Neighborhood Rental Information

I have a new website obsession and it's called Zilpy. Zilpy is like a hybrid of Zip Skinny and Zillow, but specifically geared toward renters and investors. According to their website:

Zilpy is a free online rental market facts and analysis service dedicated to help you make better rental and investment decisions.

We do exactly what you would do if you had to do the analysis yourself – collect data from all available sources (newspaper classifieds, online classifieds, apartment rentals, etc.) and filter the data based on your criteria (proximity, property type, crime rate, population, income, etc). We do all this heavy lifting for you so that you can concentrate on your real goal: find the right rental property.

Zilpy also answers to the following questions:

• - Where are the cheapest 2 bedroom Condos or Townhouses?
• - How much rent can I get at this specific address?
• - What is the rental trend in a specific area, can I see heat maps?
• - What is the demographic structure (population, age, income) of a specific rental area?

Enter a potential rental address in Zilpy and you'll get a Google map showing other nearby rental properties, complete with their current rents and amenities.; comparable rental properties in the area; and a suggested potential rent for the subject property. You'll also get other information for the area, such as average renter occupancy, vacancy rates and monthly rent affordability. In addition, Zilpy will pull census information for the area, a la Zip Skinny.

While it's not perfect, Zilpy seems like a good tool for both renters and potential landlords. It's also a good way to see how many rentals are in an area you're thinking about moving to.

Out of curiosity, I entered my home address in Kingston Park and was told that I could rent it for $1,425 - anybody looking for a place to live?

Link Round-Up: Deep Thoughts Edition

Are HELOCS the new sub-prime? Calculated Risk

Are FHA loans with payment assistance programs the new sub-prime? MSNBC

Are conventional loans the new sub-prime? WSJ

Am I totally obsessed with what may or may not be the new sub-prime?

Knoxville Foreclosure Watch

Another week, another installment of Foreclosure Watch. This week brings a new feature - handy arrows out to the right of the stats, indicating if the numbers are up or down from last week. I am also going to be experimenting with some different kinds of charts in the coming weeks, and I highly encourage your (constructive) feedback.

I have had some requests for more area specific foreclosure stats. For those of you wanting very specific info - a particular subdivision or neighborhood - send me an email letting me know what you're looking for and I can send it to you on an individual basis. Broader areas, such as North, South, West, and East Knoxville, will be getting their own special installments and/ or charts. I'm still working out how best to do this, and again, any helpful suggestions would be greatly appreciated. Remember: I was a liberal arts major.

But enough jibber jabber, let's look at some bank-owned properties, shall we?

Knox County Foreclosure Property Statistics as of 5/14/08 *

Current On-Market Listings - 147 ▼
Average Asking Price: $128,950 ▲
Median Asking Price: $87,900 ▼
Most Expensive New Listing: $ 469,900 (5 BR, 4 1/2 BA, 5900+ sq ft in Powell)
Least Expensive New Listing: $20,000 (2 BR, 1 BA 750+ sq ft in North Knoxville)
New Honorable Mention: $90,000 (3 BR, 2 BA, 1100+ sq ft in Fountain City)

Current Pending Sales -104 ▲
Average Asking Price - $91, 149 ▼
Median Asking Price - $74,900 ▬

Closed Sales May 7, 2008-May 13, 2008 - 9▼
Average Asking Price - $118,432 ▲
Average Sales Price - $114,232 ▲
Median Sales Price - $105,000 ▲
Average Days on Market - 55 ▬




*Data taken from KAARMLS on 5/08/08 for Knox County single family residential properties only, and does not include condos or PUDS.

As always, if you have any questions about any of these properties, feel free to drop me a line.

Don't miss a single Foreclosure Watch update - subscribe to All Around K-Town today!

Quote of the Day

"There's no doubt that due to the mortgage crisis, everything has tightened up ... A year ago, if you could fog a mirror, you could get a loan."

- Mandy Wachtler, president of the Greater Nashville Association of Realtors in an article in The Tennessean

Hat tip to Josh Flory for the article.

Knoxville Robbed, Size Apparently Matters

Knoxville was robbed. Well, metaphorically robbed, and by our old friend Forbes.com, no less. Remember them? The guys who used to put us on all their lists, calling us the best this and most wonderful that?

Well, Forbes has a new list and although they think that both Nashville and Memphis are among America's best cities for outdoor living, Knoxville didn't even make the cut.

The reason? Well, it's actually only because we're not one of the country's 40 largest cities, which were the only cities Forbes looked at when compiling the list. Apparently, size does matter.

So basically, East Tennessee's natural beauty, the plethora of outdoor activities available here, and the great Smoky Mountains themselves don't mean a thing because we're not "large" like Memphis or Nashville. Phooey. We may not be as big as those guys, but we're sure a lot prettier. Have you ever passed a spring in Memphis? I rest my case.

If you feel like Knoxville was robbed of its spot on this Forbes list due to city size discrimination, why not send a friendly email to the article's author, Rebecca Ruiz , and let her know? And come back here and let me know if you do. Heh.

Neighborhood of the Week: Gettysvue

So far Neighborhood of the Week has only focused on older, historic Knoxville neighborhoods, but it's time to see how the other half lives. This week, I'm going to do a 180 and look at a community of newer, bigger, and more expensive, homes: Gettysvue. I think it would be fair to say that Gettysvue is more than a residential community - it's a lifestyle.

