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U.S. News and World Report editors have selected beautiful Bella Vista, Arkansas as one of the top 10 healthy places to retire.
Not long ago Bella Vista was a quiet little village nestled in the rolling hills of the Ozarks, just south of Missouri. Now it has grown up and become a city of more than 24,000 people with more arriving each year.
And why not? Add recreational facilities, lakes, golf, tennis, swimming and much more to natural beauty and clean air and the result is Bella Vista.
Homes are very affordable by anyone’s standards and neighborhoods are well maintained. If you are looking for your own piece of the good life, take a look at Bella Vista.
For more information:
http://www.usnews.com/articles/business/best-places-to-retire/2008/09/18/americas-best-healthy-places-to-retire.html
Search for homes:
http://www.nwarkansashomesearch.com/
http://www.findfayettevillehomes.com/
Showing posts with label Bella Vista Arkansas. Show all posts
Showing posts with label Bella Vista Arkansas. Show all posts
Tuesday, October 14, 2008
Monday, July 28, 2008
Market Report for June 2008, Northwest Arkansas Real Estate
According to a recent report from the National Association of Realtors®, existing home sales in June in the US are down by 2.6% compared to May and down 15.5% compared to June of last year. For all home sales, single-family home sales declined 3.2% to a seasonally adjusted annual rate of 4.27 million in June from 4.41 million in May, and are 14.8% below the 5.01 million-unit pace in June 2007.
Total inventory in June was up by 0.2%, which represents an 11.1-month supply at the current sales pace, up from a 10.8-month supply in May. The median price for June was $215,100 in June, down 6.1% from a year ago when the median was $229,000.
So how does NW Arkansas compare to statistics for the country? It’s different for each town, and also differs according to price range. Following are some statistics for the area with global numbers for each town (doesn’t take into account price range).
No. of Sales Median Price Av. DOM Supply (in Mo.)
Bentonville
June 2008
78 $197,950 147 20.18
June 2007
87 $196,000 140 11.70
Fayetteville
June 2008
109 $168,500 140 14.96
June 2007
135 $178,500 117 10.97
Rogers
June 2008
84 $166,500 167 18.01
June 2007
125 $178,500 157 13.64
Springdale
June 2008
82 $143,000 140 15.36
June 2007
108 $139,900 128 11.58
Bella Vista
June 2008
83 $155,000 150 13.15
June 2007
108 $162,450 135 10.72
So what do these numbers mean? In terms of months supply of homes, all of the NW Arkansas towns are above the national average, with Rogers and Bentonville significantly so. In fact, the Bentonville supply of homes on the market is almost double what is was last year.
In all cases, the Days on Market (DOM) is higher than it was last year, which means that homes are taking longer to sell. In all of the NW Arkansas towns the number of homes sold in June of this year is down, compared to June of last year. However, unlike the national statistics, more homes were sold in June of this year in all NW Arkansas towns than in May (statistics not reproduced here).
The median price for homes in all of the NW Arkansas towns is much lower than the national average. This means that NW Arkansas is still a very affordable place to live. Springdale and Bella Vista are the most affordable with a significant supply of homes in price ranges within reach of “average” folks. However, the median price range of homes in Springdale and Bentonville in June of this year is higher than that of June of 2007.
I should mention that median price is not necessarily the best indicator of whether prices are coming down or not. However, that is the best statistic we Realtors® have to work with. The median price is that price at which half of the homes sold are more expensive than the median price and half are less expensive.
From practical experience, I am finding that many offers are coming in at substantially lower prices than the list price. Buyers seem to think that all sellers are desperate, which is not necessarily the case. In addition, buyers are asking for more in the way of amenities (i.e. throw in blinds, fences, etc.) on new homes, and on re-sale homes they are asking for closing cost help and down payment assistance.
On the other hand, there are also many bank-owned homes (foreclosures) on the market. This has brought prices down, when considered from a statistical point of view. These homes are competing with “normal” homes for sale and making it difficult for the latter to sell at prices that they would usually bring.
For those who are worried about the so-called "declining" value of their home, the thing to remember is that a home purchase is traditionally a long-term investment. Real estate is cyclical, and what comes down will eventually go up. For folks who will be in their homes over a longer period of time, not to worry. These numbers will change and the market will improve. For sellers that don't have to sell right now, my recommendation is not to put your home on the market; wait a year or two.
