© 2008 Robert Stockdale Photography, All Rights Reserved.

This week Neighborhood of the Week heads back up to Powell to really large neighborhood with a very groovy feel: Broadacres.

Located off of W. Emory Rd just east of Clinton Highway, Broadacres was once the site of the Weigel family Broadacre Dairy. The family subdivided its pastureland into more than 900 home sites to create the current neighborhood.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Most of the homes in Broadacres were built in the ’60s and ’70s, so there are more ranchers and split levels than you can shake a stick at. There is also a newer section in the back of the subdivion, with more traditional style homes built in the  ’80s.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Broadacres has not one, but two neighborhood pools that are available for use by all residents.

Broadacres is conveniently located just up the street from Powell High School and is an easy commute into Knoxville via I-75, W Emory or Clinton Highway.

So if you’re looking for something  with a neighborhood pool that’s off that beaten path but that’s still conveniently located and affordable, you might look into Broadacres.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Here’s Broadacres by the numbers -

Broadacres*

Current On-Market Listings – 17
Average Asking Price: $188,053
Median Asking Price: $185,000
Average Square Footage: 2377
Most Expensive: $239,900 (4 BR, 3.5 BA, 3100+ sq ft two story)
Least Expensive: $157,900 (3 BR, 3 BA, 1700+ sq ft split foyer)
Middle of the Road: $185,000 (4 BR, 3 BA, 2500 sq ft basement ranch)

Current Pending Sales - 3
Average Asking Price:  $136,233
Median Asking Price: $144,900

Closed Sales – 4th Quarter 2008- 7
Average Asking Price – $167,843
Average Sales Price – $158,242
Median Sales Price – $151,000
Average Square Feet – 2193
Average Days on Market -78

Closed Sales – 4th Quarter 2007- 11
Average Asking Price – $180,850
Average Sales Price – $173,115
Median Sales Price – $175,619
Average Square Feet – 2315
Average Days on Market – 99

*Data taken from KAARMLS on 3/30/09 does not include condos, PUDS, adjacent neighborhoods or multi-family units.

As always, if you want any more information about any of these properties, or if you’d like to check one of them out in person, just give me a shout.

If you would like to receive a full list of properties for sale in this neighborhood, or if you would like to be notified of new listings, send me an email with either “Current Broadacres Listings” or “New Broadacres Listings” in the subject line and I’ll take care of the rest. Ich bin kein Spammer.

Know of a neighborhood that is NOTW-worthy? Let me know about it and you might just see it featured here one day soon.

Special thanks to AAKT’s resident photographer, Robert Stockdale, for the great shots of Broadacres. If you would like to learn more about Robert’s work, please visit his website.

The weekly poll is over there in the dog house.  Go throw it a bone.

This week’s poll question has to do with something that a lot of us have: pets. And more specifically how big a factor pets are in determining where you live.  While some buyers are only looking for the perfect location or the biggest & nicest kitchen, many others are far more worried about finding a home with the perfect yard for Spot to run in or an ideal spot for Fuzzy’s litter box.

So what about you? Did you take your pets into consideration when you chose your current home? Did you pass on a place because it just wasn’t pet friendly? Or do you think people who treat animals like family members are downright batty? Cast your vote and let me know.

If you have a suggestion for future Weekly Poll questions, let me know about it.

Whether you’re a dog person or a cat person, you can still get the latest scoop on what’s happening in the Knoxville real estate market. Just subscribe to All Around KTown by RSS or email today!

photo credit: amber in norfolk

Welcome to a new semi-regular series here on AAKT that I like to call Zip Code Snapshot. I thought it might be interesting to follow the listings and sales in different Knox County zip codes, in order to give folks a bigger picture view of what’s going on in the Knoxville housing market. So every few weeks, I’m going to research a different zip and share the results with you here. Just think of it as Neighborhood of the Week, but with a broader scope. Or Foreclosure Watch without the foreclosures, even.

As always, when I start a new series, I like to start with where I live and in this case, that means 37919.

37919 is located in West Knoxville,  and is a pretty diverse area. You’ll find homes priced anywhere from  from the multi-million dollar range to just under $30,000. The diversity of the area can also be seen  in the age and size of homes: it’s not unusual for brand new mega-mansions to be built right across the street from small, older ranch style homes.

