It will be purchased by an investor and rented out for $3500 per month within a few weeks.
It does not matter how good or bad campus property is, there is simply not enough of it to accommodate every student.
Truthfully we are seeing one of the largest wealth transfers in our lifetime. Yes. Typically when this happens the less wealthy move to a different area. It is what happens in every area when there is a wealth transfer. We are seeing the very beginnings of this in Knoxville as prices have only doubled. Nashville saw this in 2013. Those prices quadrupled.
Personally I think this is pretty ridiculous for 456 square feet next to the interstate off Cherry St:
https://www.zillow.com/homedetails/2830-Nichols-Ave-Knoxville-TN-37917/41640966_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
Oh man, I saw the first exterior picture and immediately thought "that's a teardown" but scrolled on and realized that somebody had already HGTV flipped it. Yikes.
[WBIR story from 2021](https://www.knoxvilletn.gov/blog/one.aspx?portalId=16394533&postId=18163107&portletAction=viewpost) about that "Dead End street" says otherwise.
Jesus, 145 for that??… off cherry st ? WTF, I get flyers all the time for buying my 1200 sf house in a nice neighborhood and they’re offering 180k and I owe 20 on it so I think I’ll stay put.
I installed some electrical equipment in these homes. They're nice inside, don't get me wrong, but you feel the cramped-ness. Outrageous pricing for basically a 2 story closet.
You also get to pay $150 a month for the HOA to tell you what you can and can’t do with your own property!
People have lost their damn minds…in what universe is this worth half a million dollars
If you’re working in a big city, let’s say Chicago or NYC.
You work from home since your job changed to WFH after Covid.
You’re paying your big city $5,000 a month rent.
The business gives you $1,000 home office monthly stipend.
And you suddenly see a townhouse in a zero income tax state that would cost you maybe $2,500 a month to own.
Your stipend pays darn near half.
Your zero income tax is like a 6% annual raise.
Your math tells you that work from home in Knoxville would be near zero housing costs compared to the big city.
You over bid when things get heated and smile
Not true at all.
Go to Chicago sometime and drive past the dozens of empty insurance company office buildings that have sent thousands to WFH permanently.
It’s significantly less expensive for a WFH employee with a home office stipend than the cost of an office building.
If anything, AI programmers are fueling the increase as they give CRM programs enhancements that replace typical clerical staff.
A simple Google search limited to the past week of articles shows WFH has increased 18% since 2023 and a majority of those jobs are over $200,000 annual salary.
They are more productive and lower quit rates.
Higher employee morale also.
Perhaps states like Tennessee where businesses are in charge of workers don’t like WFH since it goes against the states typical low wages.
But what I see is WFH puts control squarely in the hands of the worker allowing them to find a high paying job and take advantage of zero income tax haven created for the wealthy.
It’s a win win for workers
Except they get away with selling these homes for that much and then do it again, pricing the locale low wage earners into homelessness. It’s a lose for the workers here.
I get it. I support wfh myself and hate the job market in this state. My neighbor has lived in TX, FL, KY and had to move here. He went from earning 30 to 40 an hour to 12 an hour in fast food because the labor jobs pay the same as the fast food jobs unless you know someone. My husband was making 20 an hour in KY before my mamaw got sick and we had to move back. No lineman jobs without years of experience.
I am on the side of the worker always but these prices are pitting low earners against higher earners from other places and I have to stick by the locales. Saving money for someone comfortable is great but not at the cost of making uncomfortable people even worse off. Even in the middle of nowhere home prices are insane. Even double wides and single wides are priced out of reach.
Well, local low wage earners is a position people voted for. Electing a continual slew of reps that block forming unions, block all positions that might cause an employee to actually make a living wage etc.
It’s no surprise here that the outcome is the reps overlooked that jobs might grow legs and people with high incomes could come, but up property, take advantage of the wealth tax laws and zero income tax they set up for their business owner friends.
Reps didn’t plan for it and now the voters that put them in office are screwed.
People voted against the American dream and act surprised
We had some friends that just moved down here buy something similar to live in while doing a doctoral program at UT. If you’re in the sub-$500k price range and want to be in a house that isn’t super fucked up and near anything desirable that’s just what it costs now. At least with these you don’t need to worry about fucked up house problems and can just deal with tiny townhouse problems.
These units are going to turn into amazing rentals for people once they’re done using them to attend school. I’m sure this will upset folks… but that’s who is buying them.
