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389 Roy Hays Way
Kodak, TN 37764
$1,349,900
Conventional
Property
Bedroom
4
Bathroom
6
Property Type
Conventional
Square ft
6406
Property Description
EXTRAVAGANCE AT ITS FINEST! LUXURY ESTATE HOME OR SHORT-TERM RENTAL/AIRBNB SITTING ON 5+ ACRES OF MOUNTAIN SERENITY WITH 4BR/5.5 BATH, BONUS ROOM, IN LAW QUARTERS, OUTDOOR POOL AND PAVILION AREA, AND PANORAMIC MOUNTAIN VIEWS FOR MILES! Projected gross income once on the overnight rental program is in the $150k range! There has been no expense spared here! This modern/contemporary home with custom touches sits on one of the highest knobs with complete privacy to take in the private and serene setting with wrought iron gated access, yet an easy access location with NO STEEP ROADS! Interior features include elegant foyer entrance leading into the open and airy floorplan with extra high ceilings up to 14 ft in the main living areas, tile flooring throughout, custom columns, trey ceilings, three-piece crown molding throughout, and everything you need on the main level with an open and airy floorplan. Spacious open kitchen fully equipped with stainless gas range, refrigerator, dishwasher, double oven, and microwave. Also, you have an abundance of solid wood cabinetry, Corian countertops, walk-in pantry, and an oversized snack bar to seat several! Eat in dining area off kitchen with built in bench seating with a custom stone accented table. Formal dining area with plenty of space for gatherings, and a butler's pantry with wet bar area with mini fridge, cooler, and sink. Also, you will find a flex room/great room off the foyer perfect for extra seating/lounging area and even a pool table for entertainment. Spacious living room with gas fireplace, built in bookshelves and cabinetry, and access to the covered back patio and pool side. Enjoy the unique triple sliding doors you will find in the main living areas and Master Suites that open up to 12 ft wide and 8 ft in height that disappear into the wall and open to the pool side. King Master Suite on the main level with its own private access to the pool and outdoor deck/covered pavilion area with its own cozy gas fireplace, en suite bathroom with spacious walk-in tiled shower with bench seating, three shower heads, his/her vanities, and huge walk-in closets with built in closet shelving system. Three additional spacious bedrooms on the main level that all but one face the pool side and mountain views. Also, enjoy the loft with built in cabinets/shelving with TV area that opens to below and is perfect for a game room. Walk-in laundry/mud room with full size washer and dryer, sink, and cabinet space. Finished lower-level setup as an in-law quarters with its own full-size kitchen with appliances, full bathroom, dining area, and bonus room/living room. Utilize one of the two large front covered concrete porches with columns and stone accents, or back covered concrete porch great for outdoor sitting and relaxing. There are four expansive Trex composite decks to sit outdoors and relax, or lounge around or take a swim at the oversized 30,000-gallon gunite pool with access to the pool bath entrance from the pool side. Plenty of room around the concrete pool deck for an outdoor firepit area and grilling area. Outdoor lighting and speakers too! Three car garage with unlimited possibilities! This property is like no other. Huge opportunity to utilize the income potential to maximize ROI with being located at the gateway to the Smoky Mountains being only a short drive to area attractions, Sevierville, Pigeon Forge, Dollywood, and Gatlinburg and the Great Smoky Mountains National Park! CHECK OUT THE 3D WALK THROUGH AND VIRTUAL TOUR! * Many recent upgrades- ask agent for a list. Must see! Conveniently Located only minutes to interstate 40, Bass Pro Shop and dining, and only a short drive to Knoxville.
Property Information
Lot Size
5 acre(s) square ft
Property Type
Residential
Year Built
2000
MLS Number
269007
Location
Address
389 Roy Hays Way
City
Kodak
State
TN
Zip Code
37764
County
SEVIER
Listing
Provider
Tennessee Elite Realty, original listing
Name
Tennessee Elite Realty
Phone
(865) 659-0254
Office Name
Tennessee Elite Realty
Office Phone
(865) 280-4922
Agent Name
Charity Brown

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.