Bottom line is that there are a lot of homes on the market now in NW Arkansas. In “realtor-speak” we have a “large inventory.” What this means for sellers who must sell now is that they must price their homes competitively for them even to be looked at, let alone sold. For buyers, it is a golden opportunity—lots to choose from at lower prices. Now is the time to buy, especially since interest rates are still low.
For more information:
http://rismedia.com/wp/2008-07-24/existing-home-sales-down-in-june/
http://www.realtor.org/research/research/ehsdata
http://www.realtor.org/press_room/news_releases/2008/ehs_down_in_june
Total inventory in June was up by 0.2%, which represents an 11.1-month supply at the current sales pace, up from a 10.8-month supply in May. The median price for June was $215,100 in June, down 6.1% from a year ago when the median was $229,000.
So how does NW Arkansas compare to statistics for the country? It’s different for each town, and also differs according to price range. Following are some statistics for the area with global numbers for each town (doesn’t take into account price range).
No. of Sales Median Price Av. DOM Supply (in Mo.)
Bentonville
June 2008
78 $197,950 147 20.18
June 2007
87 $196,000 140 11.70
Fayetteville
June 2008
109 $168,500 140 14.96
June 2007
135 $178,500 117 10.97
Rogers
June 2008
84 $166,500 167 18.01
June 2007
125 $178,500 157 13.64
Springdale
June 2008
82 $143,000 140 15.36
June 2007
108 $139,900 128 11.58
Bella Vista
June 2008
83 $155,000 150 13.15
June 2007
108 $162,450 135 10.72
So what do these numbers mean? In terms of months supply of homes, all of the NW Arkansas towns are above the national average, with Rogers and Bentonville significantly so. In fact, the Bentonville supply of homes on the market is almost double what is was last year.
In all cases, the Days on Market (DOM) is higher than it was last year, which means that homes are taking longer to sell. In all of the NW Arkansas towns the number of homes sold in June of this year is down, compared to June of last year. However, unlike the national statistics, more homes were sold in June of this year in all NW Arkansas towns than in May (statistics not reproduced here).
The median price for homes in all of the NW Arkansas towns is much lower than the national average. This means that NW Arkansas is still a very affordable place to live. Springdale and Bella Vista are the most affordable with a significant supply of homes in price ranges within reach of “average” folks. However, the median price range of homes in Springdale and Bentonville in June of this year is higher than that of June of 2007.
I should mention that median price is not necessarily the best indicator of whether prices are coming down or not. However, that is the best statistic we Realtors® have to work with. The median price is that price at which half of the homes sold are more expensive than the median price and half are less expensive.
From practical experience, I am finding that many offers are coming in at substantially lower prices than the list price. Buyers seem to think that all sellers are desperate, which is not necessarily the case. In addition, buyers are asking for more in the way of amenities (i.e. throw in blinds, fences, etc.) on new homes, and on re-sale homes they are asking for closing cost help and down payment assistance.
On the other hand, there are also many bank-owned homes (foreclosures) on the market. This has brought prices down, when considered from a statistical point of view. These homes are competing with “normal” homes for sale and making it difficult for the latter to sell at prices that they would usually bring.
For those who are worried about the so-called "declining" value of their home, the thing to remember is that a home purchase is traditionally a long-term investment. Real estate is cyclical, and what comes down will eventually go up. For folks who will be in their homes over a longer period of time, not to worry. These numbers will change and the market will improve. For sellers that don't have to sell right now, my recommendation is not to put your home on the market; wait a year or two.
Bottom line is that there are a lot of homes on the market now in NW Arkansas. In “realtor-speak” we have a “large inventory.” What this means for sellers who must sell now is that they must price their homes competitively for them even to be looked at, let alone sold. For buyers, it is a golden opportunity—lots to choose from at lower prices. Now is the time to buy, especially since interest rates are still low.
For more information:
http://rismedia.com/wp/2008-07-24/existing-home-sales-down-in-june/
http://www.realtor.org/research/research/ehsdata
http://www.realtor.org/press_room/news_releases/2008/ehs_down_in_june
Monday, April 30, 2007
First Quarter 2007 NW Arkansas Housing Market Update
According to the National Association of Realtors®, the GDP (Gross Domestic Product—or total value of goods and services produced in the US) grew at a slower than expected 1.3% in the first quarter of 2007, due in part to the housing slump across the nation.
