May 2021 tops 2020 by $150 million

Nick McBrideOn the Grow

Before we look at statistical data for the first week of June now in the books, I want to briefly recap on the month of May as a whole. Throughout the month 1,330 properties valued at $429.5 million changed hands on recorded warranty deeds. On the financing side, we recorded 2,261 trust deeds on property valued at a total of $703.3 million. Without getting too detailed, I will simply say that both categories saw an increase of roughly $150 million over May 2020.


Now, looking at the first week of June, we will see numbers dip a little due to the shortened week by the observance of Memorial Day last Monday. We recorded 309 warranty deeds on property valued at $101.9 million. Of these transfers, the largest commercial sale was the vacant lot at the corner of Cedar Bluff and North Peters in west Knoxville. Shailesh V. Patel sold the parcel across from Applebee’s to Mountain Commerce Bank for $3.6 million. It’s crazy to think that lot has been vacant for this long, but I anticipate that the SmartBank on the other corner will soon have some competition on their turf.

Nick McBride

As for real estate pertaining to financing, we recorded an additional 200 documents with 506 total Trust Deeds coming through the office last week. The cumulative value of the property on these deeds was $128.5 million. Over $17 million of all property financed during the week was made up of eleven mortgages greater than $1 million. The lenders on these properties are as follows:

 

  • First State Bank – $2.52 million
  • FirstBank – $1.33 million
  • Regions Bank – $2.079 million
  • Pinnacle Bank – $1.272 million
  • Citizens Bank – $1.825 million
  • First Century Bank – $1.18 million
  • ORNL Federal Credit U – $1.499 million
  • United Community Bank – $1.155 million
  • Mountain Commerce Bank – $1.409 million
  • ORNL Federal Credit Union – $1.06 million
  • First Horizon Bank – $1.4 million

Each week we barely scratch the surface with a snapshot of the largest impact transactions in the region and a summary of total activity. However, it is nearly impossible not to be aware of how wild the real estate market is becoming in Knox County. Next week, be looking for a chart of new data we will begin providing showing a year-to-date, three-year comparison to help depict more completely what is happening with real estate in Knox County.

Congratulations to our University of Tennessee Baseball Volunteers as they advance to super regionals and will be hosting again at Lindsey Nelson Stadium in the next stage of the NCAA tournament!

Have a great week! And look for us on Facebook here.

Nick McBride is register of deeds for Knox County.

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