Little Rock, AR Real Estate News

By David W. Bolick
(Network Real Estate, Inc.)
    Property Owners Associations - Dues & WebsitesA Public Service for the Little Rock Metropolitan Areawww.LittleRockMetroPOA.com       Many new homeowners get very upset when they purchase a home and later find out there are POA (Property Owner Association) dues and were not told about it.   A real estate agent in the process of listing a home can only rely on the seller to inform them of any association and related dues and many times that information falls through the cracks OR is not accurate information.  After listening to my little 96 year old neighbor complain for years about not being told about "dues" and how she doesn't even use the "park or pool", I decided to do something about it.   After spending almost 2 years in gathering information making phone calls, letters, prior ...
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    The Housing Market should see some positive results from the signing of the Housing and Economic Recovery Act of 2008 by President Bush. The benefits are for first time home buyers in the form of a home-buyer tax credit. First-time buyers are vital to the housing market because they start the domino effect. They also keep the market stable because of the demand vs. supply. Buyers who haven't owned a property in the last three years can qualify for a tax credit up to $7,500 or 10 % of there home purchase price. To qualify homes can be purchased from April 9, 2008 till July 1, 2009. There are income limits and recapture taxes, so please check with your financial advisor. The housing bill includes higher loan limits allowing Fannie Mae and Freddie Mac to increase loan limits based arou...
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By David W. Bolick
(Network Real Estate, Inc.)
    Advice: BUY NOW or Possibly SUFFER!   Personally I'm tired of all the negativity on the news about how bad the real estate market is from all the narrow-minded so-called experts that have never been in the real estate business or sold a house as an licensed Realtor.  Where do these pencil pushing, computer model analysis people get off saying this is not a good time to buy?  Do they do ANY research on the history of home ownership cost and the effects of interest rates? Let's put things in proper perspective. Fact 1:  When I entered the business in 1974 interest rates were 9% and risingFact 2:  Interest rates rose for the next 8 years from 1974 to 1982 to a high of 14 3/4%Fact 3:  Interest rates remained above 9% until 1991, another 9 years laterFact 4:  That means interest rates we...
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By Stacy Jones
(West Little Rock Title Company)
Sometimes there are title issues, complicated closing issues, divorce situations, marital property issues, questions of ownership, situations that involve attorneys, questions of fraud, etc. that take time to clear up before a file can close. Every property doesn't have clear title.. Sometimes a quiet title must be done which may fix the exact problem, but may also slow down the whole process of closing. Many people think that if they tell the title agent how to do their job, it will speed up the process. These same people are not the ones insuring the property with title insurance.They are not the title agent, and although it is always good to listen to another person's opinion, ultimately the title agent and the title  underwriter will have to make and satisfy the requirements for the...
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By David W. Bolick
(Network Real Estate, Inc.)
  Market Trends in Walton Heights Walton Heights / Candlewood caught up in slowdown   For a complete Current Market Analysis of the Walton Heights Subdivision, you can visit our dedicated website at www.WaltonHeightsSubdivision.com to see all the current listings for sale and past 6 months of sold property maintained on a daily basis and you can even sign up to be notified of any new sales or listings via email if you like.   Of particular note lately in the Little Rock market is the slowdown occurring in several West Little Rock subdivisions like Walton Heights.  As you can see from the chart above, the average sale price per square foot is the lowest it's been since year 2004 with a spike in 2007.  Looking at the raw data on our website, you can see that the homes currently selling ar...
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By David W. Bolick
(Network Real Estate, Inc.)
New Subdivision Real Estate Market Update Websitewww.StCharlesSubdivision.com   If you are a resident of the St. Charles/St. Michael/St. Thomas Subdivisions, you'll want visit our new cutting edge Subdivision Real Estate Market website that contains all the current Property for Sale and Past 6-Months Sales as well as other valuable information, including our Blog Link on community activity.  We maintain this site on a daily basis and post all new listings for sale, price changes, remove expired listings and record all the latest sales data to keep you up to date on the market in your subdivision.     It's sometimes difficult to remember to check a website for information or to even remember a web address for that matter, so we've set up a convenient method of staying up-to-date by volu...
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By David W. Bolick
(Network Real Estate, Inc.)
  For the most complete Market Update Reports on a continual day-to-day basis, all you need to do is visit our NEW Walton Heights Subdivision Website at www.WaltonHeightsSubdivision.com  This is a redirect to our main company website and the link should work shortly, but if you have any difficultly reaching it, just go to www.NetworkRealEstateAR.com and click on the "Subdivision" pic and then click on the Walton Heights marquee.
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By David W. Bolick
(Network Real Estate, Inc.)
New Subdivision Real Estate Market Update Websitewww.WaltonHeightsSubdivision.com   If you are a resident of the Walton Heights/Candlewood Subdivision, you'll want visit our new cutting edge Subdivision Real Estate Market website that contains all the current Property for Sale, and Past 6-Months Sales as well as other valuable information, including our Blog Link on community activity.  We maintain this site on a daily basis and post all new listings for sale, price changes, remove expired listings and record all the latest sales data.     It's sometimes difficult to remember to check a website for information or to even remember a web address for that matter, so we've set up a convenient method of staying up-to-date by voluntarily signing up for auto-updates.  This way, each time a ne...
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By David W. Bolick
(Network Real Estate, Inc.)
