It’s the last week of October, do you have your costumes ready for this weekend? I’ve seen signs everywhere for Trunk or Treating—it’s nice for the kids to be able to have some fun this year.
Last week in the office we did see a slight increase in property sales over the Fall Break week. We recorded 260 property sales with a total value of $101.37 million dollars. The number of loans that were recorded was slightly down from the previous (496 vs 523), but the total value of the loans increased significantly with a total of $153.88 million vs the previous week which was $125.6 million. I consider $28 million to be a good sign and hope to see this last week of October increase even more.
Commercial property sales made up eight of the 13 warranty deeds that were over $1 million. The most notable of the week was the sale of Villa Collina on Lyons View Pike. Resolution Systems LLC sold the property to LView properties LLC for $6.5 million. Tomorrow begins the trial for those responsible for delaying the sale of Villa Collina.
The Church of Jesus Christ of Latter-Day Saints has purchased a 5-acre property in deep West Knox County for $1.45 million. Close to Watt Road and abutting the property of Christ Covenant Presbyterian Church, look for construction to begin at 13001 Kingston Pike.
If you live in the Norwood community, you’re probably missing the convenience of the Weigel’s Farm Store on the corner of Tillery Rd and Merchant Drive. Good news; it now has a new owner, so you’ll once again be able to stop in for coffee on your way to work. LKM Properties LLC sold this prime spot across from the Knoxville Expo Center to OM Shree SAI LLC et al for $1.3 million.
Residents of two Hardin Valley subdivisions will soon have new neighbors. Ten more lots in the Windermere subdivision have been turned over to the builder/developer. These homes are being built to be rented so if you’re in the market for a beautiful home to rent, check out these on Union Pointe Lane. TN Hardin Valley LLC purchased the lots from HV West LLC for $4.17 million. Also, Coward Mill subdivision residents will see the addition of 18 new homes in their neighborhood. Mesana Investments sold the 18 lots for $1.06 million to the builder, D.R. Horton Inc.
Two buildings on Gay Street changed hands last week as well — 716 and 718 S. Gay St. were both sold by Belleview Investments LLC to Manki Investments LLC for $1.5 million. That’s close to our office so we hope for some new businesses that we can patronize.
Another downtown building also sold, this one in Market Square. The building at 325 Union Avenue (think Petro’s Chili & Chips Restaurant) was sold by 2 Market Square LLC to BreakHope LLC for $3.03 million.
And the last commercial real estate property to change hands is currently occupied by the Fort Sanders West complex. This valuable property was sold by Fortress Corp to Rehabilitation Hospital of Knox County LLC for $3.7 million.
As I mentioned, we recorded a total of 496 loans last week with a total value of $153.88 million. 12 of those are loans for over a million dollars. Capstar Bank funded two of these loans for a total of $ 21.17 million. Tradition Capital Bank was the lender of the second highest value loan with $6.21 being funded.
The others were:
- UBank (2 loans) – $4.25 million
- Arbor Realty SR – $3.03 million
- Wells Fargo Bank NA – $3 million
- Citizens Bank – $2 million
- Eustis Mortgage Corporation – $1.27 million
- Mountain Commerce Bank – $1.17 million
- First National Bank of Oneida – $1.1 million
- Pinnacle Bank – $1 million
I’ll finish out with an up-to-date three-year comparison chart. Still going strong!
Have a great week and Happy Halloween!
Nick McBride is register of deeds for Knox County.