I hope you had a good week and enjoyed a long weekend. We observed the day of honor for Dr. Martin Luther King Jr. and his efforts to create a more equal union. The United States would not be the same had he stayed quiet. His contributions to society were tremendous.
Nick McBride
Now, if you’ve ever purchased a house, you know that the closing process can take 30 to 45 days to complete. So that means that most of the property sales that we recorded last week started their process in early December. We recorded 327, which means a lot of people got a new house as a belated Christmas gift. Congratulations! The total value of all property transfers came to $61 million which is less than the week before, but that week included an apartment complex, so we’re still on a roll.
I told you that in the first week of January there were 11 commercial properties that sold for more than $1 million. Surprisingly, in the second week we only recorded one commercial property! The property, located by Aaron’s on N. Broadway, was sold by KML Realty LLC to Santa Teresa Capital LLC for $1.04 million.
Lending stayed steady as far as the number of loans closed, which was 569 for the week with a total of $166.6 million. Two banks approved and closed commercial loans for more than $17 million each last week. Citizens’ Bank made a loan of $18 million, and CBRE Multifamily Capital LLC loaned $17.17 million. Others on the list of high value loaners include:
- Y-12 Federal Credit Union – $5.2 million
- Capstar Bank – $2.5 million
- Regions Bank – $2.1 million
- Enrichment Federal Credit Union – $1.8 million
- TNBank – $1.12 million
Here’s some interesting information for you: 97,000 documents were recorded by our office in 2020! That’s an average of 1,865 per week. Warranty deeds accounted for 14,277 of those, and on average we recorded 275 per week. Trust deeds accounted for 26,462 of the total, which averages out to 508 per week. Obviously, my staff is great at what they do! I appreciate each of them and their efforts during the past year and look forward to a great year ahead!
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Nick McBride is register of deeds for Knox County.