River shore property sold to Vols View Residences LLC for $8 million.
Last week our office recorded 1,420 documents with warranty deeds making up 164 of those; the three-year comparison is below. Knox County is still seeing an influx of newcomers, and housing is being built at what seems to be warp speed to attempt to accommodate the demand. I’m sure we will see an increase in property sales with spring’s improving weather only a few weeks away.
Keeping to that point, the most valuable piece of property to sell last week will soon become the site of new apartments. The south Knoxville riverfront is about to change again. Ready Mix USA LLC sold a 5.89-acre property on the river, specifically 451-2209 Blount Ave., to Vols View Residences LLC, an Alabama-registered business. Directly across from Neyland Stadium, these apartments will have great views! Vols View purchased the property for $8 million.
One other commercial property changed hands last week – this one in the Bearden area. “The Shops at Bearden Place” retail center on Kingston Pike (home to a bakery, a bridal shop, a jewelry gallery and a barber shop) is now owned by Lake and Resort Properties LLC (52%) and Bearden Place Center LLC (48%). The property had a price tag of $2.1 million. The value of the 164 warranty deeds for the week was $61.7 million.
Loans with a total value of $120.9 million accounted for 243 of the total documents. There were three loans over a million dollars. The largest was obtained from Truist Bank in the amount of $70.35 million which was part of the same deal as our highest-value property transfer. Capstar Bank funded a loan in the amount of $1.35 million, and First-Citizens Bank and Trust loaned $1.28 million. Take a look at our three-year comparison chart.
I was happy to be the speaker at the Kiwanis of North Side Knox club luncheon yesterday at the Foundry. My presentation was a highlight of the top sales of 2022. I’m available to speak at your meetings as well. Give me a call at the office at 865-215-2330 so we can put your date on the calendar. Have a great weekend! – Nick
Nick McBride is Register of Deeds for Knox County.