Properties below are near Knoxville. From Josh Flory’s Property Scope:
One striking example was at Rarity Bay, in Vonore, where Lot 1305 was sold for $11,000. In 2006, that lot had been sold for more than $200,000 to a buyer who was later hit with a foreclosure.
One of the biggest discounts may have come at Rarity Mountain, in Jellico. According to an official with the Campbell County Register of Deeds, Lot 40 was sold for $5,500. The register’s office said that lot had been sold in 2006 for $445,000.
Rarity lots aren’t the only ones that are suffering. An official with the Campbell County Register’s office said three lots in the Villages at Norris Lake were sold for $5,500 apiece. Prior to being foreclosed on, those lots had sold for prices ranging from $45,000 to $199,000, according to the register’s office.
Some property owners took a big hit and so did First Tennessee Bank. Now the homeowners who are still in those developments are wondering how much their property is really worth.
RSS Posts Feed
