Who Pays $1 Million for a Home?

by Mark Friedman  on Monday, Apr. 26, 2010 12:00 am  

Click here for a chart of million-dollar home sales.

 

Boyd Corley was attracted to the large pond that circles the house in west Little Rock's Hickory Creek neighborhood.

"It's a large lot. It gives you a feel of country living in the city," said Corley, the owner of BCC Construction in Little Rock. BCC Construction's projects include the Riviera Condominiums in Little Rock, IO Metro and Staples. It reported $39 million in revenue in 2008, ranking it No. 12 on Arkansas Business' list of the largest commercial contractors in the state.

Corley and his wife, Lynn, bought the mansion in August for $1.15 million.

The Corleys' home was one of 14 seven-figure residential transactions in Little Rock last year - and two of those were promptly razed. Sales of million-dollar homes have been declining in Pulaski County each year since 2004, when 29 were sold. In 2008, 21 million-dollar-plus homes were sold in the county.

But million-dollar home sales have bounced back so far this year. Since Jan. 1, seven  homes for $1 million or more have sold and one is under contract. During the same period in 2009, only four had been sold.

Boyd Corley also said he was attracted to the home because it has five bedrooms, five bathrooms and two half-bathrooms and is more than 7,000 SF. The three-story estate also has a workout room and media room.

"It's an open floor plan and that worked out well for our family," Corley said. "It gave us plenty of room for the kids."
The Corleys, though, don't plan on living there long. He said he's building a house on 13 acres in Waterview Estates.

"We buy houses, live there for a little while, sell them and move," Corley said. "Being a contractor, I've done that over the years."

 

The Buyers

For readers who have wondered who these top-dollar homeowners are, Arkansas Business has attempted to provide a brief description of each of the homes listed and of the owners, using interviews and public records.

 

 

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