Neighborhoods in 37919 include Sequoyah Hills, Westmoreland, Kingston Woods, Westwood, Forest Heights, and Deane Hill as well as many homes in the Sutherland Ave area.

So, without further ado, here’s a quick snapshot of what’s going on in Knoxville, TN, 37919.

Current Active Listings – 225
Average Sq Footage: 3452
Average List Price: $591,478
Median List Price: $389,900
Most Expensive: $3,999,900 (4 BR, 4 full bath, 2 half bath, 7700+ sq ft on2+ lake front acres)
Least Expensive: $24,900 (1 BR, 1 BA, 800+ sq ft off Sutherland)

2008 Total Closed Sales – 262
Average Sq Footage: 2502
Average List Price: $339,475
Average Sales Price: $318,481
Median Sales Price: $259,900
Average Days on Market: 88

2007 Total Closed Sales – 340
Average Sq Footage: 2516
Average List Price: $339,100
Average Sales Price: $323,912
Median Sales Price: $252,500
Average Days on Market: 77

*Data taken from KAARMLS on 03/26/09  and does not include condos, PUDS, or multi-family units.

Since this is a new series, I’d love to hear any feedback or suggestions you have for making it better. Either leave it in the comments or you can always give me a shout.

Happy Spring, Watchers! This week on Knoxville Foreclosure Watch, active foreclosure listings were up for the first time in a few weeks while pending and closed listings were slightly down. Last week’s big news was an all-time high number of pending sales, and even though the pendings were down this week, there were still 128 of them, just 4 less than last week’s 132. I’m going to be keeping my eye on these and the closed listings over the next few weeks to see how this trend develops.

New listings were fairly evenly distributed with 37912 and 37918 tying for first place with 3 each.   Other zips with more than one new listing last included 37849, 37917, 37920, 37921 and, 37924. And, yes, 37917 is still blowing the competition away with 48 new foreclosure listings so far this year.

37918 had the most closed listings last week with 3. Other zips with closed foreclosure listings included  37806, 37914, 37920, 37921, 37922, and 37923. The big surprise here is that 37918 actually managed to barely pull ahead of 37917 and now has the most closed foreclosure listings this year with 16

Now for the breakdown -

Knox County Foreclosure Property Statistics as of 3/25/09 *

Current On-Market Listings - 196
Average Asking Price: $121,542
Median Asking Price: $78,750
Most Expensive New Listing: $189,500 (3 BR, 2.5 BA, 2300+ sq ft w/3 car garage in Seven Springs)
Least Expensive New Listing: $14,900 (1 BR, 1 BA, 500+ sq ft on Asheville Hwy)

Notable New Listings:

North: $160,000 (3 BR, 2 BA, 2600+ sq ft in Broadacres)

South: $52,900 (2 BR, 1 BA, 800+ sq ft on Sevier)

East: $65,500 (1 BR, 1 BA, 1000+ sq ft on 1+ acres in Carter)

West: $120,000 (4 BR, 2 BA, 1800+ sq ft off Northshore)

dklj;lskj;dlk

Current Pending Sales -128
Average Asking Price – $102,506
Median Asking Price – $79,900

Closed Sales March 18, 2009- March 24, 2009 - 9
Average Asking Price – $104,767
Average Sales Price – $100,100
Median Sales Price – $80,000
Average Days on Market – 48

*Data taken from KAARMLS on 03/25/09 for Knox County single family residential properties only, and does not include condos or PUDS.

As always, if you need more information on any of these properties, just drop me a line.

If you’d like to receive new foreclosure listings automatically, send me an email with “Foreclosure List” in the subject line, and I’ll do the rest.  I wouldn’t even think about spamming you.

Why take the chance of ever missing out on Foreclosure Watch? Make sure you get all your foreclosure goodness every week by subscribing to All Around K-Town today, either by RSS or email!

© 2008 Robert Stockdale Photography, All Rights Reserved.

This week Neighborhood of the Week heads back out west to revisit a little community just off the north leg of Northshore that may be one of West Knoxville’s best kept secrets: Westwood.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Located just off of of the Papermill Road exit, Westwood is bordered by Papermill to north, Kinston Pike to the south, Highland Memorial Cemetary to the east, and Northshore to the west. It is also located just up the hill from Bearden Elementary School.