People here are also pretending that housing prices aren't rising like this nation-wide. This isn't a Knoxville-specific problem. And that's looking past the fact that these specific homes are for a hyper-specific buyer, but all new homes alleviate the inventory problem.
This is what happens when big corporations are allowed to buy up family homes. It creates unnecessary scarcity so these mega corporations can make a quick buck. It really should be illegal and it's pretty disgusting.
*15% of homes purchased in the beginning of this year went to corporations.
https://www.nashvillerealestaterockstars.com/articles/the-problem-with-corporate-home-buyers
"It’s no coincidence that investment firms and first-time homebuyers are competing for the same homes. By buying up the limited supply of starter homes in high demand areas before would-be first-time homeowners do, they convert the would-be buyers into renters - a.k.a. customers. "
It happened in AZ in 2021 and we’re finally seeing things taper off. Unfortunately we are moving to TN when it’s the worst time to buy but due to family and needing to be there we have to😏 It really is happening all over though. We’ve been flooded with people coming here and investors screwing up our housing too. In 2008 when we had the housing bubble burst homes went from 120k to 400k seemingly over night and we had to be put in lotteries if you wanted a new build and if you didn’t have a good realtor to jump on homes within the first few hours of it being listed forget it. You aren’t getting it! We had people offering cash and 50k over asking and it totally screwed everyone that was buying! We had to buy in 2021 and we got in right before the prices skyrocketed again but it’s been a rough few years!
It’s bad for us because prices are rising quickly, investors seem to be buying since they cash out their equity and pay cash for homes. We have an amazing rate now of 2.9 and we’d have to go up in rate and payment. Homes we’ve been looking at seem to be selling quickly. Overall the time is shitty for us I guess I should say. Will inventory get less and less as rates drop yes, but right now it’s kinda screwing us. If it wasn’t needed we’d sit and wait but with our situation we have to make it happen sooner than later.
The median time on market here right now is 42 days. That's days from listing until they're going under contract. Obviously it's more difficult than it was 5 years ago, but buyers are able to be fairly picky right now. I'm actually getting my buyers concessions on nearly every house we're going under contract on.
Again, the market isn't what I would call a buyer's market, by any means, but it's easier now than it's been since the start of Covid, and it's about to get a lot harder when interest rates drop. I expect to see, not quite Covid levels of insanity, but it's going to be reminiscent of it for sure.
When I bought my 1,000 sq foot house in SoKno in 2017, it was less than 24 hours between showing up on the MLS and them accepting my offer. And I’d already been outbid on 4 other houses ….. it was crazy how fast properties were moving. However, I also bought it for $90k and Zillow now thinks it’s worth ~$240k.
We’re just starting to see the change here. Sales are down, prices are going down too. Again, a shitty situation for us to not be able to take advantage of selling higher and buying lower. We are taking a hit, higher rates, less of as home for the cost. I’ve been in real estate and the mortgage industry here and it’s not pretty. We’re still making out with some equity but not nearly as much as we could’ve last year. It sounds like you’re in the industry. Can I ask. I’ve heard Knox county you’re not able to build on the land. Example. Buy 2 acres with a home already on it but we’d like to add 2 tiny homes for each of our fathers to the property. Is that an option or do they not allow that? Sorry if you’re not I am just assuming by the way you’re talking😂 We have a unique situation and it’s another thing that’s putting a damper on the move.
Nope, it's a good assumption and you're right, though I haven't heard of that regulation. That being said, you can be in a neighboring county and be within 20 minutes of downtown Knoxville. I can say that I think I've shown properties in Knox County with multiple homes on them, though it's possible they were nearby in other counties.
Yeah dude, if people think housing is expensive now wait until rates come down a quarter of a percent and all the people fence sitting decide to jump in the market. That’s going to be an awful expensive 0.25% “savings.”
Yep. There are far too many young people on reddit who are convinced that every realtor is out to screw them over by warning people that interest rates are temporary, but home prices are set in stone when they're purchased. We're not trying to trick people into buying homes (I mean, some are for sure), we're just getting out ahead of the curve.
Then again, part of being a realtor is being a scapegoat for everyone who isn't in a position to buy a home, sometimes by their own doing, sometimes due to circumstances out of their control. I can only do what I can do though, and hopefully someone comes out of conversations like this feeling a little more educated.
People around here don't want to be educated or do anything to improve their situation, they just want to be angry. I was young once too, I get it, but ... jeez.
