Sales of seven-figure homes in Pulaski County jumped in 2015, but the million-dollar houses remain a small part of the market.
Last year, 19 homes sold for $1 million or more, an increase from the 14 that sold in 2014. Fourteen homes also sold for $1 million or more in 2013. While the numbers show improvement, they don’t compare with the pre-recession days of 2004, when 29 Pulaski County homes sold for $1 million or more.
And the most expensive home that sold in 2015 was a result of a foreclosure sale.
Still, luxury home sales were up for several reasons, Jon Underhill said in an email to Arkansas Business last week. Underhill sells upscale homes through his agency, Jon Underhill Real Estate in Little Rock.
He said buyers are feeling confident in the market. “Second, I feel that sellers may be a bit more realistic about the values of their homes,” he said. “Third, I think jumbo mortgages are much more available at very favorable interest rates, and many of the buyers are concerned that interest rates could start to go up.”
The features that luxury homebuyers want in a dream home change from year to year. “Most of my higher-end buyers want their home to look different than their neighbors’ but still classic and timeless,” Underhill said. “Buyers also want pools and outdoor living spaces.”
Five years ago, having a pool didn’t add much value to a home, he said. “Today, it is an important feature,” Underhill said.
Buyers still want open floor plans, a luxury kitchen and master bedroom suites.
“Features that are not as important anymore are dedicated theater rooms and high-end technology,” Underhill said. “Some homeowners feel by the time they get their home equipped with the latest in technology, something newer has already come out.”
And so far in 2016, the $1 million home market is strong in Pulaski County. Eight homes have sold for $1 million or more and four more are under contract, Underhill said.
As of last week, 39 homes in the county were listed for sale with asking prices of $1 million or more. The supply has dropped; about this time last year, 49 homes in that price range were for sale.
For those who wonder who bought these exclusive homes in Pulaski County, Arkansas Business, using interviews and public real estate records, has provided a brief description of the homes and of the buyers.
$2.16 Million
Buyer: Bank of New York Mellon
Seller: Donnie and Mary Savage
Location: Ecurie Court, Little Rock
Date: Jan. 23 | Year Built: 2005 | SF: 10,943
In a foreclosure sale in January 2015, the Bank of New York Mellon recovered this home in west Little Rock’s Chenal Downs neighborhood from Donnie and Mary Savage, who had acquired the home in June 2006 for $2.2 million.
By July 2007, it was in default, and it apparently needed work. The real estate website Redfin said, “With some elbow grease and some hard work, this home could be fit for a king!! This property has all the bells and whistles but does need some attention.”
On April 18, 2016, the bank sold the home for $411,000 to Christy Properties LLC of Little Rock.
$1.99 Million
Buyer: Walter Hixson
Seller: CGAH LLC (Nancy Stephens)
Location: Country Club Lane, Little Rock
Date: Dec. 23 | Year Built: 1988 | SF: 5,321
Walter Hixson, who bought this home near the Country Club of Little Rock, is the co-owner of Hixson Lumber Sales of Carrollton, Texas. Founded in 1959, the company has sawmills in Plumerville (Conway County) and Gilmer and Willis in Texas. It also has sales locations in Arkansas, Illinois, Louisiana, Mississippi and Texas. “We proudly offer one of the most extensive inventories available to our industry,” the company’s website says. The home features a gourmet kitchen with Viking appliances, according to the real estate website Zillow. The “luxurious” master suite has two fireplaces and offers a view of the pool, Zillow said.
$1.7 Million
Buyer: Catherine and Jackson Hunter II
Seller: 1822 Properties LLC (John Lewis)
Location: Shadow Lane, Little Rock
Date: July 13 | Year Built: 1928 | SF: 6,656
Catherine and Jackson “Clay” Hunter II’s new home is near the Country Club of Little Rock. The two-story, six-bedroom home has a courtyard in the backyard. Built in 1928, the home features six fireplaces and “sophisticated decor with top of the line finishes & appliances,” according to Zillow.
