Fewer deeds; higher values wrap 2022 real estate

Nick McBrideOn the Grow

Happy 2023! I hope you had a good holiday season and that 2023 is your best year yet.

During the last week of December (we were closed on Monday), 1,027 documents were recorded. 190 property transfers with a total of $68.3 million were recorded before the year-end, including four with price tags topping a million dollars.

Nick McBride

Two transfers were commercial properties. In the Cedar Bluff community, the Big O Tires property at 1015 Old Cedar Bluff Rd had a price of $2.38 million. The sale by Dallas Petro LLC to Connecticut Avenue Holdings LLC took place on Dec 29.

The other property is a little farther west, on Lexington Drive. PRT Properties now owns 10421, 10416 and 10417 Lexington Drive, all purchased for $7.2 million.

The 249 loans recorded from Dec 27-30 came in with a total of $71.9 million. The largest amount loaned came from Citizens National Bank for $4.35 million. There were four other loans topping a million dollars:

In December the office recorded 5,519 deeds. 1,274 were loans with a value of $643.9 million, and 944 were property transfers valued at $496.1 million.

The three-year comparison landed on the last workday of the year. I believe 2021 is going to be a hard year to beat, but 2022 came in a very close second! It just proves what I’ve always known, Knox County is a great place to live!

Other statistics for 2022:

  • 52 Trust Deeds were obtained with values over $10 million.
  • The highest-value loan of the year was funded by Morgan Stanley Bank in the amount of $113,812,400.
  • 26 Warranty Deeds were recorded with price tags over $10 million.
  • The most valuable piece of property to change hands in 2022 was the Wellsley Park Apartment complex in the Deane Hill community which sold for $97 million.
  • The total number of documents recorded for the year was 83,189 including 34,605 lien/loan release documents as well as the 20,730 loans and 13,517 property transfers.

Here’s to a happy and healthy 2023!     Nick.

Nick McBride is register of deeds for Knox County.


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