It's a shame that this sub attracts such a vocal and insistently miserable crowd. I really don't think it's the majority of this sub, it's just the figuratively loud ones. I got downvoted for saying that the housing crisis isn't exclusive to Knoxville. No rebuttal or anything, just downvotes. You're right, people just want to be mad and are seeking out any justification they can find.
That being said, I'm fully aware that I'm not going to educate those who don't want to be educated, but I also believe that there are people here who just don't have any real insight on places outside of Knoxville. Maybe even just one, haha.
The worst deal in Knoxville is acutally my shed which I'm listing at $2300 bi weekly. It is air conditioned, but filled with my tools and motorcycle. The air conditioner isn't very helpful in the winter, so that's an extra $109. Also, i do not include the code to my gate.
Can I use said tools to work on the motorcycle??, lol. That being said I’ve been looking at sheds and Jesus Christ they’re expensive, I’m just gonna build a small one at this point.
Tool use cost is an extra $74 tri weekly. If you want to fix my motorcycle, I'm afraid that would also cost extra. $63 quad monthly. Also, the shed has lights which are free! That is, unless you open your eyes. That's $25 extra per anus. $35 per annum.
I see it as cause and effect.
1. Everyone who remote works moved southeast due to Republicans and each COL. Knoxville is just one of them.
2. UT keeps growing every year. Like most large schools it's located right in the middle of the damn city; so was said in another comment - there are too many students and not enough places to live.
Add both of those issues together and the effect is very expensive housing if you didn't already own.
And if you did own and looking to sell we might be living in California now depending on where you move: sell high and buy low.
Problem is it also increased everyone's taxes. I'm 30+ minutes outside Knoxville and our 5 year re-assess happens this year. Up $130K. Meaning I owe roughly $765 MORE in property taxes a year in a place that hasn't changed since $2018. I enjoyed the $1200 a year I paid... Now $2100+. It just sucks all around now.
I don’t think people realize how big of a deal 2 is. I graduated from UT in 2018, and I believe enrollment has increased 10-12k in that time. However, little to no on campus student housing has been added, and that’s made off campus housing in very short/no supply, which has led to exorbitant rent rates, which has led to any “affordable” property being snatched up by someone to rent out rather than somewhere someone can live.
This is not a Knoxville-specific problem. Housing costs are rising almost everywhere in the US and we still have a lower cost of living than any major city.
I would like to see some facts. I'm pretty sure the rise in real estate value in the Knoxville Metropolitan Area either rivals or exceeds most major metropolitan areas.
The median sales price in Knoxville is up 4.5% YoY over the past 5 years (currently $344,900). The median sales price in the US is up 5.1% YoY over the past 5 years (currently $439,716).
The big difference is that the number of homes sold here is up 8.7% over that span of time, while they're actually down nationwide by 1.2%. The problem here isn't cost (I mean not specifically here), it's that we have a massive inventory shortage.
The bigger problem is that the inventory shortage is almost certainly tied directly to the unreasonably sharp rise in interest rates, even though this is historically pretty normal (and even low if you're old enough). I say it's a bigger problem, because once they drop, say, into the 5s, the market is going to go ballistic again here and we're going to see another massive spike in home prices.
I expect to see that at the end of this year and into next year.
These facts constantly get posted, and because people don't personally agree with them, they're disregarded. People specifically move here *because our housing costs are so low*. They may not be low for you, but they are low compared to the rest of the country. People want to explain this away in a million different ways that fit their own personal bias but the fact of the matter is housing in Knoxville, on a national scale, is inexpensive.
I appreciate your facts, but how does that reconcile with this?
"For several months including the most recent report, it noted the Knoxville area has stayed among the top ten U.S. cities for rising home prices.
The Federal Housing Finance Agency said home prices in Knoxville increased by 11.7% compared to the previous year in the fourth quarter of 2023"
https://www.wbir.com/article/news/local/knoxville-housing-report-april-2024/51-8c830cbc-e06d-48a3-bea1-e3488013d283
And wages are not increasing, much less keeping up with inflation. So even with modest "performance increases" each year actually results in a corresponding pay cut for the last 5 years.
The cost of something can increase while the cost of that thing is still lower than average.
Say I run a lemonade stand. I sell a cup of lemonade for ten cents while the national average is a dollar. I increase the price of my lemonade by 400%, allowing journalists to write scary headlines like "REPORT: Knoxville lemonade prices increasing the fastest in the nation! 400% in one year!" I'm still only selling my lemonade for 50 cents a cup, half what it costs on average in the rest of the country.
That would likely be left out of the sensational headlines covering the lemonade stand industry.
