413 Gay Street tops sales at $2.9 million

Nick McBrideOn the Grow

UT fans are still riding high on that Volunteer win over Florida! Way to go Vols.

In the week of 9/13 – 9/23, 254 Warranty Deed documents were recorded which had a sum of $87 million. 8 of those were properties topping a million dollars with only 3 of those being commercial properties.

Nick McBride

The most expensive property to change hands last week is on Gay Street. 413 Gay Street which had been owned by a private family trust since 1998, was purchased by 413 Gay Street LLC for $2.9 million. You’ll probably recognize the building by its retro store front and tiled entrance.

In East Knoxville, Forks of the River Industrial Park will soon have a new business. PSC Metals Inc. sold 2 lots located at 5399 Counsellor Lane to Kentucky Oil and Refining Company for $1.3 million.

One office condo at Water’s Edge sold for $1.2 million.

The third commercial property to sell was an office condo in West Knoxville in the Offices at Water’s Edge development just off Mabry Hood Road. The condo, unit 201, was purchased by Platinum Acquisitions LLC for $1.2 million.

Comparing property sales in 2022 to same week sales in 2021, not surprising to me, sales last week were 254, sales in 2021 were 333. We’ve seen a slowdown in the numbers of property transfers but mostly we’ve seen the difference in the loans since the interest rates have been on the rise.

Last week 357 companies or individuals obtained loans that came to a grand total of $108 million. The largest of the 11 loans over a million dollars was funded by Citizens Bank in the amount of $9.4 million. The second highest loan was taken out at M & T Bank for $7.79 million. The others:

Comparing same week numbers for the loans: In 2022, 357 loans were funded; 2021 – 598! That’s the difference interest rates can make.

In the table below, you can see the comparison of the last 3 years. Warranty Deed values have certainly increased, even though the numbers are down compared to 2021. 2021 may well top the chart for a long time.

Check out the FREE Property Fraud Alert system that is now in place for the residents of Knox County. This is a great way for you to protect your peace of mind when it comes to your property. Just follow this link and then click on Register Here to sign up. Once you have put in your information, if a document is filed in our office that pertains to your name, you will be alerted via email. That way you can act quickly if necessary.

Check us out on Facebook for office updates – just look up @knoxregister, then while you’re there, please like and follow the page.

Have a great weekend!

Nick McBride is register of deeds for Knox County.

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