Clay Hunter is a managing director of the Stephens Group LLC, a private equity firm based in Little Rock. He received his MBA from Harvard Business School.
$1.65 Million
Buyer: Simon Mears and Mary Grace Kelly
Seller: C. Lowry and Tanya Barnes
Location: Hawthorne Road, Little Rock
Date: May 8 | Year Built: 2000 | SF: 6,100
Dr. Simon Mears and his wife, Mary Grace Kelly, bought this home near the Country Club of Little Rock. Like the seller, Dr. Lowry Barnes, Mears is a board-certified orthopedic surgeon. Mears is employed by the University of Arkansas for Medical Sciences as a professor of orthopedic surgery in the College of Medicine at UAMS. His specialties include total hip and knee replacement, hip fracture care and geriatric orthopedics, according to the UAMS website. The five-bedroom home has a gourmet kitchen that opens to the family room, separate formal living room and three fireplaces, according to Zillow.
$1.62 Million
Buyer: No. 2 Spring Valley Lane LLC (Ayesha and Rodney Thomason)
Seller: Michael and Jerene Montgomery
Location: Spring Valley Lane, Little Rock
Date: March 10 | Year Built: 2007 | SF: 5,933
Rodney Thomason is the owner of Medical Assets Holding Co. of Maumelle, which is a holding company for companies in the health care, hospitality and real estate industries. Founded in 2000, MAHC has grown through mergers, acquisitions and internally to nearly 300 employees and $70 million in annual revenue, the company’s website says.
This four-bedroom home in the Valley Falls Estates neighborhood of west Little Rock features a pool and a gated entry, according to Zillow.
$1.47 Million
Buyer: Paul and Sabrina Mangum
Seller: Mary and Hunter Carpenter
Location: Armistead Road, Little Rock
Date: March 31 | Year Built: 1959 | SF: 5,304
Paul and Sabrina Mangum spent about a month looking at homes before finding this three-story house in Little Rock’s Edgehill neighborhood. The five-bedroom home had been “totally renovated,” which was appealing to the couple, Sabrina Mangum said. The backyard features a screened veranda and outdoor kitchen and fireplace. She said she and her husband liked the location. “It’s close in the city, but it still feels secluded,” Mangum said.
Paul Mangum is a senior vice president in fixed income at the investment banking firm Stephens Inc. of Little Rock.
$1.46 Million
Buyer: 51 Edgehill Road Trust (David Glover and Theresa Wyrick)
Seller: John and Diana Young
Location: Edgehill Road, Little Rock
Date: Feb. 19 | Year Built: 1937 | SF: 5,807
David Glover is a partner at the Little Rock law firm Wright Lindsey Jennings. His practice area includes medical and dental care malpractice defense. He also defends companies in product liability cases. Chambers USA listed Glover as an “Up and Coming” attorney in general litigation in 2014 and 2015. He also is the past president of the Arkansas Association of Defense Counsel. Wyrick is an orthopedic surgeon and practices at Arkansas Children’s Hospital. The five-bedroom, 5 1/2-bathroom home in Little Rock’s prestigious Edgehill neighborhood features an “exquisite pool and outdoor entertainment areas,” according to Zillow.
$1.42 Million
Buyer: Jackson Carpenter
Seller: Boyd and Lynn Corley
Location: Ridge Point Lane, Roland
Date: July 15 | Year Built: 2010 | SF: 5,704
Jackson Carpenter bought a nearly 16.3-acre spread in the Waterview Estates neighborhood of west Pulaski County. The 5,704-SF home features “spectacular views” of Pinnacle Mountain, according to Zillow. It also has a covered veranda that overlooks a saltwater pool. The home also has a gourmet kitchen with “all the bells and whistles,” Zillow said.
Carpenter is the registered agent for Carpenter Investments Inc., which filed incorporation papers with the Arkansas secretary of state’s office on Nov. 30.
