It’s summertime, and people all across Knox County are buying and selling properties! Our office has been very busy so far in June 2019.
Comparing the first two weeks of June 2017, 2018 and 2019, there is a significant increase in both property transfers and lending. Compared to 2017, the first two weeks of June 2019 show an increase of 48 percent in lending amounts and 12 percent increase in property transfers. June 2019 vs. June 2018 shows increases of 87 percent in lending and 16 percent in property transfers. Trending up is always good.
As for last week, we had 290 property transfers and 375 loans recorded. The largest property transfer was between Dominion Greentree LLC and Greentree Homes LLC and Greentree TIC LLC. This property is known as Greentree Village Apartments and is located off Forest Hills Boulevard. The property changed hands for $9.9 million, and the loan was for $8.7 million.
The next largest property transfer was between 191 III Cube III Sub, GP and SROA 3303 Sutherland TN, LLC. This transfer, for storage units on Sutherland Avenue, was $5.4 million.
Loans totaling $139.6 million were recorded last week. We had two housing developers obtain large loans: ECG Young High LP has borrowed $23.8 million from US Bank National Association for construction on property on Young High Pike in South Knoxville. Knox Student Apartments LLC took out a loan for $22 million for University Park Apartments on Lippencott Street, also in South Knoxville. This is great news for South Knoxville!
If you are thinking of moving this summer, now is a great time to contact your favorite real estate agent. The market is hot right now. And, you’ll want to get settled before Knox County schools start back on Aug. 5.
Nick McBride, Knox County Register of Deeds, provides a weekly transfer report for KnoxTNToday readers.