Real estate sales down, but values hold

It’s that time of year again; back-to-school season! In the month of July, a total of 5,571 documents were submitted for recording. Among these were 1,271 Trust Deeds and 1,075 Warranty Deeds.

Nick McBride

The Trust Deeds (which are loans) accumulated to a total value of $452.56 million, with 30 loans valued at $1 million or more. Meanwhile, the property sales amounted to $438.58 million, with 48 of them having a price tag of over $1 million.

Moving on to the first week of August, there were 303 properties that changed ownership, and 367 loans were recorded. The loans totaled $107.9 million, with seven of those being amounts over $1 million. ORNL Federal Credit Union backed two of the large loans, one with a value of $1.45 million and the other – the largest of the week – with a value of $5.76 million.

The other loans were:

• Mountain Valley Bank: $1.19 million
• TN Bank: $1.67 million
• Mountain Commerce Bank: $1.80 million
• Regions Bank: $2.1 million
• Citizens National Bank: $4.1 million

In the same week, 303 Warranty Deeds were recorded with a total value of $112.63 million. Of the 14 sales that exceeded $1 million, one was a commercial property – White Realty and Service Corporation sold its building at 4302 Asheville Hwy. in East Knoxville to Aubrey’s Inc for $1.8 million.

The three-year comparison chart has been updated as of Friday 8/4.

Come see us this Saturday at the Neighborhood Resource Fair hosted by the Knoxville Office of Neighborhood Empowerment. The event takes place from 8 a.m. to noon at the Jacob Building in Chilhowee Park, 401 Lakeside Street, and is a great time to learn about the services and resources available in our area. We hope to see you Saturday.

Have a great weekend! – Nick

Nick McBride is register of deeds for Knox County.