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Kingsport planning to fund lots for $500,000 spec homes

October 19th, 2013 8:55 pm by J. H. Osborne

Kingsport planning to fund lots for $500,000 spec homes

KINGSPORT — Citing a lack of homes for sale priced at over $500,000, the Kingsport Board of Mayor and Aldermen last week told City Manager John Campbell to continue working on a plan to make city funding available to provide developers with lots on which to build spec homes in that price range.

During a discussion of the issue at the BMA’s work session, real estate broker and Alderman Colette George said there simply aren’t enough $500,000-plus homes on the market in Kingsport to make the city competitive with Johnson City when executive-level newcomers move here.

George said there were 13 such homes available in Kingsport, compared to 57 in Johnson City — and Campbell said the ones in Johnson City are much more likely to be newer homes surrounded by other newer homes.

George said the BMA’s concern about a lack of higher-end homes for sale isn’t a slight on housing available in more modest price ranges — because Kingsport’s market already is competitive with Johnson City in that regard.

George said current numbers show 149 homes in Kingsport for sale under $100,000, compared to 74 such units in Johnson City (with 36 homes listed for sale in Kingsport for under $50,000 and only 18 in Johnson City).

Read more in the Sunday print edition of the Times-News or in the expanded electronic edition. 

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