$1.39 Million
Buyer: Brad and Amy Baltz
Seller: Madison and Suzanne Murphy
Location: East Third Street, Little Rock
Date: Feb. 6 | Year Built: 2007 | SF: 2,783
Amy and Dr. Brad Baltz bought a condominium in downtown Little Rock on Feb. 6, 2015. The 16th-floor unit has three bedrooms and three bathrooms. Dr. Baltz is an oncologist and practices at CARTI. He started Hematology Oncology Services of Arkansas in 2006, according to CARTI’s website. HOSA joined CARTI in 2012. Baltz went to medical school and did his residency at the University of Arkansas for Medical Sciences in Little Rock.
$1.3 Million
Buyer: Shashwat and Falguni Goyal
Seller: Phil and Annette Herrington
Location: Valley Club Circle, Little Rock
Date: Nov. 16 | Year Built: 1987 | SF: 6,151
Shashwat and Falguni Goyal’s five-bedroom home is adjacent to Pleasant Valley Golf Course’s second tee, according to Zillow. The property also features a pool with native stone steps, terrace and a waterfall. Shashwat Goyal is the CEO of Prairie Hospitality Management LLC of Little Rock. He also is the vice chairman of the Arkansas Parks, Recreation & Travel Commission. Goyal is a director and a leading investor in I Square Media, which is in a legal fight with the Soul of the South Network over ownership of the broadcast license for KMYA-TV, Channel 49.
$1.3 Million
Buyer: 21 Edgehill Trust (Adam Dicus)
Seller: Bartlett Family Trust (Nancy and David Bartlett Sr.)
Location: Edgehill Road, Little Rock
Date: Dec. 9 | Year Built: 1940 | SF: 5,677
The Edghill neighborhood home that Adam Dicus and his trust bought was touted on Zillow as “one of Little Rock’s finest estate homes situated on a beautifully landscaped lot [with] swimming pool.” The third floor is a bonus space with a full bathroom and could be used as a playroom, Zillow said. “The lower level features a wet bar, large TV space and a brick walk-in wine cellar.”
$1.25 Million
Buyer: CDM Properties LLC (Charles Morgan)
Seller: Greg Hendrix
Location: 19th Floor, Rock Street, Little Rock
Date: July 23 | Year Built: 2009 | SF: 3,844
Charles Morgan, through his CDM Properties LLC, added to his 19th-floor spread when he bought another unit in the downtown River Market Tower. Morgan is the former chairman and CEO of Acxiom Corp. of Little Rock. Morgan also a major shareholder in publicly traded Inuvo Inc. of Little Rock and a member of its board of directors. He is chairman and CEO of PrivacyStar. Morgan bought the 3,844-SF unit as a long-term investment and is currently using it as a guest house. Morgan first bought a penthouse on the 19th floor in 2010 and then purchased two additional units on the floor in 2013 for a total of $1 million.
$1.2 Million
Buyer: Michael and Jerene Montgomery
Seller: Martha Smith
Location: Hickory Creek Circle, Little Rock
Date: March 10 | Year Built: 1996 | SF: 5,759
Michael Montgomery is the CEO of Radius Group Solutions of Little Rock. It was founded in 2010 and offers “web-based solutions for the community banking industry,” according to the company’s website. He has worked in the technology side of banking for four decades. He was an executive of Alltel Information Services Inc., formerly known as Systematics Inc., a data processing firm. He also serves on the governing board of Southern Bancorp Bank of Arkadelphia. The home in west Little Rock’s Hickory Creek neighborhood features a pool and a 920-SF garage, according to Zillow.
$1.17 Million
Buyer: John and Laura Landreaux
Seller: Dwight Hobbs Curry Trust
Location: Stonewall Road, Little Rock
Date: May 15 | Year Built: 2005 | SF: 4,577
John Landreaux owns Satterfield Motor Co. of Bryant. The company touts on its website that it has guaranteed credit approval programs. “We are able to help our customers take home the vehicle of their dreams,” it said. The four-bedroom home near the Country Club of Little Rock features an open floor plan with “beautiful entry,” Zillow said, and has a “Sensational gourmet kitchen with top of the line appliances and slab granite.” The family room has a vaulted ceiling and an “amazing” stone fireplace. The home also has a pool.
