This week Neighborhood of the Week heads to the center of the city to revisit what has undoubtedly been the most popular neighborhood yet: Downtown Knoxville.
As I mentioned when I first wrote about them, covering downtown condos and lofts is 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 70 active listings on the north side of the river in over 14 different developments. For a long time I was torn between trying to feature them each separately or to just lump them together somehow.
But then I was up 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 in the current real estate market. 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?”
And that’s what I did back in December: I gave you guys a rough idea of what’s selling – and what’s not selling – in downtown K-Town. I had planned then to go back and cover individual developments – and I still hope to do so, 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.
But for now, I thought it would be a good idea to take a look at the downtown sales stats and see if anything has changed there – for better or for worse – in the last 7 months.
And thanks (as always)to Bob Stockdale, who provided these great shots of downtown. Hopefuly they will give all you out of town readers a better idea of what downtown living is like in our fine city.
So without further ado, here’s downtown Knoxville by the numbers –
Downtown Knoxville Condos/Lofts*
Current On-Market Listings -76
Average Asking Price: $360,556
Median Asking Price: $329,261
Average Sq Footage: 1517
Average Asking Price Per Sq Ft: $238 - exactly the same as 7 months ago
Most Expensive: $1,100,00 (3 BR, 3 BA, 3400+ sq ft Penthouse in The Holston building - reduced from $1,250,000 in Dec)
Least Expensive: $169,900 (1 BR, 1 BA, 600+ sq ft in River House on W Hill)
Middle of the Road: $379,900 (2 BR, 2 BA, 1500+ sq ft in The Residences at Market Square)
Current Pending Sales -8*
Average Asking Price: $252602,
Median Asking Price:$199,523
*I chose not to include 10 listings that have been “pending” for well over a year.
Closed Sales – 1st & 2nd Quarter 2009 – 11
Average Asking Price - $254,340
Average Sales Price – $235,364
Average Closed Price Per Sq Ft – $194 (up $11 per sq ft from Dec ’08)
Median Sales Price – $215,000
Average Days on Market – 156
Closed Sales – 1st & 2nd Quarter 2008 – 14
Average Asking Price – $283,633
Average Sales Price – $269,637
Average Closed Price Per Sq Ft – $205
Median Sales Price – $267,750
Average Days on Market – 173
*Data taken from KAARMLS on 07/13/09 and does not include adjacent neighborhoods or single family residences.
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 yer 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.