The last week of July reported high numbers in the real estate markets. The number of trust deeds increased for the third consecutive week, as well as the value of the property financed. Last week we recorded 632 trust deeds valued at $166.7 million. This exceeds the previous week by 91 documents and $11.6 million in value. Though this has been common during this peculiar season of rock bottom interest rates, we have not consistently seen increases with transfers. However, last week significantly outperformed the week before in the buyer’s market as well. The 354 warranty deeds we recorded valued at $102.4 million exceeded the week before by 55 deeds and $16.6 million.
A retail condominium off Northshore near Papermill was the largest transfer of the week. Unit A-1 at 234 Brookview Centre Way, also known as being all of building A, was purchased by OTN Retail Center Three LLC. Brookview Market A LLC sold OTN the property for $3.675 million on the last day of the month. This is the property where Casual Pint, Sports Clips and Five Guys are located.
The second-largest conveyance of the week was a property off Rutledge Pike in East Knoxville. The corner lot at Ault Road and Shangri-la Drive sold for $2.275 million. Wrennovation LLC, the new owner, acquired the property from Geneva Knoxville RE LLC. The property is currently home to Clarke Power Services Inc.
Grassy Creek LLC sold Lot 15 of the Grassy Creek Subdivision at Schaad Road and Oak Ridge Highway for the third-largest transfer of the week. Marathon Realty Corp. bought the parcel for $1.82 million.
The last notable transfer of the week involved the motel at Callahan Drive and Dante Road, behind the deli. Kana Lodging LLC purchased the property from HN Corporation Inc. for $1.6 million.
Loans over $1 million are as follows:
- Walker and Dunlop LLC $6.372 million
- Southeast Bank $5.788 million
- Renasant Bank $2.551 million
- First Horizon Bank $2.396 million
- Citizens Bank $1.5 million
- Capstar Bank $1.4 million
- Bank of George $1.4 million
- Y-12 Federal Credit Union $1.378 million
- Regions Bank $1.36 million
- Regions Bank $1.129 million
Check out our top lender page at https://knoxcounty.org/apps/top_lender/
Not only did the last week of July perform well, but the month as a whole outperformed July a year ago. Again, with the low-interest rates, the high mortgage numbers are expected. We recorded 2,534 trust deeds valued at $657.2 million. Compared to July 2019, this is $214.8 million more in value and an additional 680 documents. In the buyer’s market, 1,477 warranty deeds were recorded, an increase of 151 over July of last year. The aggregate value of property changing hands last month was $483.9 million, as opposed to $380.4 million last July. This represents a $103.5 million increase in value.
Though things may still seem a bit off normal, the real estate market stays strong. Properties are changing hands and several people are refinancing. The register of deeds office remains open and active serving Knox County and keeping our employees and citizens safe. May your August be off to a grand start!
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Nick McBride is Knox County register of deeds.