Activity picked up on both the transfer and mortgage side of real estate last week. With the low-interest rates we are experiencing, we continue to expect mortgages and refinancing to show increased activity. However, this is only one of a few times that transfers have risen in the last couple of months.
Last week we recorded 302 warranty deeds with a total value of $94.3 million. That figure represented 18 more instruments with an increase of $11.1 million. As for mortgages and refinancing, we recorded 575 trust deeds with $170.7 million in collateral. These numbers outperform the previous week by $23.6 million and 44 documents. Overall, this data is quite promising as we enter the last week of August.
The most notable transfer of the week was the sale of the shopping center at the corner of Kingston Pike and Montvue Road. Several Knoxvillians know the property as the home of West Marine, Men’s Wearhouse and K Brew next to West Town Mall. Previously owned by LeConte Montvue LLC, the property was purchased by West Town Point LLC for $4.7 million on Aug. 20.
Last week we recorded 13 mortgages with a value greater than $1 million. The financial institutions that backed these loans were:
- Bank of Edwardsville $25.04 million
- First Bank $4 million
- Home Federal Bank of Tennessee $2.65 million
- ORNL Federal Credit Union $2.6 million
- Regions Bank $2.4 million
- First Horizon Bank $1.999 million
- Home Federal Bank of Tennessee $1.5 million
- TN Bank $1.455 million
- Home Federal Bank of Tennessee $1.37 million
- ORNL Federal Credit Union $1.25 million
- Promise One Bank $1.2 million
- Wells Fargo Bank NA $1.185 million
- Commercial Bank $1 million
All our top lenders can be viewed at https://knoxcounty.org/apps/top_lender/
The Knox County Register of Deeds office is and will remain open. We will continue to serve Knox County and accurately report all sales and financing data. As our little ones venture back to school, stay with the mask and sanitation recommendations and keep our families and our citizens safe.
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Nick McBride is Knox County register of deeds.