Old Island! Our Future's So Bright...Your Gonna Need Shades!!!
Jerry Petzoldt and Mike Hartgrove are not in the habit of making shallow forecasts. They are one of the most watched teams in Kingsport. They’ve earned that distinction with decades of forward thinking that has enhanced both their community and customers with successful developments.
Hartgrove was named Builder of the Year for Sullivan County in 2003, 2004 and 2005 by the Home Builders Association of Greater Kingsport. His PineBrook Place development was named the Number One Development in Sullivan County in 2004 and 2005. He is also heavily involved in missionary work in Nicaragua where he has completed $4 million worth of construction that includes 13 churches and a 13,000 square foot school.
Petzoldt is a Realtor Emeritus and the force behind TCI Group, a commercial real estate leader in the region. He is also actively involved in local and state civic and professional activities.
Their 2015 forecast is for a steadily improving economy and building consumer confidence that will drive a continued improvement in the Kingsport housing market – one where pent-up demand will continue to press the available inventory for upscale new homes just as it did in 2014.
While Nashville is being celebrated as one of the 15 hottest American cities for 2015, insiders are looking at Kingsport and especially Old Island Lifestyle Community as one of the best value and quality of life opportunities in Northeast Tennessee and the region. That can be seen with a flurry of activity as new spec and custom homes are in varied states of construction at Old Island and the number of welcome signs that signal another family has purchased a lot are rapidly growing.
Petzoldt and Hartgrove founded LifeStyle Developments, LLC to serve the growing need for upscale residential development that resulted in development of Old Island. The community continued growing through the Great Recession when much of the city’s new home industry ground to a halt. The pace of development slowed, but Petzoldt’s and Hartgrove’s tenacity and resolve never wavered. Nor did buyers who seized record-low interest rates and attractive cost of construction as value added opportunities. Some of those value-added increments remain in play even as the economy heats up toward better growth in 2015.
Old Island has always been the focus of professionals relocating to the area or retiring here. Although there hasn’t been a formal study, it’s likely that Old Island has the highest concentration of practicing doctors of any community in Kingsport. In the past six month it has seen increasing attention from pre-retirees. It’s not hard to understand why. Old Island is within a half hour’s drive of the region’s newest destination shopping complex – the largest under construction in the nation - most of the region’s medical and industrial complexes, blue-ribbon trout fishing, a wide variety of golf courses, Bristol Motor Speedway and cultural attractions that include the Birthplace of Country Music. Expand that driving time by another 15 to 30 minutes and residents can avail themselves of live professional theater in Abingdon, Va., snow skiing, boating at Lake Watauga – one of the nation’s cleanest lakes - and fine dining that equals more densely populated areas.
The list of cultural, sports, shopping and dining opportunities are as varied as it is long. And the crowing element is Old Island itself. While not all of the homes are in the million dollar or plus price range, every home has a million dollar vista that are as breath taking in the spring as they are with the vivid colors of fall.
Old Island Lifestyle Community is a premier destination for professionals and retirees who want an upscale community and positioned to be a leader in the city new home market in 2015.
Action! Action! We've Got Action!
New Homes! New Construction! Lot Sales! Ground Breakings!
Regardless of how you feel about today’s age of big data it can tell you a lot about a community.
And one of the most powerful uses of all that data is psychographic segmentation.
Simply put psychographic segmentation is all about dividing a market based on consumer personality traits, values, attitudes, interests and lifestyles. It’s powerful information because it allows precise identification of a target audiences’ wants and needs.
Kingsport’s Development Services Director used some of that segmentation monitoring during a recent Board of Mayor and Alderman’s meeting where city leaders were considering updates to strategic growth plans. The data work was provided by – Braxton, a Texas-based analytics company.
Tully told the city leaders that there was a concentration of two segments of people moving to Kingsport. They are, “Power Elite/Flourishing Families and Families in Motion.”
Power Elites are defined as families with dual wage earners who bring home $250,000 a year or more.
Flourishing Families are middle-age families who make a six-figure income.
That’s benchmarked by the fact that Kingsport’s current median family income is slightly above $50,000.
Old Island Lifestyles Community is attracting quite a bit of attention from folks in those segments and a group that isn’t in the top two. The third group is pre-retirees looking for a home where the next stage of their lives will happen.
There are several reasons for the added attention.
– The economy finally has a firm foothold on recovery. That has boosted consumer confidence.
– The housing market is gaining momentum in communities that saw new home inventories contract during the recession and into the early days of the recovery. Cities – like Kingsport – which is known as a custom-built market felt that squeeze when credit availability for spec homes was difficult to get. Kingsport officials have focused on high-end housing and worked with developers to boost inventory to meet increasing demand.
- Due to big advances in building materials and technologies the demand for new homes is growing. New homes are much more energy efficient, better built and will have a higher re-sale value than homes built before the recession. This has added substantial weight in the decision of buying a new home because the economics affords more attention to lifestyle considerations. But new home demand hasn’t grown so fast to push construction and material costs out of perspective with the recovery.
- New homes are popular with pre-retirees who attracted by the region’s retiree-friendly tax structure, recreation availability, accommodating lifestyle and central location because they value a home where maintenance costs are low and they don’t have to worry about replacing a heating or cooling system, or a roof – things that take big bites out of their travel and recreation plans. This is significant factor in Kingsport because more than half of the existing home inventory is 20 years old or older.
- The icing on the cake is the option to customize the open floor plans popular with builders of new homes – especially those at Old Island.
One of the best indicators of the attention that Old Island is getting can be seen by:
- Two Patterson homes nearing completion.
- Two Cresent homes under construction.
- Ground has been broken on three pre-sold homes.
- Lot sales are picking up in the newest addition to Old Island’s community – The Cottages.
With affordable pricing, The Cottages are perfect for newer families. And combined with the custom homes in Treetop Estates, the distinct patio homes
in Crocket Landing and upscale homes in The Islands, The Cottages round out the Old Island experience where value and quality are the hallmarks of the homes and the community’s lifestyle.