With all the talk about our economy, recession, and volatility, you wouldn't know there was even an issue by looking at the tax revenue posted by the City of Pigeon Forge for year ending 2012. According to Mayor David Wear, the city had it's best year ever. Every business sector was up.
Gross receipts for the 2012 tax year came in at an astounding $905.8 million, beating the previous record of $872.5 that was set in 2007. This was also a $75 million increase from the 2011 tax year. With more and more families continuing to travel to the Smoky Mountains, it is not far fetched to believe that we will reach the $1 billion mark in the next couple years.
As the economy continues on its roller coaster ride, many families are still questioning the larger, more expensive family vacations and opting for a trip to the Pigeon Forge & Gatlinburg area. Combining that fact along with the increased amount of events currently taking place at the multiple convention and event centers, and you can easily understand the increased revenue from one year to the next. And it should only get better. The LeConte Center, a 230,000 sqft events facility, is scheduled to open in September of 2013. This will draw a number of different groups into the area for many years to come. The Wear Farm City Park should be completed sometime in March, 2013 and consists of 5 lighted softball/baseball fields which is sure to attract many different travel teams to the area to attend tournaments held at the park.
The Time Is Now To Buy A Log Home In Pigeon Forge
It is hard to argue with the numbers above. The city has been very successful in its efforts to grow. The reason for its success is how well business and government are working together. The increased revenue also showed an increase of 11% in lodging, or a$147 million for the year. There is one way to look at that statistic. More lodging = more occupancy. Ultimately the goal when investing in a log cabin in the Smokies is to have it rented as much as possible. This trend is helping achieve that goal. Couple that with the upcoming openings of the event center, and the Wear Farm park and you can expect to see they another increase in lodging for year ending 2012.
Prices are still low. Inventory is very low. Mortgage rates are low. These trends are going to change. As the demand grows for log cabins and real estate as a whole in Sevier County, you can expect to see the prices rise, especially if the inventory levels do not increase as fast as the demand. When current owners who have been undecided about selling see the upward trend in price and demand they will make the jump and list their log cabins for sale. If the inventory levels to not meet the increased demand then it is very likely that we will start to see bidding wars again on these units. If you are one of those potential sellers and are unsure about listing your log cabin, let me help you understand why the best time to list your cabin is now.
Mortgage rates will increase. It has already started to happen. Granted the increase is small, an increase is an increase. It is important to understand that the smallest increase can ultimately cost the buyer a few thousand dollars and in some cases eliminate them from the property because they will no longer qualify. A 30-year fixed-rate mortgage averaged 3.56 percent with an average 0.8 point for the week ending February 21, 2013, up from last week when it averaged 3.53 percent.
There are a number of log cabins for sale in Pigeon Forge. Some are great deals and others, well, not so much. This is where it becomes vital to enlist the services of a log cabin investment specialist like myself.