Smokies "hiney showing" thread

[Collin Hays]

 We have officially entered the "Hiney Showing" phase in the Smokies.  That is, homes being offered for less than what was paid for them very recently.  It's all a part of the boom/bust real estate cycle in resort areas.  The inevitable end to "But this time it's different" chants. 

I'll be posting these as I see them.  

Here's the first. No further bookings in April or May. It was purchased for $2.4 million in 2022.  Asking $2.25 million today, and offering $20K in "buyer credits".

3385 Birds Creek Rd, Sevierville, TN 37876 | MLS #1256702 | Zillow

[Collin Hays]

Quote from @Calvin Baughman:

Quote from @Collin Hays:

 We have officially entered the "Hiney Showing" phase in the Smokies.  That is, homes being offered for less than what was paid for them very recently.  It's all a part of the boom/bust real estate cycle in resort areas.  The inevitable end to "But this time it's different" chants. 

I'll be posting these as I see them.  

Here's the first. No further bookings in April or May. It was purchased for $2.4 million in 2022.  Asking $2.25 million today, and offering $20K in "buyer credits".

3385 Birds Creek Rd, Sevierville, TN 37876 | MLS #1256702 | Zillow

 Oh god, this is astonishing. I've seen a couple of houses like that, but I didn't know it was a thing! It was inevitable, I guess... It happens all the time with economic investments... They overvalue and then there's a big drop, then the market giants look for another commodity. Why wouldn't it happen to properties like that?

 This is all a part of the cycle of real estate in resort areas. It repeats every 10-15 years, with an all new set of players saying “this time is different.”

[Wilson Hunter]

Revisiting the Smokies summer activity. My June bounced back from lower rate April and May, and July will likely beat last year. Curious if others are having this experience.

[Collin Hays]

Quote from @Wilson Hunter:

Revisiting the Smokies summer activity. My June bounced back from lower rate April and May, and July will likely beat last year. Curious if others are having this experience.

 Close!  

[Ken Boone]

Quote from @Wilson Hunter:

Revisiting the Smokies summer activity. My June bounced back from lower rate April and May, and July will likely beat last year. Curious if others are having this experience.

Actually my May and June 2024 beat my May and June 2023.   I think it is largely due to a change in pricing strategy I tried this year.  My July still has more vacancy than I want but I am anticipating that filling up as well though I don’t think it will beat last year.