Boom To Bust
|It's official. The building boom in Loudon County has
gone bust. If you don't believe it, just take a ride around the east end
of Loudon County. Start on Hwy. 70 at Eaton Crossroads and head north
toward Dixie Lee Junction. Drive through the "upscale" developments
along the way and see how many for sale signs and vacant lots you can
count. There are dozens of
$250,000.00 to $400,000.00 houses for sale and they have been for a long
time. There are also lots of $200,000.00 to $250,000.00 condos to choose
from. Now take a right on Hwy. 11 back toward Lenoir City, More new
houses and condos for sale. There're every where and somebody's paying
some big interest payments.
The bust hasn't just hit the east end, the mega development, Tennessee National has "de-platted" Pod 8 of their development. This move was made to cut back on their property taxes. Not a good sign. Rarity Pointe is well behind their projections of just a short time ago. It was reported at a recent planning commission meeting that for this fiscal year, building permit requests are down 37%, permit fees down 52% and new construction values are down 49% in Loudon County.
What county commission and the Loudon County Planning Commission could not do, the economy has done. Rampant and irresponsible development has come to a halt. It's unfortunate for our local builders but the greed of the big developers who came into our county raping and pillaging our land in the name of profit are getting what they deserve. Couldn't happen to a better bunch. One note of interest, the illegal migrant laborers who were working for the developers are heading out of town in search of work. So maybe it's true. Every cloud does have a silver lining.
These are just five of the many subdivisions that have popped over the last couple of years. These five are all on the east end of the county within three miles of each other.