Knoxville sure had a busy weekend with the opening of the Tennessee Valley Fair and the UT football game. My family and I had a great time at the fair on Friday evening — riding rides, petting the animals and playing the games. I hope you will be able to have time to enjoy this annual event that brings people together from all over the area.
During the first full week of September, we recorded 426 loans and 261 property transfers. Both numbers are down from the week before, but that week included the end of August and we usually see a greater number of transactions at the end of the month. The total dollar amount of loans funded last week was $102.32 million. In the prior week we recorded 10 commercial loans over a million dollars. This week, of the 10 loans that were funded over a million dollars, only three were commercial transactions.
Pinnacle Bank funded two loans with a total of $5.5m, and First Horizon Bank had the next highest total with one loan in the amount of $2.49m. The rest of the banks all funded loans under $2 million dollars: ORNL Federal Credit Union, Regions Bank, Prime Lending, Hearthside Bank, Keystone Mortgage Group, TN Bank and Y-12 Federal Credit Union.
The 261 property transfers had a total value of $82.71 million dollars. Nine of those sales were over a million dollars with only three being commercial properties.
Regal Entertainment sold its former office buildings in the Halls community. This 5-parcel property, 7120 Regal Lane, was sold to Knox Office and Commercial LLC for $1.4 million. Hoping to see new businesses there soon.
Another million-dollar deal was between Country Oaks GP and Dean Properties LLC. Dean Properties purchased the buildings and lot located at 3201 Henson Road for $4.5 million.
And the third million plus property transfer was between Hughston Homes LLC and JOL LLC who paid $1.45 million for a 28.8-acre undeveloped lot on Buttermilk Road.
A slower week didn’t have much impact on the overall totals for the year — we are still very far ahead of the past two years of sales and loans as you can see by these three-year comparisons.
TRUST DEEDS Jan 1-Sept 10
2019 12,381 $ 3,392,772,808.70
2020 17,440 $ 4,559,862,417.39
2021 20,808 $ 6,052,596,069.57
WARRANTY DEEDS Jan 1-Sept10
2019 9,326 $ 2,634,578,635.14
2020 9,495 $ 2,742,878,678.38
2021 10,890 $ 3,739,983,962.16
If you oversee booking speakers for your civic clubs and group meetings, I am very happy to come and talk to you about the trends, the work we do in the office and how real estate has grown over the past few years. Just give me a call at the office 865-215-2330 so we can schedule a time.
I hope you all have a great week—hopefully you can get over to the fair to have some fun (don’t forget the funnel cakes!).
Nick McBride is register of deeds for Knox County.