April showed slight slowdown

Nick McBrideOn the Grow

April 2021 is history and May is looking good! We were lucky to have the kind of outdoor activity weather that we did this past weekend—hope you were able to enjoy it.


Our weekly totals for the last full week of April 2021 showed a total of 508 property transfers valued at $91 million. Of those, seven were valued at over $1 million including four residential properties and three commercial properties. The commercial property transfer with the highest value for the week was between TNP SRT Portfolio II, LLC and State Street Property Group, LLC and it came in at $4 million. The Turkey Creek property sold is currently leased to Connor Concepts, Inc and their restaurant Connor’s Steak and Seafood. There is an adjacent retail space as well.

Nick McBride

The second highest in value is a 2.69-acre tract on the corner of Tazewell Pike and Fairview Rd in the Gibbs community. JMB Investment Company, LLC sold the property to Standefer Properties, LLC for $1.8 million. The last commercial transfer over a million dollars was the $1.1 million sale of currently undeveloped land in the Hardin Valley area. Located on Valley Vista Road behind the Goddard School and across from Greystone Vista apartments, the 10.5-acre property was purchased from Hardin Valley Land Partners, LLC by Immanuel Church Knoxville, Inc.

In April we recorded a total of 9,400 documents—2,208 of those were property transfers that had a total value of $372.4 million. This number does show a slight slowing of real estate transfers compared to March 2021 but compared to April 2020 we are up over the total sale value by $107 million dollars.

Loans are still going strong despite being lower than March. Last week’s 643 recorded loans had a value of $165.5 million. We recorded 11 loans over $1 million with those lenders listed below:

  • Southeast Bank – $1.1 million
  • Regions Bank – $1.68 million
  • Mountain Commerce Bank – $1.99 million
  • Peoples Bank of the South – $3.2 million
  • Citizens Bank – $3.7 million
  • Enrichment Federal Credit Union – $3.7 million
  • Home Federal Bank of Tennessee – $5.8 million
  • Old National Bank – $24.4 million

A total of 2,996 loans were recorded in April 2021 and they carried a grand total value of $764.4 million dollars which tops April 2020 by $207.9 million.

I would be happy to come speak with your civic groups or neighborhood groups to tell you about the currently trending numbers and give you information about how our office can be of service to you. Please give me a call at the office to set it up (865) 215-2330 or reach out on Facebook. Have a great first week of May, and don’t forget to celebrate your Mom this Sunday!

Look for us on Facebook here. Have a great week everyone!

Nick McBride is register of deeds for Knox County.

 

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