Welcome to February! I hope your week has been good so far.
Nick McBride
Shop Local! This is something we encourage in our community, especially when we know things have been tough for a small business owner. These sometimes include restaurants, boutiques, specialty shops, etc.
Let’s not forget our friends who are loan officers, mortgage brokers, local appraisers and local title companies, just to name a few. Today, due to high interest rates, fewer loans are being taken out – 40% less than last year! While you might save a few dollars online, those few dollars could cost your next-door neighbor their job. So, I encourage you to borrow locally when possible, and keep it in the community.
Here’s an update for the week of January 23-27: 154 Warranty Deeds were recorded with a total of $67 million.
The most valuable property transfer of the week was another purchase by Core Knoxville Cumberland LLC which has spent over $25 million on adjoining properties on Cumberland Avenue in the past year. The latest, the Shell gas station property at 2001 Cumberland Ave, was sold by Boghani Properties LLC for $10.5 million.
Click Funeral Home on Middlebrook Pike. The property sold for over $7 million
Three other commercial properties also had price tags of over a million dollars including two funeral chapels sold and purchased by the same two parties. Heritage Tennessee LLC, which purchased both properties in September 2022, sold them last week to SCF RC Funding IV LLC. The Gentry-Griffey Funeral Chapel at 5301 Fountain Rd had a price tag of $1.12 million while Click Funeral Home on Middlebrook Pike was purchased for $7.51 million. These properties were sold to a REIT and leased back.
The last commercial property to change hands is on Raccoon Valley Road, just off I-75. Road Enterprises Inc sold the ONE 9 Fuel Stop at 1915 Raccoon Valley Rd. to Pilot Travel Centers LLC for $1.5 million.
Of the total 1,155 documents recorded, 227 were loans that had a value of more than $70 million. Three loans were for amounts over a million dollars. The largest was funded by Lakeside Bank for $13.65 million, Southeast Bank loaned $2.54 million, and Truist Bank funded a $2.5 million loan.
The three-year comparison chart has been updated as of Jan 27.
Have you recently paid off your loan? If so, your banking institution will file a release, but they may not send you a copy. And, then you might wonder why you haven’t received your home title in the mail. The Warranty Deed you received when you made the purchase is the deed to your property.
A copy should have been included with your closing documents or sent to you by the title company after closing. If you can’t find it, don’t worry, we have these on file. Give our records department a call at 865-215-2330 to request copies. They can also give you a copy of the release that was filed.
Have a great weekend! – Nick