Score
0Knoxville, TN
8719 Inlet Dr
8.9M
6 beds
7 baths
12,618 sqft
6 bd • 7 ba • 12,618 sf
This analysis was generated on 1/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$8,900,000
Price/Sq.Ft
$705
Year Built
1994
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This luxurious lakefront property at 8719 Inlet Dr, Knoxville, TN 37922 offers exceptional value and features:
1. Prime Location: Situated on 3.16 gated acres with breathtaking views of Fort Loudoun Lake and the Tennessee River, providing unparalleled privacy and scenic beauty.
2. Expansive Size: At 12,618 sq ft, this home is approximately 400% larger than the average home in Knoxville (3,150 sq ft), offering ample space for luxury living and entertaining.
3. Recent Renovations: The property has undergone extensive, high-quality renovations, enhancing its value and reducing immediate maintenance needs.
4. Unique Amenities: Features like the 50-foot observatory, in-ground heated pool, custom soundproof shooting range, and home theater set this property apart in the luxury market.
5. Strong Appreciation: The property value has increased by 345% since its last sale in 2021, from $2,000,000 to the current listing of $8,900,000, indicating significant market demand and potential for further appreciation.
6. Investment Potential: With Knoxville's median income at $113,475 and strong rental rates (4-bedroom homes averaging $2,580/month), this property could generate substantial rental income if desired.
7. Energy Efficiency: The home features both central heating and cooling, utilizing propane, which can be more cost-effective and environmentally friendly than traditional electric systems.
8. Educational Access: Proximity to highly-rated schools (Rocky Hill Elementary: 8/10, West Valley Middle: 7/10, Bearden High: 7/10) adds value for families and potential resale.
The Bad
1. High Price Point: At $8,900,000, this property is significantly above the median home price in Knoxville, limiting the pool of potential buyers.
2. Price per Square Foot: At $705.34/sq ft, it's priced well above the Knoxville average of $200-$250/sq ft, potentially making it difficult to appraise and finance.
3. Days on Market: The property has been listed for 84 days, which is above the Knoxville average of 30-45 days, suggesting potential overpricing or limited market interest.
4. Maintenance Costs: With 12,618 sq ft and extensive amenities, annual maintenance costs could easily exceed $100,000, not including potential HOA fees.
5. Property Taxes: Given the high valuation, annual property taxes could exceed $80,000 based on Knox County's average rate of 0.93%.
6. Insurance Costs: The estimated annual insurance of $32,040 is exceptionally high, likely due to the property's size and lakefront location.
7. Utility Costs: Energy bills for a home this size could easily reach $1,000-$1,500 per month, especially with features like the heated pool.
8. Age of Home: Built in 1994, some systems and structures may require updates or replacements in the near future, despite recent renovations.
The Ugly
1. Extreme Flood Risk: The property has an EXTREME flood risk (10/10), which is critical for insurance. This could lead to astronomical flood insurance premiums, potentially $20,000-$30,000 annually or more.
2. Market Volatility: The 345% price increase since 2021 is unsustainable and may indicate a market bubble. There's a high risk of significant value loss if the market corrects.
3. Specialized Features: The shooting range and observatory, while unique, may not appeal to all buyers and could be costly to repurpose, potentially impacting resale value.
4. Environmental Concerns: The lakefront location may face erosion issues, and climate change could exacerbate flooding risks over time.
5. Limited Buyer Pool: The ultra-high-end price point severely restricts potential buyers, which could lead to extended selling times in the future.
6. Potential Over-Improvement: The extensive custom features may exceed what the local market can support, leading to challenges in recouping renovation costs.
7. HOA Unknown: While maintenance of grounds is mentioned, full HOA details are not provided. High-end communities often have substantial HOA fees, potentially adding thousands to monthly costs.
8. Future Development Risks: Changes in local zoning or new lakefront developments could impact the property's views and value.
9. High Carrying Costs: The combined costs of mortgage (assuming 20% down at current rates), taxes, insurance, and maintenance could exceed $60,000 per month, creating significant financial pressure.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. Ultra-high-net-worth individuals with annual incomes exceeding $3 million, who can comfortably afford the $60,000+ monthly carrying costs.
2. Luxury real estate investors looking for a high-end short-term rental property, capitalizing on Knoxville's growing tourism market.
3. Corporate buyers seeking an executive retreat or high-end event venue, leveraging the unique amenities and lakefront location.
4. Privacy-focused buyers who value the gated, large-acreage setting and extensive security features.
5. Water sports enthusiasts or boating aficionados who will maximize the lakefront location and dock access.
6. Large families or multi-generational households who need extensive space and numerous bedrooms/bathrooms.
7. Entertainers or socialites who will utilize the expansive spaces and unique features for hosting large gatherings.
8. Collectors or individuals with valuable assets, benefiting from the large, secure vault room.
Not For
This property is not suitable for:
1. First-time homebuyers or those with household incomes below $1 million annually.
2. Individuals seeking a low-maintenance or lock-and-leave property, given the extensive upkeep required.
3. Buyers with mobility issues, as the multi-level design may present challenges.
4. Those highly risk-averse to natural disasters, given the extreme flood risk.
5. Investors looking for immediate positive cash flow, as the high purchase price makes this unlikely in the short term.
6. Buyers without substantial cash reserves, as the high carrying costs could quickly become burdensome.
7. Those seeking a typical suburban lifestyle, as this property's scale and amenities are far from standard.
8. Environmentally conscious buyers concerned about the large carbon footprint of such an expansive property.
Demographics
Area Median Income
$113,475
Property History
Price History
Ownership Timeline
$2,000,000Financed
Mar 31, 2021Regina A Maggart, Michael L MaggartJoshua James Smith, Tracy Lynn Smith
Warranty Deed
Standard Sale (Purchase/Resales)
$1,737,500Cash Purchase
Jun 3, 1998Lensgraf A Douglas & Sally AnnMichael L Maggart, Regina A Maggart
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$7,849
2023 Tax Assessment
0.0%from previous year
Assessed Value$505,075
Tax Rate1.55%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Middle
7.0/10
GoodHigh
7.0/10
GoodFinancials
Monthly Costs
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