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2820 Old Country Way
Sevierville, TN 37862
$2,100,000
Conventional
Property
Bedroom
6
Bathroom
5
Property Type
Conventional
Square ft
3652
Property Description
Incredible investment opportunity of 3 custom cabins on over 4 acres in desirable Waldens Creek! Located just minutes from the Parkway in Pigeon Forge and the Smoky Mountains, this gated property with no HOA even includes all furnishings in 2 of the cabins. Cabin 1 (2820) boasts 3652 sq ft on 3 levels. The open concept kitchen, dining, and living space with a wood burning fireplace is the perfect gathering spot. The updated kitchen includes all appliances and boasts new hickory cabinetry and beautiful granite countertops. An oversized granite island is the centerpiece. The laundry room is conveniently located right off the kitchen. The main level master suite features an electric fireplace, a large tiled shower with a rain showerhead, body sprayers, and gorgeous custom shower door. A French door leads out to the covered front porch from the master. Upstairs, a loft overlooks the living room and contains its own sitting area. Two additional bedrooms and a full bath complete the upstairs. The 4th bedroom, a kitchenette, a living room with a wood burning stove, and full bath is downstairs in the walkout basement. The 4th bedroom also features a jetted tub. Just outside the downstairs is a covered porch with a private hot tub. The covered front porch at the main level and a huge deck on the back allow guests to enjoy the peaceful wooded acreage. Cabin 2 (2804) is located at the front of the property and is being sold furnished. This cabin is a 1 bed 1 bath 672 sq ft open concept plan. The private screened-in back porch leads out to a hot tub for guest to enjoy. A creek flows alongside the property and the backyard also has a storage shed. Cabin 3 (2824) is gated and being sold furnished. This 2,164 sq ft cabin features 1 bed and 1 bath. The open living room and kitchen boast a fireplace and Country Charm electric appliances. The partially finished walkout basement is plumbed and features a game room, fireplace, and tons of potential! It leads out to a covered patio with a hot tub. There is the potential to have an additional building site located between 2820 and 2824 (marked on aerial). With the proximity to Pigeon Forge, Gatlinburg, and the Great Smoky Mountains the income producing possibilities of this property are fantastic!
Property Information
Lot Size
4 acre(s) square ft
Property Type
Residential
Year Built
1984
MLS Number
1239235
Location
Address
2820 Old Country Way
City
Sevierville
State
TN
Zip Code
37862
County
SEVIER
Listing
Provider
Realty Executives Associates, original listing
Name
Realty Executives Associates
Phone
(865) 588-3232
Office Name
Realty Executives Associates
Office Phone
(865) 588-3232
Agent Name
Jason Jones

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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.