Valley Falls Estates Attracts Million-Dollar Manors

Among the new west Little Rock neighborhoods, Valley Falls Estates is acknowledged as the per capita leader of million-dollar manors.

The gated subdivision is home to 22 residences valued at more than $36 million. Five more large houses, valued at a combined $7.6 million, are under construction. The high-dollar dwellings range in size from more than 4,700 SF to a whopping 14,100 SF.

"It's gone better than I anticipated," said Rick Ferguson, who is developing Valley Falls.

The upscale homebuilder liked what he saw nearly six years ago when he toured the 120-acre tract. The property at the south end of Katillius Road had a mix of level and sloping terrain that Ferguson thought would appeal to different buyers.

He envisioned a new gated community that paid homage to one of his favorite residential Little Rock projects: Hickory Creek.

"Oh yeah, I always loved that subdivision," Ferguson said. "I never built any houses there. But I always thought it was well done."

He reworked the five creek beds running through the property to create a water feature that pays homage to Hickory Creek. Ferguson added a new twist by platting the land into larger lots that start at 0.68 acres and top out at 2.8 acres.

For now, 63 of the planned 99 lots are in play. Eleven lots of nearly an acre each are planned for the northwest corner of the development. An additional 25 lots are planned for the southeast portion of the project.

The site of Ferguson's new 10,000-SF home at the end of Valley Crest Court adjoins this future phase. He intends to leave the land undeveloped for use as his family's wooded playground.

Ferguson purchased the Valley Falls land in October 2000 in a $2 million deal with the heirs of A.W. Parke, who acquired the bulk of the property 80 years ago.

The sellers included Miriam Parke Balding, 38 percent; Frank Parke Jr. and his wife, Ann, 26 percent; Frank Herbert Parke III and his wife, Paula, 8 percent; John and Susan Parke, 8 percent; Emily Frances Parke, 8 percent; Frances Balding Biegler and her husband, Mark, 6 percent; and Marvin Balding Jr., 6 percent.

Ferguson said some would-be developers looked at the property with the idea of buying it and carving the land into small lots. But Ferguson believed the market would be receptive to new homesites that were larger and not as far west as other upscale subdivisions.

That setting was attractive to Dr. Gene Graves, CEO of I Care of Arkansas Inc. He traded his home in Chenal Valley to Ferguson for one in Valley Falls Estates. Both homes were built by Ferguson.

"We absolutely love it," Graves said. "The views are just fantastic."

To the north, his home affords a vista of Pinnacle Mountain and ridges to the east. To the south and west are views of Shinall Mountain and wooded ridges.

"I had some reservations at first, but I fell in love with the beautiful location and the convenience of being closer in town."

Here's a lot-by-lot look at Valley Falls Estate:

Lot 1: A 6,754-SF home.

Owners: John and Timothy Olaimey. The Olaimeys bought the house for $2.2 million in June 2005 from Rick and Deanna Ferguson.

Lot 2: A vacant 0.77-acre site.

Owner: Waterview Estates LLC, led by Rick Ferguson.

Lot 3: A vacant 0.78-acre site.

Owner: VFE Inc., led by Rick Ferguson.

Lot 4: A vacant 0.96-acre site.

Owner: VFE Inc.

Lot 5: A 4,777-SF home.

Owners: Doug and Janice Sherman. The Shermans purchased the house for $964,000 in January 2005 from Christopher and Elizabeth Maris.

Lot 6: A 5,658-SF home.

Owners: Mike and Judy McClendon. The McClendons acquired the property for $165,000 in February 2002 from VFE LLC. The house carries a $1.2 million building permit.

Lot 7: An 8,067-SF home.

Owners: Kevin and Sharon Lamb. The Lambs bought the house for $1.89 million in February 2004 from Rick Ferguson Inc.

Lot 32: A vacant 1.28-acre site.

Owners: Steven and Missy Wortman. The Wortmans purchased the lot in October 2005 as part of a $1.2 million deal with VFE Inc.

Lots: 33-34: An 8,200-SF home under construction.

Owners: Steven and Missy Wortman. The Wortmans acquired the property in October 2005 as part of a $1.2 million deal with VFE Inc. The home carries a $2.1 million building permit.

Lot 35: A 6,300-SF home under construction.

Owners: Kenneth and Karen Hamilton. The Hamiltons bought the location for $300,000 in December 2005 from VFE Inc. The home carries a $1.4 million building permit.

Lot 35A: A 6,200-SF home under construction.

Owner: CBM Appraisals Inc., led by Christopher and Elizabeth Maris. The site was purchased for $350,000 in April 2005 from VFE Inc. The home carries a $1.2 million building permit.

Lot 35B: A vacant 1.67-acre site.

Owner: VFE LLC

Lots: 35C: A vacant 1.84-acre site.

Owner: VFE LLC

Lot: 36: A 10,000-SF home under construction.

Owners: Rick and Deanna Ferguson. The house carries a $2.7 million building permit.

Lot 36A: A 6,000-SF home under construction.

Owners: Kevin and Diane Hutchingson. The Hutchingsons acquired the property for $400,000 in June 2005 from LRG LLC, led by Rick Ferguson. The house carries a $1 million building permit.

Lots 36B-C: A vacant 2.1-acre site.

Owners: Joseph and Brenda Blankenship. The Blankenships bought the land from VFE Inc. in May 2004 as part of an $875,000 deal.

Lots 36D-E: A 14,156-SF home.

Owners: Joseph and Brenda Blankenship. The Blankenships purchased the location from VFE LLC as part of two transactions totaling $943,000 in August 2002 and September 2003. The home carries a $2.7 million building permit.

Lot 36F: A vacant 1.85-acre site.

Owner: VFE LLC.

