Welcome to November 2021! I hope everyone had a good weekend, hopefully you were able to Trick or Treat without getting rained on. Our crew certainly had a good time and came home with way too much candy.
It was a good week for the banks and other real estate professionals as there was an increase in both property sales and loans versus the past couple of weeks. In all, 286 property sales were recorded with a grand total value of $121.72 million in the last week of October. Total for the month was 1,231 warranty deeds recorded with a total value of $466.59 million.
Nick McBride
Of those 286 recorded, 11 property sales were for properties valued at over $1 million. Five of these were commercial properties including two apartment complexes which always bring in big bucks. The larger of the two apartment complexes was the highest value property of the week. Crossroads West Apartments on Lonas Road, previously owned by Crossroads West Properties LLC, was sold to Lonas Drive Partners LLC for $20.5 million.
The other apartments sold last week brought in $2 million. Liberty Manor Apartments on Liberty Street was purchased by LV Partners LLC from Liberty View LLC.
The members of Crossroads West Properties LLC also made a large purchase last week, but not an apartment complex. The North Broadway retail center that includes Which-Wich and First Watch restaurants as well as the AFC Urgent Care building was purchased from Smith-Lindsey Development LLC for $7.85 million.
Crossroads West Properties LLC sold one complex and purchased this retail space in Fountain City.
Going further west in the county, the Bojangles Restaurant on Lovell Road changed hands from Rigsby Family Holdings to Tenn 26 LLC for $2.99 million. And yet another undeveloped property along Hardin Valley Road may soon be another neighborhood. The 36.9-acre property at 12119 Hardin Valley Rd, owned by one family since 1985, has been sold to Homestead Land Holdings for $2.5 million.
I mentioned an increase in loans recorded — 579 (total value $178.60 million) were recorded last week bringing the monthly trust deed total to 2,364 with a value of $735.23 million. Last week 13 of the trust deeds were for amounts over a million dollars with the largest single loan of $14 million being funded by Pinnacle Bank. The other banks funding large loans were:
- Citizens Bank (3 Loans) – $11.73 million
- Citizens National Bank – $8.11 million
- Southeast Bank – $6.06 million
- Bank Financial Na (2 Loans) – $3.49 million
- Southern Bank – $3.15 million
- Credit Union 1 – $2.09 million
- Mountain Commerce Bank – $1.12 million
- Mortgage Investors Group – $1.04 million
- Renasant Bank – $1 million
Just two months left in 2021 and I am looking forward to the results of the 3-year comparison of recorded loans and property transfers. Here are the results as of October 29:
I am available as a speaker for any of your groups, clubs, or HOA meetings. Just give me a call at the office, 865-215-2330 (and don’t forget to dial 865) to set up a time that works for you. And look me up on Facebook here then please like and follow the page.
Have a great week!
Nick McBride is register of deeds for Knox County.