GayRealEstate USA

Around the Nation: Residential Real Estate Update - Arkansas

By Jeff Adolph

State-by-State Update

Located in the southern region of America, Arkansas has a population of 2,673,400 and is ranked as the 32nd largest state, by population, in the nation. The main economic sources of Arkansas are agriculture and industrial outputs, such as poultry and eggs, and automobile parts and manufacturing.

Income tax in Arkansas ranges between 1-7%. However, residents of Texarkana, Arkansas are exempt of this tax. Sales tax along with more than 300 local taxes are imposed in this state, with counties and cities having authority to impose additional sales and usage taxes. Property tax is assessed on real and personal property with 20% of the property value being used as the value, which tax is then assessed on.

Fayetteville, Arkansas

With a median home price of $200,000 Fayetteville, Arkansas currently has more buyers than sellers. First time buyers represent the greatest area of growth and Wedington Ave. west of 1-540 and northeast Fayetteville around Gulley Park are considered to be realty hot-spots.

High job growth and a steady population increase in this region is seeing sellers realizing 95-100% of their asking price. While the market is decreasing in this area and prices are down 5-10%  compared to last years values, it is tipped that the local market should balance quicker than other U.S markets. 

LGBT Real Estate Facts: There are 4,423 same-sex couples living in Arkansas and the state ranks as the 34th gayest in the nation. Fayetteville and Little Rock (pictured top left), have the highest concentration of gay couples, with the gayest zip codes being 72205, 72701 and 72204. -- gaydemographics.org

Main Story Source: House Hunt (2008) Real Estate Market Condition Reports; available online at http://www.househunt.com

Picture Source: wikipedia.org 

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Corps Battle at Beaver

By Jeff Adolph

Waterfront and Conservation

Trees located in front of prime real estate situated on Beaver Lake, Arkansas are being cut down illegally by landowner's.

Beaver Lake has some of the finest water front views, and is not only gay friendly but also home to the 'Circle of Light Chapel' where civil ceremonies take place on a regular occurrence.

The draw card for LGBT and many other couples is the serenity and spectacular lake scenery, and the harmonious natural environment.

However, it seems local landowners feel that their views are being obscured by the Army Corps of Engineers trees that reside on the public shoreline and they have decided to take matters into their own hands.

'Most of the tree cutting is done to enhance a landowner's view of the lake, said George Ann Tabor, chief ranger for natural resources with the corps Beaver Lake office in Rogers.

According to Tabor and fellow ranger Alan Bland offenders are fined 'restitution costs' by the corps when caught, which can become very costly.

This year there have been over 170 cases of illegal tree removal at Beaver Lake. The latest, a developer, cut down over 150 trees on corps property many of which were established Ash, Dogwood, Oak, Cedar and Red Maple.

The boundary line between private and corp land is marked with white posts.

The developer in question has agreed to pay $17,000 in restitution costs based on a landscape appraisers evaluation.

The trees and shoreline assist in retaining Beaver Lake's natural look and appeal. Plus, the trees also 'act as a buffer that filters pollutants.'

Source: Putthoff, F (2007) Tree Cutting A Growing Problem at Lake; available online at www.nwaonline.com

Image Source: www.quartershopping.com and www.fishweb.com

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Have Your Say On the LGBT Political Front - August 19th 2007

By Jeff Adolph

LGBT Politics

In a national first, the Democrats are challenging the Republicans by staging a debate that is dedicated to the LGBT community and will answer many of the issues facing Lesbians, Gays, Bi-sexual's and the Transgendered across the nation.

The leading candidates for the Democratic  nomination for presidency will actively involve themselves in this debate on August the 9th, which is being telecast by LOGO, a gay cable network. Alternatively, you may view proceedings on http://www.logoonline.com/ if you are unable to access the network.

Participants in the debate will include Hilary Clinton, Barack Obama and John Edwards (pictured above), with the moderators being singer Melissa Etheridge and Joe Solmonese, Human Rights Campaign's president.

If you would like to actively participate by lodging questions for the candidates to answer you may do so by logging on to LOGOonline.com as well as on HRC.org.

Source: Demorcrats to Hold Gay Debate (2007) available online at www.wweek.com

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Housing Time Capsule

By Jeff Adolph

Historically Speaking

Ever thought about the past in relation to housing costs and rental prices?

Think of the 1960s and 70s; peace, love, truth and freedom, hippie communes and Bob Dylan and the nostalgic ambiance will probably transport you back in time to a by-gone era.

In the 60s the United States Census Bureau estimated Santa Fe's population to be approximately 33,000. Ten years later this had risen to 41,000.

In 1964 Eli Levin also known as Jo Basiste, a painter paid $18 a month in rent for a dwelling on Cerro Gordo Road. Whereas, Jeweler, Doug Magnus paid $35 a month for his home off Canyon Road.

As Magnus said, 'there was such a sense of freedom. It was an easy place to live at that time. It was nonjudgmental and welcoming and inexpensive; unbelievably inexpensive.'

According to the US Census the median price of a home in New Mexico in the 1940s was $6,800 by 1950 this had risen to $34,500 and $52,700 by the 60s. Some 40 years later in 2000 that same median had risen to $108,100 and today sits around $519,500.

