September 2006 Making a Splash Upscale development follows the water’s edge By Hadley Hickman & Jennifer Kiilerich
Waterfront, upscale living is taking Tennessee by storm. With a new crop of these communities emerging wherever there is water and unspoiled land, people from all over the country are considering Tennessee’s lakefront communities to buy second homes.
So, too, are retirees, who are looking beyond the retirement high rises of the past and instead seeking a more resort-like setting that is close to a city where they can have similarly active lifestyles.
To accommodate this growing trend, Tennessee’s housing industry is racing to offer more options in waterfront homes closer to major cities. The numbers illustrate such growth: The National Association of Home Builders reports that in the South alone, 996,000 new home construction projects were underway in 2005—an amount that nearly doubles other areas in the country. Chris Wick, the development representative of TLP Development in Middle Tennessee, says part of this surge is because southern markets, especially Tennessee’s, have remained strong and people are interested in investing in real estate.
Regionally, East Tennessee, with its many lakes and mountain views, is no longer the only contender in upscale waterfront living. People living in Middle Tennessee are now taking advantage of their lakes and new riverfront options, while Memphians are in the process of a riverfront redevelopment that is ultimately expected to bring more than 3,000 residential units to the downtown riverfront.
The following are a few examples of waterfront living opportunities in each of Tennessee’s major regions.
East Tennessee
Tucked into the Cumberland Gap Mountains with 880 miles of shoreline on Norris Lake, The Peninsula Lakefront Community is East Tennessee’s premiere upscale community. Located in LaFollette and only about 40 miles from downtown Knoxville, the Peninsula offers 60-70 custom-designed residences with a minimum of 3,500 square feet and ranging anywhere from $269,000 to $5.6 million. No condominiums or villas are available.
What makes The Peninsula so unique says Bo Caldwell of Southland GMAC Real Estate, also a spokesperson for the development, is that “we are a very private, single-family-only community. We allow no renters, so there is no corporate feel.” The gated community is surrounded by acres of protected, unspoiled forests, with the Chuck Swan Forest on one side and a Wildlife Management Area on the other.
The community offers such amenities as mowing and trash services, and a service for moving boat docks that are all incorporated into the $500 per year homeowner’s fee. Buyers are free to choose a builder and architect of their choice.
For retirees, Rarity Bay sits on a 960-acre peninsula in East Tennessee’s Lake Tellico, near the Smokey Mountains and a thirty-minute drive from Knoxville. It offers amenities such as walking trails, an equestrian center, a golf course, a clubhouse with a fitness facility, and boating options.
Beth Hodge, a spokesperson for Rarity Bay, says of today’s retirees: “People want to be away, but they also want enough convenience to get to the city.” Potential residents can purchase a lot and create a custom home using any builder of their choice, or they may opt for a condominium or villa. Those who build their own homes are solely responsible for upkeep, while owners who select a single-residence villa or condo are covered by the community’s property owners association (POA). The POA maintains landscaping, mowing and other exterior chores, but not interior repairs, and the fees depend on which community or product type owners choose, Hodge says. Home fronts begin at $135,000, condos at $260,000 and villas at $375,000.
For more information
The Peninsula Lakefront Community
(865)719-1202
www.norrislakeliving.com
Rarity Bay
(800)287-0032, (423)884-3000
www,raritybay.com
MiddleTennessee
Historically, Nashville’s waterfront experience has been on lakes only,
but opening in the fall of 2006, the Cumberland Yacht Harbor is positioned to become one of Nashville’s first upscale riverfront communities. Located only five miles from downtown Nashville, the community will feature swimming pools, tennis courts and a river walk with dining, retail, and office space. Jim Varallo, spokesman for the Cumberland Yacht Harbor, says he and his wife will be relocating from Mt. Juliet to one of the new riverfront condos.
“We want a boat, and we want recreational capabilities, but we also want to be near downtown. We’re getting a little older, but we want to keep up our lifestyle,” says the longtime water sports fan.