A country club community, Gettysvue includes an 18 hole golf course; polo facilities; two swimming pools and it's own swim team; tennis courts complete with tennis pro; a clubhouse with fitness center and restaurant; various children's camps; and numerous social events throughout the year.

A lot or home purchase in Gettysvue gets you an automatic social country club membership, but golf memberships, though varied, are extra. You can learn more about country club amenities and memberships at the Gettysvue Country Club website.

And while there are condos in Gettysvue, I'm only going to be looking at the houses, and then only on the Polo and Golf side, not the Racquet Club side. With that said, here's Gettysvue by the numbers-


Gettysvue*

Current On-Market Listings - 16
Average Asking Price: $1,346,225
Median Asking Price: $1,294,500
Most Expensive: $2,295,000 (5 BR, 6 1/2 BA, 10,000+ sq ft custom built home with 8 fireplaces)
Least Expensive: $748,500 (4 BR, 4 BA, approx 3700 sq ft, overlooking 11th green)

Current Pending Sales -1
Average Asking Price: $987,500
Median Asking Price: NA

Closed Sales - Q1 2007 - 3
Average Asking Price - $1,004,933
Average Sales Price - $947,700
Median Sales Price - $890,000
Average Days on Market - 142

Closed Sales - Q1 2008 - 3
Average Asking Price - $1,015,667
Average Sales Price - $930,333
Median Sales Price - $1,055,000
Average Days on Market - 150

*Data taken from KAARMLS on 5/12/08 does not include adjacent subdivisions, condos, PUDS, or multi-family units.

As always, if you want any more information about any of these properties just give me a shout.

Think your neck of the woods is Neighborhood of the Week material? Let me know and you might just see it here next week.

What's Your Neighborhood's Walk Score?

Is your neighborhood walkable? I don't mean taking an afternoon stroll walkable, I mean being able to walk to the grocery store and to restaurants walkable. If you're curious how a neighborhood ranks on the walkability scale, check out Walk Score.

The setup is simple: you enter your address and Walk Score will rate the walkability of your location on a scale of 1-100. Here's the breakdown:

• 90 - 100 = Walkers' Paradise: Most errands can be accomplished on foot and many people get by without owning a car.
• 70 - 90 = Very Walkable: It's possible to get by without owning a car.
• 50 - 70 = Some Walkable Locations: Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
• 25 - 50 = Not Walkable: Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
• 0 - 25 = Driving Only: Virtually no neighborhood destinations within walking range. You can walk from your house to your car!

My home address scored a miserable 14, making it a driving only area. My work address, however, right next to West Town Mall, got a much higher 75.

Unfortunately, one thing Walk Score does not take into account is how pedestrian friendly an area is. For example, in order to walk to some of the businesses that are very close to my office, I would have to cross very busy and very non-pedestrian friendly streets such as Kingston Pike and Montvue - not something I relish doing.

But all walking aside, Walk Score is also simply a nifty way to scope out nearby shopping, parks and restaurants when moving to a new area.

So check out Walk Score - enter your own address and then come back and let me know how walkable your neighborhood is in the comments. Walk on!

Weekly Poll + Super Special Bonus Question

This week's poll is up for you to enjoy at the top left of the page.

And as an extra special bonus this week, I'm asking you guys to answer another, more open-ended, question:

If you could live anywhere in Knoxville, where would it be? A part of town? A specific house? A certain neighborhood? Maybe just a really nice street? Tell me all about where and why in the comments.

And don't forget that while subscribing to All Around K-Town is both fun and free, following me on Twitter is equally cheap and enjoyable.

(Really) Tiny Homes

No, seriously, they're tiny. Like 100 sq ft tiny. And sure, they're environmentally friendly, but I got so claustrophobic watching the video, I had to turn it off. Now I'm getting light headed just thinking about watching it. So go ahead, you try to watch it. I dare you.




A lot of these are portable, so they'll build them and send them out to your little corner of the woods. Just don't invite me over, k? K.

Knoxville Foreclosure Watch

Welcome back, fellow Foreclosure Watchers and thanks for your patience with yesterday's technical difficulties. We're a day late, but not short on foreclosures. Although listings are roughly the same and pendings are down, closings are way up. Oh, and average DOM is way up too. Let's get to the numbers:

Knox County Foreclosure Property Statistics as of 5/08/08 *

Current On-Market Listings - 157
Average Asking Price: $128,732
Median Asking Price: $89,900
Most Expensive New Listing: 4 BR, 2 BA, approx 2400 sq ft in Seven Springs off of Middlebrook
Least Expensive New Listing: 2 BR, 1 BA, approx 1200 sq ft in Mechanicsville
New Honorable Mention: 3 BR, 3 BA on 1.6 acres with 4 car garage in Fountain City

Current Pending Sales -95
Average Asking Price - $94,927
Median Asking Price - $74,900

Closed Sales April 29, 2008-May 6, 2008 - 17
Average Asking Price - $106,929
Average Sales Price - $102,897
Median Sales Price - $97,000
Average Days on Market - 55




*Data taken from KAARMLS on 5/08/08 for Knox County single family residential properties only, and does not include condos or PUDS.

As always, if you have any questions about any of these properties, feel free to drop me a line.

I've had some great suggestions on ways to improve Foreclosure Watch - look for some new features and additional FW posts in the very near future! Have your own suggestions? Let me know in the comments.

Don't miss a single Foreclosure Watch update - subscribe to All Around K-Town today!