On April 25 the National Association of Realtors® announced that sales of existing homes plunged 8.4% in March, the worst one-month decline in 18 years. The median price of an existing home nationally fell to $217,000, a 0.3% decline from March 2006. Inventories of unsold homes nationally rose to a 7.3-month supply, the highest level since October. New home sales in March rose 2.6% over February, but were down 23% from March 2006, the second weakest year-over-year sales performance since September 2001, according to an April 25 report from the Census Burea. Surprisingly, the median price nationally of a new home sold in March was $254,000, up 6.3% from the price of a new home sold a year earlier.
Home sales in NW Arkansas, as elsewhere, were down in the first quarter of 2007 compared to the last quarter of 2006. This is a normal seasonal occurrence, since the NW Arkansas housing market is largely weather driven, and we had awful, cold weather. But homes are now taking longer to sell due to elevated inventory in almost all price levels, with the average days on market (DOM) up in all of the NW Arkansas towns. The “buyer’s market” discussed in media reports does exist here, and with high inventory and falling prices, it might be a good time for buyers to purchase a home in NW Arkansas. Nevertheless, each town does have slightly different market trends.
An exception to what I have said above, Fayetteville actually experienced an increase in home sales in Q1 2007 with 258 homes sold (86 per month), compared to 248 homes sold in the Q4 of 2006 and the same number sold in the Q1 of 2006. As for prices, after a drop of almost 14 percent in the last quarter of 2006, the average price of homes sold in the first quarter of 2007 increased by almost 6% to $216,013. The median price of homes sold was $189,900, and the DOM was 137, up from 110 in the 4th quarter of 2006. The highest average sales price in the past couple of years was $236,616 in the 3rd quarter of 2005.
Springdale’s housing market is down from both the past quarter and from the same quarter last year. There were 275 homes sold in Q1 of 2007 compared to 283 in Q4 of 2006 and 313 in Q1 of 2006. Average DOM has increased to 132 over the past year from 111 in Q1 of 2006. The average and median sales prices have also decreased over the past year. Average sales price is down almost 8% compared to Q1 last year and almost 3% from the last quarter. The average sales price for Springdale during Q1 of 2007 was $160,882 after a peak in Q2 of 2006 of $181,380. The median price of homes in Springdale in Q1 of 2007 was $149,900—a decrease to the same level as in Q4 for 2005. It should be mentioned, however, that not only does the decreased average and median sale price reflect lower prices for homes, but also the increased availability of less expensive homes. This might be a good time to invest in a home in Springdale.
Bentonville is still the most expensive place to purchase a home in NW Arkansas, with an average sale price of $235,229 during Q1 of 2007, compared to $212,666 in Q1 of 2006. However, prices have dropped slightly from the highest average sale price in the past couple of years, which occurred in Q4 of 2006 at $238,659. However, the median sale price is now the highest it has been at $209,000, compared to $194,500 in Q4 of 2006 and $180,000 in Q1 of 2006. The median price represents the middle price of all homes sold, with equal numbers of more expensive and less expensive homes sold. This increase represents a 16% increase compared to Q1 of 2006 and almost an 8% increase from the last quarter of 2006.
Average days on market (DOM) in Bentonville has reached 162, up from 142 in Q4 of 2006 and 124 in Q1 of 2006. And the number of homes sold in Bentonville during Q1 of 2007 has decreased significantly to 151, compared to 192 in the same quarter last year and 197 in Q4 of 2006. The highest number of homes sold in the past couple of years in Bentonville occurred during Q3 of 2005, 292 homes.
The picture in Rogers is slightly different from that of Bentonville. It is the same in that fewer homes were sold in Q1 of 2007 compared to Q4 of 2006 (279 compared to 319), but when compared to Q1 of 2006 (275 homes sold), more homes were sold. Also both median and average prices have declined. The average sale price in Q1 of 2007 was $193,807 and the median sale price was $160,000. This represents a drop of 14% compared to Q4 of 2006 and 13% compared to Q1 of last year in average sale prices, and a drop of over 7% in median sale prices compared to Q1 and Q4 of 2006. As in Springdale, this signifies both falling home prices and the increased availability of less expensive homes. The DOM is up to 167 days, compared with 147 in Q4 of 2006 and 122 in Q1 a year ago.
