Knoxville Tennessee Real Estate Blog

If you have a home in the greater Knoxville or Farragut Tennessee area and you’re struggling with your mortgage the Internal Revenue Service (IRS) has launched a special section on their website to help with how foreclosures could affect your tax status.

In some circumstances you could still have very serious tax consequences even if you’ve gone through a mortgage ‘workout’ or a foreclosure.

Known by some wags as the “kick em while they’re down” law, the IRS has penalized some taxpayers in the past by declaring the amount of any forgiven mortgage loans as ‘income’ and charging the hapless taxpayers income taxes in money they’re never actually received.

I’m proud to say the National Association of REALTORS (NAR) is in full support of pending legislation to do away with this grossly unfair portion of IRS code.

H.R. 1876: Mortgage Cancellation Relief Act of 2007 would eliminate this unfair practice along with its companion Senate bill 1394, both of which have been introduced into Congress. “Introduced” is the first step in having a bill become the law of the land.

Visit my Knoxville area real estate website for buying and selling tips and guidance.

don’t turn back your clocks yet.

Because of a new energy saving law Congress passed in 2005 Daylight Savings Time (DST) doesn’t officially start until 2:00 AM on November the 4th of this year.

On the old DST, today would have been the day to turn back your clocks and it would have been an hour earlier in Knoxville now.

Those helpful folks at our federal government figure that if you have more daylight at the end of the day you’ll consume less energy, i.e. electricity, etc., so DST is an energy savings measure.

Part of the downside is that it also gets light later in the morning causing some Knoxville area school children to have to wait in the dark for their school busses to come exposing them to obvious dangers from traffic.

In states like Tennessee which is bisected by the Central Time zone and the Eastern one, it is doubly confusing to get in turn with the new time change for a few days.

Arizona and Hawaii are the only two states that choose not to observe DST and stay on standard time the year round.

And pity the poor people in Indiana which not only did not observe Daylight Savings Time until 2005 but had their own unique and complex time system. Not only is the state split between two time zones, but until recently, only some parts of the state observed daylight saving time while the majority did not.

Under the old system, 77 of the state’s 92 counties were in the Eastern Time Zone but did not change to daylight time in April. Instead they remained on standard time all year. That is, except for two counties near Cincinnati, Ohio, and Louisville, Ky., which did use daylight time.

But the counties in the northwest corner of the state (near Chicago) and the southwestern tip (near Evansville), which are in the Central Time Zone, used both standard and daylight time.

I think if I were visiting Indiana I would simply ask a native the time instead of trying to figure it out.

Those of us fortunate to live in the greater Knoxville, Tennessee have a unique opportunity to enjoy camping and hiking in the nearby Great Smoky Mountains National Park.

There are over 800 miles of great hiking trails in the back country of the Smokies and many, many beautiful spots to enjoy.

But, there is also danger.

Hikers and visitors often become lost and every now and then, a death results.

While planning an upcoming trip to Spence Field, a very popular trail shelter and scenic camping area along the Appalachian Trail, I was reminded of one of the mysterious disappearance back in 1969 of a young boy named Dennis Martin.

Dennis Martin, circa 1969

On Father’s Day, 1969 Dennis, aged 6, his older brother, his father, grandfather, and two cousins were on their annual camping outing at the Spence Field trail shelter.

While playing nearby the boys decided to circle around behind the trail shelter and jump out to scare the adults; Dennis went around one way and the other three boys went in the opposite direction.

Spence Field Trail Shelter where Dennis disappeared.

The three boys circled the shelter, jumped out and scared the adults. They all had a big laugh about it.

Then someone asked: “where’s Dennis?”. Dennis never showed up from his side of the shelter.

Immediately the adults began searching and calling for young Dennis; no answer, no Dennis. One of the adults went for help.

Early the next day there were over 150 park rangers and volunteers searching all around Spence Field, a large, grassy area.

No Dennis, no trace, no signs, no footprints, nothing.

The search continued and grew. By the eighth day helicopters were ferrying in searchers.

The Army sent teams of Green Berets, there were local tracking dogs, and at the height of the search, nearly 2,000 volunteers beating every inch of the brush for miles in all directions.

