East Tennessee Luxury Living

Waterfront Property in East Tennessee - $1,500,000 - $2,000,000

There are currently 23 waterfront homes on the market in the Knoxville Area Association of Realtors MLS.  This includes homes from Knox, Blount, Loudon, Monroe, Anderson, Jefferson, Meigs and Rhea counties.  You can expect the following averages for waterfront homes in this price range:

• 6200 square feet
• 4.35 acres
• 4 bedrooms
• 4 baths
• 1 half bath

Features such as gourmet kitchens, media rooms and 2nd kitchens are common throughout as well as quality building and design from those such as Chip Seigler and Stephen Fuller. 

For more information on waterfront property in this area, please contact us for more information.

Auction Services Added to East Tennessee Luxury Properties

East Tennessee Luxury Properties is now partnered with Premier Real Estate Auctions in order to offer our clients the latest tools in buying or selling a home.  It is expected that 30% of residential home sales will be conducted through auction by 2010, and the trend is gaining popularity among luxury properties.  Buyers and sellers benefit alike.  The seller can greatly reduce the time and cost of selling a home and will benefit from the convenience of pre-qualified prospects bidding on their home.  The buyer is able to see many offerings at once and can rest assured they are purchasing at a fair market price since the buyers determine the purchase price.  Whether you are interested in putting your home in our auction program or interested in purchasing at an auction, East Tennessee Luxury Properties will assist you through the process. 

                                       

Top 10 Trends in Luxury Residences in 2007

While the current housing market remains challenging in many regions, the upper tier continues to show its resiliency.  Moreover, affluent homeowners typically continue "investing" in their homes even if not in the market to buy or sell a residence.  During the four quarters ending October 2006, Harvard University's Housing Studies Center estimated that homeowners spent $160 billion in home improvement, a 1.6% increase over the prior 12 months, with kitchens and bathrooms topping the list.  While that represents a slight decline from the long term growth rate of 5%, Kermit Baker, director of the Harvard center, believes there is potential for growth among the wealthy. 

With fewer financial constraints, these ultra consumers have a greater range of choices.  So what trends have emerged from recent selections they have made?

Increasing ecological awareness

One of the most notable overall trends reflects an increasing ecological awareness.  Green has come into its own - but this generation's interpretation is a sophisticated one.  According to the American Society of Interior Designers (AISD) sustainable design is considered to be the fastest growing trend in the industry.

Motivations may be economic (making a potentially expensive up-front investment in exchange for energy savings and more control over their energy destiny in years to come), aesthetic (installing a geo-thermal heating and cooling system which is hidden underground, rather than unsightly box on the side of the house), health related (using chemical-free building materials), or related to social consciousness (using recycled and renewable materials).  These eco-choices may be manifested anywhere throughout the home, ranging from selecting alternate energy sources, using non-polluting and chemical-free building materials, employing water conservation methods, installing energy efficient windows, doors and insulation, and even choosing the type of wood for kitchen cabinets and hardwood floors.

Luxury Waterfront Home in Rarity Bay

From maintenance free villas to homes that boast over 20,000 square feet, Rarity Bay is an oasis for those who love to be active.  With golfing, equestrian sports and boating all outside your door step, it is easy to call this community home for an active, healthy lifestyle.  There is certainly no shortage of luxury in this waterfront home.  Over 6000 square feet and exquisite interior, no detail has been spared.  See more information including a video on this this home here. 

Partners added to Luxury Network

We have recently had the pleasure of working with some exceptional establishments in the Knoxville area.  We are excited to add these businesses to our exclusive network of product and service providers; those that have the same approach customer service as East Tennessee Luxury Properties.  We all strive to provide exceptional, concierge-level service to discerning clients. 

Bennett Galleries provides home furnishings, excellent interior design and custom framing.  They also have an art gallery of all genres from local, national and international artists.

