When more (documents) means less (value)

Last week brought slightly more volume than the week prior with a total 1,566 documents recorded. On the financing side, 264 Trust Deeds were recorded. The cumulative value on those loans was $82.98 million.

There were six loans valued at one million or more. The highest value trust deed was backed by ORNL FCU for $5.6 million. The second largest was funded by Southeast Bank for $3.436 million. Israel Discount Bank of New York funded the third largest mortgage valued at $2.964 million. Pinnacle Bank, SmartBank and Nextres LLC all funded a loan at $1 million each.

As for real estate sales, we recorded a total of 217 Warranty Deeds last week. Although this is roughly 20 more documents than the week prior, the total value on those property transfers was nearly half. The aggregate value of land transfers last week was $76.48 million compared to $114.86 the previous week. Volume doesn’t always translate to value in real estate.

Part of the reason for the large difference is that last week had only two sales valued at one million or more, whereas the week prior had seven. Out of the two high-dollar transfers last week, only one was a commercial property. CHM Kingston Pike LLC purchased the Aspen Dental building across from West Town Mall. Regions Bank sold the property for $5.75 million.

The comparison chart has been updated through Friday, April 19.

Please take a moment and check out our website. We have done a lot recently to provide more knowledge and tools to our Knox County citizens. You can find current recording statistics, reports and other information about our office. Also, it only takes a minute to sign up for the FREE Property Fraud Alert program. This program is available to all Knox County homeowners and can give you peace of mind knowing that anything recorded in your name will generate an email notification for you.

Have a great weekend     – Nick

Nick McBride is register of deeds for Knox County