Neighborhood of the Week: Cherokee Bluff

This week we head into uncharted territory by looking at a new type of dwelling never before explored on Neighborhood of the Week: the condominium. The first ever NOTW condo community lies just south of the river, way high up on yonder bluff. Cherokee Bluff, that is.

Cherokee Bluff is a gated condo community located just off of Alcoa Highway, behind UT Medical Center and almost directly across the river from the University of Tennessee campus. Because of where it sits up high on the bluff, several units have great views overlooking the river, campus and downtown Knoxville.

Architecturally, Cherokee Bluff is all 1976 - you don't need to look any further than the 3 story loft style floor plans to figure that out. However, unlike some other 70s era Knoxville condo developments on the other side of the river (which shall remain nameless), this one has actually been very well maintained . Also unusual for condos of the era, and unusual in the price range, is that almost all units have a 2 car garage. Pretty spiffy.

Inside, the floor plans don't vary a lot, but the amount of updating does. This, along with access to city views, is usually the reason for a good bit of variation in the pricing of otherwise similar units.

Security-wise, Cherokee Bluff has you covered. Not only is it gated, it has a guard in a guardhouse at the gate 24 hours a day. And I can tell you from personal experience that the guard is not just there for show: if you're a guest (or in my case, an agent trying to show a unit), he will write down your name and tag number on your way in and out. There's no sneaking in behind the car in front of you to get through the gate at Cherokee Bluff on his watch.

And like most condo communities, the trade-off for having no exterior maintenance is having a monthly condo association fee. That fee is currently hovering between $240-$275 (depending on who you ask) and includes association insurance, exterior building maintenance, grounds maintenance, water/sewer, and that oh so vigilant security guard. Other amenities include swimming pool, tennis courts, exercise room and a clubhouse

So if you're not into a yard and you're looking for a place with a garage located just minutes from UT campus, UT Medical Center, or downtown Knoxville, you might want to make the climb up to Cherokee Bluff. Just make sure you check in with that guard first.

Here's Cherokee Bluff by the numbers -

Cherokee Bluff*

Current On-Market Listings - 7
Average Asking Price: $130,086
Median Asking Price: $128,500
Most Expensive: $145,000 (3 BR, 2 1/2 BA, 1700+ sq ft end unit with downtown views)
Least Expensive: $122,900 (2 BR, 1 BA, 1550+ sq ft middle unit)
Middle of the Road: $129,900 (3 BR, 2 1/2 BA 1700+ sq ft end unit)

Current Pending Sales -2
Average Asking Price: $124,950
Median Asking Price: NA

Closed Sales - Jan 2008 - June 30 2008- 7
Average Asking Price - $148,486
Average Sales Price - $139,714
Median Sales Price - $128,500
Average Days on Market - 106


Closed Sales - Jan 2007 - June 30 2007- 1
Average Asking Price - $159,00
Average Sales Price - $145,000
Median Sales Price - NA
Average Days on Market - 63

*Data taken from KAARMLS on 7/7/08 does not include adjacent developments or multi-family units.

As always, if you want any more information about any of these properties, or if you'd like to check one of them out in person, or heck, even if you want to buy one of them, just give me a shout.

If you would like to receive a full list of properties for sale in this neighborhood, or if you would like to be notified of new listings, send me an email with either "Current Cherokee Bluff Listings" or "New Cherokee Bluff Listings" in the subject line and I'll take care of the rest. No spam will find it's way to your inbox on my watch.

My Realtor brain can only work so hard, so help me out by letting me know in the comments what neighborhoods you think would make great AAKT Neighborhoods of the Week. My brain cells thank you in advance.