Still no Dennis.

Dennis Martin remains missing to this day. No trace of him was ever found in spite of the massive search efforts by experienced park rangers, Army personnel, dogs, and hundreds of volunteers.

I often wonder what happened to Dennis on that day so long ago; I often wonder if we will ever get an answer.

This week (Sept. 16-23) I’m down in Destin, Florida attending the annual Tennessee Association of Realtor’s convention.

The host hotel is the Sandestin Hilton located in the beautiful Sandestin complex.

It’s sort of off season in Destin now but the weather is still very warm as is the beautiful, emerald green & blue Gulf of Mexico.

I made this photo Monday; the location is up by the jetty at the East Pass.

I love coming to Destin, it’s sort of like a homecoming. You see I was stationed here in the mid 60s when I was a member of the US Air Force. BIG changes in the area since then; lots of new condos, houses, restaurants, shopping, etc., but one thing that hasn’t changed is the beautiful beaches and lovely Gulf of Mexico waters.

Instead of staying at the convention hotel we rented a beautiful beach house and invited a friend of ours to come along. My wife and our friend entertain themselves at the beach and shopping while I’m at the convention. We also have a secluded private pool out back when they’re too tired to stroll down to the beach.

My lovely bride Charlotte is on the right with our friend from Nashville, Denise. They’re heading for another tough day at the beach.

Great convention so far. We have had beautiful weather but there are reports of a tropical depression coming in this Saturday so we’ll probably spend that day packing and doing some last minute shopping.

The convention committee did a superb job decorating; this is the entrance to one of the many classes offered. This one is by a long time real estate trainer named Howard Brinton.

We also found time to do some business. This is from the TAR Board of Directors meeting Thursday. The nice lady at the podium is our outgoing President, Jewell McKinney who will  be replaced Friday night by Mike Gaughan.

It’s been a great year in real estate for TAR. I’m on our Government Affairs Committee and we’ve been busy this year keeping track of over 200 pieces of legislation affecting real estate.

Some of the legislation we’ve tackled this year includes:

Real estate transfer taxes. Some helpful legislators in the Tennessee House Local Government Subcommittee helped defeat a local option transfer tax in Sevier County.

Adequate Facilities Tax on new construction homes. TAR opposes this narrowly applied tax in favor of more broad based taxes which are shared by all instead of only burdening new constuction home. Both TAR and the Homebuilders Association of Tennessee opposed an increase in Rutherford County which was defeated.

One other bill I’m delighted to say we were opposed to and was defeated, would have made Tennessee Realtors responsible for determining immigration status for everyone we sold or rented a house to.

Tonight is the convention finale. If you’re a Tennessee Realtor and have never been to a state convention you truly don’t know what you’ve been missing.

Next year we’re holding the convention in Chattanooga so make plans to attend.

*As of August 14th, 2007; all homes subject to prior sale. 

Currently for sale via the Knoxville Area Association of Realtors Multiple Listing Service (KAARMLS) IDX program are 10 Knoxville area (including 3 out of the area) homes ranging in price from $3,500,000 to number 1 with an asking price tag of $6,000,000!

10. $3,500,000, (click for more photos) located in Brentwood Tennessee, a suburb of Nashville. Two houses and 13+ acres.

Brokered by Hammontree real estate 865-573-0145 

     9. $3,800,000, (click for more photos) 20 acre lakefront estate located in Loudon County. 1300 foot airstrip, pastures, and 2 docks with boat lifts.

Brokered by Re/Max Preferred Properties 865-694-8100

8. $3,800,000, (click for more photos) 250 acres with two stocked lakes. Located in east Knox County, development or private estate.

Brokered by Summit Real Estate 865-453-9983

7. $3,900,000, (click for more photos) 100 + acre horse farm with 30 stall barn. Styled after Louisiana plantation manor.

Brokered by Realty Executives Associates 865-693-3232

6. $3,900,000, (click for more photos) breathtaking 12,500 square feet Norris Lake estate. 7 bedrooms, 7 baths, and much, much more!

