Land is selling like hotcakes

Nick McBrideOn the Grow

Hi – Hope you were able to enjoy the beautiful weather we had this weekend. And here we are, one week closer to Christmas – have you noticed the price increases in your gift purchases this year? The supply chain hold ups are really causing problems for some local businesses that rely on the holiday season income, so please shop local this year as much as possible. Our community thrives when we support each other.

The local real estate businesses don’t seem to be slowing down much though, and there is more inventory coming on the market every day. Developers and builders are buying property and building houses as quickly as they can to accommodate the demand. In fact, last week D.R. Horton Inc. purchased 58 lots in South Knoxville from Highland Ridge Development for $2.57 million. D.R. Horton has built many subdivisions in Knox County. This sale was just one of the 262 property transfers with a total value of $110.2 million dollars that were recorded during the second week of November. Along with that sale, there was a total of 13 properties that changed hands with a price tag of $1 million or more, and most of the seven commercial properties sold are on the western side of the county.

Nick McBride

USCC Services LLC sold an 11-acre property that has been in their possession since 1997 to Retreat at Knoxville LLC for $2.6 million. This huge lot is on the corner of Lovell Road and Cornerstone Road, near the US Cellular Soccer Complex.

Citizens Bank has purchased a property on Kingston Pike. The former Region’s bank property located at 10245 Kingston Pike was sold to Citizens by 10245 GP for $1.6 million.

A little further west in the Farragut community, the shops adjacent to the Kroger Marketplace on Brooklawn Street, as well as the greenway property and two other lots in the vicinity, now have a new owner. MPR Consultants Inc. sold these valuable properties to Crossroads West LLC for $14 million.

Still west, in the Hardin Valley area, a business condo building in The Commons at Hardin Valley was another of the million-dollar commercial sales. Jarrell Holdings LLC sold the building to SLW Holdings LLC for $1 million. The address, 2210 Award Winning Way, is just off Hardin Valley Road.

In Northeast Knoxville, Ark-Tenn LLC sold a small apartment to Red Planet Properties LLC. The small complex is located on Edgewood Ave. and was purchased for $2.1 million.

And in East Knoxville, Lawson Properties has purchased 11 pieces of property from Knoxville Baptist Tabernacle for $2.25 million. These properties include the church buildings, the school buildings, and the surrounding lots on East Magnolia Ave and East Fifth Ave.

Lending and property sales were very close in total value last week. There were 431 loans recorded in the office with a total value of $110.45 million. Often banks fund more than one large loan in our breakdown, but this week’s nine were funded by different lenders. Citizens Bank funded the largest loan of the week at $3.41 million. The others were:

As you can see from this year-to-date table, so far, we have recorded 3,000 more loans in 2021 than we did in 2020 and 9,000 more than in 2019. That’s great! The banks and mortgage companies are still offering those low interest rates, so don’t wait much longer to re-finance your existing loan at a lower rate and save yourself some money.

Knox County is still growing, and we welcome all newcomers! If you need a copy of your deed or have any other questions concerning your property, the folks in my office are here to help you. Just give us a call at 865-215-2330 and ask for the records department. If you are interested in having me come to your community meetings, club meetings, or civic meeting to discuss the growth in your area, I can be reached at that number as well. I have a few dates available through the end of 2021 and would be happy to help.

Look for us on Facebook here. Hope you have a great week!

Nick McBride is register of deeds for Knox County.

Leave a Reply

Your email address will not be published. Required fields are marked *