Student housing brings $2 million

Nick McBrideOn the Grow

Hope your week has been good so far — the weekend is just around the corner and it’s sure to be fun-filled.

Nick McBride

Trust Deeds and Warranty Deeds are what I base this report on, but we also record many other documents pertaining to property in Knox County. Liens, Lien Releases, Corporate documents, Power of Attorney documents and many others. You can check out our website for deed types, a FREE fee calculator and information on sales and top lenders. Just visit: https://knoxcounty.org/register

Before we look at last week’s numbers, let’s go over September 2021 vs September 2022. We are seeing a decline in the volume of documents being recorded because interest rates have risen. In September of 2021 we recorded 2,446 deeds of trust compared to 1,568 this September. That is a 35.8% decrease. Warranty Deeds recorded in September 2021 were 1,360, while we only recorded 1,077 this September. That is a 20.8% decrease. Think about all the people these numbers affect directly: loan originators, loan underwriters, appraisers, surveyors, Realtors, title attorneys, closing agents and home inspectors, to name a few.

Recapping last week’s real estate activity, the total number of recordings was 1,354. This is an increase of 148 documents over the previous week. 243 Warranty Deeds were recorded with a total value of $91.6 million, and nine properties priced at a million dollars or more. One of those nine properties was a commercial transaction.

Radius Partners Two LLC sold two multi-unit student housing properties last week. The apartment buildings, 1416 Forest Ave and 1705 Laurel Ave, were purchased by Bluetick Holdings LLC for $2 million.

Loans in the amount of $97.7 million made up 336 of the total recordings. Three of the lenders with million-dollar loans had two loans each on the list. Pinnacle Bank funded the two highest loans: $6.27 million and $5.95 million. The 10 others were:

The three-year comparison chart keeps you up to date on the changes we are experiencing in the real estate market.

 

If you haven’t yet signed up for our FREE Property Fraud Alert System, take this time to go to the website: https://alertme.knoxrod.org, or click on this link. Click on Register Here and follow the prompts. This system is designed to inform you via email when any transaction is recorded that involves the names and addresses you enter. It’s FREE to sign up and can give you peace of mind regarding the security of your property.

Have a safe and happy Halloween, and don’t forget to watch out for the kiddos. And of course, Go Vols!

Nick McBride is register of deeds for Knox County.

 

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