With the end of the week, came the end of the month in which a total of 6,347 documents were recorded. September’s 1,568 loans carried a value of $601 million and the 1,077 property transfers came to $519.5 million.
On to the numbers for last week. 251 Warranty Deeds (transfers) were recorded with a sum of $98.9 m06illion. Of those, we recorded 8 deeds over a million dollars, 3 being commercial property sales.
The highest value property to change hands last week increased the size of Cherokee Distributing Company Inc.’s footprint by quite a lot when purchasing the property adjoining the distributing facility. The Renaissance Business Center, an office complex in front of Cherokee’s facility located at 6701 Baum Drive, was purchased from Sampson Holding Company for $10 million.
An undeveloped 38.76-acre plot on West Beaver Creek not far from Clinton Hwy. will probably have a lot of activity soon. Volunteer Studios Plus Partners sold the property to Beaver Creek Drive Apartments LLC for $2 million.
The property of the well-known Fountain City funeral home, Gentry-Griffey Funeral Chapel, was the third commercial property noted. Evergreen Services of Tennessee LLC sold the property at 5301 Fountain Road to Heritage Tennessee LLC for $1.46 million.
408 loans were recorded during the week which had a grand total of $183.7 million. One of those was a jumbo loan in the amount of $73.3 million funded by Berkadia Commercial Mortgage Inc. The second largest loan, $10.08 million, was funded by JPMorgan Chase Bank NA. The other 7 loans over a million dollars were:
As you can see from the 3-year comparison chart below, the sales value of all the homes sold so far in 2022 far surpasses 2021 and 2020. I can’t wait to see what the end of the year looks like – it’s already a record year for values but not quantity. We are seeing fewer sales than last year but more than in 2020.
Recently, you may have seen advertisements about property fraud, and we have had several calls concerning this issue. Knox County now has protection in place for your property – our new Property Fraud Alert System will immediately alert you via email if any transactions take place that include your name or your address. This will give you a chance to deal with the issue as soon as possible. Signing up for the program is FREE. Just go to: https://alertme.knoxrod.org or follow this link. You will just click Register Here and follow the prompts to enter your specific information.
Whether you are in the real estate title business or attempting to create a deed your own (which is NOT recommended) there are some tax changes that you’ll need to know about when it comes to Quit Claim Deeds. For details of these changes, please refer to the Tennessee Department of Revenue Recordation Tax Manual dated August 2022.
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Have a great weekend and GO VOLS!
Nick McBride is register of deeds for Knox County.