If you tend to see the world divided between the 1 and 99 percenters, the real estate market in Pulaski County will back you up.
While average residential sales in 2011 dipped both in volume and price from the year before, sales of homes with price tags topping $700,000 rocketed, with 55 sold between November 2010 and October 2011, compared to 40 for the same period a year ago.
Sales dipped more than 3.8 percent, from $737.8 million in the 12-month November 2009-October 2010 period to $709.4 million in 2010-2011, according to data tracked by the Cooperative Arkansas Multiple Listing Services Inc. in Little Rock. The average sales price of homes dipped to $172,195 from $175,794 a year previously.
Buyers kept the high-end of the market hopping. Within that top-tier group, transactions of $1 million-plus homes equaled last year’s total of 21. The properties were scattered over 17 neighborhoods in the Heights in midtown and Valley Falls Estates and Chenal Valley in West Little Rock.
The highest average home price was in West Little Rock and Pulaski County (Zone 17), with 221 sales averaging $377,467. The Heights/Hillcrest area (Zone 3) was second, with 263 transactions averaging $305,893. However, more homes were sold in the Heights/Hillcrest area in 2011 than in 2010, which was not true in the west Pulaski and Little Rock zone.
Heights/Hillcrest neighborhoods of Cliffewood, Prospect Terrace, Newton’s, Park View, Canal Pointe, East Palisades, Shadowlawn, Beverly Place, Longfellow, Forest Heights and St. John’s all contributed to the list of $700,000-plus homes sold.
The biggest residential deal of the bunch, which closed at $2.4 million, was just west of this market in the Kingwood Place neighborhood.
In terms of sheer size, nothing topped the 15,477-square-foot monster house in the Valley Falls Estates neighborhood, developed but never lived in by Joe Blankenship. Lost through foreclosure to First Security Bank of Searcy, the hilltop home re-entered private ownership in a $2.15 million transaction in March.
The sprawling West Little Rock Northwest market (covering much of the area west of I-430) once again accounted for the most home sales at 632, averaging $243,774 and generating a dollar volume of nearly $152 million. Sherwood repeated its No. 2 ranking with 404 transactions, averaging $151,184 and producing $61 million dollars in sales. These two markets were followed by West Little Rock North (north of I-630 between University Avenue and I-430) with 369 transactions and a sales volume of $69 million and Maumelle with 323 transactions and a sales volume of $68.2 million.
Maumelle’s transaction total reflected a drop from 390 a year ago. Other residential markets north of the Arkansas River showed declines as well: North Little Rock Central, 255 to 216; Jacksonville, 262 to 235; and Sherwood 428 to 404.
Here’s a list of homes sold for $700,000 and above from Nov. 1, 2010, to Oct. 31, 2011. All of the 55 properties fall within four real estate zones: 3 (Heights/Hillcrest, north of I-630, east of University, west of the School for the Blind); 5 (West LR North, west of University Avenue between I-630 and I-430), 7 (West LR Northwest, west of I-430 to Chenonceau on the east and Stagecoach on the south), and 17 (west Pulaski County and far west Little Rock).
Price Address Square footage Zone Subdivision
$2,400,000 7 Sunset Circle 7,800 5 Kingwood Place
$2,150,000 10 Valley Crest Court 15,477 17 Valley Falls Estates
$1,850,000 10 E. Palisades Drive 4,504 3 East Palisades
$1,600,000 46 Overlook Drive 9,100 5 Overlook Park
$1,500,000 17 Valley Crest Court 7,100 17 Valley Falls Estates
$1,422,000 46 Chenal Circle 8,281 17 Chenal Valley
$1,395,000 2 Beverly Place 5,117 3 Newton’s
$1,349,000 4 Armistead Road 4,539 3 Edgehill
$1,279,000 35 Beverly Place 6,147 3 Beverly Place
$1,250,000 22 Armistead Road 4,299 3 Edgehill
$1,250,000 79 Sologne Circle 6,846 17 Chenal Valley
$1,250,000 1 Adkins Court 7,297 7 Adkins Estates
$1,200,000 40 Valley Club Circle 6,500 7 Pleasant Valley
$1,100,000 21 Edgehill Road 4,089 3 Edgehill
$1,100,000 17 Timberlake Drive 5,000 5 Overlook Park
$1,100,000 5108 Edgewood 5,367 3 Prospect Terrace
$1,100,000 6 Longfellow Circle 6 ,500 3 Longfellow Circle
$1,100,000 06 Hickory Creek Circle 7,083 7 Hickory Creek
$1,090,000 1610 Beechwood St. 4,487 3 Cliffewood
$1,050,000 21 St. John’s Place 5,507 3 St. John’s Place
$1,025,000 36 River Ridge Road 5,000 5 River Ridge
$990,000 34 Hickory Hills Circle 5,462 7 Hickory Hills
$990,000 51 Pinehurst Circle 5,544 7 Pleasant Valley
$965,000 6 River Ridge Court 4,277 5 River Ridge Manor
$975,000 1807 Shadow Lane 5,000 3 Shadowlawn
$950,000 3700 Garrison Road 5,512 17 None
$950,000 17 Orle Circle 5,800 17 Chenal Valley
$930,000 35 Sologne Circle 6,000 17 Chenal Valley
$925,000 5119 Sherwood Road 3,784 3 Prospect Terrace
$900,000 3809 S. Lookout Road 3,952 3 Doyle’s Place
$899,000 40 Fontenay Circle 5,990 17 Chenal Valley
$895,000 5 Hickory Hills Circle 5,487 7 Hickory Hills
$883,000 14900 Beau Vue Drive 5,000 17 Beau Vue
$875,000 5 Oakmont Court 6,306 7 Pleasant Valley
$850,000 4 Vantage Point 5,063 5 Overlook Park
$840,000 7 Pinehurst Circle 4,456 7 Pleasant Valley
$827,500 2519 N. Fillmore St. 4,648 3 Park View
$827,000 5226 Edgewood Road 3,593 3 Prospect Terrace
$825,000 14 Sologne Circle 7,800 17 Chenal Valley
$809,000 5814 S. Country Club Blvd. 3,949 3 Forest Heights
$805,000 7410 Beck Road 7,742 17 None
$800,000 6 Armistead Road 4,738 3 Edgehill
$799,000 54 Carmel Drive 5,000 7 Pleasant Valley
$791,600 315 Rock St. 2,686 2 River Market Place
$785,000 3 Longfellow Lane 3,048 3 Forbes
$779,000 10025 Barrett Road 4,574 17 None
$765,000 2620 N. Pierce St. 4,227 3 Park View
$754,000 2600 Germay Court 5,335 17 Chenal Valley
$750,000 4 Lacelle Court 5,400 17 Chenal Valley
$736,000 2100 Canal Pointe 3,439 3 Canal Pointe
$730,000 100 Longway Drive 4,054 17 None
$730,000 6 Beverly Place 3,950 3 Newton’s
$715,000 8703 Berry Patch Lane 4,900 7 Virginia Downs
$710,000 24 Vigne Blvd. 4,877 17 Chenal Valley
$700,000 31 Greathouse Bend Drive 4,089 3 Greathouse Bend
