what you are hearing on the national news. For example, the national news reported that data through the end of February showed the first Year over Year reduction in the median sales price of homes nationally. However, in Knoxville, we saw a $30,000 increase in the median sales price compared to the end of February last year. Always remember, real estate is LOCAL and sometimes HYPER-LOCAL.

Have questions? Wondering what your home might be worth in today’s market? Contact the Troy Stavros TEAM with CornerStone Realty Associates today at 865-999-0925. We look forward to serving you!

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