Values are still up, but volume is cooling

Nick McBrideOn the Grow

The second week of August was slightly slower than the first, but still produced good numbers. We recorded 371 trust deeds. These represented financing on property with a total value just under $155 million. Included in the trust deeds were 11 documents where the value of property was $1 million or more.

Wells Fargo Bank carried the largest of these loans coming in at $47.5 million dollars. Below that, First National Bank of Middle Tennessee financed a piece of property valued at $5 million. The next most valuable lenders were: First Farmers and Merchants Bank in the amount of $4.64 million, Y-12 Federal Credit Union at $4.4 million, and Renasant Bank at $3.9 million. Also, Mountain Commerce Bank, FirstBank, Home Federal Bank of TN, Renasant Bank, and TIAA FSB all extended loans from $1-$2 million.

Nick McBride

As for the transfer side of real estate, about 100 fewer warranty deeds were recorded at a total of 258. The total value of property on these documents was just over $102 million. The Emory Cove condominiums in Halls were the largest commercial transfer of the week selling at $5.388 million. The second largest commercial transfer was a property off Rutledge Pike. This transfer between Select Commercial Properties LLC and Ashland Properties LLC sold for $4.9 million. The last commercial transfer for the week that was greater than $1 million was for three tracts of land off Sevier Avenue in the ninth district of Knoxville. On this deal Gatehouse Properties LLC sold the three tracts for $2 million.

The three-year comparison chart below has been updated to reflect the second week of August’s sales:

Finally, I just want to thank you again for electing me as your Knox County Register of Deeds for the next four years. Thank you for entrusting me to properly record and maintain the documents pertaining to your most valuable assets. I look forward to serving our citizens to the best of my ability, once again.

I would also like to remind you of our new FREE Property Fraud Alert program. You can find out more by going here, then clicking on “Register Here” and following the prompts. Or feel free to call our office if you have other questions at 865-215-2330.

Have a great weekend!

Nick McBride is register of deeds for Knox County.

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