Real estate continues upward trend

Nick McBrideOur Town Leaders

September 6-10 was a holiday week which made the numbers lower than usual so it’s good to be able to say that things got right back on track last week in both property sales and lending.

Nick McBride

The banks funded 529 loans last week which is 103 more than the previous week. The total dollar value of the loans funded was $148.68 million. We recorded seven loans over $1 million with only one of those being a non-commercial loan. The lender with the largest loan of the week was American Fidelity Assurance Corporation who funded $9.98 million and coming in a close second was Pinnacle Bank which funded a loan in the amount of $9.4 million. The other banks with loans over a million dollars were:

  • First Horizon Bank – $2.59 million
  • Mountain Commerce Bank – $1.58 million
  • First US Bank – $1.37 million
  • Commercial Bank – $1.18 million

The three-year comparison of the loans year to date is still going strong!

Property sales were up from the previous week as well but not by many, just 19, but an increase is an increase. The total number of property transfers for the week was 280 which added up to grand total amount of $98 million. Eight of the 280 were valued at one-million dollars or more, and three of those were commercial real estate transfers. The most expensive property exchange was a 53-acre parcel of land located between Concord Road and South Campbell Station Road in Farragut, next to Pleasant Forest Cemetery. This land was previously owned by Moser-Biddle Corporation and for the price of $6.95 million it now belongs to Biddle Farms Residential, LLC. I’ve included a Google Earth photo of the property. I’d guess there will be homes being built there before long.

The 53-acre tract in Farragut/Concord.

The second highest property price was $2.3 million. Gallaher Investments LLC sold the property located at 1411 E. Weisgarber Roadd (in the Spring Farm Industrial complex) to RF Seracini. Windrock Enterprises currently occupies this building.

The third sale was for the property located at 205 W. Oklahoma Avenue in Old North Knoxville. Vereit Real Estate, LP sold the building on the corner of Oklahoma and Davanna Avenue to 205 W Oklahoma Property LLC for $1.2 million.

The three-year comparison data for Warranty Deeds is still looking great! I know new homes are coming on the market as we have been recording a bunch of Notice of Completion documents. If you’re in the market, now is still a great time to buy and sell!

If you oversee booking speakers for your civic clubs and group meetings, I have some dates left in the next couple of months. It would be an honor to visit with your groups and provide statistics and information about the real estate in Knox County. If you want specifics for your area, just let me know. Give me a call at the office 865-215-2330 so we can schedule a time.

Have a great week and don’t forget, we’re on Facebook! Just go here and give us a like and please share our page!

Nick McBride is register of deeds for Knox County.

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