Knoxville Tennessee Real Estate Blog

In a lot of the south the Tennessee Valley Authority (TVA) is a pretty big deal.

TVA is the quasi-goverment agency tasked with flood control, electrical power generation, and economic development in a 7 state area.

They got started back in 1933 when Congress formed them and put them to work on flood control in the Tennessee Valley region.

Building dams was pretty controversial back then (and still is for some) because they had to acquire tens of thousands of acres of land that would soon be flooded once the dams were built and rivers became lakes.

Using the government’s power of eminent domain people were forced to sell their land, often family farms in the same family for generations, and relocate.

TVA recently opened those old wounds when they approved a sale of a 500 acre parcel of lakefront property in the Chattanooga, Tennessee area to a private developer for an upscape residential project.

In this sale/land swap the developer ‘traded’ TVA 1,100 acres of other land for the lakefront property. My immediate thought was if his 1,100 acres is essentially the same as the waterfront property then why doesn’t he just build his project on land he already owns.

The answer was 200 of his acres was an island that was inaccessible except by water, 700 was on a mountaintop, also pretty inaccessible, and the rest was 200 acres of boondocks.

Not surprisingly that deal generated a pretty huge outcry from conservationists and the public in general.

Apparently newly sensitive to public opinion, TVA has now reversed it’s land use policies and says in an article in today’s Knoxville News-Sentinel http://www.knoxnews.com/kns/national/article/0,1406,KNS_350_5032086,00.html that it will no longer sell land for private residential development if the new policy is approved.

Public comments are currently running 75% in favor of the the policy with over 900 comments to date.

“It may open a few cans of worms out there,” TVA director Susan Williams of Knoxville said of the new policy, which was recommended by the community relations committee that she chairs.

But Williams said the proposal reflects the wishes of at least 75 percent of the more than 900 comments her panel received during a public hearing in August.

“We heard overwhelmingly that citizens wanted TVA’s lands to be used for public recreation and public access,” she said. “I think this board is very aware of the importance of TVA’s land and the limited amount of land that is out there, and the importance of all that to the valley and to the public.”

We want to be the first to WELCOME you to Knoxville! My team is the “The Knoxville Area Relocation Experts”. We have helped hundreds of families with their move to the Knoxville area. Put our “Knoxville Knowledge” to work for YOU!

Search over 15,000 Knoxville area Realtor listings at:

www.KnoxvilleHomeCenter.com

eMail Jim for more information and a complimentary relocation package.

We’ll be there for you from start to finish including:

• Mortgage Assistance, Click “Mortgage Info” at www.KnoxvilleHomeCenter.com
• eMail updates of Knoxville area homes for sale
• Area Orientation Tours
• Buyer Representation
• Skilled Contract Negotiations
• Closing Procedures Advice
• Utility Transfer Help
• Rental Assistance if Needed
• True “One Stop” Home Shopping

Call of e mail Jim for a COMPLIMENTARY package of Knoxville area information including a map. eMail Jim or call TOLL FREE 1-800-662-2488, extension 163.

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Thanks to the “Taxpayer Relief Act of 1997” you can now sell your principal residence (any home you have lived in for at least 2 of the past 5 years) and escape paying any capital gain taxes up to $250,000; $500,000 for married taxpayers filing jointly.

Unlike most IRS documents it’s also very simple to calculate if you have a taxable gain on your sale.

Just take your contract sale price and subtract most of your selling expenses, i.e. your real estate sales commission, any advertising you may have paid for personally, legal fees, etc..

That will give you your amount realized or net before subtracting your adjusted basis.

Adjusted basis can be a confusing term to some but it just means what you sold your house for minus what you paid for it and most anything you’ve done to improve or maintain it.
Most anything you did to the house that has a useful life of over 1 year, i.e. replaced the existing heating & cooling system, put on a new roof, build a new deck, etc., can be added to your original basis making your adjusted basis even smaller.

With this new tax law the average American can sell their homes more often now to take advantage of appreciation in your area and usually owe no taxes on the profits.

If you’re selling your principal residence in the Knoxville area please visit my website, www.KnoxvilleMLS.com or www.PropertyPricer.com for a free, over the net price evaluation.

Please call or e mail me with any questions about how you can sell your home tax free or any other real estate questions.

NOTE: I am a Realtor, not a CPA. You need to check with a qualified tax professional before using this advice.

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Located in the west end of Knox County is the delightful little bedroom community of Farragut.

