Some Sellers Starting To Slash Asking Prices

It’s a buyer’s market these days for upscale homes in Northwest Arkansas.
There are plenty of incentives for buyers right now and developers nationwide are trying to liquidate stock by significantly lowering prices or sweetening the deal with cash back for furniture allowances, vehicles and vacations.
Amenities like saunas, covered decks, granite countertops and patios are the norm for many of these houses, some of which have been on the market for nearly one year.
In some cases, prices per square foot are comparable or even less than for homes at the lower end of the price range.
“The upper-end market is very soft right now,” said Rick Hawes of Benchmark Real Estate.
One piece of upper-end real estate that is definitely a bargain is a three-story, 5,400-SF house located on Lakeview Drive in Springdale. With many similarly sized houses priced between $137 and $140 per SF, this home is a steal for the right buyer at $118 per SF, or about a 14 percent discount.
“Somebody should go buy it right now,” Seth Mims, owner of Mi Casa Real Estate said of the property.
It originally went on the market 18 months ago for $725,000, but Global Network Realty agent Carole Kelley now has the listing at $639,000, about 12 percent down from the original sticker price.
The five-bedroom, three-and-a-half-bath house sits on more than an acre and features extensive landscaping, a view of Lake Fayetteville and is close to Highway 71 and the Springdale Country Club, Kelley said.
Amenities abound inside with hardwood floors, a fireplace, a china nook and a large kitchen with counter lights, double-oven and trash compacter. There is covered patio access from the master bedroom, which has an enormous closet with an island dresser-drawer.
The main bathroom features a three-head shower with tiled bench seating and a Jacuzzi tub with a built-in television.
The second floor also has a patio and the third floor is a huge bonus room with any number of uses.
Another area where a prospective homeowner could find a good upscale buy is Pasofino Loop. A four-bedroom, four-bathroom house built by Roth Custom Homes is priced at $384,291, but at closing, the developer will cut the buyer a $20,000 check for new furniture, a vehicle or to apply to the mortgage, said listing agent Dick Weaver of Dick Weaver and Associates Real Estate in Bentonville.
The house is 3,000 SF and has “every conceivable amenity,” Weaver said. These are granite countertops, top-of-the-line appliances, extensive trim and a central vacuum system.
Roth is giving money back to buyers because the area is overbuilt and inventory must be liquidated for the upcoming spring market, Weaver said.