Bella Vista’s market, in some respects, has remained somewhat steady in comparison to the other towns of NW Arkansas. This could be because the price ranges of homes are more limited. Nevertheless, there was also a decline in the number of homes sold in Q1 of 2007 compared to the previous quarter, from 243 to 200. The number of homes sold in Q1 of 2006 was 265. As in the other NW Arkansas towns, average DOM increased from 135 to 145, the highest it has been in the past couple of years.
But prices haven’t changed that much in Bella Vista. The average sales price did decline slightly from $178,789 in Q4 of 2006 to $176,201 in Q1 of 2007 (only 1.51%). The median price increased slightly in the same period from $155,000 to $159,000 (only 2.58%).
All in all, many of the changes are normal seasonal ones and follow similar patterns to previous years. As mentioned earlier, the weather does have a significant effect on the NW Arkansas housing market, and this winter has been extremely cold. Another factor has been the large amount of media type about the “housing slump” which made many buyers afraid to purchase; they didn’t want to pay too much if prices were going down.
Until the past couple of quarters, NW Arkansas seemed immune to these national trends with home prices rising even as they were bottoming out in other parts of the country, but an adjustment has finally occurred.
Yes, prices have come down, so this might be a good time to buy, since the supply of homes is up and interest rates are still down. It is definitely a buyer’s market in almost all price ranges. And now that the weather is improving, I have noticed a decided increase in buyer activity.
Note: Data for local statistics in this report is from the NW Arkansas MLS and included only homes that were listed by real estate agent members of the MLS. It does not include For Sale by Owners or other properties not listed by a real estate firm. For comparison purposes the national median home price in Q4 of 2006 was $219,300. NW Arkansas is still a “good deal.”
These figures do vary according to price range, city, and neighborhood. If you would like more information on your specific neighborhood, email me at judy@judyluna.com.
For more information on other economic indicators for Q1 2007:
http://www.realtor.org/Research.nsf/files/gdp.pdf/$FILE/gdp.pdf
On April 25 the National Association of Realtors® announced that sales of existing homes plunged 8.4% in March, the worst one-month decline in 18 years. The median price of an existing home nationally fell to $217,000, a 0.3% decline from March 2006. Inventories of unsold homes nationally rose to a 7.3-month supply, the highest level since October. New home sales in March rose 2.6% over February, but were down 23% from March 2006, the second weakest year-over-year sales performance since September 2001, according to an April 25 report from the Census Burea. Surprisingly, the median price nationally of a new home sold in March was $254,000, up 6.3% from the price of a new home sold a year earlier.
Home sales in NW Arkansas, as elsewhere, were down in the first quarter of 2007 compared to the last quarter of 2006. This is a normal seasonal occurrence, since the NW Arkansas housing market is largely weather driven, and we had awful, cold weather. But homes are now taking longer to sell due to elevated inventory in almost all price levels, with the average days on market (DOM) up in all of the NW Arkansas towns. The “buyer’s market” discussed in media reports does exist here, and with high inventory and falling prices, it might be a good time for buyers to purchase a home in NW Arkansas. Nevertheless, each town does have slightly different market trends.
An exception to what I have said above, Fayetteville actually experienced an increase in home sales in Q1 2007 with 258 homes sold (86 per month), compared to 248 homes sold in the Q4 of 2006 and the same number sold in the Q1 of 2006. As for prices, after a drop of almost 14 percent in the last quarter of 2006, the average price of homes sold in the first quarter of 2007 increased by almost 6% to $216,013. The median price of homes sold was $189,900, and the DOM was 137, up from 110 in the 4th quarter of 2006. The highest average sales price in the past couple of years was $236,616 in the 3rd quarter of 2005.
Springdale’s housing market is down from both the past quarter and from the same quarter last year. There were 275 homes sold in Q1 of 2007 compared to 283 in Q4 of 2006 and 313 in Q1 of 2006. Average DOM has increased to 132 over the past year from 111 in Q1 of 2006. The average and median sales prices have also decreased over the past year. Average sales price is down almost 8% compared to Q1 last year and almost 3% from the last quarter. The average sales price for Springdale during Q1 of 2007 was $160,882 after a peak in Q2 of 2006 of $181,380. The median price of homes in Springdale in Q1 of 2007 was $149,900—a decrease to the same level as in Q4 for 2005. It should be mentioned, however, that not only does the decreased average and median sale price reflect lower prices for homes, but also the increased availability of less expensive homes. This might be a good time to invest in a home in Springdale.
