The 13 Most Expensive Home Sales in Pulaski County in 2012

by Mark Friedman  on Monday, Apr. 22, 2013 12:00 am  

2012 was a terrible year for seven-figure home sales in Pulaski County.

During the year, 13 homes sold for $1 million or more, which was the lowest number since Arkansas Business started following the sales of million-dollar homes in the county in 2004.

And one of those 13 was Little Rock homebuilder Rick Ferguson’s mansion, which has raised questions about the transaction and whether it should even be counted as a sale.

In 2011, 22 homes sold for $1 million or more, the same number as in 2010. In 2009, only 14 homes sold for seven figures, but that was during the peak of the Great Recession.

The 2012 decline is blamed on stricter financing requirements, said Jon Underhill in an email to Arkansas Business. Underhill sells upscale homes through his agency, Jon Underhill Real Estate in Little Rock.

“Lenders simply aren’t willing or able to leverage a large home purchase in the same way they did in the past,” Underhill said in the email. “And buyers of more expensive homes are now being required to make a larger down payment than they previously would have.”

Dr. Joel Dworkin, who bought his $1.25 million home in 2012, can testify. “The market is so hostile for loans,” he said. “It took me three months to get the loan.”

But Casey Jones, who sells high-end homes for The Janet Jones Co. of Little Rock, disagreed about the difficulty of securing a loan. “For qualified buyers, I think the financing opportunities are … out there,” Jones said. “I don’t think the financing opportunities have really changed that much.”

Still, Underhill said, he is encouraged because 2013 has brought an uptick this year in the market for expensive homes. 

“The rebound in the stock market and economy in general has also helped to buoy the confidence of buyers who have been holding back for the last several years,” Underhill said.

As of last week, 35 homes priced at more than $1 million were listed for sale in Pulaski County. That’s one fewer than were officially listed for sale at this time last year.

For those who have wondered who owns these exclusive homes in Pulaski County, Arkansas Business has provided a brief description of the homes and of the owners using interviews and public real estate records such as deeds, mortgages and tax records. The homes are available in the slideshow at the top of this article, and we've listed more information about each below:



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