There has not been a buyer for the Goody's Bldg. The owner of the building is not offering the building for sale, only for lease.

The building is owned by an investment group from California. They had leased the facility to Goody's. They are now seeking tenants to lease the office portion of the facility. When the warehouse area is vacated, they will probably begin to look for a tenant to lease the warehouse building.   « less

You are in a unique position, by having the ability to offer financing in a market that is difficult to obtain financing. I would suggest that you compare different brokers in order to ascertain who would have the best expertise. The broker should demonstrate his ability to market the property through various avenues available such as national marketing services, specific NAIC code mailings, signage, cold calls, MLS, etc. The broker should be willing to give a specific schedule for performing these tasks and communicate with the seller regularly to keep the seller up to date. Commercial properties take longer to sell, and the listing time will usually be longer. Six to nine months is probably the minimum in today's market. Perhaps the most important aspect is the process of determining what the property is worth. Brokers should provide the seller with comparables to the subject property and have a definite opinion to the value of the asset. Simply thinking the property has a certain value does not make it so. Also, some brokers are local firms and others have the ability to reach a regional, national, or even international clientele. Your specific needs may not require such exposure but many firms find it valuable. -Roger Denny, Broker    « less

"Commercial Real Estate activity in close proximity to residential property usually increases the desirability and value of residential real estate! Other factors that will influence whether the residential property will go up in value is, as you mentioned, the potential for zoning changes and other characteristics directly attributable to the property. These characteristics would include the amount of street frontage and road cut availability into the property, what other property uses are around the property, ability to be combined in a purchase with other properties to make a larger tract or is the topography of the property easily addressed. The local government's land use plans may also make or break the potential increase in value. Experienced Commercial Real Brokers are accustomed to looking at all these issues and others when assisting clients in their real estate decisions. Matt Fentress, Broker NAI Knoxville   « less

You are in an enviable position--a large tract of land in the path of development. I suggest that you have an expert look at the property to give you an opinion of its highest and best use and market value, under different scenarios. Due to the poor economic conditions, the market for vacant land right now is not good so the suggestion might be to do some preliminary planning and hold until the economy recovers. If you want to sell for the most money, you could consider developing it your self, but it would take a lot of planning, engineering and investment in infrastructure.    « less

In a typical transaction, the seller is taxed on any gain or profit that is realized from the sale. However, through a little known section of the tax code (often referred to as a 1031 Exchange), the tax on the gain/profit is deferred until some future date. Section 1031 of the IRS Code provides that no gain shall be taxed on the exchange of property held for productive use in a trade or business, or for investment. A tax-deferred exchange is a method by which a property owner trades one or more properties for one or more replacement properties of "like-kind", while deferring the payment of federal income taxes and some state taxes on the transaction. The theory behind Section 1031 is that when a property owner has reinvested the sale proceeds into another property, the economic gain has not been realized in a way that generates funds to pay any tax. In other words, the taxpayer's investment is still the same, only the form has changed (e.g. vacant land exchanged for apartment building). Therefore, it would be unfair to force the taxpayer to pay tax on a "paper" gain. The like-kind exchange under Section 1031 is not tax free, only tax-deferred. When the replacement property is ultimately sold (not as part of another exchange), the original deferred gain, plus any additional gain realized since the purchase of the replacement property, is subject to tax. The benefit of a tax deferred exchange is one of the few ways that a seller can postpone or potentially eliminate taxes due on the sale of real estate. By deferring the tax, the property owner can have more money available to invest in another property.    « less

Residential realty is not our area of expertise. However, I think that the Tennessee Real Estate Commission might be able to give you some direction. They will let you know if there has been a violation and how to proceed. http://state.tn.us/commerce/boards/trec/ OR by phone 800/342-4031 or 615/741-2273.    « less

Primarily a broker gets paid by the seller. The advantages of having a commercial broker work for you are numerous, but I will list those that I think are most important. 1.Your time is valuable. While you are continuing to run your business, your broker will be searching for appropriate and available properties that fit your specific needs. 2. If you need help determining these needs, your broker can assist in that as well. 3. The selected listings will be valued and compared based on your specifications and then presented to you. 4. After you and your agent physically view all the properties that you like, your agent will help you make an offer that is in-line with the value of the chosen property. The seller pays the commission, but your agent works for you. Your agent will do his/her best to insure you get what you need at a fair price because they want your future business and they want your referrals. 5. Last,your agent will negotiate your lease and remain a part of the transaction until you take occupancy/ownership of your new location. Of course, there are many details that your agent will attend to. They will also trouble shoot any problems that might arise. In summary, it isn’t “costing” you the tenant/buyer a thing and you get a lot from your agent.    « less

Kimberly Dixon Hamilton, a residential real estate broker, is someone who really has her finger on the pulse of residential activity going on downtown. Kimberly specializes in this area of town, and I am sure she would be able to help you. Her website is http://www.knoxvilledowntownrealty.com/lifestyle.php. There is another website named Downtown Knoxville http://www.downtownknoxville.org/. The have residential listings as well as commercial. Best of luck and welcome to Knoxville!    « less

There is a lot going on. The past few years have seen the development of a new baseball park for the Smokies and the opening of the long awaited Bass Pro Shops. It doesn’t stop there. Ground has been broken for a new development by the same folks who developed Turkey Creek. This new development is called Dumplin Creek and it will be chock full of retail and restaurants. Across the interstate is the new Sevier County Industrial Park that is set to be completed within the next two years. This park is located on 60 acres and will have 250,000+ square feet of space to lease. Kudos to Sevierville, the industrial park has tenants marked for all spaces.    « less