Housing subdivision still going strong:
Posted on Wednesday, June 25, 2008
URL: http://www.nwanews.com/decatur/Community/2674/
HIGHFILL ó With the stockpile of new-construction homes that have been sitting vacant for one, two and ó in some cases ó even three years, there are a number of builders hurting in northwest Arkansas. In some new subdivisions, lonely ìfor saleî signs have become lost in a sea of weeds that have multiplied as a result of both inactivity and the deluge of rain the region has received this spring.
The slide in the housing market across the country has been well publicized, but it isnít all doom and gloom. According to statistics provided by the Multiple Listing Service, home sales have been picking up steadily since the beginning of 2008. But a closer look at those statistics also shows many of those homes have sold for well below list price. And several builders are putting up new construction homes for considerably less than the $ 120 per square foot that was common in Benton County just two years ago.
Spend a day with Robert Crone, the developer behind the 50-plus acre Beau Chalet development, located along the Osage Creek, just south of Arkansas Highway 264 near Healing Springs, and heís hardly sitting around twittling his thumbs.
ì Iíve wanted to put up a spec home, but weíve been so busy we just havenít had a chance, î said Crone, who purchased the hilly, tree-lined property two years ago.
Since then, more than half of the 42 lots have sold, and the hammers and heavy machinery have been banging away ever since. The lower portion of Beau Chalet, a gated community featuring custom-built homes of 2, 800 square feet and up, has just two completed homes, but several more of those lots have sold. Follow the street to the top of the hill, which provides a scenic overlook of the tree-covered countryside, and custom homes are under construction in every direction.
ì Weíve really been blessed, î Crone said. ì In the past six months, my appraisals have actually gone up to $ 140 to $ 200 per square foot. People love the view. Everyone talks about the view. But we also offer location and character. If youíre cutting corners in this market, itís going to hurt. Weíve put more than $ 100, 000 into our entrance alone, and anyone who turns in ó the quality and the landscape speak for themselves. î
While Beau Chalet offers custom homes with breathtaking views in the treelined countryside, fellow developers Tom and Mike Seayís Stone Ridge Estates subdivision in Bentonville is an example of a new development thriving near the population center of Benton County. All but 17 of the 73 lots listed two years ago have sold in Stone Ridge Estates, and new homes are being strategically erected amidst the sea of mature trees and rolling landscape every day.
ì I chose not to overextend myself, î Crone said. ì Weíre busy, but moving along at just the right pace. I have a lot of people who travel, so when one parent or the other is away on work, they like having the gate closed at night, knowing they donít have to worry about their kids. In the evenings, youíll find people out and about ó kids playing. Itís that kind of peace you find when youíre outside the hustle and bustle, but close enough to everywhere you need to go. î
Two of the builders working in Beau Chalet have built homes for their own families atop the hill in Beau Chalet. But Crone was the first to build there. He and his family had been eyeing the property for several months while driving Arkansas Highway 264 to church from their previous home in Gentry. So when the sign went up advertising 50 acres for sale, there was no hesitation.
ì My dad was in construction, so Iíve seen the highs and lows, î Crone said. ì Itís a cycle. Youíre going to have those dips, so when it happens you better make sure you have something special. I knew we did with Beau Chalet. And the fact my family lives here says something to the people building here. They know itís my home and I have a stake in this thatís not going away. î
In addition to the views and quiet environment, Beau Chalet offers easy access to Northwest Arkansas regional Airport, Arkansas highways 264, 112, 12, with Interstate 540, Bentonville, Rogers, Fayetteville and other hubs a short distance away.
The exterior of the custom homes going up there fit the old world, French country style, with interiors detailed to buyerís every last detail.
Thereís a focus on large patios and family gathering spots at the fronts, backs and sides of the homes. Many even include outdoor, stone fireplaces. Lots range from 6 / 10 to 2. 4 acres and no home backs up to another in the entire neighborhood.