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Updated almost 3 years ago, 01/18/2022

User Stats

90
Posts
13
Votes
Sean Harris
  • New to Real Estate
  • Atascadero, CA
13
Votes |
90
Posts

Personal experiences in Gatlinburg, TN area

Sean Harris
  • New to Real Estate
  • Atascadero, CA
Posted

I'm looking for people who have personal experiences with vacation rentals in the Gatlinburg, pigeon forge, Sevierville area. When looking at some of the properties over there, some houses are grossing around 120-150k a year. Some of these properties you can go back 3 years on their tax returns to verify income but as we know 2020 was a very weird year and I feel this year will be similar with alot if people traveling and using vacation rentals instead of hotels. I want to ask the people that currently own property there if the income has been consistent way before the pandemic hit. Thanks

User Stats

236
Posts
140
Votes
Alex Forest
  • Rental Property Investor
  • Henrico, Va
140
Votes |
236
Posts
Alex Forest
  • Rental Property Investor
  • Henrico, Va
Replied
Originally posted by @Josh Helvie:

Some friends that live full time in Gatlinburg said the Wears Valley area is considering traffic “alternatives” due to congestion. Apparently the Smokey’s are on pace to shatter attendance records.  We believe in the area so much we’ve gone all in and don’t believe for one second we’ve seen the top.  Cash flow!  Exclusivecabins.com 

 This is what I wonder about the area, traffic. During my first visit, it feels full. I don't invest there but visit inlaws nearby (45 min away) during the holidays. I see it from a visitors perspective.  Everyone locally talks about how bad the traffic is in the Gatlinburg, PF area. We got stuck in it coming back from the Smokey's (stop and go on forest road for 45 min). Locals plan around it. Family friend said they are selling their place because they don't want to deal with it anymore (I'm sure at a good price after decades of ownership too). I was surprised to hear how it is the most visited park in the US.  I ask others that visit if it was difficult to find lodging or not when they travel there.  I heard no, there are plenty of hotels that are available. I'm curious about the region, primarily because of how many visitors the region gets and the potential str revenue.  I do wonder about the spike in appreciation and sustainability of a $1k/night stay though.  I would prefer a cabin on a visit if we needed a place to stay, but if the price becomes such a wide gap and can make a hotel work, I would think that is viable for a lot of folks. And I suppose they can always widen roads...(I would get annoyed as a vacationer paying so much and getting stuck in such traffic).  Just some initial observations, I hope to make a second visit to the area next time to feel it out more.

User Stats

13
Posts
1
Votes
Vishweshwar Chippa
  • New to Real Estate
  • atlanta, ga
1
Votes |
13
Posts
Vishweshwar Chippa
  • New to Real Estate
  • atlanta, ga
Replied

Personally being from TN, having been there and kwow the area a bit (not as much as current locals) but the Avg House prices are just skyrocketing in TN State alone. a friend of mine who bought ~400K property, now the value of the home is just staggering ~900K range. Another friend considering a new home buyer, was told that he has to wait 6 mon to view his options for SFH, then sign a deal that will provide him handover of property after 1 year from there. so literally 1.5 yrs. and folks have been moving to TN for various reasons in general. There is a general trend, and then there is tremendous followup on the trend that is what happens in a stock price as well. there is trend and then there is huge followup on the trend that momentarily pushes prices up or down. This covid season trends are unrealistic and not going to hold up, there will be a correction, that being said, it will not lead to crash as folks are already sitting on a pile of cash not knowing what to do. so eventually, the correction will flush out these reserve money that shall keep from market crash. and then the true prices of property will reveal themselves. Untill then this golden period will reign. Just my 2 cents.

All the Time in California, there is a huge above the price bidding that happens, nowadays due to investors flooding into real estate is causing the same behavior everywhere.I am not saying its bad, this is how Markets organically evolve. 

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