Demand drives land purchases for development

Nick McBrideOur Town Leaders

A new season has arrived, and I know most of us are glad for the cooler days — the weekend’s weather certainly made people want to spend time outside. Many new homeowners were probably very happy to have a rain-free weekend to move into their new homes.

The new homeowners are included in the 333 property transfers that were recorded in the week of Sept. 20-24. These came to a grand total value of $101.95 million. Only eight of those were sales over $1 million, and only three of those were commercial properties. These include one new neighborhood, lots in another new neighborhood and one undeveloped piece of land which will most likely be commercially zoned.

Nick McBride

The first group of residential lots is in the Hardin Valley community in the new Windermere Trail subdivision. Ten lots were sold by HV West LLC to TN Hardin Valley LLC for $4.1 million.

Ball Homes, a Kentucky company which has built homes all over Knox County, has now purchased two tracts of land, one with 53 lots just off East Emory Road on Beeler Rd. Ball Homes purchased this land from Springbrook Properties for $2.8 million. This photo obtained from Google Maps shows the location and the size of the tract. You can see it has been cleared and is ready for building to begin.

Beeler Road property

A large and prominently located tract of land in the Alice Bell Community has a new owner. The eight-acre property, zoned for commercial use, has frontage on Washington Pike across from the Home Depot shopping Center and on Charlie Haun Drive. JRG Development LLC sold the land to TJWP LLC for $1.04 million.

The lenders were busy last week, closing 598 loans. The total of all those loans was $147.55 million. Eight of those loans were loans over $1 million and the highest of those was $3.5 million. This was funded by Fidus Investment Corp. The other lenders with large loans were:

  • Arbor Realty SR Inc. – $2.78 million
  • United Community Bank – $2.03 million
  • Mountain Commerce Bank – $1.78 million
  • Bank of America NA – $1.53 million
  • Enrichment FCU – $1.45 million
  • Legacy Mutual Mortgage – $1.05 million
  • UBank – $1 million

I’m going to share the 3-year comparisons for Trust Deeds and Warranty Deeds until the end of the year so you can see just how much more real estate business has been conducted in our area than in the past. With all the new homes being built, and with interest rates still very low, it doesn’t look like we will see much slowing down. That’s great news for Knox County and we welcome all newcomers to our area!

I hope this week goes smoothly for all of you. Don’t forget to check out my Facebook page next time you’re scrolling; just go here, then please follow and share the page with your friends and family.

Nick McBride is register of deeds for Knox County.

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