With the nature and timing of real estate, the beginning and end of the month are usually busier than the middle. Though the first week was shortened by the holiday, which skewed the numbers a bit, it appears things will be no different this July.
Last week’s numbers did not show as much activity as the week prior. However, the lending market remains active and continues reporting impressive numbers.
We recorded 535 trust deeds at a value of $125 million. In comparison to the week prior, this is 43 fewer documents and $27.5 million less in value. Three hundred and twenty-five warranty deeds were recorded with a value of $78 million. There were 10 transfers less than the week before, reporting $93.3 million less value.
A plot of land just over 100 acres in the Strawberry Plains area was the most valuable transfer of the week. The property was the estate of Nancy Bowles Almy at 601 and 521 Brakebill Rd. It sold to RCB Real Estate LLC for a total of $1.25 million.
The second-largest conveyance was a commercial property in South Knoxville. What is known as Ian’s Market, the Exxon at the corner of Hendron Chapel Road and Chapman Highway changed hands. Bluemoon Enterprise LLC sold the property to Anay Properties LLC and Preet Patel LLC for $1 million.
This week we only had five loans over one million. The institutions financing these investments are:
- Pinnacle Bank $6.92 million
- Bank of Tennessee $3.06 million
- Pinnacle Bank $1.5 million
- Citizens Bank $1.25 million
- Regions Bank $1.14 million
Check out our top lender page at https://knoxcounty.org/apps/top_lender/
Although the overall numbers were down last week, it is not a tell-all for the market. A mid-month lull is common in real estate and summer is just beginning. We remain optimistic about real property activity in Knox County as we get rolling in the second half of the year. The register’s office is open and actively serving Knox County. Stay healthy and take care!
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Nick McBride is register of deeds for Knox County.