Lowell, Arkansas is a bedroom community, located between Springdale and Rogers, but it has experienced over 200 percent growth in recent years in response to a strong Northwest Arkansas economy, says a local Realtor.
"Lowell's proximity to Beaver Lake and its central location have been strong drawing points," says Realtor Judy Luna.
"Almost all of the homes sold in Lowell in recent years have been under $200,000 and the lion's share of those have been under $100,000, almost totally new construction," says Lowell. "Houses in Lowell have had the reputation of being a "good buy" since they were priced lower than in surrounding communities for the same quality of construction. However, there will be no new subdivisions under $100,000 for awhile. The new land use plan being developed by the local government was supposed to be ready early in the year but has not been released yet bringing almost all construction to a virtual standstill. Sewer allotments from the City of Springdale as well as from Rogers have reached capacity, so no new construction projects without sewer allocations are being permitted."
She explains, "The southern half of Lowell is served by Springdale utilities, and the northern half, by Rogers. A few homes are being built on large lots which will accommodate a septic system. A couple of years ago, it was possible to get a new "starter" home for $75,000 or less, but prices have risen in the past couple of years as building costs and land prices have increased. In the under-$100,000 price range, there are no new homes on the market as Southfork, Phase III has now been built out.
"According to the MLS database, in the last year there were 90 homes sold in Lowell under $100,000, of which 40 were new and 38 of those were in Southfork, Phase III; now there are only five homes on the market in this price range, none of them new and only one under five years old. When new listings come on the market, they are generally sold in a matter of days, often with multiple offers. This shortage of homes for sale has affected sales in that last year at this time 13 homes were sold in May whereas this year only five homes were sold.
"Between $100,000 and $200,000 there are also fewer homes available," explains Luna. "Right now there is only about a three-month's supply with 22 homes on the market, of which only four are new, all at $139,900 in a new area called Kelly Lane. The lots there are approximately one acre to allow for a septic system. It should be added that in Summer Meadows, as is typical of new subdivisions, there are a number of homes not listed by Realtors and being sold by builders directly to the public.
Advises Luna, "A new trend seems to be the construction of larger, more upscale homes in the Lowell area. In the last year 13 homes over $200,000 were sold here, four of which were over $300,000. At present there are five homes for sale between $200,000 and $300,000 and six homes for sale over $300,000. Most of those over $400,000 are unusual properties, which would cost substantially more in other parts of the country. These either have acreage for horses or are homes on Beaver Lake with boat docks and gorgeous lake views."
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Published: June 13, 2003
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