Pulaski County’s Most Expensive Home Sales of 2016

Sales of luxury homes in Pulaski County jumped in 2016 to a number not seen since Arkansas Business began tracking them in 2004.

Last year, 29 homes sold for $1 million or more, up from 20 in 2015.

Arkansas Business has been keeping statistics on high-end sales since 2004, when 29 million-dollar homes were sold. Sales hit a low of 13 in 2012.

This year, strong sales should continue, Jon Underhill predicted in an email to Arkansas Business last week. Underhill sells upscale home through his agency, Jon Underhill Real Estate of Little Rock. “The economy and the stock market are both doing well, and that bodes well for real estate,” Underhill said.

Since January 2017, 11 seven-figure homes have sold in the county and five more are under contract, he said.

Underhill also said more high-quality luxury homes were for sale in 2016, which contributed to increased sales. “Inventory had been low on quality homes in good locations,” Underhill said. “Many of the homes that sold had never been offered for sale.”

Homebuyers’ ideas of a dream home change annually. Few are asking for dedicated theater and wine rooms these days.

The current trends are open floor plans with comfortable living areas and designer kitchens, Underhill said. Buyers want master bedrooms and one guest room on the main level, outdoor areas, a pool and four-car-plus garage. Smart homes are a must, and buyers aren’t “willing to pay for last year’s technology,” he said.

As of last week, 44 homes in the county were listed for sale with asking prices of $1 million or more.

Underhill said that he has a list of at least nine other homes that the owners would be interested in selling but that aren’t on the active market.

For those who wonder who bought these exclusive homes in Pulaski County, Arkansas Business, using interviews, public real estate records and other documents, has provided a brief description of the homes and the buyers.

$2.67 Million

Buyer: Mace Properties LLC, led by Harry Erwin III
Seller: Wendy and Stephen LaFrance Jr.
Neighborhood: Edgehill, Little Rock    
Date: Sept. 1    
Year Built: 1929
SF: 6,844

Harry “Chuck” Erwin III bought this home that, real estate website Zillow said, features open entertaining spaces and a chef’s kitchen. Zillow touts the Edgehill manor’s “fabulous open entertaining spaces,” and the backyard highlights include a pool and gardens. Erwin founded the certified public accountants’ firm Erwin & Co. in Little Rock in 1984. He graduated from the University of Texas and started his career in 1979, according to his company’s website. He supports the Arkansas Arts Center and Arkansas Symphony Orchestra. Erwin has served on the board of trustees of Arkansas Children’s Hospital since 1990.

$2.5 Million

Buyer: Scenic LLC, led by John Stephens
Seller: Demp and Paula Dempsey
Neighborhood: Scenic Heights, Little Rock
Date: April 1
Year Built: 1981
SF: 6,823

This home features a detached three-car garage and “chiseled Terrazzo floors throughout,” according to Zillow. The house also has three fireplaces and doors that open to decks with canyon creek views, Zillow said. Scenic LLC, led by John Stephens, bought the $2.5 million house on April 1, 2016. John Stephens’ father is Warren Stephens, the president and CEO of Stephens Inc. of Little Rock, one of the country’s top investment banks. Last year, Forbes listed Warren Stephens as one of the richest people in America with a net worth of $2.4 billion.

$2.2 Million

Buyer: NPS Holdings LLC, led by Jeffrey and Cara Nolan
Seller: Estate of Kula Kumpuris
Neighborhood: Country Club Heights, Little Rock
Date: Aug. 17

NPS Holdings LLC, led by Jeffrey and Cara Nolan, bought a $2.2 million house to tear it down. On Dec. 22, residential homebuilder Fred Lord Builder Inc. of Little Rock took out a building permit for the new home project valued at $1.65 million. The work was financed by a two-year loan of $2.1 million from BancorpSouth Bank of Tupelo, Mississippi. Jeffrey Nolan is president and CEO of the land and timber management firm Loutre Land & Timber Co. of El Dorado. Since 2012, he has served on the board of directors of Murphy Oil Corp. of El Dorado. As a Murphy Oil director, his compensation for 2016 was $265,000.

$1.8 Million

Buyer: Donald and Lucinda Phelps
Seller: John and Amber Meadors
Neighborhood: Edgehill, Little Rock
Date: May 26
Year Built: 1937
SF: 4,667

Donald and Lucinda Phelps bought this home that, according to Zillow, features vaulted brick ceilings and floor-to-ceiling arched windows that overlook a pool and “immaculate grounds.” A guest cottage also is on the property. Don Phelps is the CEO of Phelps Fan LLC of Little Rock, which was founded in 1915 and is one of Arkansas’ oldest companies. He is the fifth generation of the Phelps family to run the company, which manufactures industrial fans. “From routine industrial needs to the demands of nuclear age requirements, Phelps Fan’s commitment to innovation and technology meet the needs of today while positioning itself to meet those of the next century,” the company’s website said.

