I hope everyone had a nice weekend—it was great to have rain for our poor lawns, wasn’t it? Saturday, we spent the day at the annual Powell Station Celebration and had a great time. I enjoyed meeting new folks and seeing and talking to old friends. Our crew had fun too, especially the kids! It was a very well-planned and well attended event!
Here we are at the middle of the month already and it’s been a busy one so far. Last week the staff recorded 2,394 documents bringing our midmonth total to 4,700. Of the 2,394 documents, we recorded 554 property transfers valued at $161.8 million, so the real estate scene hasn’t slowed.
Nick McBride
As I mentioned last week, sales of properties valued at over a million dollars keep going up. This past week we had 14 with only two being commercial properties in Farragut. One is the highest value sale of the week — another, an apartment complex, has been sold (these always bring in big bucks). The Overlook at Farragut apartments, located on N. Campbell Station Road near the interstate, was sold from Overlook at Farragut LLC to Overlook at Farragut Apartments LLC for $61.67 million.
The Overlook at Farragut
The other was a 6.7-acre parcel of currently undeveloped acres land close to the intersection of Snyder Rd and Outlet Dr. The Letsinger family sold the property, 11470 Outlet Drive near the site of Top Golf, to Tommy’s Knoxville LLC for $1 million. Expect construction there soon. There really is a lot of business growth going on in that area.
Three years ago, we wouldn’t have predicted the real estate market would be as hot as it is now, but the proof is in the numbers! Here’s the three-year comparison of warranty deeds recorded:
Along with last week’s property transfers, we also recorded 554 loans last week which came to a total of $161.8 million. Of the week’s 13 million-plus loans, the largest was a whopper at $44.75 million and was funded by Keybank National Association. The second largest loan was funded by Alliant Credit Union for $13.95 million and Southeast Bank lent the third highest of $12.66 million.
The other million-dollar lenders were (amounts in millions):
- CBRE Capital Markets Inc – $3.99 million
- Corvest American Finance Lender – $3.02 million
- First Horizon Bank – $2.99 million
- Wilson Bank & Trust – $2.88 million
- Regions – $2.4 million
- Mortgage Investors Group – $1.38 million
- Rocket Mortgage – $1.34 million
- Pinnacle Bank – $1 million
Along with the huge increase of warranty deeds, we also see the increase in the number of loans obtained in 2021. The low mortgage interest rates are behind this increase of course, so many people and businesses have refinanced existing loans. It’s been an economic boom for the county, so we hope rates continue to stay low. Here’s the up-to-date three-year comparison.
I’m looking forward to speaking to the Sertoma Club members at their luncheon on Wednesday. I am also available to speak at your group or club meetings so just give me a call at the office to book the meeting. Please remember to drive safely in the school zones and have a great week! Look for us on Facebook here.
Nick McBride is register of deeds for Knox County.