Who Pays $1 Million for a Home?

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

Markus Homes bought that mansion in May from Linda and Rush Harding III for $1.6 million. The sale to Graves represented a $100,000 loss.

In 2009, Melinda Markus designed two homes for the Arkansas Symphony Orchestra's Designer House XX. The money from the sale of homes benefits the symphony.

In a March 2009 interview with At Home in Arkansas, Markus said her company helps customers build their dream homes.

"I don't do furnishings, but I work with a client's interior designer on the architectural design of their home," she told At Home. "Rather than having to seek out a variety of different vendors, I do it all for them."

  • In July, Ron C. Smith spent $1.37 million on a 10,000-SF home in west Little Rock's Hickory Hills neighborhood. He bought the home from Pine Bluff National Bank, which recovered the estate from David Hamilton in October 2008 at a $1.68 million foreclosure sale.

Ron Smith is the president and CEO of Curtis Stout Inc. of Little Rock. Curtis Stout has been in the electrical industry for more than 60 years and touts that it is one of the largest electrical equipment manufacturers' representatives in the country. With more than 100 employees, Curtis Stout has offices in Arkansas, Tennessee, Mississippi and Louisiana.

  • One of the biggest reported markdowns came from a Little Rock manor that overlooks the Arkansas River.

The former CEO of Acxiom Corp., Charles Morgan Jr. and his wife, Susie, put their 10,000-SF home up for sale in late 2007 with an asking price of $2.75 million.

After the home had been on the market for 14 months, Mark and Sally Kline bought it for $1.5 million, 45 percent off the original price.

Mark Kline said he and his wife purchased the home because of the "phenomenal view of the river and the surrounding countryside."

The Klines had lived in New Orleans, but their house, which overlooked the water, had been damaged by Hurricane Katrina. Sally Kline "really wanted a view of the water" when they bought a home in Little Rock, he said.

He also said the view from their home reminds them of northern California, another favorite spot.

Mark Kline does estate planning and executive benefits planning with New York Life Insurance Co.

  • In October, Brett Barnett bought a 5,000-SF home near the Country Club of Little Rock for $1.1 million because of its neighborhood.

"Where it's located tends to hold the value pretty well," said Barnett, who is president of R&R Sports Co. in Little Rock. R&R Sports rents skis and sells ski equipment. Barnett said he has shops in Utah, Colorado and West Virginia.



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