adventures in knoxville real estate by suzy trotta

Neighborhood of the Week: Downtown Knoxville Condos & Lofts

© 2008 Robert Stockdale Photography, All Rights Reserved.

© 2008 Robert Stockdale Photography, All Rights Reserved.

This week Neighborhood of the Week heads to the center of the city to explore an area it’s shied away from until now – Downtown Knoxville.

The main reason I’ve not covered downtown condos and lofts until now is that it’s a fairly daunting task. Not only is there a good bit of history and intrigue surrounding all of those building and developments, but there are also just an awful lot of them: roughly 80 active listings on the north side of the river in over 14 different developments. I’ve simply been torn about whether to try and feature them each separately or to just lump them together somehow. That is until tonight.

© 2008 Robert Stockdale Photography, All Rights Reserved.

© 2008 Robert Stockdale Photography, All Rights Reserved.

Tonight I was in the Sunsphere – for the first time since ’82 no less – talking to some folks about the general state of the Knoxville real estate market when the conversation turned to downtown and how it’s faring through all of this. Was it doing better than the rest of town? Worse? And how much are all those places selling for anyway? Can anyone actually afford to live there?

And that’s when I thought to myself, “Self, why not just give your friendly AAKT readers a general overview of how the downtown condo scene is doing and then worry about breaking each development down individually later?”

© 2008 Robert Stockdale Photography, All Rights Reserved.

© 2008 Robert Stockdale Photography, All Rights Reserved.

So that’s what this week’s NOTW is all about – giving you guys a rough idea of  what’s selling – and what’s not selling – in downtown K-Town. My plan is to go back and cover individual developments in the very near future, so if any of you live somewhere in the downtown area you think is worth featuring here, please give me a shout. I’d love to have some juicy insider info to pass along.

© 2008 Robert Stockdale Photography, All Rights Reserved.

© 2008 Robert Stockdale Photography, All Rights Reserved.

So without further ado, here’s downtown Knoxville by the numbers -

Downtown Knoxville Condos/Lofts*

Current On-Market Listings -82
Average Asking Price: $347,285
Median Asking Price: $319,950
Average Sq Footage: 1459
Average Asking Price Per Sq Ft: $238

Most Expensive: $1,250,000 (3 BR, 3 BA, 3400+ sq ft Penthouse in The Holston building)
Least Expensive: $163,460 (1 BR, 1 BA, 700+ sq ft in The Commerce Lofts)
Middle of the Road: $320,000 (2 BR, 1 1/2 BA, 1800+ sq ft in The Lerner Lofts)

Current Pending Sales -13*
Average Asking Price: $254,355

Median Asking Price:$308,925
*10 of the currently 13 pending sales are in The Commerce Lofts and many were put into pending over 5 months ago, so I’m not sure what the real status of these is.

Closed Sales – Q3 2007 – 9
Average Asking Price -
$273,744
Average Sales Price –
$267,656
Average Closed Price Per Sq Ft – $183
Median Sales Price – $208,000
Average Days on Market – 137

Closed Sales – Q3 2008 – 7
Average Asking Price – $315,243
Average Sales Price – $299,436
Average Closed Price Per Sq Ft – $225
Median Sales Price – $234,000
Average Days on Market – 213

*Data taken from KAARMLS on 12/08/08 does not include adjacent subdivisions, condos, PUDS, or multi-family units.

As always, if you want any more information about any of these properties just give me a shout.

If you would like to receive a full list of properties for sale in this neighborhood, or if you would like to be notified of new listings, send me an email with either “Current Downtown Condo Listings” or “New Downtown Condo Listings” in the subject line and I’ll take care of the rest. Save the spammy for your mammy.

Know of a great community that would make an equally great NOTW? Let your voice be heard in the comments.

Special thanks to AAKT’s in-house photographer, Robert Stockdale. Without him, NOTW would be just a bunch of boring text. Find out more about Robert’s work here.

Tags: , , ,

2054 days ago 5 Comments Short URL

Author: Suzy

Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.

Enjoyed this Post? Share it!

Share on Facebook Tweet This!

5 Comments

  1. Have lived in Cherokee Lofts for past year while home in Sequoyah Hills is renovated. Now it’s time to move back — and we find we have fallen in love with downtown living and don’t want to go back to the ‘burbs! But, with the state of the economy, not a good time to sell . . .Downtown living is magical! We encourage others to do it. In the Cherokee, six of the 10 residential units are sold. All 10 are 1 bed, 1 bath, but finishes are very high end. Come join us! (We’re keeping the loft. Call us crazy.)

  2. Marcella Odum says:

    I currently have a downtown condo for sale. It is on Clinch Ave. It is the perfect place – 2200 square feet, penthouse rooftop, granite countertops, hardwood floors and only two units in the building. It is very private while still in the heart of the city.

  3. dave venesky says:

    please email me all new downtown locations for sale. especially in the pembroke at 508 union ave

  4. Luis Rodriguez says:

    My wife and I are looking to purchase a condo down town. 1,300- 1,400 sq/ft 2 bed room 2 bath is what we are looking for. If you are considering selling by owner just e mail us. Thanks1

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>