$1.79 Million

Buyer: Jill and Edward Penick III
Seller: Marilynn and Robert Porter Jr.
Neighborhood: Country Club of Little Rock
Date: Sept. 30
Year Built: 2011
SF: 5,076

Jill and Dr. Edward Penick III bought this estate that, Zillow said, includes a three-car 868-SF garage. Edward Penick III practices at Central Arkansas Ophthalmology in Little Rock. The Little Rock native received his bachelor’s degree in biology from Davidson College in North Carolina and his medical degree from the University of Arkansas for Medical Sciences, according to Central Arkansas Ophthalmology’s website. He completed his ophthalmology residency at the University of Missouri-Kansas City. He specializes in Lasik and cataract surgery and sees patients for medical and eye exams, the website said.

$1.7 Million

Buyer: WVM LLC, led by Rush Harding
Seller: Maxie and Patricia Bobbitt
Neighborhood: Hickory Pointe, Little Rock
Date: April 15
Year Built: 2007
SF: 6,327

Rush Harding bought this home, featuring three bedrooms, three full bathrooms and two half-baths, because of the privacy. It has a permanent green space that surrounds three sides of the home, Harding said in an email to Arkansas Business. “I have a large, spacious office and my wife has a quiet nook to work on her photography and other projects,” he said. Harding said his wife, Linda, likes to work in the yard. “She has created a magical setting with plants and landscaping,” he said. Rush Harding is CEO of Crews & Associates in Little Rock, an investment banking firm created in 1979. He also is the CEO of Crews’ subsidiary, First Security Finance.

$1.57 Million

Buyer: Rodney and Michelle Damon
Seller: CNC Family Trust, led by Christopher and Claire Pittman
Neighborhood: Sologne Circle, Little Rock
Date: May 12
Year Built: 2008
SF: 10,810

Rodney Damon said the house on Sologne Circle was too good a deal to pass up.
The home cost $2.8 million to build in 2008, said Damon, who splits his time between Florida and Little Rock. “I bought it as an investment,” he said. “Hopefully, I can retire at some point and make some money off of it.” The estate in the gated community has five bedrooms and eight bathrooms. The brick house is “well-built,” he said. “It has all the amenities of any luxury home that you would see,” he said. Damon is a senior vice president at BOKF, which does business as Bank of Oklahoma and Bank of Arkansas.

$1.4 Million

Buyer: Terri and David Snowden Jr.
Seller: Judith and David Snowden Sr.
Neighborhood: West Little Rock
Date: June 1
Year Built: 1999
SF: 5,494

The house that Terri and David Snowden Jr. bought for $1.4 million was part of a family residential deal. They swapped their 6,272-SF home near the Country Club of Little Rock for Judith and David Snowden Sr.’s estate on 20 acres in west Little Rock. David Snowden Jr. is vice chairman at Tarco Inc. of Little Rock, which manufactures roofing products and has plants in Arkansas, Texas and Pennsylvania. Both Snowden Sr. and Snowden Jr. are members of the Arkansas Outdoor Hall of Fame and have been involved with the Arkansas Nature Conservancy since it began in the 1970s, according to the website of the Arkansas Game & Fish Foundation, which sponsors the Hall of Fame.

$1.4 Million

Buyer: Celia-Anne Martindale
Seller: George and Deborah Makris
Neighborhood: Country Club Heights, Little Rock
Date: Jan. 15
Year Built: 1998
SF: 5,986

Celia-Anne “CeCe” Martindale bought this home just a block from the Country Club of Little Rock. The house features a “large family room open to gourmet kitchen with every amenity,” according to Zillow. It also has a private covered terrace that overlooks a landscaped oversized lot, the website said. Martindale’s husband, Howard, is a co-director of information technology at Fourjay LLC of North Little Rock, a franchise of Wendy’s International Inc. Founded in 1975, Fourjay now has 49 stores with more than 1,400 employees, according to the company’s website. In August, Franchise Times, a trade jounal, estimated Fourjay’s annual revenue at between $60 million and $70 million.

$1.35 Million

Buyer: Duane and Angela Birky
Seller: Lee Bodenhamer Trust
Neighborhood: Overlook, Little Rock
Date: Dec. 2
Year Built: 2009
SF: 6,385

Angela and Dr. Duane Birky bought this four-bedroom, six bathroom home that overlooks the Arkansas River and the Big Dam Bridge. It also has “expansive decks off the rear of the house,” multiple fireplaces and floor-to-ceiling windows, Zillow said. Dr. Birky specializes in neurology and works at the Baptist Health Specialty Clinic in North Little Rock. He received his license to practice medicine in Arkansas in 1999.

$1.35 Million

Buyer: Karen E. Flake Revocable Trust
Seller: Chuck Hamilton Construction Inc.
Neighborhood: Country Club Heights, Little Rock
Date: Oct. 11
Year Built: 2010
SF: 5,091

Karen Flake bought the 5,091-SF home because she wanted the extra family space for her six grandchildren. The four-bedroom home is “probably more than we would need,” but Flake and her husband, John, frequently keep their grandchildren, she said. The split-level home has three bedrooms on the first floor and the master bedroom on the second. Karen Flake is president and CEO of Mount St. Mary Academy in Little Rock. John Flake is chairman of the commercial real estate company Flake & Kelley Commercial of Little Rock.

Home Sales of $1 Million or More in 2016 in Pulaski County

*In millions   **Property being torn down
Sources: Pulaski County Assessor’s Office and real estate records