It is hard to believe it’s already the last week of June. During the third week of June our office was busy, recording more than 2,000 documents. That seems to be the norm in this wild real estate ride we are experiencing.
Apartment complexes are big business and draw a big price from a buyer. This week’s highest value transfer is another complex that has a new owner. Greentree Village in the Papermill area is now owned by Greentree Homes Owner LLC, who purchased the property for $15.42 million. In total we recorded 311 Warranty Deeds which came to a grand total value of $118.58 million. 12 of these were properties valued at over $1 million and four of the 12 were commercial properties.
Nick McBride
Our second highest value property transfer was between Dawn Properties LLC and SC Boys LLC. This property, located at 6823 Tice Lane in the Halls area, sold for $2.1 million.
Master OZ Swan LLC is now the proud owner of the building located at 1801 E Magnolia Ave in East Knoxville. The company purchased from G & G LLC for $1.6 million.
1801 E Magnolia Ave. transferred last week for $1.6 million
Our final commercial property transfer encompasses five lots next to Villa Collina on Lyons View Drive. These lots are currently undeveloped but I’m sure there will be construction starting soon. Fourth Capital Bank sold the property to SB Southeast Development LLC for $1.06 million.
Lending was up last week from the second week of June by $56 million. We recorded 600 loan documents which came to a total of $211 million! And there were 28 loans over $1 million – I think that’s a record! The lending institutions with loans over $ 1 million were:
In Millions
Regions – $1
Quicken Loans LLC – $1.21
CommerceOne Bank – $1.4
Mountain Commerce Bank – $1.75
First National Bank of Pennsylvania – $2.08
First Horizon Bank – $3.08
Y-12 Federal Credit Union – $3.16
Home Federal Bank of Tennessee – $8.2
ReadyCap Commercial LLC – $14.1
Pinnacle Bank – $18.2
Allianz Life Insurance Co of North America – $26
Housing growth is booming despite the recent increase in the cost of building materials. We know that many new houses are being built because Notices of Completion are recorded in our office. Neighborhoods are popping up everywhere and builders are working hard to get these houses on the market! Just look at the comparison below to see the difference a couple of years makes.
Whether you are looking for undeveloped land, a new home, or an upgrade, Knox County is bound to have something that suits you. We have noticed many “transplants” coming in from other states, and we welcome each new family and business with open arms. Knox County is a great place to live!
Please note that our office will be closed Monday, July 5, in observance of Independence Day. Please have a safe and happy celebration.
Nick McBride is register of deeds for Knox County.