Property values have surpassed 2021 numbers

Nick McBrideOn the Grow

In May we recorded a total of 7,554 documents with 1,253 of those being property transfers which came to a grand total of $730 million, and 1,884 documents were new loans with a total value of $677 million. With the increased interest rates, we are now seeing the value of transfers exceed the amount of mortgages recorded.

The first week of June ended with 277 warranty deeds recorded with a total value of over $113 million, with 11 of those being properties that sold for $1 million or more. Six of those were commercial properties, the most expensive being a prominent location at 124 Summit Hill Drive in downtown Knoxville. The Vine Avenue Furniture store and Brown Insurance Agency occupy the property that was sold by GC Hoffner Real Estate Inc. to Ephant Group-EHAN LLC for a cool $4.75 million.

Nick McBride

The second most valuable property transfer was for 27.4 acres on Schaeffer Road, just off Hardin Valley Road and across from Extra Space storage. Shiflett HV LLC sold the currently undeveloped property to The Grand Reserve Columbus LLC for $4.5 million. This same property sold for $2.48 million in January of 2018.

Another Hardin Valley community neighborhood will also be growing soon. In Hayden Farms Subdivision, 31 lots on Sam Lee Road were sold by Hardin Valley Farm Development Inc. to Clayton Properties Group Inc. for $2.16 million. These homes are being developed by Goodall Homes.

The Boot Barn, a fairly new business located on Walker Springs Road, sits on the property that was our third most valuable transfer of the week. Vintage Development Corp. sold the property at 112 Walker Springs to the 6600 K.P. Partnership for $2.7 million.

The last of the commercial properties to change hands for more than $1 million is in the Inskip area of North Knoxville. The small apartment complex previously owned by 609 Inskip LP was sold to 609 Inskip LLC for $2.02 million.

As usual, lenders were busy during the first week of the month, too. We recorded 414 loans with a value of $134 million for the week. We recorded 16 loans over $1 million, and three of those were loans for amounts over $5 million dollars! The highest value loan was from Southern First Bank in the amount of $7 million. The second largest loan was funded by Hometrust Bank in the amount of $6.18 million. Mountain Commerce Bank lent the third highest amount of $5.88 million. And we did have one that came very close to $5 million, Home Federal Bank funded a loan of $4.97 million. The others:

Taking the three-year comparison chart into consideration, we are still showing a lot of growth. In fact, so far in 2022 we are $600 million ahead of 2021 in the warranty deed category and $121 million ahead of 2021 in trust deeds! And more houses are being built and sold every day!

If you need a speaker for any upcoming engagements, give me a call, I have some availability in both June and July. My office number is 865-215-2330.

Have a great weekend!

Nick McBride is register of deeds for Knox County.

Leave a Reply

Your email address will not be published. Required fields are marked *