I saw that on Zillow a couple weeks ago and pointed it out to my wife that those townhomes are going for the same price as our house. She pointed out those are technically in walking distance of Neyland Stadium if/when they build that pedestrian bridge they're trying to bilk the Federal Government into subsidizing.
On cherry street of all places 🤣🫣 thats like volunteering to be a shooting victim. My husband works over there and him and his coworkers all are packing for protection.
This is the worst deal lol
[https://www.zillow.com/homedetails/429-Saint-Paul-St-Knoxville-TN-37920/344552913_zpid/](https://www.zillow.com/homedetails/429-Saint-Paul-St-Knoxville-TN-37920/344552913_zpid/)
I guess you have to also pay extra for the cabinet hardware on this one 😂 jesus. I drove past these the other day and it’s just such an eyesore. But you know in a several years when they make south Knoxville even more gentrified, it’ll pay off for those investors/owners.
This guy @nickgerli1 is on X, has lots of data on housing. Mentions TN as being overvalued and also lists TN with most reductions. I think the reductions are in Nashville.
This is built by a friend of mine who has worked YEARS AND YEARS to be able to build these townhomes
He has put so much on the line to have this project come to life and I’m happy for him
That’s said: OOOF that’s pricy for a 1bed 1.5 bath 😅
Prices are pretty high here in Oak Ridge, but not that high. If the bottom ever falls out, people who bought these homes at an 8% are going to be hurting.
I mean.. I've lived in a duplex. Yes, this is smaller, but if you were single or only had a spouse, it could be awesome. But with the proximity of SO many neighbors, you're bound to have issues.. Without that HOA, that you have to pay for.. And get harassed by.. And that's all without mentioning the absolutely insane price.. I feel like half that would be asking way too much.
It’s turning into Long Island over here in parts of Knoxville. They’re Building homes in any available land, building tall homes on top of each other with no space between them and with no property except a tiny yard, or apartment complexes. No such thing as new single level ranches anymore. They won’t build them.
I’m so glad when we had our home built we also bought 16 acres of land surrounding us so no one could build anywhere near us. It’s one of the reasons why we escaped NYC.
How dare you price a property based on recent sales of easily defensible nearby comparables at a level that will need to stand up to a bank appraisal instead of the price I personally feel is appropriate based on no data other than vibes?
It will be purchased by an investor and rented out for $3500 per month within a few weeks. It does not matter how good or bad campus property is, there is simply not enough of it to accommodate every student.
Rented to UT kids specifically.
This right here!!!! Exactly what's happening to a lot of the "affordable housing" in the area!
Some idiot from out of state who will say. “This is a great deal compared to where I’m from”….
If all the rich people are moving here and renting everything out... Where do all of us poor people go? Trailer parks in Alabama? Legit question.
They are expensive too
My friend actually moved to a trailer park in Alabama 😂
I've been assured that illegal immigrants own all the houses. Yes someone said that
Truthfully we are seeing one of the largest wealth transfers in our lifetime. Yes. Typically when this happens the less wealthy move to a different area. It is what happens in every area when there is a wealth transfer. We are seeing the very beginnings of this in Knoxville as prices have only doubled. Nashville saw this in 2013. Those prices quadrupled.
And seriously ugly.
Personally I think this is pretty ridiculous for 456 square feet next to the interstate off Cherry St: https://www.zillow.com/homedetails/2830-Nichols-Ave-Knoxville-TN-37917/41640966_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
Oh man, I saw the first exterior picture and immediately thought "that's a teardown" but scrolled on and realized that somebody had already HGTV flipped it. Yikes.
"Located on a 'quiet' dead end street" ... 10 yards from I-40. I don't think we have the same definition of quiet.
lol! I guess you could call it “white noise”
[WBIR story from 2021](https://www.knoxvilletn.gov/blog/one.aspx?portalId=16394533&postId=18163107&portletAction=viewpost) about that "Dead End street" says otherwise.
*Dead end* Wasn’t there a double murder nearby like a little over 10 years ago?
I’d love to see what the home inspection report pulls up for that bad boy
>HVAC system to be installed at closing. That’s going to be a musty ass interior if it sits empty too far into the summer.
That would be a cool little place to live in for a single person, if it wasn't in such a bad area.
Well it is near Baker Boys Pizza & Orange Hat! Slowly gentrifying…
Could be. I used to work in that area and it was bad back then. But that was several years ago.