Oh for the love of a time machine...

The Bureau then summarizes the national median when it states, 'median home values for single-family homes in the United States rose from $30,600 in 1940 to $199,600 in 2000, after adjusting for inflation. Among states the District of Columbia (treated as a state) had the highest median home value from 1940 to 1950. In 1960, Hawaii became a leader and has remained there. Over the 60 year period from 1940 to 2000, the lowest median home values were generally found in southern states, such as Arkansas, Mississippi and Oklahoma.'

By comparing the statistical data of real estate in a historical sense it often becomes apparent where the best investment opportunities are, and for any investor it is vital that they do their homework before investing so they make a good return.

Source: Schneider, W (2007) Peace, Love and Freedom; available online at http://www.santafenewmexican.com and The US Census online at http://www.gov

Images: Center for Disease Control www.cdc.gov

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Eureka Springs: Domestic Partnership and Realty

By Jeff Adolph

Investment and LGBT Partnership

Eureka Springs recently passed an ordinance that allowed both gay and heterosexual couples 18 and over the opportunity to be legally recognized as a partnership for a $35 fee. The partnership recorded in a local registry is seen as welcoming diversity and embracing differences, though not all residents were said to be happy with the decision.

As Jeff Feldman, president of the Greater Eureka Springs Chamber of Commerce said, 'anyone who knows Eureka Springs knows that we love our differences and celebrate our similarities by and large, we never miss an opportunity to be controversial when we can.'

Eureka Springs predominately a tourist and second-home locality offers exceptional value in realty terms, with four-bedroomed homes selling around the $250,000 range.

The latest development for this region, however, is a 10 acres, $14 million complex that comprises of some 40 units and 19 buildings -- all duplexes except for two. Of these, there are four designs, all of which, are expected to sell for between $325,000 and $400,000. These new units are designed by award-winning Fayetteville architect E. Fay Jones, designer of the famous Thorncrown Chapel in Eureka Springs.

Overall, Eureka Springs attracts those who wish to escape; this picturesque location attracts many buyers from Chicago, Dallas, Florida and on occasions New York.

Source: Eureka Springs Gains National Attention Again (2007) available online at http://www.nwaonline.net

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Realtor Disclosure: Additional Information Leads to Informed Choices

By Jeff Adolph

Finding Your Dream Home

Laws governing property disclosure vary across the nation and while many realtors inform their prospective buyers about the need to know facts, no matter how small in detail, there are others that neglect to tell their buyers additional details. Sadly, this reflects on their sales and on the happiness of their buyer especially in terms of their purchase.

In Arkansas a written disclosure must be filled out, which details as much information as possible about the property that is for sale.

As Sandy Guin of a Bella Vista realty firm said of her office, 'Disclosure forms are always filled out by the seller, honestly and to the best of their knowledge.'

However, on many occasions issues can be overlooked whether intentional or accidentally, it is extremely important that a buyer find out as much background information as possible before making a real estate purchase in an area they know little about.

Not only should you be interested in the properties soundness, age and particulars but also its background. If a death had occurred in the dwelling or nearby surely you'd want to know about it and what about past fires, and break-ins? All of this information could affect your insurance, if the home has a history of claims.

As Guin stated, 'If a Realtor knows a fact about a property that could affect the sale of that property, then they have to disclose that as well, even if the seller doesn't.'

Moreover, if you have a family or are thinking of starting one wouldn't you want to know how safe the neighborhood was and is?

While Arkansas does have laws prohibiting sex offenders from living within 2,000 ft of a school or playground and police notify residents if a level 3 or 4 offender moves into the area, it is not law that real estate agents and sellers must disclose this information, whereas in other states it is.

One way to ensure you are moving into a locality that is free of such undesirables is by contacting your local police department and enquiring as to how many offenders are near the location you're thinking of purchasing in.

In some instances property groups are even deciding to govern such serious crime by refusing the sale of listings to convicted offenders, and prohibiting them from purchasing homes in developing residential areas, therefore making their developments offender free.

Bob Balhorn, the government affairs director for the Arkansas Realtors Association, believes that such a fact is not material and does not directly affect a property. As he said, ' It's one of those things that affect people and not property. The property will remain the same.

Though, there have been economists who have claimed to research the impact of living near convicted criminals, and their findings revealed a 4% drop in housing prices within one-tenth of a mile of the offender's residence.

While Balhorn states he has seen no supporting evidence of such a decline he understood the fear that most people would feel in relation to residing near a criminal.

As both Guin and Balhorn recommend do as much background research as possible into your purchase before buying. It is your right as a prospective buyer and resident to know as much information as possible about your neighborhood so don't be afraid to ask questions of the realtor, the local sheriff and residents. Also think about having an independent building inspection prior to purchase so you can have reassurance of your investment because after all in many cases you are not just buying a house but you are buying a home.

Source: Neal, T (2006) In the Neighborhood: 164 Sex Offenders in Benton County: available online at http://nwanews.com.bcdr/News/37028

© 2006 Jeff Adolph GayRealEstate USA