October posts sluggish sales

Nick McBrideOn the Grow

Fall break is over, and schools are back in session. The vacation week may have had an impact on the real estate business as the second week of October ended with 1,037 recorded deeds, which is 300 fewer than the first week.

Included in that number were 212 Trust Deeds (loans) that had a total value of $54.23 million. Million-dollar plus loans accounted for four of the total; the highest value loan of $4 million was funded by CBBC Bank, followed by Citizens Bank with a $3.17 million loan. First Horizon backed a $1.29 million loan and the last was loaned by Regions Bank for $1.18 million.

Warranty Deeds made up 141 of the total recordings and had a total value of $65.05 million. Five property sales carried price tags over $1 million; three of those were commercial properties.

The highest value property to change hands was 3700 Middlebrook Pike, a Fed Ex distribution center. The Arthur N Rupe Foundation sold the warehouse property to 3700 Middlebrook Pike LLC for $8.25 million.

The second largest sale was between Rock Pointe Development LLC and Quiktrip Corporation. Rock Pointe sold the property on Pelham Road, which abuts Rock Pointe Road in the Rutledge Pike area of East Knoxville, to Quiktrip for $4.39 million.

The final property of over $1 million to change hands is in a neighborhood in Hardin Valley. Hardin Valley Farm Development Inc. sold 36 property parcels in Phase 2 of the Hayden Farms subdivision to Smithbilt LLC for $2.55 million. This subdivision is off Sam Lee Road.

The three-year comparison chart below shows the differences in the past three years of real estate in Knox County.

If you haven’t already signed up for the Property Fraud Alert program in place for Knox County homeowners, it is easy to do. Just go to https://alertme.knoxrod.org, click on Register Here, and follow the prompts. This program will send an email if any documents are filed in the names you have registered. You can learn more about the program by visiting our website, https://rod.knoxcounty.org/ or by calling our office, 865-215-2330.

Have a great weekend and GO VOLS!         – Nick

Nick McBride is register of deeds for Knox County.


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