Like, Harrill Hills, Westwood was developed over several decades and the homes there reflect that: 1940s style cottages, 1950s era ranchers, split foyers from the 60s, and contemporay homes from the 70s all live in happy harmony in this small community.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Location wise, Westwood is not only very convenient to the Bearden District & West Town Mall, but it is also within easy commuting distance of UT and downtown.

Westwood is also home to Westwood Park, located on Greenbrier Drive. The park includes picnic shelters, a playground, a gazebo and a walking trail.

© 2008 Robert Stockdale Photography, All Rights Reserved.

So if you’re looking for something in West Knoxville that is conveniently located and affordable, but that still has lots of character, Westwood might be just what you’re looking for.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Here’s Westwood by the numbers -

Westwood*

Current On-Market Listings – 7
Average Asking Price: $265,871
Median Asking Price: $269,900
Most Expensive: $314,000 (4 BR, 3 BA, 2900+ sq ft stone cottage)
Least Expensive: $197,500 (4 BR, 2.5 BA, 1800+ sq ft 50s ranch)
Middle of the Road: $269,900 (4 BR, 2 BA, 2100+ sq ft 50s cottage)

Current Pending Sales - 0
Average Asking Price: NA
Median Asking Price:NA

Closed Sales – 4th Quarter 2008- 1
Asking Price – $158,900
Sales Price – $146,950
Days on Market -83

Closed Sales -  4th Quarter 2007- 1
Asking Price – $289,900
Sales Price – $270,000
Days on Market -109

*Data taken from KAARMLS on 3/23/09 does not include condos, PUDS, adjacent neighborhoods or multi-family units.

As always, if you want any more information about any of these properties, or if you’d like to check one of them out in person, just give me a shout.

If you would like to receive a full list of properties for sale in this neighborhood, or if you would like to be notified of new listings, send me an email with either “Current Westwood Listings” or “New Westwood Listings” in the subject line and I’ll take care of the rest. Spam? We don’t send no stinkin’ spam.

Know of a neighborhood that is NOTW-worthy? Let me know about it and you might just see it featured here one day soon.

Special thanks to AAKT’s resident photographer, Robert Stockdale, for the great shots of Westwood. If you would like to learn more about Robert’s work, please visit his website.

The weekly poll is over there doing some spring cleaning. Go give it a hand.

This week’s poll question has to do with something that’s just recently sprung: Spring. And more specifically, what you like to do around your home as soon as the weather gets nice. It was a gorgeous weekend and the first thing we usually spend time on when it gets nice out are our flower and vegetable gardens. Meanwhile, some of our neighbors did their first mowings of the season, while several others cleaned out their garages.

So what about you? What’s the first thing you like to do around the house as soon as the weather gets nice? Do you get in a landscaping mood when the weather gets warm or are you more of a spring cleaner? Or maybe you like to sit back, relax, and pay someone else to do all the work for you? Cast your vote and let me know.

If you have a suggestion for future Weekly Poll questions, let me know about it.

You don’t have to wait for spring to get  the latest news on the Knoxville real estate market- get it all year round by subscribing to All Around KTown by RSS or email today!

photo credit: talicat2000

Hard to believe another month has come and gone, but the it’s time to break down the Home Sales Report from the Knoxville Area Association of Realtors once again.

February was an interesting month. What is usually the beginning of the busy Spring home buying season was  uncharacteristically, not to mention uncomfortably, slow and the numbers for the month definitely reflect that.

One thing that happened in February that may have greatly affected home buyers everywhere was the further tightening of mortgage guidelines.

The minimum credit score for a conventional loan is now 700 with a baseline of 740, meaning that any score under 700 will be subject to a higher rate. Also, the allowable debt ratio for conventional loans was lowered to 38%.  In addition to those changes, the minimim credit score for an FHA loan was raised to 620.Yes, the days of subprime lending are long, long gone.

Looking at those numbers it’s easy to understand why FHA loans are so popular with home buyers right now.

There are also stricter down payment guidelines. With the exception of a few government programs, you’re probably not getting 100% financing anywhere. Here’s a rundown of the minimum down payment required for various loans and property types:

3.5% down  – FHA loan.

10% down-  Conventional loan/primary residence

20% down – Conventional loan/condos & attached PUDs

20% down- Conventional loan/second homes

Now, I’m not a mortgage or finance whiz, but it would seem to me that all of these stricter guidelines are certainly eliminating a good number of buyers from the market.