St. Charles Subdivision    In 1976, The Bailey Corporation in Little Rock, purchased 276 acres next to Napa Valley Road and named it St. Charles. There were 338 residential lots which were developed, built and subsequently sold.  Since that time St. Charles has been held in very high demand because of the quality of homes and it's excellent location right off Chenal Parkway.   Below is a basic boundary map which St. Charles is located and connected with St. Thomas and St. Michael.     During the last 12 months, there have been 47 sales in the subdivision ranging from $81 to $113 per square foot with a straight average of $94 per foot.  The Average sale has been $252,000. 
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By Stacy Jones
(West Little Rock Title Company)
 FOR SALE BY OWNER CLOSINGSGENERAL INFORMATIONWhenever you get ready to sell your house, I can help you with your paperwork. Some of you are selling your home yourselves, and some of you are going to use a Realtor, but either way - you will need a Title Company to finalize your transaction. My office is actually the last place that you'll go to sign paperwork, receive any applicable proceeds, etc.  We specialize in residential real estate closings and are very competitive in our pricing, so we can save you money when you get ready to sell. We also offer after-hour closings as a convenience and service to you.  Just let me  know when you have a signed contract, then I can help you with everything else. We will do our best to provide you with a smooth worry-free closing, with less stress ...
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By David W. Bolick
(Network Real Estate, Inc.)
Here is the latest 2008 Calendar of Events for the Colony West Homeowners Association.  This is an excellent association run by Wiley Greenbaum who is dedicated to providing entertainment and activities for our elderly residents as well as the kids. The association has been large sums of money over the last 3 years fixing up the park and has more work planned.  
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By David W. Bolick
(Network Real Estate, Inc.)
Here's a picture my dad took of Pinnacle Mountain in Little Rock, Arkansas where I live, during a sunset.  He later found out that the sun only sets in this position about every 7 years as I recall.  Just thought I'd share it.  The mountain and land below is a state park.
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By Rusty Armstrong
(ERA Henley Real Estate)
The spring pollen is going strong here in Little Rock, Arkansas, but it seems to have caused the buyers to come out too. April sales activity strong. It has really been busy since tax season has been over. Just this week, we are working with multiple buyers who are finding homes they want to make offers on but the homes are sold before they can make their offer. This is not true in all price ranges but still a good sign for the market in general. Let's hope the pollen goes away but not the buyers. With rates still low they should stay around. Now if the media will report the positive news.
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By Kerry Ellison
(Keller Williams)
   How to price to sell and still make a profitThe asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent's knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table. Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the...
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By Kerry Ellison
(Keller Williams)
Eight steps to selling your homeDefine your needs. Write down all the reasons for selling your home. Ask yourself, "Why do I want to sell and what do I expect to accomplish with the sale?" For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you'd like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyer...
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By David W. Bolick
(Network Real Estate, Inc.)
  As a real estate agent, I got tired of hearing negative comments from homeowners saying "My real estate agent NEVER told me there were DUES to pay to an Association..."  The more I thought about it, I concluded that an agent can only provide a certain amount of information but finding out about a POA is virtually impossible.  Some subdivisions don't even have a POA and others are "Voluntary Dues" with many having very high Mandatory Dues.    I started asking around and found that most Title and Closing Companies have their own little "Personal Database" they keep track of and if they have knowledge about an association, they make a contact to find out what dues if any are owed and collect that for the POA at the time of closing.  Funny thing is though that no one "shares" this databas...
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By David W. Bolick
(Network Real Estate, Inc.)
  As a member of the Board of Directors, at our last meeting this week, we adopted a "Budget" to be included in all future monthly Financial Reports.  This budget will give the board a better handle on how to plan for projects during the year.  It was also adopted that the budget would be "adjusted" on an as-needed basis as project expenses came in above or below original projection.  The biggest unknown at this point is a lawsuit filed against the association by a former board member WHILE he was a board member more or less alledging that the previous election of board members was "illegal".  It appears to be the opinion of counsel the lawsuit has no merit, however the $5,000 legal bill continues to grow.  That's a lot of money for a tight budet that could go a long way in improving ou...
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By Kevin Riley, Kevin Riley
(IHP Real Estate)
I am so excited to announce that CENTURY 21 Daniel & Associates Realty, Inc. has opened an office in Little Rock, Arkansas.  With two offices already located in Saline County, in the cities of Benton and Bryant, Pulaski County was the perfect place to add an additional location in order to extend convenient, quality service to Central Arkansas.  This was a move of faith in a market that many are unsure of.  I refuse to be defeated by circumstances.  I am a fighter.  The key to a successful real estate career is knowing how to position yourself in the market.  For as long as the world turns, real estate will be exchanged.  You just have to know from which angle to work and stay in tune with the market. 
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Summary of January 2008 Housing Market Report Most Units Sold for the MonthRankJan '08Jan '07% Change1. Pulaski County261316-17.41%4. Saline County85121-29.75%Highest Valuations for the MonthRankJan '08Jan '07% Change1. Pulaski County$43,895,763$49,868,592-11.98%4. Saline County$14,066,650$20,109,474-30.05%Highest Average Prices for the Month23. Pulaski County$168,183$157,8126.57%4. Saline County$165,490$166,194-0.42%
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By David W. Bolick
(Network Real Estate, Inc.)
New Page 1 Below is the average market statistics for the Briarwood subdivision. You will note that the price sold below asking price has not changed much despite an increase in below ask throughout the rest of the city. The average price per square foot is approaching $90 per square foot.   Year Sold 2005 2006 2007 Average List Price 150,396 153,936 164,056 Average Sale Price 146,242 152,345 159,939   Sale Below Ask -4,154 -1,591 -4,117 Average SqFt 1,909 1,846 1,935 Average Days On Market 31 20 56 Average Sale Per SqFt $76.62 $82.55 $82.64 Number Sales 24 22 23
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