Welcome to May! Interest rates doubling over the last 12 months has caused a decline in residential lending, but commercial borrowing continues to be strong for new construction and permanent financing once a project is complete.
Last month a total of 5,005 documents were recorded. Of those, 1,079 were trust deeds with a combined value of $454 million. The sum of the 844 Warranty Deeds was just over $377 million.
In the month’s final week, 284 loans totaling $ 96.5 million were recorded. Nine loans with values over $1 million were recorded. Wintrust Bank NA funded the largest of the week at $13.1 million. The next two highest loans were $2 million each: one funded by Home Federal Bank of Tennessee and the other by Pinnacle Bank.
Last week we had 212 property sales recorded with a total value of $96.5 million. Apartment buildings fetch high prices, but neighborhoods of rental homes are of high value too! Last week 87 single-family homes in one neighborhood were sold to MZ Knoxville SFR LLC. They purchased 30 homes in the Devanshire neighborhood on Lovell Road from Kings of Kings LLC for $6.37 million dollars, and 57 homes from Liberty Holdings LLC for $12.1 million.
In other high-value property transactions, Mesana Investments LLC was busy with both buying and selling. Selling 25.96 acres of currently categorized unused land in west Knoxville on Buttermilk Road, very close to the Roane County line, to Hickory Creek Partners I LLC for $2.19 million. Mesana Investments LLC also purchased two properties: 27.59 acres on Beeler Road purchased from B & Builders Inc. for $1.17 million, and sold 42 lots to D.R Horton in the Ridge at Neal’s Landing, a new section of Neal’s Landing on Asheville Highway. Those lots went for $2.18 million.
In the Halls community, the property including three buildings just off Neal Drive, currently home to Twisters and Carolina Refrigeration, was sold by MC Holdings Company LLC to Benson Properties for $1.65 million.
A property on a private road just off Lonas Drive, Zoe Drive, has also changed ownership. Peer Academy purchased the property from BB Holdings GP for $2.2 million.
And a 17-acre family-owned property on Governor John Sevier Highway in east Knoxville has been sold to BGD Development LLC for $1 million. As the neighborhood plan has already been recorded, expect work to start soon.
That sums up the commercial real estate transactions with prices over a million dollars for last week. The highest property transfer of the month was the purchase of those 87 houses last week and the largest loan recorded was $76 million funded by Southeast Bank.
The three-year comparison chart below has been updated as of April 28.
We recently revamped our website due to a growing interest in the real estate market. The new website features all things property related. Anyone interested will be able to find sales, prices, foreclosures, mortgage lending information and sales analysis that measure the strengths and weaknesses of the current market. You can also sign up for our property fraud alert program and our property transfer report. The property fraud alert program will notify you if a document is recorded in your name, giving you the advantage of finding out about fraudulent activity immediately as opposed to finding out years down the road or when you’re trying to sell. Call the office if you have questions 865-215-2330. Since your largest investment is probably your home, please take this opportunity to protect it against fraudulent transactions.
You can visit our new website @ https://rod.knoxcounty.org/
Have a great weekend! – Nick
Nick McBride is register of deeds for Knox County.
Note: This story has been updated with correct figures on the purchase of 87 single-family homes by MZ Knoxville SFR LLC.