“Down, but not out.”
Even that may be an overstatement, if you were to ask those of us that live and own investment property in Gatlinburg or the Smoky Mountains. Down, maybe momentarily, but certainly not out of the tourism industry. In fact, less than 2 months after the fire that nearly rampaged Gatlinburg, we can already see signs of a much brighter tomorrow.
The Time Is Now
Read the Signs
While it may seem too soon to boldly claim that the time to invest is now, that is actually the reality. If you know what to look for, you can see that this slight hiccup in tourism took place at the best possible time, and gained the Smoky Mountains an incredible amount of Grade-A publicity. Think about it this way: This area has never before seen a fire anything like this, it’s considered to be a once in a lifetime (or longer) event that may never happen again, meaning that not only are property values not expected to suffer for it, but tourism will actually go up because of it. The fire damage will take years to heal entirely, but the tourism that is brought in by those wishing to see beautifully contrasted lines carved by fire’s path will be enjoyed starting as early as spring 2017. While you may assume that damages will prevent that, fortunately almost no shops or attractions were impacted in the slightest, allowing tourists the chance to have their cake and eat it too; for the next few years, Smoky Mountains’ visitors can enjoy the old Gatlinburg, the current and incredibly unique views, and the future buildings that will quickly pop up to replace any damaged structures.
Property Values Are About to Bounce… Hard
A few key things are happening in Gatlinburg in the wake of the fire, most of which are centered around rebuilding the structures and tourism to its normal levels, neither of which will take particularly long. There will, however, be a short window to capitalize on a rare hiccup in property values before they surge upward, especially anything that is considered move-in or rental ready. Because most construction crews, maintenance professionals, engineers, and even general contractors or going to be booked up for rebuilds, anything that won’t require a day-one renovation will quickly go up in value. Likewise, in a couple of short months, properties that would have one day sold almost immediately that require a slight face lift to be sensibly modernized will sell for a lower-than-expected amount, allowing the patient property investor to snatch up a Smoky Mountains steal, only to eventually renovate it to its potential for less than the difference they saved by acting now.
Contact Theresa Today
We don’t want to seem opportunistic, but rather incredibly optimistic in the spirit of Gatlinburg and the entire Smoky Mountains region. The people here already know that the market will rebound, and likely even surge ahead, but the rest of the country has yet to see that; take this extremely rare opportunity to snatch up your Smoky Mountains investment property before the window closes!
Contact Theresa today to learn more or get started with your investment property search!