Bentonville is still the most expensive place to purchase a home in NW Arkansas, with an average sale price of $235,229 during Q1 of 2007, compared to $212,666 in Q1 of 2006. However, prices have dropped slightly from the highest average sale price in the past couple of years, which occurred in Q4 of 2006 at $238,659. However, the median sale price is now the highest it has been at $209,000, compared to $194,500 in Q4 of 2006 and $180,000 in Q1 of 2006. The median price represents the middle price of all homes sold, with equal numbers of more expensive and less expensive homes sold. This increase represents a 16% increase compared to Q1 of 2006 and almost an 8% increase from the last quarter of 2006.
Average days on market (DOM) in Bentonville has reached 162, up from 142 in Q4 of 2006 and 124 in Q1 of 2006. And the number of homes sold in Bentonville during Q1 of 2007 has decreased significantly to 151, compared to 192 in the same quarter last year and 197 in Q4 of 2006. The highest number of homes sold in the past couple of years in Bentonville occurred during Q3 of 2005, 292 homes.
The picture in Rogers is slightly different from that of Bentonville. It is the same in that fewer homes were sold in Q1 of 2007 compared to Q4 of 2006 (279 compared to 319), but when compared to Q1 of 2006 (275 homes sold), more homes were sold. Also both median and average prices have declined. The average sale price in Q1 of 2007 was $193,807 and the median sale price was $160,000. This represents a drop of 14% compared to Q4 of 2006 and 13% compared to Q1 of last year in average sale prices, and a drop of over 7% in median sale prices compared to Q1 and Q4 of 2006. As in Springdale, this signifies both falling home prices and the increased availability of less expensive homes. The DOM is up to 167 days, compared with 147 in Q4 of 2006 and 122 in Q1 a year ago.
Bella Vista’s market, in some respects, has remained somewhat steady in comparison to the other towns of NW Arkansas. This could be because the price ranges of homes are more limited. Nevertheless, there was also a decline in the number of homes sold in Q1 of 2007 compared to the previous quarter, from 243 to 200. The number of homes sold in Q1 of 2006 was 265. As in the other NW Arkansas towns, average DOM increased from 135 to 145, the highest it has been in the past couple of years.
But prices haven’t changed that much in Bella Vista. The average sales price did decline slightly from $178,789 in Q4 of 2006 to $176,201 in Q1 of 2007 (only 1.51%). The median price increased slightly in the same period from $155,000 to $159,000 (only 2.58%).
All in all, many of the changes are normal seasonal ones and follow similar patterns to previous years. As mentioned earlier, the weather does have a significant effect on the NW Arkansas housing market, and this winter has been extremely cold. Another factor has been the large amount of media type about the “housing slump” which made many buyers afraid to purchase; they didn’t want to pay too much if prices were going down.
Until the past couple of quarters, NW Arkansas seemed immune to these national trends with home prices rising even as they were bottoming out in other parts of the country, but an adjustment has finally occurred.
Yes, prices have come down, so this might be a good time to buy, since the supply of homes is up and interest rates are still down. It is definitely a buyer’s market in almost all price ranges. And now that the weather is improving, I have noticed a decided increase in buyer activity.
Note: Data for local statistics in this report is from the NW Arkansas MLS and included only homes that were listed by real estate agent members of the MLS. It does not include For Sale by Owners or other properties not listed by a real estate firm. For comparison purposes the national median home price in Q4 of 2006 was $219,300. NW Arkansas is still a “good deal.”
These figures do vary according to price range, city, and neighborhood. If you would like more information on your specific neighborhood, email me at judy@judyluna.com.
For more information on other economic indicators for Q1 2007:
http://www.realtor.org/Research.nsf/files/gdp.pdf/$FILE/gdp.pdf
Monday, December 04, 2006
Bella Vista – Notes on the Village Becoming a Town
Voters in Bella Vista Village approved incorporation at the November General Election by an overwhelming percentage – roughly 65% for, 35% against. If all the filings and other legalities fall into place as expected, Bella Vista will become Arkansas’ 520th municipality on January 1, 2007.
