The buyer’s market showed improvements last week as we crossed through the middle of June and stepped into summer. Two hundred ninety-five warranty deeds were recorded valued at $76.1 million. This is a 50 document and $11 million value increase over the prior week. Though the financing side of real estate showed an increase in recorded documents as well, the overall value was less than the week before. We recorded 512 deeds of trust worth $121 million. Compared to the previous week, these recordings were valued at $13 million less even though 55 more properties were financed.
Like last week, and what is often the case, the same party recorded two of the most valuable documents. Due to the nature of real estate, it is no surprise that someone would buy an expensive piece of property and subsequently finance some, all or even more than the value of the purchase.
HBC Warehouse Holdings Partners recorded the largest deed of trust borrowing $9.5 million from HomeTrust Bank. Two lots of the subdivision of Robinson Freight Lines Inc. property off Papermill were listed as collateral on the deed as well as Karns Community Clinic Property and an additional property off Governor John Sevier Highway. The instrument recorded prior reflects the purchase of the two Papermill lots from DDGC, LLC for $5.2 million, the largest transfer of the week and the only warranty deed valued over $1 million.
The second largest trust deed of the week was valued at $3.16 million. Autumn Care LLC borrowed from Pinnacle Bank listing Shady Oak Subdivision as collateral. According to the legal description on the deed, Autumn Care LLC bought the property back in 2018.
The third deed of trust greater than $1 million and the warranty deed tied to the transaction was Southeast Bank loaning Oakland LLC $1.67 million on property at the intersection of Carter Mill Drive and South Carter School Road, near the Carter Community Pool. The corresponding warranty deed shows that Oakland LLC bought this property from Carter Mill for a sum of $600,000.
Continuing into summer, the Register of Deeds office hopes to see real estate markets rise beyond the heat and humidity which we are all too familiar with here in east Tennessee. Regardless the weather and the market conditions we will continue to be here to serve you as we do our part to keep our employees and the public safe and healthy.
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Nick McBride is Knox County register of deeds.
