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How is the housing market in Gatlinburg and Pigeon Forge? In the last four months, we're down about 20% from last year. But it's like the rest of the country. We had gone through probably seven or eight years of unsustainable growth.
Any trends that you've noticed? It has gotten very competitive here and people that are buying rental cabins or a condos almost have to have some of the amenities like a pool table or a game or hot tub or Jacuzzi and now even high speed Internet access is being asked for a lot. If you go to Colorado and other vacation areas you see very little of that, but here it's so competitive and there are so many cabins that if you're going to compete, you need to have some of those amenities.
The typical buyer: All over the southeast (Georgia, Mississippi, Alabama, Florida) even Michigan, Illinois, Ohio, and Kentucky.
Avg. cost of a home:
Low-end: $150,000.
Mid-range: $250,000.
High-end: $700,000 to a million.
What do prospective buyers look for in a vacation property in your area?
Property Type: I think everybody prefers a single‑family type property, but condos are making a resurgence here.
Location: I think people, when they think of going to the mountains, they think of a cabin out in the woods. And the closer you can get to that, the better. If you have a view, that's prime. You have privacy. That's what people want. But there are still cabins and condos that rent right in the middle of town. But I think the preferable property for people would be something a little bit further out, with a view, and private.
Any specific amenities: Pool table, hot tub, high-speed Internet.
What tourist attractions and events would pull in renters? Smoky Mountain National Park. It's the most visited park in the United States.
Tips for buying a vacation rental home in the Gatlinburg area: The latest thing that's come up in the last few months in the Tennessee Real Estate Commission is really, looking at this hard, is because so many of these are rural properties, they are served by septic system, and it's been a little fast and loose in the last few years getting permitted for a two‑bedroom cabin and building a three‑ or four‑ bedroom cabin.
And lastly, why should a buyer choose a vacation rental home in your area? It is very affordable to live (and own) in Tennessee and it's nice because you get a little bit of the four seasons, but you don't get any extremes.
Pat Malone's website is BestSmokyMountainRealEstate.com. Pat also has a toll‑free phone number: 1‑800‑818‑8133.
To get a feel for the Gatlinburg Vacation Rental Market or to find a great vacation property to rent, browse Gatlinburg Vacation Rentals on HomeAway.com.
Are you a realtor in a vacation market who'd like to do a Q&A? Email us.
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