Now that the election is over, the work begins. Nothing will be easy or quick for the new town. They are literally starting from scratch.
Starting a town from square one with no financial resources is a formidable challenge. I think of it as a teenager leaving the nest with no money and trying to stand on his own. It can be done, but it’s difficult.
The Property Owners’ Association has governed things for many years. The association owns eight golf courses, seven lakes, two recreation centers, a tennis center and more. In addition to managing all the amenities, the POA has also been responsible for such necessities as street maintenance, fire protection and law enforcement. The association says it will retain ownership of the amenities and property owners will continue paying dues to maintain them.
The town can expect turnback money from the state to arrive sometime in 2007. Until then, there is no money to pay for police and fire protection, salaries for elected officials and employees, computers, phones, utilities, paper or pens, and all the other mundane and capital expenses necessary to run a town. (Arkansas turns back portions of the fuel and vehicle registration taxes it collects to municipalities. The amounts are based on census figures.)
In order to determine the amount of turnback funds Bella Vista can expect to receive, a census must take place. The U.S. 2000 census showed about 16,000 people residing in Bella Vista. However, the physical boundaries of the area have changed since 2000. One guesstimate is that only 14,000 people would have been counted within the boundaries of 2000.
Approximately 27,000 people now call Bella Vista home. Needless to say, more people in the town means more turnback funds. A special census would determine the official population – but there is no money at present to pay for the census.
It’s a catch-22 situation. The good news is the town will have help from various entities. Benton County Sheriff’s Department will continue to provide police protection until the town can assume responsibility. Cooper Communities, Inc., the developer that created Bella Vista in 1965, has agreed to donate office space and some computers for several months.
The new town and the existing property owners’ association must work together closely in the coming months. Many decisions must be made. Some assets will have to be transferred to the town while others remain with the POA. Costs must be determined. Compounding these problems is the fact that thousands of dues-paying property owners do not live in Bella Vista.
The elected mayor and aldermen have full plates. In addition to the items already mentioned and many more, they must draw wards of equal representation within the town. *
Overcoming the many hurdles coming up in the months and years ahead will be a daunting task – but it can and will be accomplished. I heartily commend and applaud everyone involved as they take on the challenges of developing a village into a town.
* Though Bella Vista is already large enough to be considered a city, the incorporation vote had to call for a town style of government because there was no town council in place to draw the wards. When the wards are drawn and population figures become official, the State of Arkansas will no doubt upgrade the designation to city of the first class.
For more information:
http://www.nwaonline.net/articles/2006/11/23/news/112406bzbellasheriff.txt
http://www.nwanews.com/story.php?paper=brog§ion=Editorial&storyid=41871
http://www.nwanews.com/story.php?paper=brog§ion=News&storyid=41685
http://www.nwanews.com/story.php?paper=brog§ion=News&storyid=41441
Also see my blog article dated March 19, 2006.
Now that the election is over, the work begins. Nothing will be easy or quick for the new town. They are literally starting from scratch.
Starting a town from square one with no financial resources is a formidable challenge. I think of it as a teenager leaving the nest with no money and trying to stand on his own. It can be done, but it’s difficult.
The Property Owners’ Association has governed things for many years. The association owns eight golf courses, seven lakes, two recreation centers, a tennis center and more. In addition to managing all the amenities, the POA has also been responsible for such necessities as street maintenance, fire protection and law enforcement. The association says it will retain ownership of the amenities and property owners will continue paying dues to maintain them.
The town can expect turnback money from the state to arrive sometime in 2007. Until then, there is no money to pay for police and fire protection, salaries for elected officials and employees, computers, phones, utilities, paper or pens, and all the other mundane and capital expenses necessary to run a town. (Arkansas turns back portions of the fuel and vehicle registration taxes it collects to municipalities. The amounts are based on census figures.)
In order to determine the amount of turnback funds Bella Vista can expect to receive, a census must take place. The U.S. 2000 census showed about 16,000 people residing in Bella Vista. However, the physical boundaries of the area have changed since 2000. One guesstimate is that only 14,000 people would have been counted within the boundaries of 2000.
Approximately 27,000 people now call Bella Vista home. Needless to say, more people in the town means more turnback funds. A special census would determine the official population – but there is no money at present to pay for the census.