The Entertainment Group offers its clients top-of-the-line home theatre design, interactive lighting and structured wiring.  With most luxury homes today incorporating a media room and "smart" homes, you need a professional.

Southern Graces promises the highest level of performance in culinary and event planning skills.  They consistently satisfy customers for all types of events.

Please consider these fine providers when your needs call for them. 

Luxury Home Trends

What defines luxury?  We all have our own definition.  Mine can actually change sometimes depending on my desires of the moment.  One evening I may wish to dine ocean side with a loved one, toast fine champagne and eat lobster under a full moon.  Another day I may wish to awake in the mountains and feel the crispness of a fall day, sip freshly ground Guatemalan coffee from fine china while snuggled up under down and fine Italian linens, looking through a wall of gleaming floor to ceiling Pella windows.  That’s just me though.

 

For the purposes of standardizing a definition of luxury homes, however, let’s consider properties that are one million dollars and above.  Hopefully, they each have some remarkable characteristics that make them wonderfully unique whether it be historic significance, artistic details, exquisite gardens and the like.  Regardless of what makes these homes special, there are a few trends that you can expect to see in “luxury homes” of the day.  According to a survey conducted by the Institute of Luxury Home Marketing and Unique Homes, you can expect the following:

• More then four bedrooms - 78%
• A home office - 84%
• More then four bathrooms - 92%
• Home theater - 38%
• Outdoor kitchen - 38%
• Mini-kitchen found in master bedroom - 11%
• Home gyms - 59%
• Pools - 54%
• Separate guest houses - 19%
• Waterfront or water view - 58%

There are other statistics in this profile, but these areas had the higest rankings in terms of popularity.  Upon sampling the luxury homes on the market in our local area, East Tennesseeans are doing a pretty good job on stacking up in the luxury living department.   

Currently, there are approximately 75 homes listed over $1 million in Knox County today.  A sampling of them proves that although the personalities of the owners and builders of these homes make them distinctly different than the next, they have many of todays luxury standards - even in the historic homes.  I randomly selected 10 of these homes, and here is what I found.

• More than 4 bedrooms - 2
• Home office - 6
• More than 4 bathrooms - 3
• Home theater - 5
• Separate guest house - 2
• Pool - 3

So...if you are thinking of selling your luxury home and are wondering what to do in preparation for getting it sold, your home office and home theater are a great place to start.  Please let us know if you need any help with staging these or any other areas of your home to make it really stand out in the market.  Call 865-379-8729 or email us here. 

Second Home Market Research

It's been a busy and exciting couple of weeks in the set up of East Tennessee Luxury Properties which we have spent mostly developing content for our web site, designing our marketing programs and doing market research on the second home market for a local developer looking for advice on the direction of his 600 acre development in the Smoky Mountains. 

Today is our first official day of business, and we are thrilled to be serving the luxury market in East Tennessee.  You can meet us here.  Since our first order of business for a client was to provide research on the second home market, we've shared a synopsis of it here. 

As 70-80 million baby boomers retire over the next 15-20 years, vacation and second home sales are expected to remain strong.  As they are delaying their exit from the job market, boomers have huge business and investment opportunities available.  Because of their higher earning potential in the years before retirement and children likely out of the home, vacation home sales are expected to increase while investment property purchases will be on the decline.  This generation is ready to bring their family back together and prefer not to rent out their vacation home for a return on their investment.  Recent tax laws allowing up to a $500,000 exclusion from capital gains means they won't be penalized even if they decide to downsize their primary home. 

The majority of second home buyers are coming out of the midwest and the south which comprise over 60% of vacation home buyers.  Most are looking for waterfront homes or those with a view and desire an abundance of activities nearby.  Some top desires for those planning to purchase a second home, condominiums, gated communities and golf communities are among the highest. 

Whether you are searching for your perfect dream home or you are a developer creating a community in a second home destination, please contact us with any questions on this exciting market.  The sources of our research come from The Institute for Luxury Home Marketing, The Wall Street Journal and the National Association of Realtors.