I hope you’re all having a good week so far! While recapping last week’s property sales, I saw that one highly valued piece of property has changed hands for the second time in two months. Isn’t this an interesting real estate market? We have seen many companies snatching up properties and turning right around and selling for a profit. House flipping is still a huge business even though materials are getting more expensive, and houses needing refurbishment are becoming harder to find.
Last week a total of 1,724 deeds were recorded in the register’s office. That sounds like a lot until compared to the same week in 2021 when we processed 2152 documents! The craziest thing is that while the document numbers for the same week were higher in 2021, the value of both trust deeds and warranty deeds in 2022 surpasses those of the same week in 2021. The value of the 428 trust deeds recorded last week was over $114 million. Of those 428, eight were for amounts exceeding $1 million, including a $2.92 million dollar loan funded by Commercial Bank, which was the largest amount of the week. The other seven were:
As I mentioned above, the property that has another new owner this year is Clinton Plaza. Changing hands in March 2022 for $7.75 million, last week’s new owner, Clinton TN LLC purchased the property from LBD Properties LLC for $10.57 million. LBD Properties LLC made a quick profit on that one! That was also the largest of the five deeds recorded over a million dollars.
The sale of the Sonesta Simply Suites hotel at 10206 Parkside Drive was the second highest property transfer of the week. HPT IHG-2 Properties Trust sold the hotel, which is across from Land Rover of Knoxville, to CWP Knoxville I LLC for $3.76 million.
Coming in as the third most valuable property and all the way across town from Parkside Drive, East Properties LLC sold an undeveloped parcel on Crosswood Boulevard to Tennessee M-H LLC for $2.36 million. Wondering where this is? It’s just off Brakebill Road at the Strawberry Plains exit next to the Travelodge hotel.
Another quick flip situation makes up our last two transactions over $1 million. GDP Properties sold 10 residential properties around town to 3T Capital Group LLC for $1.64 million. Then a day later, 3T Capital Group LLC sold seven of those properties to Parkside Capital LLC for $1.34 million.
Our overall three-year comparison chart below continues to illustrate the huge leaps we have made in the real estate market over the past couple of years, even if the number of deeds was higher in 2021, the values continue to exceed the values of previous years.
Please note that our office will be closed on Monday, May 30, in observance of Memorial Day. It’s with great respect that we remember and honor those who gave their lives during their call of duty. Our country would not be the same without their service.
I hope you all have a very safe and happy holiday weekend.
Nick McBride is register of deeds for Knox County.