I'm confused Deb! We just visited a time share in the Smokies and they said property sales are going through the roof! 
Love that area! We visit every few months.
For what it's worth, the next mountain range over appears to have a different market condition. Prices are sky high and even bidding wars have broken out. Granted, I believe that it's only certain neighborhoods.
Kind of depends on where you go up there.
I'm nearest the Sevierville, Pigeon Forge, Gatlinburg area to the east, which is in Sevier County(home of Dolly Parton), or Townsend/Walland in Blount County, to the south.
There have been some beautiful cabins built up in the S/PF/G area, with very high price tags. And a whole bunch of them have gone on the foreclosure market in the last 2-3 yrs....you go in and the lamp shades still have the price tags and plastic wrap on them! They have never been lived in and are totally furnished down to fully equipped kitchens, tv's, pool tables, etc. Only thing missing are sheets, towels and food. When all these first started going into foreclosure, per the lenders instructions - the listing agent had to have the entire place emptied out!! And the trashout person - who was paid by lender to trash it out - also got the profit/cost of disposing the items!!!! Finally the lenders got smart, and started selling the ones that were so brand new, with the furnishings intact.
Also, as of a couple of years ago, any values over $600, trash out person is "supposed" to list and provide a picture to the lender. As to how that's working out, I honestly have no idea. The trashout guy I used to use, got himself listed as an individual vendor to the company I contracted with, so all of his costs and stuff went straight from him to the company. One of the reasons I don't do foreclosures anymore, is because the list agent has to pay all costs out of pocket - trashout, lock change/boarding up, utilities(put in the agent's name, not the lender), yard maintenance, winterization - and, with some lenders (or 3rd party company that deals with the entire foreclosure process from the moment the lender takes the property back on courthouse steps through selling and closing out the property), the agent is not paid until AFTER the closing. I know agents that have outstanding bills to lenders up in the $15-20,000 range! I can't, nor am I willing! to do that. The worst I was in for was $2000 and it was horrible... and it was all due to the local utility company - in my name! That was back when the bills were paid directly by the lender (not anymore!) and they were slow to pay. After that, I always found a reason to not turn on the utlities. Mine got that high on one house because there was a water leak in the huge front yard, that was sloped and being absorded before it hit the street...no way to know there was a leak until the bill came. The utility company said "too bad, so sad - pay up!"
Back to the "bidding wars" possibilities....
In the S/PF/G area, these are the stats for the last 180 days. (time frame lenders use)
Currently for Single Family Dwellings - this does not include condo or PUD..
Active lists - 759 ranging from $25,900 to $2,700,00
176 days on market - averaged
Solds in last 180 days - 199
210 DoM -averaged
Foreclosures in last 180 days - 45 currently active
73 sold
Last 30 days sold - 24 total
7 foreclosures incl in those 24
Currently for Condo/PUD
Active - 141
184 DoM
Sold - 48
217 DoM
Foreclosure - 17 Active
13 Sold
Last 30 Days - 3 Sold
0 Foreclosure
In the Townsend/Walland area
Single Family Dwellings...
Active - 211 ranging from $22,000 to $1,994,000
170 DoM
Sold - 75
159 DoM
Foreclosure - Active - 8
Sold - 12
Last 30 days - 7
1 Foreclosure
My mls does have a category for Timeshares, but there is nothing listed in it for the above areas for the last 180 days. That does not mean there aren't any, they just aren't in the Knoxville Area MLS.
Not sure what constitutes "going through the roof", but I have heard other agents here say the same about the market here in town. Compared to how sales have been the last couple of years? Yes, that would be an appropriate statement. However, compared with what is on the market.... there's a couple of years supply out there.
One thing agents have noticed around here, and I'm seeing it in the work I do...is how many cash sales there are lately. I'm talking about houses in excess of $1-500,000! From what I'm hearing from agents, there are a lot of people moving in from up north. MI, PA, NY, NJ, etc. They are selling their homes, taking the cash and moving south, because the cost of living is so much cheaper, and there are jobs here. Not high paying exec ones, but there are a lot in the $9-13/hr. For a person that has retired in their 50's/early 60's, and have retirement money coming in, and want something to do... that's not bad, especially if they can get benefits. Caremark, ADT, JTV, Talbots Catalog, Whirlpool, Marriott, all have big call centers here, and they love older employees because they show up and most don't have to be taught phone etiquette. Surrounding counties are getting new businesses too.
In the last couple of years, the retail market around here has really changed - wonderfully so as far as I'm concerned! Trader Joe's, Publix, Aeropostle, Pottery Barn have all come in the last year. Whole Foods, Urban Outfitters, and Anthropologie are all coming in - all but Whole Foods have started on structures. These are all stores from more "sophisticated" areas than Knoxville. And are an indication of how the area is changing due to influence from "outsiders" (bless them!!!!) Lot of people and companies moving in to East Tn, Nashville, and Chattanooga areas.
Things may have changed in the last few years, but cross over into NC and the prices go up. Particularly the closer you get to Asheville. I'm pretty sure there are a couple of members here that live in that area and they have way more knowledge about their local real estate costs/values than I do. It's been 30 yrs since I lived in Asheville just a few months, and it was expensive then. JohnnyReb in near the mountains on the SC side and he would know the costs over there. NC economy seems to be doing well, too, with large companies headquartering there.
I should be working for the Chamber of Commerce...
