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.
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?”
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.
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.