Rarity Bay Experiences Big Real Estate Rebound
Tuesday, February 3rd, 2015 | Uncategorized | No Comments
By Karen Millikan
2014 was an exciting year for real estate at Rarity Bay, with accelerated sales of both existing homes and homesites, as well as a record number of new home starts.
Realtors sold 13 homes and nine condominiums in Rarity Bay in 2014 and had two pending home sales at the end of 2014. Home sale prices ranged from $149,000 to $915,000, and condominium sale prices ranged from $109,000 to $230,000. There were also a total of 15 waterfront and interior homesites that were sold through traditional means, MLS, and Realtor systems. Six of these homesites were waterfront sites in the $95,000 to $410,000 range, and the remainder were interior/view sites ranging from $5,000 to $75,000.
There are currently about 35-37 new homes in varying stages of construction throughout Rarity Bay, a phenomenal number in comparison to 2012 or 2013. An additional four homes are in the design and review process that will come out as “new builds” for 2015. Just as exciting is the construction of a few “speculation” homes that are currently in process, which means that investors are jumping back into the real estate marketplace!
During the year, we also experienced the sale of Rarity Bay’s Equestrian Center, which sold for $410,000 in August 2014. The new owners are very user friendly and have opened the equestrian center to all boarders within Rarity Bay and outside the community as well.
2014 also marked another achievement for Rarity Bay as it was selected by Real Estate Scorecard’s Bliss Award as the “Best Tennessee Community of the Year.”
“We chose Rarity Bay for the Bliss Award because of the high-quality of life and friendliness of the community,” said Scorecard’s founder, Margie Casey. “We have been optimistically cautious throughout the years and discovered from the recent property owners’ reviews that this is the exact type of neighborhood people long for in a retirement location – a warm, friendly place with lots of things to do.”
2015 is already off to a great start, with four home sales currently pending to close in 30-60 days! Rarity Bay has truly rebounded from all of the real estate woes impacting the nation’s residential housing marketplace and is on the right side, the “upside,” of today’s recovery.
If you would like to learn more about Rarity Bay or any of the many other surrounding lake and golf front communities on or near Tellico Lake, I invite you to call me at (423) 519-1015.
On The Lake Realty
Karen Millikan
(423) 519-1015