It’s a catch-22 situation. The good news is the town will have help from various entities. Benton County Sheriff’s Department will continue to provide police protection until the town can assume responsibility. Cooper Communities, Inc., the developer that created Bella Vista in 1965, has agreed to donate office space and some computers for several months.
The new town and the existing property owners’ association must work together closely in the coming months. Many decisions must be made. Some assets will have to be transferred to the town while others remain with the POA. Costs must be determined. Compounding these problems is the fact that thousands of dues-paying property owners do not live in Bella Vista.
The elected mayor and aldermen have full plates. In addition to the items already mentioned and many more, they must draw wards of equal representation within the town. *
Overcoming the many hurdles coming up in the months and years ahead will be a daunting task – but it can and will be accomplished. I heartily commend and applaud everyone involved as they take on the challenges of developing a village into a town.
* Though Bella Vista is already large enough to be considered a city, the incorporation vote had to call for a town style of government because there was no town council in place to draw the wards. When the wards are drawn and population figures become official, the State of Arkansas will no doubt upgrade the designation to city of the first class.
For more information:
http://www.nwaonline.net/articles/2006/11/23/news/112406bzbellasheriff.txt
http://www.nwanews.com/story.php?paper=brog§ion=Editorial&storyid=41871
http://www.nwanews.com/story.php?paper=brog§ion=News&storyid=41685
http://www.nwanews.com/story.php?paper=brog§ion=News&storyid=41441
Also see my blog article dated March 19, 2006.
Saturday, October 28, 2006
Bentonville's New City Website is a Winner!
Bentonville is to be commended on their newly designed website. User friendly, it is a wonderful resource for builders, developers and real estate agents in the area, as well as for the general public. It has lots of “goodies” and could serve as an example for other towns in NW Arkansas.
In their GIS (Geographical Information Sytem), there are interactive maps for all uses, including a link to Benton County parcel and lot information as well as FEMA flood zones (present and proposed), zoning and land use information, traffic counts on major streets, and the master street plan. For builders and developers, the utility maps show water lines, sewer lines, storm drainage, and fire hydrants. There are also school district, cemetery, street construction, and census maps. One must download a plug-in to use these features, but once done, the information is all there.
The eGov-Online section has 3 sections: one for paying utilities on line and checking your utility usage, the second for builders who want to apply for a building permit or check the status of a current permit, and the third for developers and others who have applied or want to apply to the planning commission for development projects, rezoning, variances, or conditional use permits. All of the forms are there and downloadable, along with instructions, calendars, and other information needed to guide users through the process.
The site also has general information for residents of Bentonville on such topics as recycling, the compost facility, city government, tax information and the like. There are also links to other sites such as Ozark Regional Transit, Bella Vista Village, and the new Crystal Bridges art museum.
According to Bentonville officials, the new site was developed with users in mind. Many of the phone calls currently received by city officials and employees are from residents with questions that can now be answered 24/7 by information on the website.
Good job, Bentonville!
The website address of Bentonville’s new website is:
http://www.bentonvillear.com/
In their GIS (Geographical Information Sytem), there are interactive maps for all uses, including a link to Benton County parcel and lot information as well as FEMA flood zones (present and proposed), zoning and land use information, traffic counts on major streets, and the master street plan. For builders and developers, the utility maps show water lines, sewer lines, storm drainage, and fire hydrants. There are also school district, cemetery, street construction, and census maps. One must download a plug-in to use these features, but once done, the information is all there.
The eGov-Online section has 3 sections: one for paying utilities on line and checking your utility usage, the second for builders who want to apply for a building permit or check the status of a current permit, and the third for developers and others who have applied or want to apply to the planning commission for development projects, rezoning, variances, or conditional use permits. All of the forms are there and downloadable, along with instructions, calendars, and other information needed to guide users through the process.
The site also has general information for residents of Bentonville on such topics as recycling, the compost facility, city government, tax information and the like. There are also links to other sites such as Ozark Regional Transit, Bella Vista Village, and the new Crystal Bridges art museum.
According to Bentonville officials, the new site was developed with users in mind. Many of the phone calls currently received by city officials and employees are from residents with questions that can now be answered 24/7 by information on the website.
Good job, Bentonville!
