While the Ooltewah housing area is generating quite a bit of buzz, on the other side of town, there’s a particular new development that is making some noise of its own. The Elder Cove subdivision in Lookout Valley is only five to seven minutes from downtown, offering convenience, a little distance from downtown congestion and wide-open views.
Randy Finnell, an Assist-2-Sell Realtor who manages this subdivision, says that Elder Cove is attracting people from the Jasper area that work downtown as well as other downtown workers who have looked at North Chattanooga, but because of price or wanting a new home, have decided on Elder Cove instead.
“It’s just a place that’s on fire,” Finnell says. “I think it’s the hottest subdivision in Chattanooga right now. Especially if you look at the fact that there are 66 lots and we have less than 30 left. I just don’t think there is anyone who can touch us.”
Although Ooltewah is a great area, Finnell says he understands why some people are looking away from the developing congestion there and toward the Lookout Valley area instead. Other than Cummings Cove, people don’t think about the other side of the river at Lookout Valley, he says, and admits he didn’t think the idea of Elder Cove would be very prosperous at the beginning.
Finnell got started with Elder Cove because of a friend, Brett Brown, one of the developers for Elder Cove. Brown took Finnell on a ride through the area when Brown was thinking about purchasing the field area that became Elder Cove. And when Brown asked Finnell what he thought about the idea, Finnell was doubtful and said he thought Lookout Valley would be a tough sell. Luckily, that was proven to be really wrong, Finnell says.
With over half of these craftsman style homes sold in the two years Elder Cove has been around, the square footage has been increased on the current builds from 1,550-square-feet to around 3,000-square-feet. Lot prices are from $46,000 to $52,000 and the newly built homes range from $175,000 to $275,000. As an added bonus, the homes are also located in the city.
Down South Homes builder Craig Gilbert is on board for the Elder Cove project, and is one of the partners of Down South Homes along with two other partners who are also the developers.
Finnell says, “It works real well for buyers because you have the developer and the builder working together. If anything ever did come up, you don’t have the developer saying it’s the builder’s fault and vice versa.”
Last year, there were 17 sales in Elder Cove, and so far this year there have been nine sales. Almost 80 percent of these properties are sold before their building is finished, which is another good problem to have, Finnell says. The average days on the market for these homes is 56, which isn’t very much when you consider that Finnell lists the houses as soon as the foundation is in, he says.
“I think the reason why they are selling is because you have got the location, Down South builds a really good house and good quality, and the value is really good as well. The average price is $112 per square foot.”
The Elder Cove properties feature a lake and a walking trail, and the insides offer hardwood floors throughout the main part of the house, cabinets by Wood Hollow Cabinets, granite from Chattanooga Marble and Granite, and stainless steel appliances.
Finnell says he thinks another reason for the popularity of the properties is that people want to downsize.
“They don’t want the big yards, they don’t want all the maintenance, but they still want the granite countertops, the nice cabinets [and] hardwood floors; they just don’t want it in a 3,000 square foot house,” he says. “They are finding that a 1,800 square foot house works really well for them whether they are first time homebuyers with only one child or maybe they are retired.”
The average buyer in Elder Cove is also an unexpected delight for Finnell. He anticipated an older crowd because of the one level design, but now, with the mix of first time homebuyers, retirees and middle-agers, they have started to build bigger houses.
The satisfaction from the buyers speaks for itself. Finnell says he sold one home where a man who worked for TVA and Bellefonte said he wanted the exact same house that had just been built for another couple on a different lot – same colors and everything.
Finnell also just sold a two-story house to a man on his lunch break that drove through the neighborhood and immediately wanted to buy.
“People love the neighborhood. It has a great view of Lookout Valley and Lookout Mountain going south,” Finnell says. “I never would have thought Lookout Valley would have caught on like this, but it’s so convenient, and that’s what I think it is.”
Residents are spreading the word as well. As Finnell showed a woman the property last week, a resident stopped and told her about how great the neighborhood was and how great Finnell was doing at filling the homes with happy buyers.
“I thought, ‘Wow, I should have paid for that advertisement!’” Finnell says.
For more information on Elder Cove, visit www.easyhomeshopper.com or call Finnell at 423-645-3890.