There was a drop in seven-figure home sales in Washington and Benton counties in 2015.
In 2014, 18 homes in the two counties sold for $1 million or more; in 2015, only 10 such homes were sold.
The drop can be attributed to normal cyclical market rhythms and some uncertainty with Wal-Mart Stores Inc., which announced layoffs at company headquarters in Bentonville this past year.
“The market is really slow, but I think this year it will probably go up again,” said Brandon Long, broker and owner of Weichert Realtors-The Griffin Co. in Springdale. “Houses in that price range are not going at the rate that others are. We’re still not a luxury market.”
Long quickly pointed out that the market for $500,000-plus homes is robust, with up to 20 homes in that price range sold each month in the two counties, and those homes would certainly qualify as luxury homes.
“What you can get around here for $500,000, $600,000, $700,000 would cost you a couple of million in other places,” Long said. “To have a $1 million house on the market, you have to be patient. It’s not a huge part of our environment up here. We get very few people who want to buy $1 million-plus. The reason is … that’s not what normal people in Arkansas do.”
Carlene Clendenen, a senior vice president at Coldwell Banker Harris McHaney & Faucette, said the upscale market is really strong, but some of the properties might not hit the $1 million mark.
“We’re going great guns,” said Clendenen, who sold a home on South Shetland Lane in Rogers for nearly $1.4 million in 2015. “There are tons right under $1 million. The market is there.”
Clendenen said many buyers who have moved into the area are surprised by the real estate prices. She said that while northwest Arkansas property is cheaper than in many high-profile regions, it’s not bargain basement, either; Clendenen said northwest Arkansas prices compare to the Dallas area.
Long said lower property taxes are a pleasant surprise to wealthy move-ins.
“There is a lot of money being spent on nice houses,” Long said. “Around here, you get more for your money. It is all what you want. Do you want to live down by Dickson Street or near downtown Bentonville? You’re going to pay $300 a square foot, or you could pay $100 a square foot and have a massive house for the same price.”
$1.4 Million
Buyer: Richard A. Mayfield
Seller: Fairchild Inc. (Nathan Fairchild)
Location: South Shetland Lane, Rogers
Date: Dec. 18 | Year Built: 2015 | SF: 6,250
Richard Mayfield is executive vice president and CFO of Walmart International. Builder Nathan Fairchild planned the home for himself but decided to sell to Mayfield when the executive approached Fairchild about doing some construction on another home that Fairchild was considering. The two-story home, located at Pinnacle Country Club, has four bedrooms and a saltwater pool.
$1.3 Million
Buyer: Edington Living Trust (Randall and Loretta Edington)
Seller: Park & Prospect LLC (David Russell, Phil Crabtree, Clay Morton)
Location: West Prospect Street, Fayetteville
Date: July 2 | Year Built: 2015 | SF: 4,696
Randall K. Edington is the executive vice president and chief nuclear officer of the Arizona Public Service Co., a subsidiary of publicly traded Pinnacle West Capital Corp. of Phoenix, which reported that his total compensation in 2015 was $4.07 million. Edington earned a bachelor’s degree in physical science from Arkansas Tech and a master’s degree in operations management from the University of Arkansas at Fayetteville.
$1.25 Million
Buyer: PHR Trust (Denton Woods)
Seller: Miles and Cynthia Johnson
Location: North Charleston Crossing, Fayetteville
Date: Aug. 21 | Year Built: 1996 | SF: 6,055
Denton Woods, the trustee of PHR Trust, is a partner with Reece Moore Pendergraft LLC, a trust and estate-planning firm in Fayetteville. Seller Miles M. Johnson is an electromyographer at the Northwest Arkansas EMG Clinic. The 6,055-SF main home has six bedrooms and five bathrooms on 2.6 acres. The property includes a 980-SF guest house.
$1.2 Million
Buyer: Scott and Nancy Carol Klinkerfues
Seller: Declairmont Trust (Richard Gregg Declairmont)
Location: Oak Cove Lane, Garfield
Date: June 1 | Year Built: 2012 | SF: 6,138
Scott Klinkerfues is the retired COO of Cornerstone Shipping Solutions of Illinois. The three-story home is located on 3 acres on Beaver Lake and has a private boat dock. It has four bedrooms and 4 1/2 bathrooms. It has two fireplaces, a movie theater with seating and sound wired throughout the home.
$1.18 Million
Buyer: Stuart and Melanie Scott
Seller: Donna Sexton
Location: Horse Meadow Drive, Fayetteville
Date: Dec. 18 | Year Built: 2010 | SF: 11,023
Stuart Scott was named chief information officer and executive vice president of technology for J.B. Hunt Transport Services Inc. of Lowell in December 2015. Sexton is co-founder and owner of Rental Management Inc. of Fort Smith. The property includes the main home with five full bathrooms and a 1,928-SF guest house.
$1.17 Million
Buyer: Timothy S. and Maureen Evans Simmons
Seller: LDM Homes LLC (Bob David)
Location: Oak Tree Drive, Centerton
Date: Dec. 7 | Year Built: 2015 | SF: 7,341
Timothy Simmons is the vice president of Member Management & Capability at Sam’s Club. Bob David is a developer based in Tulsa. The three-story home has five bedrooms and six bathrooms on a lot a little larger than 1 acre. Amenities include a gourmet kitchen with double islands, a media room and a wet bar. It was listed in 2014 at just shy of $1.3 million.
$1.16 Million
Buyer: Shane M. and Keri Y. Wilkinson
Seller: Michael T. Webb
Location: Enfield Road, Bentonville
Date: Sept. 10 | Year Built: 1980 | SF: 7,025
Shane Wilkinson is former chief deputy prosecutor of Benton County and founding partner of the Wilkinson Law Firm. The five-bedroom, five-bathroom home is two blocks from the Bentonville downtown square. It has a saltwater pool and a separate 800-SF apartment on 1.6 acres.
$1.09 Million
Buyer: Jeffery R. Chandler
Seller: Shane and Keri Wilkinson
Location: South Plymouth Lane, Rogers
Date: Oct. 30 | Year Built: 2009 | SF: 5,639
Jeff Chandler is the president of Chandler Equipment of Springdale. The sellers, Shane and Keri Wilkinson, bought a home in downtown Bentonville the previous month. The two-story home has four bedrooms, four bathrooms and three half-baths and is located at Pinnacle Country Club. It has a saltwater pool.
$1.05 Million
Buyer: Thomas W. and Emily A. Hinton
Seller: Linda Dillman
Location: Prestwick Circle, Fayetteville
Date: June 10 | Year Built: 2005 | SF: 8,700
Thomas Hinton is a diagnostic radiologist with Medical Associates of Northwest Arkansas, and Emily Hinton is an OB/GYN. Seller Linda Dillman is a former executive vice president and CIO at Wal-Mart. The seven-bedroom, four-bathroom home has a pool and sits on 1.8 acres.
$1.05 Million
Buyer: Michael W. and Amy Y. Sweeney
Seller: Barham & Williams Joint Revocable Trust (James T. Barham and Mona Gail Williams)
Location: West Champions Boulevard, Rogers
Date: July 22 | Year Built: 2004 | SF: 6,338
Michael Sweeney is the senior sales director of Mars Chocolate for Wal-Mart. James Barham is a retired AT&T executive, and Mona Williams is a retired public relations executive, including many years for Wal-Mart. The three-story home has five bedrooms and 5 1/2 bathrooms and has a deck that overlooks the golf course at Pinnacle Country Club.
(Also see Pulaski County's Most Expensive Home Sales of 2015.)