Real estate transfers outpacing past two years

Nick McBrideOur Town Leaders

What a nice weekend we had to kick off this second week of August 2021! Cooler days make most of us look forward to fall and of course fall means football season. I recently had the opportunity to meet UT’s new athletic director, Danny White, and head coach Josh Heupel — we are all excited about the upcoming season which starts Thursday, Sept. 2. As usual, the office will be decked out in orange and white, and we’ll be wearing it too! Welcome back, UT students!

The staff was busy last week as were the banks and title companies. Of the 2,300 documents recorded in the first week of August, 401 of those were property transfers and 696 were new loans. The total value of the properties sold in Knox County last week was $159.06 million.

Nick McBride

There’s been an increase in sales of properties valued over a million dollars this year, and last week we added another 17; eight of those were cash buyers. Three were commercial properties including the $8.15 million dollar sale of the Cube Smart Self-Storage property located at 7157 Clinton Highway. EZ Storage Inc. sold the 6.7-acre property that they had owned since 1994, to MHC 132 (Powell TN) LLC.

Another commercial property to change hands was the property of Bearden Gospel Baptist Church. The two parcels located at 5717 & 5719 Walden Drive border Cherokee Country Club’s property and were purchased by Cherokee Country Club LLC for $1.25 million.

The third property sold was the new Fast Pace Urgent Care center located at 7403 Middlebrook Pike next to Dollar General. JMB Investment Company LLC sold the property to Paperbark I LLC for $1.93 million.

Last week’s loan total came to $223.51 million with 19 loans over $1 million. That makes for happy lenders! The lender with highest number of loans over $1 million was Pinnacle Bank with 5 loans equaling $38.1 million. Coming in with the second highest number of loans was First Horizon Bank with four loans totaling $5.31 million. Citizens Bank funded two loans with a total of $6 million and JPMorgan Chase Bank lent $9 million in one loan. The other lenders with single loans over a million were:

  • Bank of Tennessee $2.13 million
  • Duetsch Bank Trust  $1.99 million
  • Angel Oak Mortgage Solutions $1.89 million
  • Commercial Bank  $1.85 million
  • Enrichment Federal Credit Union $1.43 million
  • Tennessee State Bank $1.16 million
  • First Century Bank  $1.15 million

The three-year comparison table is up to date. Real estate is still moving full-steam ahead!

Knox County schools are now in session — be sure to watch for the kiddos as you drive through the school zones and neighborhoods surrounding the schools. Here’s hoping for a great ’21-’22 school year for our students, teachers and administrators!

Have a great week! And look for us on Facebook here.

Nick McBride is register of deeds for Knox County.

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