February 22, 2024
It’s starting to look a lot like spring!
Recapping February 2023 numbers, a total of 4,729 documents were recorded. 2022 was a record year so it hardly seems fair to compare, but in 2022 we recorded 7,631 documents! That just shows how much the changes in interest rates have affected the real estate market.
In lending, 927 Trust Deeds were recorded during the month which had a total value of $259,823,270. This included 18 loans over a million dollars. 661 Warranty Deeds were recorded on property valued at $241,029,981. These sales included 24 that were over a million dollars.
With the last two days of February included, we totaled 1,401 deeds recorded last week. This is an increase of 400 from the previous week – a healthy bump for local real estate. Last week also recorded 317 loans with a total value of $131,127,826. This includes two separate mortgages valued at over $15 million each.
The loan with the highest value was funded by Capital One NA in the amount of $26.11 million. Newpoint Real Estate Capital backed the second one which was valued at $17.62 million. The other 5 loans over a million dollars were:
On the transfer side of things, we recorded 240 Warranty Deeds last week with a cumulative value of $109,926,757. This was 70 more transfers than the week prior, so it looks like property sales could be on the rise again. Two of the high-value sales were transfers of multiple lots in new construction neighborhoods.
Smithbilt LLC purchased 32 lots from AG EJC II (CMH) Multi-State 2 LLC for $2.39 million in Hardin Valley’s Hayden Farms subdivision.
The next large sell was several lots in the Towering Oaks subdivision, just off Hatmaker Road in deep west Knoxville. They are planning the next phase of building by D.R. Horton. Mesana Investments LLC sold the 35 properties to D. R. Horton Inc. for $2.32 million.
Next was the vacant parcel on E Emory, beside Mayo Garden Center. Huber Properties LLC sold 636 E Emory Rd to Acre Powell LLC for $1.1 million. I am curious to see what goes in there as Powell continues to grow at a rapid pace. Recently, a workout gym moved a mobile home onto Mayo’s property, so I wonder if that may be an indicator of what is to come.
Last week’s highest valued sell is a 16-acre undeveloped lot at the back of Westbridge Business Park in Hardin Valley. The property located at 10120 Caneel St Blvd, was transferred by Hard Knox LLC to a private family trust for $23.52 million.
Our three-year comparison chart has been updated as of March 3, 2023.
Property Fraud is a growing problem across the nation. I assure you that it is my greatest concern, as well as that of my staff, to protect your property to the fullest of our ability by ensuring the validity of documents recorded. We have also created a Property Fraud Alert program to aid in this matter and help provide peace of mind. The program only sends an email alert if something is recorded in your name or address. If you get an alert for an unexpected transaction, you can call us to inquire so that you can take immediate action. It is easy to sign up. To do so simply follow this link or go to: https://alertme.knoxrod.org, click on “Register Here,” and follow the prompts.
Don’t forget the time change this weekend! Have a great one! – Nick
Nick McBride is register of deeds for Knox County.