$1.08 Million
Buyer: Jauss Living Trust (Steven and Kewen Jauss)
Seller: Robert and Josephine Covington
Location: Lenon Place, Little Rock
Date: April 20 | Year Built: 1926 | SF: 5,582
On April 20, 2015, the Jauss Living Trust, led by Steven and Dr. Kewen Jauss, bought this home in Little Rock’s Hillcrest neighborhood. Dr. Jauss is an oncologist at CARTI who specializes in head and neck cancer, lung cancer and lymphoma. She graduated from medical school at the University of Arkansas for Medical Sciences in 2001. Steven Jauss is an adjunct professor in the Department of Philosophy & Interdisciplinary Studies at the University of Arkansas at Little Rock. Built in 1926, the five-bedroom home sits on more than 2.5 acres, making it one of the largest lots in the Heights, according to Zillow.
$1.05 Million
Buyer: Shahid Hameed
Seller: Standard Properties LLC (David and Richard Gulley)
Location: Valley Crest Court, Little Rock
Date: March 2 | Year Built: 2006 | SF: 5,550
Dr. Shahid Hameed is a radiation oncologist and practices at the Arkansas Cancer Institute in Little Rock, where he leads the radiation treatment team. He has more than 30 years of radiation experience, including advanced fellowship training, according to ACI’s website. He has held several top positions around the world, including chairman of Radiation Oncology at the Robert Packer Hospital in Sayre, Pennsylvania. Zillow said the six-bedroom home in Valley Falls Estates is a “timeless European estate.” It features a gourmet kitchen and a master closet that is 420 SF, the website said. The lower floor has a game room and mini-kitchen.
$1.02 Million
Buyer: Jason and Sarah Everett
Seller: Allen and Nancy Redding
Location: Barrett Road, Roland
Date: Nov. 6 | Year Built: 2008 | SF: 5,718
Jason and Sarah Everett had their eye on this two-story home in Roland for several years. Jason Everett said that he knew the sellers, Allen and Nancy Redding, and “after a couple of years, we were able to make it work.” He said he and his wife were attracted to the 5,718-SF, four-bedroom home because it sits on 40 acres, which gives them and their six boys room to “run around on.” It also has a guest house on the property. Jason Everett is an agency owner for Liberty National Life Insurance Co. His main office is in Little Rock, but he also has Liberty National locations in Rogers, Dallas and Southaven, Mississippi.
$1.01 Million
Buyer: Anthony and Audra Thomas
Seller: Julia and James Works Jr.
Location: Sologne Circle, Little Rock
Date: June 22 | SF: 6,642 | Year Built: 2007
Tony Thomas is the president and chief executive officer of the publicly traded telecommunications company Windstream Holdings Inc. of Little Rock. He was appointed to the position in December 2014. He had served as Windstream’s chief financial officer from 2009 to 2014. Before entering the communications industry, he was a senior auditor with Ernst & Young in the telecom practice. The Chenal Valley home features a pool and “all the amenities & luxury features you could dream of in a home,” according to Zillow. In addition to an outdoor kitchen, the five-bedroom home has a media room and study.
$1 Million
Buyer: Matthew and Grace Edwards
Seller: Edwards Custom Homes Inc. (Katherine Edwards)
Location: Hallen Court, Little Rock
Date: June 9 | SF: 5,867 | Year Built: 2015
Two-story custom home that dentists Matthew and Grace Edwards bought in the Hallen Court neighborhood of west Little Rock’s Chenal Valley was built by Matthew Edwards’ mother’s company, Edwards Custom Homes of Little Rock. The home, which took about a year to design and build, has five bedrooms, hardwood floors throughout and a three-car garage. Matthew Edwards practices at the Little Rock Air Force Base in Jacksonville. Grace Edwards practices at Reid & Rhea Dentistry in Little Rock.
(Also see Northwest Arkansas’ Most Expensive Home Sales of 2015)