Lot #10 Foxfire Way - Eden Shores on Douglas Lake - $168,900
Lot #10 Foxfire Way Deed (Purchase Price $100,000 in January 2005)
Plat Map Of Property (The land for sale is numbered both 46 (parcel #) & 10 (lot #) in the picture. The mobile home is located on lot 53/17, the nice cabin is on 45/9).
The taxes on this property in Jefferson County are $255.13 per year. Jefferson County has its value at $49,300.
I believe you asked about a well on the property. This property is serviced by well and septic only, there is no access to city water or sewer. Electric is to the property. Boat docks are allowed
I took the pictures below today (February 19th) with my camera phone. I apologize for the poor quality. On my way over to Douglas Lake my digital camera battery died. As you can see from the photos, the water from the lake is non-existant during the winter months from the TVA controlling the water level of Douglas Lake. On the lake there is something called the 1002 line, which is 1,002' above sea level and is the high water mark level the TVA controls the water. In this 5.45 acre tract, 2.67 acres are above the 1002 line. In essence, during the winter time the remaining 2.78 acres that is filled with water during the summer pool months is nothing but dirt and not a very pretty sight. This is normal for secluded coves on Douglas Lake such as this piece of land.
The land itself is fairly gently sloping with lots of pine & cedar trees. There is a narrow (about wide enough for a Jeep to go through) path from the road leading to the water. Once you are down near the 1002 line, the view during this time of year is nothing but dirt and some old canoes and boats in the cove area from other lots.
My main concerns regarding this property are:
The few positives of the property in my opinion are:
Click any of the images below to enlarge in a seperate window.
Lot #5 Happy Hollow Road (High Pointe Subdivision) - $59,900
Map to Property from Google (if you click on the terrain tab you can see the ridge the lot is located. The aerial shows the road as it was cut in prior to being paved).
You had asked about the taxes in your e-mail. The taxes on lot #3 are $232.54 per year. It has an appraised value from Sevier County Tax Assessor of $60,400. Details can be found in the "Tax Record" link above.
I would suggest this property over Foxfire Way regardless of price (meaning if they were both priced at $59,900 I would rather have this land). This land was originally listed for $135,000 and the developer has drastically dropped the price to $59,900. You inquired about lot #5, but I would suggest lot #3 after looking at the lots. It is the same price, but offers much better views. It is a little more steep and more difficult to build on, but I believe the additional view outweighs the disadvantages.
Lot #3 has a great view of Cove Mountain (about 4,150' elevation) and has longer range views into the Smoky Mountains National Park. Lot #3 is located on the right side of the road when traveling up to the lot, so the views are Southeast toward Cove Mountain and the National Park. Lot #5 is on the left side of the road and has western views.
Although this property is over 5 acres, very little is of use. The land is very steep once you go a little ways off the ridgeline. The paved road also crosses the land on the lower portion (thus splitting the lot up) as it makes its way up to the ridge. The value is completely in the view, not the acreage other than as a buffer.
In my opinion the positive aspects of the property are:
1. The views are comparable to much more expensive lots in the area.
2. Wears Valley is a high end area with good growth and expensive cabins.
3. The price of the lot looks to be very reasonable.
4. It is only about 10 minutes from an entrance to the National Park.
5. It is about 3-4 minutes from Highway 321 (Wears Valley Rd.).
6. It is about 9-10 miles to the Parkway in Pigeon Forge, TN (about 17 minutes).
7. The area is a strong overnight rental area for cabin investments.
8. In order to access The Homestead (a premier development in Wears Valley) you have to pass by High Pointe. I believe this would increase marketing if you were to ever sell the property.
9. Previous sales in the 7 lot subdivision have been $80,000 and $103,000 (The $103,000 sale was Lot #4 which is located next to lot #3 but lower on the mountain.
10. The drastic reduction in price from $135,000 to $59,900 indicates the seller may be in distress and eager to sell the property. This is pure speculation on my part and I have no way of knowing, it is just a hunch.
The negative aspects in my opinion are:
1. As you enter the subdivision off of Happy Hollow Rd. you travel by some old homesteads that are pretty rough, with some junk cars.
2. The roads getting to the top of the ridge and Lot #3 are steep with a couple switchback curves and would be very difficult to safely travel if the roads were icy. Winter weather does not get bad often here, but when it does it is usually ice.
3. The building site on Lot #3 is pretty steep, but not out of the norm for the area. The costs for a foundation would be considerably higher than for a flat or gently rolling lot. Due to the steep terrain, it appears there is only one and potentially two different places you could put a home instead of many varying options as you sometimes have when purchasing 5 acres. The building site does allow for one of the ideal positions for a view.
4. Lot #5 while easier to build on does not offer as good of a view.
Please note you can click any of the pictures to enlarge.
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