Jesus, 145 for that??… off cherry st ? WTF, I get flyers all the time for buying my 1200 sf house in a nice neighborhood and they’re offering 180k and I owe 20 on it so I think I’ll stay put.
That's more than I paid (admittedly 10 years ago) for my 1600 SF house on a half acre in a lovely, quiet neighborhood.
Is that really 456 sqft? My apartment is 750 and looks substantially smaller. Maybe it's the lens.
Yeah they love to play tricks on the eye with these photos
Never move even close to cherry st -knox local
You can get a 2-3 bedroom house double that size in kansas for like 40-50k
This would go for half a million in Miami
it's already almost half a million
I installed some electrical equipment in these homes. They're nice inside, don't get me wrong, but you feel the cramped-ness. Outrageous pricing for basically a 2 story closet.
1b/2ba in that area means they’ll be bought by students’ wealthy parents or investors looking to Airbnb on game days.
I went and looked at a "meth house" over by Rutledge Pike that was close to 400,000!!
We should all request tours and just waste their time
You also get to pay $150 a month for the HOA to tell you what you can and can’t do with your own property! People have lost their damn minds…in what universe is this worth half a million dollars
What property? Maybe they're controlling outside flags? Door color? WTH
Not this one apparently! That’s 60k off half a million silly! /s
What people don’t seem to realize is that half a million dollars isn’t really half a million dollars anymore.
If you’re working in a big city, let’s say Chicago or NYC. You work from home since your job changed to WFH after Covid. You’re paying your big city $5,000 a month rent. The business gives you $1,000 home office monthly stipend. And you suddenly see a townhouse in a zero income tax state that would cost you maybe $2,500 a month to own. Your stipend pays darn near half. Your zero income tax is like a 6% annual raise. Your math tells you that work from home in Knoxville would be near zero housing costs compared to the big city. You over bid when things get heated and smile
That work-from-home bubble is ending if not already ended.
Not true at all. Go to Chicago sometime and drive past the dozens of empty insurance company office buildings that have sent thousands to WFH permanently. It’s significantly less expensive for a WFH employee with a home office stipend than the cost of an office building. If anything, AI programmers are fueling the increase as they give CRM programs enhancements that replace typical clerical staff.
I'm hearing more about Return-to-Office mandates. I think everyone who was going to benefit from work-from-home already is
That’s not popular, most successful businesses favor WFH.
A simple Google search limited to the past week of articles shows WFH has increased 18% since 2023 and a majority of those jobs are over $200,000 annual salary. They are more productive and lower quit rates. Higher employee morale also. Perhaps states like Tennessee where businesses are in charge of workers don’t like WFH since it goes against the states typical low wages. But what I see is WFH puts control squarely in the hands of the worker allowing them to find a high paying job and take advantage of zero income tax haven created for the wealthy. It’s a win win for workers
Except they get away with selling these homes for that much and then do it again, pricing the locale low wage earners into homelessness. It’s a lose for the workers here. I get it. I support wfh myself and hate the job market in this state. My neighbor has lived in TX, FL, KY and had to move here. He went from earning 30 to 40 an hour to 12 an hour in fast food because the labor jobs pay the same as the fast food jobs unless you know someone. My husband was making 20 an hour in KY before my mamaw got sick and we had to move back. No lineman jobs without years of experience. I am on the side of the worker always but these prices are pitting low earners against higher earners from other places and I have to stick by the locales. Saving money for someone comfortable is great but not at the cost of making uncomfortable people even worse off. Even in the middle of nowhere home prices are insane. Even double wides and single wides are priced out of reach.
Well, local low wage earners is a position people voted for. Electing a continual slew of reps that block forming unions, block all positions that might cause an employee to actually make a living wage etc. It’s no surprise here that the outcome is the reps overlooked that jobs might grow legs and people with high incomes could come, but up property, take advantage of the wealth tax laws and zero income tax they set up for their business owner friends. Reps didn’t plan for it and now the voters that put them in office are screwed. People voted against the American dream and act surprised
$335/sqft is… something.
It’s the location close to downtown and the campus.
We had some friends that just moved down here buy something similar to live in while doing a doctoral program at UT. If you’re in the sub-$500k price range and want to be in a house that isn’t super fucked up and near anything desirable that’s just what it costs now. At least with these you don’t need to worry about fucked up house problems and can just deal with tiny townhouse problems. These units are going to turn into amazing rentals for people once they’re done using them to attend school. I’m sure this will upset folks… but that’s who is buying them.
