The housing market in Northwest Arkansas is being affected across the board from small single family homes and apartments to sprawling luxury estates. Highly customized luxury homes - from Chuchhill Downs in Springdale to Pinnacle Subdivision in Rogers to Talamore in Bentonville - are sitting on the market, waiting for the right buyer and the right price. Find out why these high-end luxury homes are known throughout the real estate industry as ‘White Elephants.'
What's a White Elephant?
According to Wikipedia, a white elephantis a valuable possession which its owner cannot dispose of and whose cost (and upkeep) exceeds its usefulness. The phase comes from Burma, Thailand, Laos and other southeast Asian countries' Monarchs who kept the sacred animals as a sign of peace and prosperity in their kingdoms. The animals were considered very sacred and local law protected them from being used for labor. This meant that receiving a white elephant as a gift was both a blessing and a curse: a blessing because it meant the receiver was in good standing with the monarch, and a curse because the animal could not be put to practical use (and had to be kept of course, it was a bad thing to sell a gift from a monarch) to offset the cost of maintaining the animal.
White Elephant Luxury Homes in Northwest Arkansas
We have some white elephants here in Northwest Arkansas. They are given this special title for a couple of reasons...
- Very High end custom property - these properties start around a million dollars here in Northwest Arkansas and go up from there.
- Custom is the keyword here - These homes are built specifically for their high-end owners. They may have specific amenities and features that very few other people want, making them inherently difficult to sell.
Now, I'm not saying that every home listed for a million or more dollars is a white elephant, I am saying that because of their custom nature - they are hard to find buyers for because buyers for high-end homes will just custom build their own white elephant with amenities to suit their taste and lifestyle.
We currently have 73 properties in Benton and Washington Counties that are listed for $1,000,000 or more. They average 5 bedrooms, 6 baths and over 7,000 square feet. The average list price for these 73 properties is $1,770,986 with an average price per square foot of just under $250.00 per foot. The average days on market for these properties is 202 days and growing.
60 of those are over 5,000 heated square feet.
19 of those are over 8,000 heated square feet.
4 of them are over 10,000 heated square feet.
What you need to take away from this is that there are amazing deals to be had in the luxury home market both in Benton and Washington Counties in Northwest Arkansas, and across the nation.
If you want to know more about great deals on Luxury homes in Northwest Arkansas, contact me or browse current listings to see what's available. Check out more information about Luxury homes and subdivisions in Benton and Washington Counties in the Luxury Homes category of this website.
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