Condos range in size from 2,240 square feet to 4,980 square feet. And hardwood floors, Viking-equipped kitchens and built-in grilles on each deck are standard. Every floor plan is accessible by elevator, and a condominium association takes care of all maintenance. Prices begin at $650,000 per unit. Association fees are based on square footage, with the lowest rate beginning at $224 per month. “This fee covers all insurance on the buildings, maintenance, landscaping, amenities (pools, tennis courts, etc.) and a reserve capital fund for long-term capital improvement,” says Peggy Hickman, a spokesperson for the Harbor.
The Cumberland Yacht Harbor isn’t the only upscale waterfront community in Middle Tennessee. Harpeth Shoals Marina, a gated community located about 30 minutes from Nashville, sits on the Cheatham Lake section of the Cumberland River. Set to be completed in December 2007, Harpeth Shoals will feature a 143-slip marina, 136 condominiums, and the Bridge Restaurant—all stretching over 28 acres of beautiful scenery. The Braxton Condominiums offer 136 state-of-the-art residences overlooking the lake and ranging from 1,500 to 2,100 square feet, with 350 square feet of outdoor living space. Price points start at $450,000. Each unit comes equipped with nine-foot ceilings, granite countertops, hardwood floors, Kohler kitchen and bathroom fixtures, stainless steel appliances, and private terraces with panoramic views. Association fees range from $189-$285 and cover pool, security, lawn, and maintenance fees, and a fitness center membership.
Leslie Finley, director of marketing and public relations for Harpeth Shoals, says the water-oriented lifestyle is what attracts many people. “The river/lake is much wider here than in Nashville, making it more recreationally friendly for a variety of boats and water sports like skiing, canoeing, or wakeboarding,” she says. Moreover, she credits the “lock and leave” system—people interested in purchasing the condo as a second home don’t have to worry about maintenance or security—as largely contributing to the individuality of Harpeth Shoals. Since becoming available in February, 77 of the 136 condos have been sold.
Fanning Bend at Tims Ford Lake offers waterfront living with the southern Cumberland Plateau mountains as a backdrop. In addition to boating and fishing on the spring-fed, deep water lake, recreation is available at the Jack Nicklaus-designed Bear Trace at Tims Ford golf course nearby. The development is located about an hour and a half drive south of Nashville near historic Lynchburg and near major interstates.
For more information
Cumberland Yacht Harbor
(615)301-4989
www.cumberlandyachtharbor.com
Harpeth Shoals Marina
(888)792-7924
www.harpethshoalsmarina.com
Fanning Bend
(800)722-4068
www.fanningbend.com
WestTennessee
Memphis’s Mud Island has long been a local attraction. Surrounded by the Mississippi River and the Wolf River Harbor, it’s located within two miles of downtown Memphis and features a museum, a water park, an amphitheater and numerous restaurants. But it’s on the northern portion of the island—where one finds grassy running trails and benches overlooking the Mississippi River—that developers have begun reinvigorating the land.
Take, for example, Memphis’ Harbor Town. Developed in 1989 by Island Properties Associates, it makes the most of the Mississippi River and its charming harbors, as well as the culture of downtown Memphis. More than half of the 950 homes in the area are privately owned, but an active homeowners’ association, managed by the Henry Turley Co. of Memphis, keeps residents connected through frequent community events and neighborhood upkeep projects. The neighborhood embraces a relaxed lifestyle reiterated in its slogan, “vacation living 365 days a year.”
Henry Turley Realty offers various waterfront options, from large private homes in Harbor Town, to smaller town homes stilted over the Harbor Town Marina. Restaurants, grocery stores and other daily shopping needs are within walking distance of most homes in the area. Prices of condos and/or homes in the marina range anywhere from $200,000 to $400,000.
For more information
Harbor Town
(901)521-1593, (800)845-6739
www.henryturley.com
Email to a Friend
Print-Friendly Format