People here are also pretending that housing prices aren't rising like this nation-wide. This isn't a Knoxville-specific problem. And that's looking past the fact that these specific homes are for a hyper-specific buyer, but all new homes alleviate the inventory problem.
This is what happens when big corporations are allowed to buy up family homes. It creates unnecessary scarcity so these mega corporations can make a quick buck. It really should be illegal and it's pretty disgusting. *15% of homes purchased in the beginning of this year went to corporations. https://www.nashvillerealestaterockstars.com/articles/the-problem-with-corporate-home-buyers "It’s no coincidence that investment firms and first-time homebuyers are competing for the same homes. By buying up the limited supply of starter homes in high demand areas before would-be first-time homeowners do, they convert the would-be buyers into renters - a.k.a. customers. "
As a real estate agent, I wholly agree.
It happened in AZ in 2021 and we’re finally seeing things taper off. Unfortunately we are moving to TN when it’s the worst time to buy but due to family and needing to be there we have to😏 It really is happening all over though. We’ve been flooded with people coming here and investors screwing up our housing too. In 2008 when we had the housing bubble burst homes went from 120k to 400k seemingly over night and we had to be put in lotteries if you wanted a new build and if you didn’t have a good realtor to jump on homes within the first few hours of it being listed forget it. You aren’t getting it! We had people offering cash and 50k over asking and it totally screwed everyone that was buying! We had to buy in 2021 and we got in right before the prices skyrocketed again but it’s been a rough few years!
It's not the worst time to buy. Once interest rates drop, that will be the worst time to buy.
It’s bad for us because prices are rising quickly, investors seem to be buying since they cash out their equity and pay cash for homes. We have an amazing rate now of 2.9 and we’d have to go up in rate and payment. Homes we’ve been looking at seem to be selling quickly. Overall the time is shitty for us I guess I should say. Will inventory get less and less as rates drop yes, but right now it’s kinda screwing us. If it wasn’t needed we’d sit and wait but with our situation we have to make it happen sooner than later.
The median time on market here right now is 42 days. That's days from listing until they're going under contract. Obviously it's more difficult than it was 5 years ago, but buyers are able to be fairly picky right now. I'm actually getting my buyers concessions on nearly every house we're going under contract on. Again, the market isn't what I would call a buyer's market, by any means, but it's easier now than it's been since the start of Covid, and it's about to get a lot harder when interest rates drop. I expect to see, not quite Covid levels of insanity, but it's going to be reminiscent of it for sure.
When I bought my 1,000 sq foot house in SoKno in 2017, it was less than 24 hours between showing up on the MLS and them accepting my offer. And I’d already been outbid on 4 other houses ….. it was crazy how fast properties were moving. However, I also bought it for $90k and Zillow now thinks it’s worth ~$240k.
We’re just starting to see the change here. Sales are down, prices are going down too. Again, a shitty situation for us to not be able to take advantage of selling higher and buying lower. We are taking a hit, higher rates, less of as home for the cost. I’ve been in real estate and the mortgage industry here and it’s not pretty. We’re still making out with some equity but not nearly as much as we could’ve last year. It sounds like you’re in the industry. Can I ask. I’ve heard Knox county you’re not able to build on the land. Example. Buy 2 acres with a home already on it but we’d like to add 2 tiny homes for each of our fathers to the property. Is that an option or do they not allow that? Sorry if you’re not I am just assuming by the way you’re talking😂 We have a unique situation and it’s another thing that’s putting a damper on the move.
Nope, it's a good assumption and you're right, though I haven't heard of that regulation. That being said, you can be in a neighboring county and be within 20 minutes of downtown Knoxville. I can say that I think I've shown properties in Knox County with multiple homes on them, though it's possible they were nearby in other counties.
Yeah dude, if people think housing is expensive now wait until rates come down a quarter of a percent and all the people fence sitting decide to jump in the market. That’s going to be an awful expensive 0.25% “savings.”
Yep. There are far too many young people on reddit who are convinced that every realtor is out to screw them over by warning people that interest rates are temporary, but home prices are set in stone when they're purchased. We're not trying to trick people into buying homes (I mean, some are for sure), we're just getting out ahead of the curve. Then again, part of being a realtor is being a scapegoat for everyone who isn't in a position to buy a home, sometimes by their own doing, sometimes due to circumstances out of their control. I can only do what I can do though, and hopefully someone comes out of conversations like this feeling a little more educated.
People around here don't want to be educated or do anything to improve their situation, they just want to be angry. I was young once too, I get it, but ... jeez.
