End of July slowed real estate’s roll

Nick McBrideOur Town Leaders

Another month is on the books for 2021. July’s total number of documents recorded was 8,252. This number is down from June 2021 and, when I compared to July of 2020, we are down by 100 documents in 2021. It will be interesting to see what August brings.

The last week of July 2021 we recorded a total of 1,988 documents, 295 of which were warranty deeds (property sales). These sales came to a total of $112.7 million.  We did record 16 sales over $1 million and 4 of those were commercial properties.

Nick McBride

One currently undeveloped parcel of land consisting of 132 acres along Boyd Station and McFee Roads in deep West Knox County, was sold by the Schubert Family Limited Partnership to Homestead Land Holdings LLC for $12.03 million. New homes will be coming soon to that area.

Another high value property sale was that of the La-Z-Boy Furniture Galleries located at 9605 Kingston Pike. AFG Knoxville LLC sold the $8.7 million dollar property to FIP Master Funding I LLC. La-Z-Boy has recently made upgrades to its furniture gallery so if you’re looking for new furniture, don’t forget to stop there.

More new homes are coming to the Hardin Valley area — five lots on Union Pointe Lane right off of Hardin Valley Rd were sold by HV West LLC to TN Hardin Valley LLC for $2.02 million.

One of the commercial lots in the newest Schaad Road development, Grassy Creek, has been sold. RLD Grassy Creek LLC purchased lot 10 from Grassy Creek LLC for $1.47 million. This development will bring much anticipated shopping and dining to the area.

During the month of July 2021, the warranty deeds our office recorded came to a grand total of $484.82 million. 161 property sales valued over $1 million were recorded, and surprisingly, most of those were private property transfers.

Lenders were busy in the final week of July as evidenced by the 574 loans we recorded. The week’s total value for loans was $204.74 million with nine of the loans being over $1 million.  During the month we recorded 2,396 loans with a value of $708.62 million.

Capital One N.A, funded the largest loan of the week at $43.05 million. The other lending institutions with single loans more than $1 million dollars were:

  • Keystone Mortgage Group – $1.15 million
  • Arbor Realty SR Inc. – $1.34 million
  • First Century Bank – $1.6 million
  • People’s Bank of the South – $2.18 million
  • First Horizon Bank – $2.3 million
  • Citibank N.A. – $8.45 million
  • Home Federal Bank of Tennessee – $18 million

July may have been a little slower than June, but if you’ll notice in the table below, we are still on a roll for 2021!

There’s still time to refinance your existing home loan so don’t put it off too long, you’ll want to get the best rate possible to save yourself some money on your home loan. Call your bank or a mortgage company soon!

I’ll be attending meetings all around town soon and I hope to be able to meet new faces and newcomers to our area. Please keep in mind that I am available to speak to your group about our office, what we do and the changes we’ve been seeing in the real estate market around town over the past few years. Please call my office at 865-215-2330 to schedule. And don’t forget to check us out on Facebook here and please like and share the page

I hope you have a great week — school is going to be back in session soon so be aware in those school zones!

Nick McBride is register of deeds for Knox County.

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