So, without further ado, allow me to break down the February home sale numbers the only way I know how, AAKT style. Enjoy!

Let’s start with the good – if slightly puzzling – news -

Average sales price for 2 or less BR homes is (way) up.
Feb ‘08 – $71,800
Feb ‘09 – $105,500

Median sales price for 2 or less BR homes is (way) up.
Feb ‘08 – $62,500
Feb ‘09 – $78,000

Now for the not so good news -

Average sales price for 3 BR homes is down.
Feb ‘08 – $155,000
Feb ‘09 – $147,400

Median sales price for 3 BR homes is down.
Feb ‘08 – $145,000
Feb ‘09 – $134,000

Conventional loans were once again way down…
Feb ‘08 – 628
Feb ‘09 – 310

Happy late St. Patrick’s Day, Watchers! This week on Knoxville Foreclosure Watch, active foreclosure listings were down while closed listings were slightly up. But that’s not the interesting news. The interesting news is this: pending foreclosures hit an all time Foreclosure Watch high of 132, a number that’s a good bit higher than the last high of 124 just a few weeks ago. Are people finally overcoming their fear of the market to cash in on these deals? We’ll just have to keep watching to see if the closed listings start to go up, too.

There were 31 new listings last week with 37917 & 37921 tying for first place with 6 each. 37917 is still in the lead for the year with 46 so far. Other zips with more than one new listing last included 37912, 37914, 37915, 37917, 37918, 37920, 37922, and 37924.

There were 12 closed foreclosure listings last week. 37920 and 37923 had 2 each, while 37909, 38912, 37914, 37917, 3791, 37921, 37922, and 37938 had one each. No surprise that 37917 is still also in the lead for most closed foreclosure listings so far this year.

Now for the breakdown -

Knox County Foreclosure Property Statistics as of 3/18/09 *

Current On-Market Listings - 188
Average Asking Price: $124,989
Median Asking Price: $87,700
Most Expensive New Listing: $240,000 (3 BR, 2 BA, 2100 sq ft off Lovell Road)
Least Expensive New Listing: $14,900 (2 BR, 1 BA, 900 sq ft in E. Knox)

Notable New Listings:

North: $58,650 (3 BR, 1 BA, 1100+ sq ft off Fairmont)

South: $40,000 (2 BR, 1 BA, 1300+ sq ft off Chapman Hwy)

East: $27,900 (3 BR, 1 BA, 1600+ sq ft off Cherry St.)

West: $200,850 (4 BR, 2.5 BA, 2600+ sq ft off Bluegrass Rd)

dklj;lskj;dlk

Current Pending Sales -132
Average Asking Price – $100,321
Median Asking Price – $62,400

Closed Sales March 11, 2009- March 17, 2009 - 12
Average Asking Price – $96,829
Average Sales Price – $91,979
Median Sales Price – $65,000
Average Days on Market – 57

*Data taken from KAARMLS on 03/18/09 for Knox County single family residential properties only, and does not include condos or PUDS.

As always, if you need more information on any of these properties, just drop me a line.

If you’d like to receive new foreclosure listings automatically, send me an email with “Foreclosure List” in the subject line, and I’ll do the rest. Save the spammy for your mammy.

Why take the chance of ever missing out on Foreclosure Watch? Make sure you get all your foreclosure goodness every week by subscribing to All Around K-Town today, either by RSS or email!

© 2008 Robert Stockdale Photography, All Rights Reserved.

This week Neighborhood of the Week stays on the north side of town to revisit a historic Fountain City community called Harrill Hills.

Located in the heart of Fountain City just off of Jacksboro Pike, Harrill Hills was established as the result of a partnership between a builder and a Fountain City’s biggest grocer in the 1920, A. Hale Franklin. According to the Fountain City News website:

As his business grew, Hale envisioned a new, larger home for his family and acquired property on Terrace View Drive in present day Harrill Hills. According to family tradition, the builder and Fountain City’s leading grocer made an arrangement that was not so unusual for its time.