Known for it’s quality of family life, Farragut is widely regarded as a great place to live.

Incorporated in 1980, Farragut covers about 16 square miles and was formerly known as Concord. It was named the Town of Farragut after incorporation and was named in honor of Admiral David Farragut, the naval hero who gave the now famous command during a civil war battle: “Damn the torpedoes! Full speed ahead!”.

Surrounded by lakes and mountains the Town of Farragut and nearby Knoxville have lots of fun things to to do.

http://www.knoxvillemls.com/recreation.htm

The University of Tennessee, Knoxville, McGhee Tyson Airport, Oak Ridge National Laboratory, and most all local places of employment and attractions are within a 20 minute commute from Farragut.

Farragut is also one of the more upscale residential areas with many lovely homes starting around $200,000 and going up to around $1,000,000.

You can search all of the Farragut Realtor listings here.

www.KnoxvilleMLS.com Farragut is area 120 in Knox County.

If you’re moving to Farragut or Knoxville and would like a complimentary package of area information including a map please call or e mail me. Jim Lee, 865-693-3232 or eMail Jim

Fall in East Tennessee is a great time of year.

The smell of woodsmoke is in the air along with cool, crisp mornings, and the promise of mother nature’s annual color show when the leaves turn.

Cades Cove Deer grazing in the early morning mist

So much to do around here in the Fall; University of Tennessee football games, lots of hunting seasons, color cruises on our many lakes, and of course the fish are still biting.

Fall is a great time to look for a new home too.

The summer heat is past and there’s not as much competition for listings so your chances of finding your dream house are very good right now.

Browse all our great Knoxville area Realtor listings on my website: www.KnoxvilleMLS.com and get lots of area information.

There are links to Knoxville schools, things to do, employment, area history, buyer & seller information, and lots of other useful information.

Plan a visit soon to enjoy this magical time of the year in our area. Once you see the Fall beauty in East Tennessee you might just decide to stay, lots of people have.

A Fall visit might just turn into the beginnings of a new home and a new lifestyle for you.

Please call or e mail if have any questions or would like a complimentary package of area information.

I just got off the phone with my favorite mortgage banker, Debbie Nieto of CTX Mortgage Company.

Debbie Nieto, CTX Mortgage Company

http://www.ctxloanofficer.com/debbienieto

We talk often about where interest rates are today, and just as important, where they may be heading tomorrow.

Debbie had some good news to share today; she said she felt that rates appear to have peaked and she anticipates them leveling off for the near term.

However she cautioned that if you’re looking to buy a home, sooner is better than later.

She then explained that even if you delay your purchase a few months or so chasing a lower rate, home prices typically appreciate so you could be paying a higher price for your home with no solid guarantee of a lower rate.

Debbie offers one final word of advice; since fixed rates and adjustable interest rates are very close, there is basically very little advantage to going with an adjustable product at this time especially if you plan to stay in the house for several years.

You can search all of the Knoxville area’s Realtor listings on my website: www.KnoxvilleMLS.com

Debbie and I have worked closely together for many years now. I believe we make a great team; I’ll help you find the best house in town and Debbie will get you the best mortgage loan in town, what more could you ask for. 😉

Contact Debbie on her website:
http://www.ctxloanofficer.com/debbienieto

or send her an e mail mailto:[email protected] .

Image via Wikipedia

Type ‘vacation’ into the Google search engine and Tennessee ranks in the top ten search results.

Pictured above is Mouse Creek Falls in the Great Smoky Mountains National Park

Of course that’s no surprise to Tennesseans, we know from living here that our state has it going on for fun things to do.

From toe tapping while listening to Beale Street Blues in Memphis to hiking the back country of the Great Smoky Mountains National Park, Tennessee has something for everyone no matter what your tastes or age.

Visit http://www.tnvacation.com/ for great information on things to do, places to stay, and where to go during your Tennessee visit.

After vacationing in Tennessee a number of people decide it would be a great place to live and move here.

Of course I’m prejudiced but I think my area around Knoxville, Tennessee is one of the most beautiful spots in the state.

If you’re planning a vacation you might also visit my website, www.KnoxvilleHomeCenter.com to see what we have to offer you as a permenent resident too.

Lots of great homes for sale in all styles and price ranges, good schools, low cost of living, and some of the friendliest neighbors you could ask for.

Give me a call and let’s talk about getting you into a Tennessee home. Jim Lee, toll free 1-800-662-2488, extension 163 or e mail: [email protected]