Market strong despite seasonal slow-down

Nick McBrideOn the Grow

Knox County Schools were on Fall Break last week, and I hope many of you were able to enjoy the week off with your families, whether going on vacation or having a fun “stay-cation.” Time seems to fly by, next thing you know it will be Thanksgiving!


The school break may have had some bearing on the decrease in property transfers and loans recorded compared to the previous week. During the week of Oct. 11-15 we recorded 245 property transfers. The total value of the transfers last week was $72,947,567. Eight of the transfers were over $1 million dollars, but only two of the eight were commercial properties.

A familiar building in the heart of Bearden was one of the two commercial properties. The building, which has both office and retail space, including the well-known Forum Gifts, was purchased by Legends of the Tigris LLC for $1.35 million.

Undeveloped property in North Knoxville off Washington Pike sold for $2.77 million.

The other property is in North Knoxville just off Washington Pike. If you live in the area, then you are probably familiar with the Legends at Oak Grove Apartments. The adjacent property between McCampbell Road and Washington Pike is currently undeveloped but will soon have a lot of activity and construction. Babelay Farm, LLC sold the property to NMHP Knoxville Owner LLC for $2.77 million. This photo, obtained from Google Earth, shows the area but not specific boundary lines.

Last week 523 loans were recorded compared to 612 the week before which is a 14.54% decrease. The total value of all loans obtained last week was $125.57 million; 11 of those loans were over the $1 million mark. Home Federal Bank of Tennessee funded the largest loan of $5 million. The other banks with high value loans were:

  • Live Oak Banking Co – $3.31 million
  • Truist Bank—2 loans – $2.38 million
  • First Horizon Bank—2 loans – $2 million
  • ClearPath Lending – $1.93 million
  • Mortgage Investors Group – $1.23 million
  • The Bank of New York Mellon – $1.2 million
  • Wilson Bank & Trust – $1.05 million
  • Pinnacle Bank – $1.03 million

As you can see from this year-to-date three-year comparison table, even with a slower week than normal, 2021 is still going strong in both aspects of real estate.

I know the lenders, agents and title companies are working hard for the people of our county, and it certainly shows. Often the middle of the month is slower than the first and last part of the month, so I’m not discouraged by one week’s low numbers. We shall see how the rest of the month pans out.

I want to remind you that I am available to speak at your group meetings and community gatherings. Please contact me at the office to schedule. 865-215-2330. I hope you have a good week and please follow us on Facebook. Go here, then please like and share the page with your friends and family.

Nick McBride is register of deeds for Knox County.

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