Rarity Mountain sees prices drop
When David and Sharon Gordon bought a lot in the Rarity Mountain residential community in 2006, they paid $445,000 for the Jellico, Tenn., property.
But after a recent auction, that same lot changed hands for only $5,500, a massive discount and a striking example of the difficulties facing some of East Tennessee’s high-end residential developments.
The Rarity Mountain lot in Campbell County was one of several that hit the auction block on June 27 at a sale of properties foreclosed on by First Tennessee bank. The sale featured lots from four projects developed by Maryville-based Rarity Communities – none of the lots were owned by Rarity itself – and from a Campbell County project previously called The Villages at Norris Lake.
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