The website address of Bentonville’s new website is:
http://www.bentonvillear.com/
Sunday, March 19, 2006
Bella Vista – will it remain a village or incorporate as a city?
Bella Vista is another area of booming NW Arkansas that has seen its own share of incredible growth. The village, as it is still known, was started some 40 years ago as a place for retirees to enjoy living among lakes, trees and golf courses. It is located north of Bentonville, just south of the Missouri border.
Since inception the quiet village has grown tremendously. It is estimated there are some 24,000 residents now – up from 16,500 in 2000. No one sees growth slowing anytime soon.
Roads have improved and Bella Vista is increasingly becoming home to families with children. Rush hour traffic clogs the streets as residents commute to jobs in surrounding cities.
The question now on everyone’s mind is whether to incorporate. The issue will be on the November 2006 ballot. As an individual, I can't influence the issue one way or another, but it occurs to me that a community the size of Bella Vista should be a municipal entity, not a private one. The people currently support their entire infrastructure by paying monthly assessments - police, fire department, roads, library, recreational facilities, and much more. The majority of the taxes they pay are not returned to the village because it is not incorporated. The incorporation issue is of paramount importance and I urge all current and potential residents to learn all they can before the election.
For more information go to http://en.wikipedia.org/wiki/Bella_Vista%2C_Arkansas or http://www.incorporatebellavista.com
Since inception the quiet village has grown tremendously. It is estimated there are some 24,000 residents now – up from 16,500 in 2000. No one sees growth slowing anytime soon.
Roads have improved and Bella Vista is increasingly becoming home to families with children. Rush hour traffic clogs the streets as residents commute to jobs in surrounding cities.
The question now on everyone’s mind is whether to incorporate. The issue will be on the November 2006 ballot. As an individual, I can't influence the issue one way or another, but it occurs to me that a community the size of Bella Vista should be a municipal entity, not a private one. The people currently support their entire infrastructure by paying monthly assessments - police, fire department, roads, library, recreational facilities, and much more. The majority of the taxes they pay are not returned to the village because it is not incorporated. The incorporation issue is of paramount importance and I urge all current and potential residents to learn all they can before the election.
For more information go to http://en.wikipedia.org/wiki/Bella_Vista%2C_Arkansas or http://www.incorporatebellavista.com
Saturday, January 21, 2006
Home Prices are Rising in NW Arkansas
Everyone is probably aware that homes are now more expensive to purchase in NW Arkansas. But how much more expensive? A look at median and average prices of homes sold in the past couple of years compared with prices of homes currently on the market can give a glimpse of what buyers can expect this spring, when looking for a home.
Bella Vista
Year/No. Homes Sold/Average Price/Median Price
2005/1495/$160,880 /$147,500
2004/1256/$150,432 /$138,900
On Mkt. Now/Average Price/Median Price
536 /$206,204 /$188,400
Bentonville
Year /No. Homes Sold /Average Price /Median Price
2005 /884 /$230,790 /$188,738
2004 /814 /$200,662 /$159,900
On Mkt. Now/Average Price/Median Price
629 /$313,125 /$289,900
Fayetteville
Year /No. Homes Sold /Average Price /Median Price
2005 /1252 /$217,239 /$177,900
2004 /1188 /$194,216 /$169,650
On Mkt. Now/Average Price/Median Price
627 /$295,587 /$253,500
Rogers
Year /No. Homes Sold /Average Price /Median Price
2005 /1273 /$202,508 /$161,900
2004 /1182 /$189,213 /$143,450
On Mkt. Now/Average Price/Median Price
1108 /$291,106 /$249,900
Springdale
Year /No. Homes Sold /Average Price /Median Price
2005 /1368 /$181,583 /$149,900
2004 /1471 /$154,496 /$130,000
On Mkt. Now/Average Price/Median Price
653 /$235,221 /$197,900
Siloam Springs
Year /No. Homes Sold /Average Price /Median Price
2005 /475 /$134,681 /123,900
2004 /313 /$121,981 /$110,000
On Mkt Now/Average Price/Median Price
162 /$190,477 /$174,900
Source of Data: NW Arkansas MLS
Note: The Average Price is determined by dividing the value of all of the homes sold or on the market by the number of homes. The Median Price is the price of the home where the number of homes sold (or currently on the market) above the price of that home is equal to the number of homes sold (or currently on the market) below the price of that home.
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