Last week, I got to go on a field-trip with my son’s gifted and talented program at school.   The point was to travel around Little Rock and North Little Rock to historic landmarks and let the kids take pictures of the places we went.   It was not just an educational experience for the kids–it was for the adults that went as well.   It’s amazing how many neat places we have here in Central Arkansas to visit.   I’m very excited to get to share some of them with you.

I thought I would do this in a series.   The first stop we made on our mini-adventure was to The Old Mill in North Little Rock.

The Old Mill (also known as Pugh’s Mill) was constructed in 1933 by Justin Matthews and  is a re-creation of an 1880′s water-powered grist mill.   It was seen in the opening scenes of the classic movie “Gone With the Wind.” It is the only structure remaining from the 1937 film.   It’s construction is mostly tinted concrete over steel and copper rods made to represent wood, stone and iron.   It was put on the National Register of Historic Places back in 1986, and is maintained by the Pulaski County Master Gardeners and North Little Rock Parks and Recreation.   It was also awarded the Greater Little Rock Historic Preservation Award by the Quapaw Quarters Association.

Beautiful sculptures and designs by Mexican artist Senor Dionicio Rodriguez can be seen throughout the park.   It is decorated with sculptures of toadstools, tree stumps and  several ornate bridges.   His work was renovated by his grandson, Carlos Cortez,  in 1991.

The  Old Mill is  utilized for various activities such as weddings and photo shoots.   Of course, it is also enjoyed by young and old alike for relaxing and meditation.    It is free of charge, and is open from sunup to sundown.  

It is definitely a serene place to visit when coming to the North Little Rock area and is enjoyed by the locals as well.

This concludes our bit of Arkansas History for the day.   Be looking out for what’s to come!

www.mycentralarkansashomes.com

Central Arkansas Housing Market

Misperceptions and Facts

Real Estate is a solid, long-term investment, and Now is the time to buy!

The news media is all abuzz these days with information about what is happening in the real estate market. But if you rely on your national newspaper or TV network to tell you whether now is a good time to buy or sell, you may be missing some great opportunities.
To get the proper perspective on the value of Central Arkansas real estate, you have to go right to the source, and that means talking to a REALTOR  in our local market.
According to 2007 NAR President Pat V. Combs, “Perceptions about real estate have been skewed in recent months due to the overwhelming focus on national figures. While average sales and prices help us identify trends, the fact is all real estate is local – conditions vary greatly from one city to the next. Unfortunately, that news is largely unreported.”

Misperception #1
No one is buying a home! Home prices are falling rapidly!
Wait a year to buy expecting prices to drop!

Fact: According to the National Association of REALTORS, home sales are expected to reach about 5.5 million this year — about the same level of home sales we saw in 2002, which was a record at the time.

Fact: While it’s true that home prices are down slightly from last year, the median home price has increased more than $50,000 since 2002. And, two-thirds of metro areas showed price gains last quarter. The past several years record highs have been the exception not the norm.

CENTRAL ARKANSAS FACT: The Housing Market Report from Arkansas REALTOR Association shows Pulaski County’s total value up 0.94% as of July 2007 compared to the same time last year.

Values of New and Existing Residential Units Sold, YTD July 2007
                                                  Value YTD 2007                           Value YTD 2006                            % Change
Pulaski County                $604,278,742                             $598,669,856                                         +0.94%

Misperception #2
Foreclosures and delinquencies are rising rapidly in every state.

 Misperception #3
Stocks are a better investment than real estate.

Fact: Houses are not like stocks. Homeownership is designed to build wealth over the long term. Studies show that homeowners have an average net worth of $184,000, compared to renters of just $4,000.

CENTRAL ARKANSAS FACT: Homeownership has proven to be a steady yearly increase
–no drastic ups or downs. The Housing Market Report from Arkansas REALTOR Association shows Pulaski County’s average price of new and existing residential units up 3.64% as of July 2007 compared to the same time last year.

Average Prices of New and Existing Residential Units Sold, YTD July 2007
                                                               Average  YTD 2007                    Average YTD 2006           % Change
Pulaski County                           $177,886                                                 $171,637                             +3.64%

Fact: Interest rates continue to be traditionally low. According to Mortgage Bankers Association the borrowing cost on a 30 year fixed rate mortgage excluding fees averaged 6.21%, their lowest level since week ending May 11, 2007. Current interest rates are below year ago levels at 6.36%. New announcements expected to be released in mid November will increase loan limits in both FHA and VA. With these new options buyers will see an increase in the availability of low interest government backed mortgages with low down payments.

When you consider the facts, it’s easy to see why 5.5 million people are choosing to buy a
home this year. There are some challenges in the market, but overall there are many more
opportunities in local markets today, said National Associate of Realtors, President Pat
V. Combs.   Real estate continues to be a solid long-term investment.

Associates of Rector Phillips Morse, Inc. are working in several ways to help you understand conditions in our local market and take advantage of the opportunities to invest in real estate:

We provide consumers with the latest information on home sales and prices and what
factors are likely to drive the market in the months and years ahead;                                                                                                                  

We can help educate homebuyers about the various current loan products available to
them; and
We are working with lawmakers to provide more affordable financing options that
will enable homebuyers and homeowners to keep their homes for the long term.

Welcome to Julie Phelan’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in North Little Rock.