Autumn’s arrival stabilizes property values

Nick McBrideOn the Grow

The third week in October is usually the beginning of the prettiest time in our area – the time when the tree colors and sky are amazing, and the temperatures are perfect. It is so nice to live in this area where we can experience all four seasons. Fall is a great time of year to buy a house or spruce up the one you already own.


Last week I reported on the high value property transfers that took place fully expecting this week might show numbers back within the average range. That is what happened with 257 property transfers valued at a collective $80.77 million.  We recorded three commercial transfers that were over $1 million. The Oak Ridge Estates Manufactured Home Community, located on Oak Ridge Way in the Karns area was sold from BCMHP LP to Oak Ridge MHC LLC for $11.25 million.

Nick McBride

Another transfer was in the historic Emory Place Village off North Central Street. Emory Place Partners LLC sold the property known as 3 Emory Place to Break Emory LLC for $2.2 million. Interestingly, this building was originally built by and for the Walla Walla Gum Manufacturing Company in the early twentieth century.

Third, the property of the Auto Zone store at the corner of Asheville Highway and Holston Ferry Drive in East Knoxville changed hands. This property was sold by OBC Knoxville LLC to Agree Stores LLC for $1.7 million.

Lending was back to an average volume this week as well – we recorded 474 loans that totaled $139.46 million. The lenders of the loans over $1 million were:

3 Emory Place

  • Manufacturers and Traders Trust Company – $14.04 million
  • Commercial Bank – $10 million
  • Regions Bank – $3.57 million
  • Citizens Bank – $1.1 million
  • BankCorpSouth Bank – $1.08 million
  • Mortgage Investors Group – $1.05 million

More info here 

Our office remains open, although a mask is now required to enter the building. For your convenience, we accept deeds by mail with quick return service. Mail them to Knox County Register of Deeds, 400 Main Ave, Ste 225, Knoxville TN 37902.  All originals are returned to you. We will be happy to provide recording costs if you’ll call 865-215-2330.

Have a great week!

Nick McBride is register of deeds for Knox County.

 

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