Lot 36G: A vacant 1.47-acre site.

Owner: Eagle Bay Estates LLC, led by John Hawks Jr. The limited liability company acquired the site for $250,000 in November 1998 from 3B Holdings Inc.

Lot 36H: A vacant 1.2-acre site.

Owner: Gene Graves.

Graves bought the property for $250,000 in February 2006 from Kimric Inc.

Lot 36I: A 7,886-SF home.

Owner: Gene Graves.

Graves purchased the house for $1.85 million in October 2005 from Sunset Bay I LLC, led Rick Ferguson.

Lot 37: A vacant 1.76-acre site.

Owner: VFE LLC.

Lot 38: A 7,855-SF home.

Owners: Steven and Missy Wortman. The Wortmans acquired the property for $180,000 in December 2001 from VFE LLC. The house carries a $1.8 million building permit.

Lot 39: An 8,084-SF home.

Owner: Marc MacKenzie.

MacKenzie bought the house for $2.27 million from Randy and Patricia Ferguson.

Lot 40: A 6,782-SF home.

Owners: Rush and Linda Harding. The Hardings purchased the house for $1.59 million in September 2002 from Kimric Inc.

Lot 41: A 5,661-SF home.

Owner: Susan Plunkett. The location was acquired for $170,000 in June 2001 from VFE LLC. The house is valued at $1.4 million.

Lot 42: A vacant 0.75-acre site.

Owner: DFT Trust, led by Donald Thompson. The trust bought the property in April 2002 as part of a $214,000 deal with VFE LLC.

Lot 43: A 7,380-SF home.

Owners: Gene and Michele Ludwig purchased the house for $2.1 million in March 2004 from R.B. Ferguson Custom Homes.

Lot 44: A vacant 0.82-acre site.

Owner: VFE LLC.

Lot 45: A vacant 0.87-acre site.

Owner: Kimric Inc.

Lot 46-47: A 7,804-SF home.

Owners: Clay and Monica Wahlquist. The Wahlquists assembled the property in two transactions with VFE Inc. totaling $685,000 in October 2003 and September 2005. The house carries a $2.15 million building permit.

Lot 48: A vacant 1.44-acre site.

Owner: VFE LLC

Lot 49: A vacant 1.42-acre site.

Owner: VFE Inc.

Lot 50: A vacant 1.44-acre site.

Owner: VFE Inc.

Lot 51: A vacant 1.43-acre site.

Owner: VFE Inc.

Lot 52: A vacant 1.9-acre site.

Owner: VFE Inc.

Lot 53: A 5,200-SF home.

Owners: Michael and Jarene Montgomery. The Montgomerys acquired the property for $285,000 in March 2004 from VF Estates Acquisition Corp., led by Rick Ferguson. The house carries a $1.3 million building permit.

Lot 54: A 6,700-SF home.

Owners: Michael and Rhonda Martin. The Martins bought the house for $1.5 million in February 2006 from RB Ferguson Custom Homes. The house carries a $1.2 million building permit.

Lot 55: A vacant, 0.71-acre site.

Owner: Kimric Inc., led by Rick Ferguson.

Lot 56: A vacant 0.72-acre site.

Owner: VFE LLC.

Lot 57-58: A 6,000-SF home.

Owners: Van and Dana Debruyn purchased the property for $570,000 in November 2003 from VFE Inc. The house carries a $1.1 million building permit.

Lot 59: A 5,500-SF home.

Owners: Sunder and Chaya Krishnan. The Krishnans acquired the property for $285,000 in November 2004 from LRG LLC. The house carries a $1.1 million building permit.

Lot 60-61: Vacant lots covering 1.9 acres.

Owner: Sunset Bay I LLC. The limited liability company bought the land in August 2005 as part of a $2.3 million transaction with Rack Holdings LLC, led by Joe White Jr.

Lot 62: A 7,553-SF home.

Owner: Sunset Bay I LLC purchased the house for $2.4 million in August 2005 from Rack Holdings LLC.

Lot 63: A vacant 0.85-acre site.

Owner: LRG Investments LLC, led by Rick Ferguson.

Lot 64: A 9,000-SF home under construction.

Owner: Rack Holdings LLC, led by Joe and Kimberly White. The limited liability company acquired the location for $350,000 in December 2005 from VFE Inc. The house carries a $2 million building permit.

Lot 77: A 6,600-SF home.

Owners: Michael and Stella Kamanda. The Kamandas bought the house for $1.6 million in March 2002 from RB Ferguson Customer Homes.

Lot 78: A vacant 0.9-acre site.

Owner: Michael and Stella Kamanda. The Kamandas purchased the property for $153,000 in January 2002 from VFE LLC.

Lot 79: A 6,300-SF home.

Owners: Doug and Janice Sherman. The Shermans acquired the property for $163,000 in May 2001 from VFE LLC. The house carries a $1.1 million building permit.

Lot 80: A vacant 1.2-acre site.

Owner: VFE LLC.

Lot 81: A 7,500-SF home.

Owner: David Dill. Dill bought the property for $163,000 in May 2001 from VFE LLC. The house carries a $1.2 million building permit.

Lot 82: A vacant 1.19-acre site.

Owner: VFE LLC.

Lot 83: A vacant 0.84-acre site.

Owners: James and Melanie Matthews.

Lot 84: A 5,600-SF home.

Owner: 2610 Acres LLC, led by Rick Ferguson. The home carries a $1.2 million building permit.

Lot 86R: A 5,300-SF home.

Owners: Leonard and Laurie Boen. The Boens purchased the property for $306,000 in February 2002 from VFE LLC. The home carries a $1.3 million building permit.

Click here for a map of the 120-acre Valley Falls Estates development project.