A 32.15 acre PUD with paved and curbed streets, underground utilities, street lighting, and a clubhouse (clubhouse is 90% complete). The development has mountain and wooded views and is 8/10 of a mile from the Smoky Mountain Arts & Crafts Community in Gatlinburg.
Covenants are in place.
Phase 1 has final plat approval for 17 lots and Phase 2 has preliminary plat approval for 10 lots and possibly 12 lots before final plat approval.
A recently completed and furnished luxury log cabin on lot 3 that is on a rental program with Amazing Views of the Smokies Cabin and Chalet Rentals in Gatlinburg, TN.(www.amazingviewsofthesmokies.com). The cabin is called “Mountain Bliss” on the rental cabin site.
A 16.84 acre PUD in the preliminary plat approval stage for 24 lots. It is approximately 2 miles from the entrance to Dollywood.
A preliminary centralized sewer system approval for 24 cabins has been obtained from the state, but we have not gone through the permitting process at this time.
Lots appraised at $80,000 by Smoky Mountain Real Estate Appraisals in 2006.
VIEW PHOTOS PLOT MAP
Preview Wedgewood & Birds Eye Development
Photos and The Surrounding Nature
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| Home Photos | Surrounding Nature |
PROPOSED ACQUISITION
DESCRIPTION / VALUE
Seaton Springs 1.920,000
Birds EyeView Resort 2,085,800 (based on county tax records for Phase 1)
Luxury Cabin (615,000) 499,000 (reduced appraisal by 116,000 due to economy)
Beachside Duplex (560,000) 400,000 (reduced appraisal by 160,000 due to economy)
Oceanfront lot (800,000) 600,000 (reduced appraisal by 200,000 due to economy)
Total package value $5,504,800
Proposal Sales Price 3,600,000
Gross equity 1,904,800
Estimated Costs to complete
- Seaton Springs (500,000)
- Birds Eye View Phase 2 (200,000)
Proposal Realtor Commission (125,000)
Net Equity 1,079,800
These prices are "today's prices"
Net equity is 1.1 million at today's lower prices
Sevier County currently has Birds Eye View Resort appraised 1,245,800 for lots 1-17 only, exclusive of Phase 2. (County appraisals are typically lower than actual appraised value). Phase 2 was preliminarily approved for 10-12 lots so pricing them near the low end at 70,000 (based on tax records for Phase 1) adds an estimated 840,000 in value to the development. The roadwork/infrastructure costs for Phase 2 will be approximately 250,000 to complete.
Seaton Springs
With 24 lots preliminarily approved, that is 1,920,000 in value once it is completed. Estimated costs of completion of roadwork/infrastructure/centralized sewer system are approximately 500,000.
Proposal
Seaton Springs, Birds Eye View Resort and the luxury cabin for 3.6 million (includes 125,000 for r/e commission for quick sale), and close by December 31, 2008, and I will include an oceanfront lot on Amelia Island, FL that appraised for 800,000 in 2006.
For Information Contact The Seller Directly:
Ronnie Lemmond
rlemmond@rglassociates.com
912-266-4096