The number of seven-figure homes sold in Washington and Benton counties almost tripled in 2016 compared with the previous year.
Twenty-seven homes in the two counties sold for $1 million or more in 2016. In 2015, only 10 homes sold at or above that price point, while 18 homes reached or surpassed the $1 million threshold in 2014.
Brandon Long, owner and broker at Weichert Realtors-The Griffin Co. in Springdale, said inventory of high-priced homes turned over much quicker in 2016 — and so far in 2017 — than it had in recent years.
“I think one of the reasons is there are more buyers for the homes,” Long said. “The absorption rate has gone down quite a bit. The reason for that is not less inventory but just more buyers. That is what the trend was saying for sure.”
Long said there used to be about 10 buyers every month looking at and buying homes priced at $500,000 or more in northwest Arkansas. Now that number has doubled.
This week, we take a look at the 10 most expensive residential sales in the two-county region. The top home on the list is one of the most expensive in recent memory. While the most expensive home in 2015 sold for $1.4 million, 2016 saw Walton Enterprises pay $5.3 million for a 4,366-SF home on Old Whayne Road in Bentonville.
The home has sentimental value; it was the residence of Ferold Arend, the first president of Wal-Mart Stores Inc. and close associate of neighbor Sam Walton. The seller was Arend LLC, led by Arend’s daughter, Debi Havner.
A $1.75 million residential sale from last August has been omitted from the list. That’s because the 3,031-SF home and acreage on SW I Street in Bentonville that Orchard Properties of Fayetteville (through its SullivanSquareBentonville LLC) bought from Real Church Inc. has already been razed to make room for a 474-unit apartment complex.
Eighteen of the 27 seven-figure homes sold last year were in Benton County, with Pinnacle Country Club being a popular neighborhood. Four of the 10 most expensive homes are there.
“There are a lot of things going on in Centerton and in Rogers and in Pinnacle,” Long said. “Benton County is for sure leading the way as far as those million-dollar homes. The million-dollar properties are still pretty unique. I would still say that someone has to be in the market for that property.”
Long said homes in all price ranges are selling much faster than in recent years.
“With the economy doing as well as it is doing, everybody has a little more money anyway,” Long said.
$5.3 Million
Buyer: STJ Holdings LLC
Seller: Arend LLC, led by Debi Havner
Location: Old Whayne Road, Bentonville
Date: April 12
Year Built: 1968
SF: 4,366
STJ Holdings is a subsidiary of Walton Enterprises LLC, a commercial and residential property management company run by the Walton family. The home, which includes a 1,050-SF basement, is the former residence of the late Ferold Arend, the first president of Wal-Mart Stores Inc. and longtime member of the company’s board of directors. The home sits on 3½ acres and is close to Crystal Bridges Museum of American Art and downtown Bentonville.
$1.81 Million
Buyer: Karisa N. Sprague
Seller: Michael E. and Sherri K. Long
Location: West Pinnacle Drive, Rogers
Date: July 29
Year Built: 2013
SF: 6,697
Karisa Sprague is a senior vice president for Wal-Mart Stores Inc. of Bentonville, for whom she runs the North Central Division of its store operations. The residence is in the gated community of Pinnacle Country Club and has five bedrooms and seven bathrooms. It also features a heated pool, a cabana and an outdoor kitchen.
$1.66 Million
Buyer: Rickie Lynn and Dianna Lynn Ellis
Seller: Wilson Trust
Location: Pine Log Road, Garfield
Date: Sept. 12
Year Built: 2010
SF: 7,189
Rick Ellis is the owner and president of Mid-River Terminal of Osceola, a harbor service company on the Mississippi River. The home overlooks Beaver Lake and sits on 3 acres. It has four bedrooms and five bathrooms and a four-boat private dock. The property also features a two-level garage with space for eight vehicles, a heated storage area in the basement and two outdoor fireplaces.
$1.59 Million
Buyer: Monica Houle and Thomas McGurk
Seller: William A. and Cheryl Lester III
Location: Prestwick North Circle, Fayetteville
Date: June 30
Year Built: 2005
SF: 6,376
Monica McGurk is chief growth officer at Tyson Foods of Springdale, and Tom McGurk is an executive with the consulting firm BluWave. The home sits on 1 acre and has a pool, a four-car garage and 5½ bathrooms. It is adjacent to Blessings Golf Course, the private course founded by former Tyson CEO and current Chairman John Tyson.
$1.51 Million
Buyer: Bradley Scott and Alexis Lynn Smith
Seller: Smith Family Living Trust, led by Ryan Taylor and Catherine Rae Smith
Location: South Sechrest Circle, Rogers
Date: July 5
Year Built: 2004
SF: 8,983
This home sits on the golf course at Pinnacle Country Club, a gated community in Rogers. The home has five bedrooms, 5½ bathrooms and a 4,000-SF basement. It also has a three-car garage.
$1.47 Million
Buyer: David R. and Beverly A. Lamp
Seller: Lessley Joint Trust, led by Bill Lessly
Location: Rocky Ridge Road, Bentonville
Date: June 30
Year Built: 1997
SF: 6,844
Randy Lamp is the CEO of Apprentice Information Systems of Rogers. The property features a seven-bedroom, 5½-bathroom home on 24 acres. The home has a saltwater pool, horse barn and four-car garage.
$1.4 Million
Buyer: Samuel M. and Kelly A. Rothschild
Seller: Derek L. Collison
Location: Churchill Downs Drive, Springdale
Date: Dec. 15
Year Built: 2005
SF: 12,230
Sam Rothschild is the COO of the restaurant chain Slim Chickens of Fayetteville. The home has seven bedrooms, nine bathrooms and a two-story library. It also has a wine cellar and a large pool with three waterfalls and a swim-up bar.
$1.39 Million
Buyer: Tracy L. and Kevin O. Mitchell
Seller: Ismat Aziz
Location: West Pinnacle Drive, Rogers
Date: Aug. 12
Year Built: 2012
SF: 5,168
Ismat Aziz was the chief human resources officer at Sam’s Club before being hired by Sprint in July 2016 to be its senior vice president of human resources. No information about the Mitchells was available. The home has seven bedrooms, 7½ bathrooms and a 1,674-SF guest house. It also features a saltwater pool.
$1.3 Million
Buyer: Louis A. and Jennifer J. Martin
Seller: Kalpesh H. & Gina M. Patel
Location: Plymouth Lane, Rogers
Date: July 17
Year Built: 2011
SF: 5,310
Louis Martin is the president of the Coca-Cola Co.’s customer relations team for Global Wal-Mart and Sam’s Club. The home has five bedrooms, six bathrooms and a wine room. It also has a pool with a connected hot tub and a swim-up bar, a four-car garage and media and exercise rooms. It is located in the gated community of Pinnacle Country Club.
$1.3 Million
Buyer: James R. and Jacqui E. Lefler
Seller: Shelby P. Field Trust
Location: East Township Street, Fayetteville
Date: Aug. 16
Year Built: 2005
SF: 5,713
James Lefler is an executive with Dragonfly Industries International of Frisco, Texas — the company that unsuccessfully attempted to put a wind farm in Elm Springs in 2015 — and Jacqui Lefler is vice president of Heartland Payment Solutions of Fayetteville. This home made the 2015 Expensive Homes list after Shelby Field bought it in June 2014 for $1.5 million before transferring it to the trust. The home has four bedrooms, 3½ bathrooms, a wine cellar and a media room. There is a pool with a guest house, and the 3-acre property is bordered by a creek.