(Jan. 29, 2014) – Rarity Bay, a gated community of 450 residences on Tellico Lake in East Tennessee, saw a significant increase in housing starts during 2013. Construction began on 13 new homes during the 2013 year, which is more than the previous three years combined! With just a few weeks into the new 2014 year, another 6 new homes are in various stages of the architectural review process and are expected to break ground in the next few months. Several others are expected to be submitted for architectural review within the coming weeks and the increased growth trend is expected to continue in 2014.
Sales of existing homes, villas, condos and building lots also increased significantly in 2013, indicating that the economy and Rarity Bay are indeed regaining some traction. Realtors working in the community report 19 homes and villas were sold, as well as 4 condominiums, and 57 home sites. Independent sales agents are very optimistic that the growth will continue as the economy continues to rebound.
Karen Millikan, owner of On The Lake Realty, commented: "As the year 2013 comes to an end, it is exciting to see sales numbers and sales dollar volume in Rarity Bay almost double from the past couple of years. It proves that having faith in our great community, both Residents and Realtors, has enabled the community to portray a positive image and put our best foot forward to interested prospective buyers. The Rarity Bay Community still proves to be one of the most beautiful and strong communities in East Tennessee."
The increased construction and sales activities are primarily a result of both a revived economy and the management changes made in 2012 by the new all-resident Board of the Rarity Bay Community Association Inc. With a new direct marketing initiative, Rarity Bay welcomed more visitors, independent sales agents, and financial investors to consider Rarity Bay for future property ownership which contributed to this new growth.
Another independent real estate agent, Luke Noe, owner of Rarity Bay Real Estate Co., adds: "Rarity Bay Community real estate has picked up significantly according to local multiple listing statistics for 2013 compared to the previous year. Rarity Bay's growth in sales and construction prove that prospective buyers are comfortable purchasing in the community. The four distinct seasons in East Tennessee, the lake and the mountains, and the affordable living combine to make this a very attractive region to live in."
As reported in the September 5, 2013 news release, for the first time, Rarity Bay participated in the annual Knoxville Parade of Homes last October. One of the newly built homes was featured and was toured by 873 visitors, who also had the opportunity to see the various amenities and spectacular lake and mountain views that this community offers. The featured homebuilder, owner and entire community were thrilled when this home won the award of “Best Home” in the “Over $1 Million” category, as well as three other awards in that category (best kitchen, best bath and best outdoor space).
As 2014 begins, the Rarity Bay Community Association Board reports that the community finances continue to be operating with a positive cash flow. Design/construction review by the resident-managed Architectural Review Committee and a new professional management services company, First Service, to manage day to day operations set the course for Rarity Bay to be an even stronger residential community in 2014. All key amenities of this gated community (golf course, country club, boat docks, dog park, equestrian center, and others noted below) are in full operation and are being enjoyed daily by our residents and their visitors. The offerings of this community certainly set the stage for more positive public recognition and growth this coming year.
Read More About Rarity Bay