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1011 Margit Worsham Way

Gatlinburg, TN 37738
  • $2,300,000
  • STATUS: Active Under Contract
  • ON SITE: 49 Days
  • ID#: 1166013
Under Contract
UPDATED: 37 min ago
$2,300,000
  • 5
    BEDS
  • 1.08
    ACRES
  • 5
    BATHS
  • 2
    1/2 BATHS
  • 5,435
    SQFT
  • $423
    $/SQFT
Neighborhood:
Type:
Single-Family Home
Built:
2009
County:
Area:

School Information

Elementary School:
Middle School:
High School:

Description

Resting on one of the most desirable lots at the top of sought after Estates at Norton Creek, you'll find this rustically elegant ''Mountain Shingle'' style estate home. Construction of the highest quality on a very private one acre homesite perched on a walkable mountain top lot with panoramic views of the Smokies and Mount LeConte. Beautiful details abound in this spacious, 5BD/5BA, 2-half BA, 5,400+ sq ft mountain home, such as use of historic materials incorporated from owner's family Virgina farm. Special features include a variety of hardwoods, cathedral ceilings, coffered ceiling, two laundry rooms, reading den, fenced yard for pets, open decks, covered patio, fire pit, screened porch with a mountain stone fireplace and integrated stone pizza oven, attached two car garage and levelparking. Ideal for use as a permanent residence, second home, or as an overnight rental. Currently used as a hybrid second home/rental property (it's often occupied by the owner's and their guests) it still generates around $100k annually. The current rental manager projects up to $200,000 in gross rental income with less owner use- it has tremendous rental potential. For instance, convert the existing two car garage into an additional amenity with the addition of a swim spa and roll up glass garage doors. There is also an unfinished lower level room that would make an excellent theatre room and a space over the garage that could be a bunk room. Additions such as these could push the gross rental income well over $250k/year. The location-The Estates at Norton Creek is a unique mountain development of superb quality with underground utilities and a gated entrance. This neighborhood started life as part of a private 3,000+ acre ranch and is the only portion of that large, private holding to be developed. It boasts a stunning setting that begins with the entrance along beautiful Norton Creek off the Foothills Parkway between Pigeon Forge and Gatlinburg. Use of the world class fly fishing stream is reserved for residents and their guests, along with the charming creek side owner's pavilion. It's a short drive to Pigeon Forge, Gatlinburg, and the Great Smoky Mountains National Park entrance as well. Come see it, you will instantly fall in love!

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© 2021 Knoxville Area Association of REALTORS®, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to Tennessee Elite Realty. Information is deemed reliable but is not guaranteed accurate by the MLS or Tennessee Elite Realty. Data last updated: 2021-10-20T21:52:54.38.
www.tennesseeeliterealty.com/homes/120988660
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1011 Margit Worsham Way Gatlinburg, TN 37738

  • Price: $2,300,000
  • Status: Active Under Contract
  • Updated: 37 min ago
  • ID#: 1166013
5
Beds
5
Baths
2
½ Baths
1.08
Acres
5,435
SQFT
$423
$/SQFT
2009
Built
Neighborhood:
Estates at Norton Creek
County:
Sevier
Area:
Gatlinburg
Elementary School:
Pi Beta Phi
Middle School:
Pi Beta Phi
High School:
Gatlinburg Pittman
Property Description
Resting on one of the most desirable lots at the top of sought after Estates at Norton Creek, you'll find this rustically elegant ''Mountain Shingle'' style estate home. Construction of the highest quality on a very private one acre homesite perched on a walkable mountain top lot with panoramic views of the Smokies and Mount LeConte. Beautiful details abound in this spacious, 5BD/5BA, 2-half BA, 5,400+ sq ft mountain home, such as use of historic materials incorporated from owner's family Virgina farm. Special features include a variety of hardwoods, cathedral ceilings, coffered ceiling, two laundry rooms, reading den, fenced yard for pets, open decks, covered patio, fire pit, screened porch with a mountain stone fireplace and integrated stone pizza oven, attached two car garage and levelparking. Ideal for use as a permanent residence, second home, or as an overnight rental. Currently used as a hybrid second home/rental property (it's often occupied by the owner's and their guests) it still generates around $100k annually. The current rental manager projects up to $200,000 in gross rental income with less owner use- it has tremendous rental potential. For instance, convert the existing two car garage into an additional amenity with the addition of a swim spa and roll up glass garage doors. There is also an unfinished lower level room that would make an excellent theatre room and a space over the garage that could be a bunk room. Additions such as these could push the gross rental income well over $250k/year. The location-The Estates at Norton Creek is a unique mountain development of superb quality with underground utilities and a gated entrance. This neighborhood started life as part of a private 3,000+ acre ranch and is the only portion of that large, private holding to be developed. It boasts a stunning setting that begins with the entrance along beautiful Norton Creek off the Foothills Parkway between Pigeon Forge and Gatlinburg. Use of the world class fly fishing stream is reserved for residents and their guests, along with the charming creek side owner's pavilion. It's a short drive to Pigeon Forge, Gatlinburg, and the Great Smoky Mountains National Park entrance as well. Come see it, you will instantly fall in love!
Exterior Features

Attached Or Detached Type Detached Construction FrameMasonryOther Exterior Features DeckFenced - YardPatioPorch - CoveredPorch - EnclosedPorch - ScreenedProf LandscapedWindows - Insulated Garage Parking AttachedGarage Door OpenerMain LevelOff-Street ParkingSide/Rear Entry Lot Description Irregular LotPrivateRolling SlopeWooded Siding Fiber Cement Style ChaletCraftsmanOther Type Basement Ranch View Mountain ViewWooded

Interior Features

Appliances DishwasherDisposalGas GrillGas StoveMicrowaveRangeRefrigeratorSecurity AlarmSelf Cleaning OvenSmoke DetectorWasher Basement FinishedSlabWalkout Basement YN Yes Bonus Room Yes Cooling Ceiling Fan(S)Central CoolingZoned Dining Area Breakfast BarEat-In KitchenKitchen/Dining Rm CoLiving Rm/Dining Rm Fireplace Type Gas LogMasonryWood Burning Fireplace YN Yes Fireplaces 3.00 Floors CarpetHardwoodTile Fuel ElectricPropane Heat Heat PumpZoned Misc Features Cathedral CeilingIsland in KitchenPantryWalk-In ClosetsWalk-In ShowerWasher/Dryer ConnectWet Bar Other Rooms Basement Rec RoomDen/StudyExtra StorageGreat RoomLaundry/UtilityMstr Bdrm Main LevelOffice/Br Main LevelRough-In-Room Rooms 18 Sq Ft Down Level 2107.00 Sq Ft Main Level 3328.00 Sq Ft Second Level 0.00 Sq Ft Third Level 0.00

Property Features

Association Fee Incl All AmenitiesOther Auction YN No Community Amenities Architect RestrictedClub HouseExtra Storage Extra Storage Yes HOA Mandatory Hoa Fee 2000.00 Hoa Frequency Yearly New Financing CashConventional Property Status N/A Residential Sub Type Residential Restrictions Yes Site Built Yes Sq Ft Source Agent Total Tax 5724.10

Listing information © 2021 Knoxville Area Association of REALTORS®, Inc.
Listing provided courtesy of Century 21 Legacy.


© 2021 Knoxville Area Association of REALTORS®, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to Tennessee Elite Realty. Information is deemed reliable but is not guaranteed accurate by the MLS or Tennessee Elite Realty. Data last updated: 2021-10-20T21:52:54.38.
 
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