Recent talk of expanding the Edgewood/Park City historic overlay (H1) in East Knoxville is a great topic. While expanding the overlay, the area in which guidelines exist for exterior renovations, may or may not draw new investment to this neighborhood, expansion will certainly give direction to more investors there, protecting the character of the neighborhood. Edgewood/Park City, like other East Knoxville neighborhoods and districts, is is a popular spot with adjacency to downtown via the burgeoning Magnolia Avenue Warehouse district.
Here's some figures to consider.
Since the beginning of 2010, homes sales in the existing H1 area, at average $50.30 per square foot, have sold for an average of $20.25 per square foot higher than the area inside the proposed H1 expansion area, at average $30.05 per square foot. However, since the beginning of 2010, average days on the market in the H1 area, at average 164 days, was a little higher than the area inside the proposed H1 expansion area, at average 116.5 days. While, high dollar per square foot in the H1 area since the beginning of 2010 was $101, the high dollar per square foot in the area inside the proposed H1 expansion area was $109, a little higher. Hmmm.
Information based on and limited to data collected from Knoxville Area Association of REALTORS © and is deemed reliable but not guaranteed.