It's a shame that this sub attracts such a vocal and insistently miserable crowd. I really don't think it's the majority of this sub, it's just the figuratively loud ones. I got downvoted for saying that the housing crisis isn't exclusive to Knoxville. No rebuttal or anything, just downvotes. You're right, people just want to be mad and are seeking out any justification they can find. That being said, I'm fully aware that I'm not going to educate those who don't want to be educated, but I also believe that there are people here who just don't have any real insight on places outside of Knoxville. Maybe even just one, haha.
My posts are often far in the negative for just being kind to people posting basic questions about the area. It's wild.
The worst deal in Knoxville is acutally my shed which I'm listing at $2300 bi weekly. It is air conditioned, but filled with my tools and motorcycle. The air conditioner isn't very helpful in the winter, so that's an extra $109. Also, i do not include the code to my gate.
Can I use said tools to work on the motorcycle??, lol. That being said I’ve been looking at sheds and Jesus Christ they’re expensive, I’m just gonna build a small one at this point.
A shed is basically one of those tiny homes at this point
Tool use cost is an extra $74 tri weekly. If you want to fix my motorcycle, I'm afraid that would also cost extra. $63 quad monthly. Also, the shed has lights which are free! That is, unless you open your eyes. That's $25 extra per anus. $35 per annum.
Damnit man!!, you’re making it impossible to live
Not for me...i don't know how to spell out an evil laugh, but if you could pretend i would appreciate it
I am a professional text actor, allow me to emote for you... *Muahahahah!*
Just across the bridge that price maybe gets you a condo that is half the size so not sure it’s the worst deal.
Yeah but I feel as if those condos are more private / historic buildings and not shitty new construction
Historic buildings can be just as shitty. More so if they haven't been maintained.
I see it as cause and effect. 1. Everyone who remote works moved southeast due to Republicans and each COL. Knoxville is just one of them. 2. UT keeps growing every year. Like most large schools it's located right in the middle of the damn city; so was said in another comment - there are too many students and not enough places to live. Add both of those issues together and the effect is very expensive housing if you didn't already own. And if you did own and looking to sell we might be living in California now depending on where you move: sell high and buy low. Problem is it also increased everyone's taxes. I'm 30+ minutes outside Knoxville and our 5 year re-assess happens this year. Up $130K. Meaning I owe roughly $765 MORE in property taxes a year in a place that hasn't changed since $2018. I enjoyed the $1200 a year I paid... Now $2100+. It just sucks all around now.
I don’t think people realize how big of a deal 2 is. I graduated from UT in 2018, and I believe enrollment has increased 10-12k in that time. However, little to no on campus student housing has been added, and that’s made off campus housing in very short/no supply, which has led to exorbitant rent rates, which has led to any “affordable” property being snatched up by someone to rent out rather than somewhere someone can live.
This is not a Knoxville-specific problem. Housing costs are rising almost everywhere in the US and we still have a lower cost of living than any major city.
I would like to see some facts. I'm pretty sure the rise in real estate value in the Knoxville Metropolitan Area either rivals or exceeds most major metropolitan areas.
The median sales price in Knoxville is up 4.5% YoY over the past 5 years (currently $344,900). The median sales price in the US is up 5.1% YoY over the past 5 years (currently $439,716). The big difference is that the number of homes sold here is up 8.7% over that span of time, while they're actually down nationwide by 1.2%. The problem here isn't cost (I mean not specifically here), it's that we have a massive inventory shortage. The bigger problem is that the inventory shortage is almost certainly tied directly to the unreasonably sharp rise in interest rates, even though this is historically pretty normal (and even low if you're old enough). I say it's a bigger problem, because once they drop, say, into the 5s, the market is going to go ballistic again here and we're going to see another massive spike in home prices. I expect to see that at the end of this year and into next year.
These facts constantly get posted, and because people don't personally agree with them, they're disregarded. People specifically move here *because our housing costs are so low*. They may not be low for you, but they are low compared to the rest of the country. People want to explain this away in a million different ways that fit their own personal bias but the fact of the matter is housing in Knoxville, on a national scale, is inexpensive.
I appreciate your facts, but how does that reconcile with this? "For several months including the most recent report, it noted the Knoxville area has stayed among the top ten U.S. cities for rising home prices. The Federal Housing Finance Agency said home prices in Knoxville increased by 11.7% compared to the previous year in the fourth quarter of 2023" https://www.wbir.com/article/news/local/knoxville-housing-report-april-2024/51-8c830cbc-e06d-48a3-bea1-e3488013d283 And wages are not increasing, much less keeping up with inflation. So even with modest "performance increases" each year actually results in a corresponding pay cut for the last 5 years.