Hale agreed to barter a supply of groceries in exchange for part of the construction cost and the building materials. The arrangement enabled him to finance deluxe features found in very few homes at the time such as the all brick exterior, steel columns and I-beams in the basement to support the two floors above, a drive-through brick garage and concrete tile roof…

…In late 1927, several years after the Franklin house was built, a large-scale development was planned for Harrill Hills. Called the “First and Second Units” and covering a large area from Forest Lane to the north and Gaineswood Road on the south, bounded on the east by Brier Cliff Road and on the west by Jacksboro Pike, the development contained almost 300 building sites.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Today Harrill Hills is a very laid-back, picturesque neighborhood with lots of mature trees and greenery. Although several homes there were built in the 20s and 30s, building continued well into the 60s, giving Harrill Hills an interesting mix of architectural styles which includes everything from stone cottages to mid-century ranchers.

© 2008 Robert Stockdale Photography, All Rights Reserved.

So if you’re looking for a picturesque, historic community that feels like it’s situated far off the beaten path, but is also very convenient to I-640, downtown, and UT, take a closer look at Harrill Hills.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Here’s Harrill Hills by the numbers -

Harrill Hills*

Current On-Market Listings – 5
Average Asking Price: $163,015
Median Asking Price: $164,875
Most Expensive: $224,900 (4 BR, 4 BA, 2500 sq ft built in 1947)
Least Expensive: $118,500 (3 BR, 1.5 BA, 1400+ sq ft built in 1950)
Middle of the Road: $164,875 (3 BR, 1 BA, 1500+ sq ft built in 1954)

Current Pending Sales - 0
Average Asking Price: NA
Median Asking Price:NA

Closed Sales – 4th Quarter 2007- 2
Average Asking Price – $149,900
Average Sales Price – $142,500
Median Sales Price – NA
Average Days on Market – 72

Closed Sales – 4th Quarter 2008- 2
Asking Price – $147,450
Average Sales Price – $124,500
Median Sales Price – NA
Days on Market – 151

*Data taken from KAARMLS on 03/16/09 does not include condos, PUDS, adjacent neighborhoods or multi-family units.

As always, if you want any more information about any of these properties, or if you’d like to check one of them out in person, just give me a shout.

If you would like to receive a full list of properties for sale in this neighborhood, or if you would like to be notified of new listings, send me an email with either “Current Harrill Hills Listings” or “New Harrill Hill Listings” in the subject line and I’ll take care of the rest. Ix-nay on the am-spay.

Know of nice little corner of K-Town that would make a great Neighborhood of the Week? Don’t keep it to yourself – let me know about it and you might just see it featured here one day soon.

The weekly poll is worried nobody is going to vote this week. Go over and give it a good left clickin’ to prove it wrong.

This week’s poll question has to do with something that’s on just about every American homeowner’s mind these days: home values. I got an email this week from a very distressed friend. Seems like someone had just told her husband that U.S. homes have lost an average of 40% of their value and that she and her husband’s home was therefore worth 40% less than they paid for it.

Now, statements like that just make me crazy for a variety of reasons. First of all, I have no idea where the 40% number came from or if it’s true. For an average, it seems extremely high to me. Second,  real estate is local, not national. The market here is not the same as the market in Nashville, Memphis, Jacksonville, Atlanta, or any other city,  and Knoxville certainly hasn’t been hit nearly as hard as cities like Las Vegas or Detroit. And even if there has been a  40% average decline in market value nationally, that does not mean that homes here have depreciated to that degree.

I’m not saying you can sell your home today for what you could have sold it for last year. And if you bought or refinanced your home last year and have to sell this year, you might not be in the greatest situation. But if you’ve owned your home for a few years or if you don’t need to sell or refinance now, there’s really nothing to worry about in the short term. Of course, there’s no way to know if prices will eventually go back up, but I’d put my money on the fact that they will.

But I realize that none of that stops people from worrying that their own home’s value has declined. And that’s understandable when you take into account the general state of the economy and the fact that, for most people, their home is the largest investment they will every make.

Which brings me back to the poll question. What about you? Are you worried about your home’s value? If so, are you worried because you need to sell soon or are you just generally worried? Or maybe you’re  not sweating the current market at all? Cast your vote and let me know.

If you have a suggestion for future Weekly Poll questions, let me know about it.

You may be worried about your home’s value, but you never have to worry about getting the latest news on the Knoxville real estate market – just subscribe to All Around KTown by RSS or email today!

photo credit: Brintam