Brokered by Southland GMAC Real Estate 865-693-6961

5. $4,390,000, (click for more photos) Fort Loudon lakefront estate with 3 acres, pool, waterfall, boathouse and all the goodies!

Brokered by Realty Executives Associates 865-588-3232

4. $4,495,000, (click for more photos) 5 acre compound with guest house, pool, pond, 7 fireplaces, and recently renovated. Convenient to Knoxville, Oak Ridge, Airport, and University of Tennessee.

Brokered by Realty Executives Associates 865-531-2020

3. $4,800,000, (click for more photos) located in Costa Rica! compound with guest house, barn, offices, orchard, and 14 acres.

Brokered by Re/Max Preferred Properties 865-694-8100

2. $5,250,000, (click for more photos) Redwater River Ranch in Belle Fourche, South Dakota, 765 acres more or less. Additional living quarters, stable, working gravel pit, orchard, 4 large dams for irrigation. Get along little doggie!

Brokered by Hammontree real estate 865-573-9145

1. $6,000,000, (click for more photos) Oak Ridge, Melton Hill Lake estate. Steeped in history, this 27 bedroom, 12,000 square foot mansion has hosted US Presidents and many others. 7.5 acres, handy to Oak Ridge, Clinton, and Knoxville.

Brokered by Weichart Realtors, Dean-Kilby 865-539-6010

For more information about any of these fine properties or other homes, condos, land, and investment properties in the greater Knoxville, Tennessee area please visit my website: www.KnoxvilleMLS.com

Copyright © 2007 by Jim Lee, all rights reserved.

NOTE: “The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2007. All rights reserved. This information is being provided for the consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.”

 

  

  

  

So when is a modular home not a mobile home?

According to a recent Tennessee Supreme Court decision they’re pretty vastly different.

Williams v. Fox, (Tenn., March 15, 2007)

“The Tennessee Supreme Court held that unlike a mobile home or house trailer, a modular home is not built on a permanent chassis, and for that reason, it is not able to be readily moved to another location once installed or erected. Moreover, while mobile homes are titled as vehicles, modular homes are not. Once delivered and erected on the property, they become part of the property as a permanent improvement to the real estate similar to a “site built” home.”

In the Fox case cited above the area’s restrictions only mentioned mobile home; they did not specifically reference modular homes. Apparently the developer just lumped them all together.

Our legal eagles say that if modular homes had been specifically excluded then that restriction would likely have been upheld.

This ruling only serves to differentiate between mobile homes and modular homes.

Recently in The Tennessee Legislature there was a bill introduced to rename State Highway 43 in Lawrenceburg, Tennessee “The Fred Thompson Highway”

Because the bill’s sponsor received the following letter he has now withdrawn the bill and US Highway 43 will keep it’s current name.

“April 2, 2007

The Honorable Joey Hensley
Nashville, TN 37243

Dear Joey,

I read where the naming of a segment of U.S. Highway 43 in Lawrenceburg after me is under consideration. I cannot blame anybody if there is hesitation to name another thing for another politician or former politician. But I must say that I am very appreciative of my friends in Lawrenceburg and Lawrence County who originally had this idea. The fact that they would want to do this is more important to me than the naming itself. My daddy’s car lot was on that stretch of road, so it’s special to me, but the fact is that I didn’t build it and I didn’t pay for it. The taxpayers did. So it is entirely appropriate that it remain U.S. Highway 43 the way I remember it when I was a boy. Therefore, I would request that you thank my friends and withdraw the naming bill.

I really appreciate your work on this and the great job you are doing for our people. All the best to you and your colleagues.

Sincerely.
Fred Thompson”

First the Dogwood trees are breathtakingly beautiful this year, then the Lady Vols bring a seventh national basketball championship home to Knoxville, and now a Tennessee politician (former for now) demonstates a refreshing humility.

Senator Fred Dalton Thompson

If Fred chose Lady Vol’s basketball coach Pat Summitt for his running mate they would be unbeatable.

Pat Summitt, UT Lady Vols Head Coach

If moving to the greater Knoxville Tennessee area is in your future you can get a look at all of the Knoxville area’s Realtor listings at www.KnoxvilleMLS.com