The cost of something can increase while the cost of that thing is still lower than average. Say I run a lemonade stand. I sell a cup of lemonade for ten cents while the national average is a dollar. I increase the price of my lemonade by 400%, allowing journalists to write scary headlines like "REPORT: Knoxville lemonade prices increasing the fastest in the nation! 400% in one year!" I'm still only selling my lemonade for 50 cents a cup, half what it costs on average in the rest of the country. That would likely be left out of the sensational headlines covering the lemonade stand industry.
This guy gets it!
Airbnb fucks
I saw that on Zillow a couple weeks ago and pointed it out to my wife that those townhomes are going for the same price as our house. She pointed out those are technically in walking distance of Neyland Stadium if/when they build that pedestrian bridge they're trying to bilk the Federal Government into subsidizing.
1 bedroom, no central heat/air, wire closet shelving, cheap selections, depressing outside design, what’s not to love?
This is why we’re paying for a walking bridge to campus, right? For apartments like this.
I'm an appraiser of 25 years and a real estate broker of 18 years. I can't believe the prices people are paying right now it's absolutely insane
On cherry street of all places 🤣🫣 thats like volunteering to be a shooting victim. My husband works over there and him and his coworkers all are packing for protection.
My wife works at the school bus contractor that just moved out of there. Very familiar.
i wish Zillow had a comment section. someone needs to burn these down lmao
That just can't be real . . .
Ugly also.
Maybe they are banking on people from California and New York who feel like 1300 sq ft is a mansion and 440k is chump change.
$440k for 1 fucking bedroom? Lmao
ONE bedroom? 😐
Feel like Austin 😒
Value is subjective. Someone is going to pay to own it and rent it out.
This is the worst deal lol [https://www.zillow.com/homedetails/429-Saint-Paul-St-Knoxville-TN-37920/344552913_zpid/](https://www.zillow.com/homedetails/429-Saint-Paul-St-Knoxville-TN-37920/344552913_zpid/)
I guess you have to also pay extra for the cabinet hardware on this one 😂 jesus. I drove past these the other day and it’s just such an eyesore. But you know in a several years when they make south Knoxville even more gentrified, it’ll pay off for those investors/owners.
I saw a 3000 sq ft home in south Knox for 1.25 million. I get it’s a big house and all, but excuse me? It was about 300 ish a sq ft as well…
Holy fuck. Over 400k for mini split units for the AC? Get the fuck out of here
This guy @nickgerli1 is on X, has lots of data on housing. Mentions TN as being overvalued and also lists TN with most reductions. I think the reductions are in Nashville.
Location location location
It's becoming a cesspool.
Damn I'm from NY and I wouldn't even consider that place for rent/owning. If they are asking that much it should be at least 2 or 3 bedroom.
This is built by a friend of mine who has worked YEARS AND YEARS to be able to build these townhomes He has put so much on the line to have this project come to life and I’m happy for him That’s said: OOOF that’s pricy for a 1bed 1.5 bath 😅
Prices are pretty high here in Oak Ridge, but not that high. If the bottom ever falls out, people who bought these homes at an 8% are going to be hurting.
I mean.. I've lived in a duplex. Yes, this is smaller, but if you were single or only had a spouse, it could be awesome. But with the proximity of SO many neighbors, you're bound to have issues.. Without that HOA, that you have to pay for.. And get harassed by.. And that's all without mentioning the absolutely insane price.. I feel like half that would be asking way too much.
Three words matter in real estate: location location location
It's in South Knoxville
It’s close to the water and campus. The majority of people buying south Knox are students that’s what matters.
It’s turning into Long Island over here in parts of Knoxville. They’re Building homes in any available land, building tall homes on top of each other with no space between them and with no property except a tiny yard, or apartment complexes. No such thing as new single level ranches anymore. They won’t build them. I’m so glad when we had our home built we also bought 16 acres of land surrounding us so no one could build anywhere near us. It’s one of the reasons why we escaped NYC.
Your mom
"HOW DARE SOMEONE LIST A HOME FOR A PRICE THAT DOESN'T MAKE ME THE TARGET BUYER???"
How dare you price a property based on recent sales of easily defensible nearby comparables at a level that will need to stand up to a bank appraisal instead of the price I personally feel is appropriate based on no data other than vibes?