As the economy continues to re-open, it is no surprise that last week’s numbers were a little lower with people venturing out on much-needed vacations. However, the second week of June did show that more people are continuing to borrow on property instead of buying.
We recorded 457 trust deeds last week valued at $134 million. This reflects 140 fewer recordings at just over $8 million less than the week prior. To represent the buyer’s market, 242 warranty deeds were recorded at a value of $65 million. The week prior recorded 94 additional transfers for $17 million more in value.
The largest mortgage recorded was for $28.46 million, in which Capital Growth Medvest Knoxville LLC borrowed from Renasant Bank. The Tennova Medical Park off Middlebrook was listed as collateral as they proceed with new developments there.
Hardin Valley Development Partners LLC recorded the second-largest trust deed of the week, as well as the second-largest warranty deed. They borrowed $3.6 million from Southeast Bank against property just off Hardin Valley on Reagan Road. The warranty deed tied to the property shows them buying it from Pine Creek Farms Inc. for $1.7 million. A new assisted living facility will be built here.
Similarly, R & V Zenzen Partnership recorded the third-largest deed of trust during the week as well as the largest warranty deed. They borrowed $1.5 million from Truist Bank to buy property near P.F. Chang’s in West Knoxville. The warranty deed representing the purchase of this property shows they gave $2.25 million to Corona Development LLC to obtain the property.
The last notable transfer of the week was valued at $1.2 million. Sacred Ground Hospice House bought property off Dry Gap Pike from Holston Annual Conference of the United Methodist Church Inc. This will be developed into a hospice.
As this week carries us into summer, we await greater activity in real estate markets alongside the rising temperatures. However, as with this past week, travel and vacation could skew the numbers alternatively. Though only time will tell, the Knox County register of deeds office will be open, continuing to serve the public and protect your most valuable assets.
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Nick McBride is Knox County register of deeds.