865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Knoxville Buyers Are Finding More Space in the Luxury Home Market

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A year ago, additional space and extra amenities had a very different feel for Knoxville homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s buyers looking for larger homes in Knoxville, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the Knoxville luxury market to meet those changing needs.

Bottom Line

If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the Knoxville luxury home market.

NEW KITCHEN UPDATE! 2104 River Sound Drive, Knoxville, TN 37922

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NEW KITCHEN UPDATE! Seller’s JUST updated the kitchen and DIDN’T raise the price! New countertops, new tile backsplash, 3 new under-mount sinks, 3 new faucets, and a new Bosch cooktop!

Beautiful luxury home for sale in West Knoxville’s sought after River Sound neighborhood, located at 2104 River Sound Drive, Knoxville, TN 37922.

Let’s talk location! It’s amazing for so many reasons. If you travel, you are a mere 17 minutes to the McGee Tyson Airport. You are a short ride up I140 to Oak Ridge. Choose 3 different routes to downtown Knoxville. Grocery stores, banks, restaurants, and schools are just minutes away.

Let’s talk neighborhood! The only neighborhood in the metropolitan Knoxville area with a year-round indoor saltwater swimming pool. Additionally, there is a clubhouse, outdoor pool and tennis courts to enjoy. There is a private Marina that is restricted to River Sound property owners. Though there are only 38 slips, Slip B-2 is available to purchase with this home. Free outdoor storage area where you can keep your boat trailers or the like. People are friendly, properties are well kept, and when you say you live in River Sound, everyone will know you have been blessed and have chosen wisely.

Let’s talk house! Open floor plan! Enjoy the grandeur of the two-story entry and the curved staircase. Relax in the open family area with a cathedral ceiling adjacent to the kitchen. Functionally, this house is equipped with a 400+ sq ft dream kitchen. Starting with the Bosch 5 burner gas cook-top stove and double convection oven that is programmable from your phone. There is plenty of surrounding prep space for all elements of cooking. Within the 12-foot tile island is a vegetable sink with its own disposal and an instant hot water faucet. The best gourmet cooks will marvel at the setup and space utilization of this room and would love cooking in it given the opportunity. Have a cup of coffee by one of the 4 fireplaces or outback on the lighted Timber Tech deck that spans the length of the house and looks out over a private backyard. Between the outside decks, the big yard perfect for games of all kinds, a driveway meant for a basketball hoop, and a basement designed for fun, there’s a space for everyone. The owners can escape to a luxurious Master Suite with a spa-like bath, inclusive of a Jacuzzi tub and walk-in shower. The unfinished portion of the basement (846SF) has a workshop area and phenomenal storage. This area could be finished with relative ease. As great as the storage space is in the basement, there is also a walk-up attic (800+SF). It has easy access to tie in heating, air conditioning, water and electric. It is framed and ready to build should you want additional space. What else does this house have? It has two hot water heaters, 3 HVAC units, a three-car garage, four gas fireplaces, four full baths, two half baths, and two hoses for the Beam in-wall vacuum system.

For more information about this home or to schedule a private showing, contact Troy Stavros with CornerStone Realty Associates at 865-235-1333 or at the office at 888-388-DOOR xt. 707.

[idx_listing_details listing=”1060178″]

It’s a Great Time to Move-Up and Upgrade Your Current Home!

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Now’s the Time to Move-Up and Upgrade Your Current Home! | MyKCM

Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners in Tennessee wanting to upgrade from their current house.

Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale have not seen as much interest.

According to ILHM’s Luxury Report, this mismatch in demand and inventory of luxury and premium homes has created a Buyer’s Market. For the purpose of the report, a luxury home was defined as one that costs $1 million or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

The authors of the report were quick to point out that current conditions at the higher end of the market are no cause for concern.

“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”

Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.

Bottom Line

If you are debating upgrading your current house to a premium or luxury home, now is the time! Contact me, Troy Stavros with CornerStone Realty Associates today, and let’s set up a time to sit down and talk about your goals.

JUST REDUCED! 3507 Waterside Way, Louisville, TN 37777 Luxury Lake Home

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JUST REDUCED! Custom built for the current owners in 2005, this lakefront dream home, located in the gated Lashbrooke subdivision is setup for big family gatherings and entertaining. Natural light streams into the open spaces of all 3 levels. Multiple living areas on each level. Take in the beautiful, big water views at every turn. Enjoy the outdoors with a terrace level covered patio and main level deck/screened porch that span the entire length of the home. Private access to the deck from the main level owner’s suite. Sleep 20+ guests with the 7 bedrooms (2 master suites and 2 custom bunkrooms!), a bonus room and 7.5 baths. 2 full kitchens! Proximity to community dock/slip with private stone path makes boating super convenient and provides excellent overflow parking for your gatherings. Shallow sand bar at the lakeshore is great for the kids, or to board your kayak or paddle board. This special home has so much to offer. 20 minutes to downtown Knoxville or Turkey Creek. Contact Troy Stavros at 888-388-3667 xt.707 or text 865-999-0925.

[idx_listing_details listing=”1055436″]

A Tale Of 2 Knoxville Real Estate Markets: Luxury vs. Starter/Trade-Up

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A Tale of Two Markets [INFOGRAPHIC] | MyKCM

Some Highlights:

  • An emerging trend in Knoxville for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices!
  • Inventory in Knoxville continues to rise in the luxury and premium home markets which is causing prices to cool.
  • Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive months.

412 Heathermoor Drive, Knoxville, TN 37934 – Luxury Golf Home

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Stunning Knoxville luxury golf course home located at 412 Heathermoor Drive, Knoxville, TN 37934 on the Fox Den Country Club Golf Course in Farragut’s Smithfield Subdivision. This home and location is special. From the moment you pull into the Smithfield Subdivision it just feels different. Mature trees. Sidewalks filled with neighbors talking. Meticulously kept yards. Homes each with their own character. Not to mention you are only 5 minutes to amazing shopping, restaurants, healthcare, and schools. Then you walk into this stunning home and it just gets better. Enter through the stately steel doors to gorgeous hardwood floors. This home was built to entertain. Multiple large spaces for friends and family to gather including the eat-in kitchen with amazing cabinet and counter space that looks into a 2 story great room with floor to ceiling stone fireplace. Owners get spoiled by the main level owner’s suite with a shower that will make you feel like you are getting a spa treatment. Bedrooms and additional bonus spaces upstairs and in the lower level. But the best is yet to come as you walk out back. 2 outdoor stone fireplaces. One covered and one uncovered. Amazing covered stone patio has fireplace, built in grilling area, built in refrigerator. Look beyond to the backyard and long views of the 12th fairway, lake, and 12th and 13th greens. Special. This place is special. Contact Troy Stavros with Gables & Gates, REALTORS at 865-777-9191 to schedule your private showing.

[idx_listing_details listing=”981437″ _=”1476237462898″]