What $400,000 buys: Little Rock, Ark.

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What $400K will buy: Cabot, Ark.
This one-year-old traditional two-story is a 25-minute drive to downtown Little Rock, says Deana Wadkins, Realtor with Coldwell Banker Rector Phillips Morse. The main level features tile floors, arched doorways and faux exposed beams. A two-story foyer opens to large formal dining room with chair railing. Living room with tiled hearth and wood burning fireplace opens to kitchen with barrel ceiling and clerestory windows, granite countertops, center island, double ovens, oak cabinets, undercounter lighting and two walk-in pantries. The true master suite includes large bedroom with two walk-in closets, separate sitting room with wood-burning fireplace, and separate office, along with a master bathroom that includes a jetted tub, oversized tiled shower and double vanity. The fenced property can accommodate horses.
5 bedroom/4 bath
5,180 square feet
5 acre lot
Features: Laundry room off the kitchen, large game room with barrel ceiling, landscaped patio with brick architectural features, fenced lot with mature trees, attached two-car garage and detached 10-car garage with storage and covered breeze way.
Listed by: Coldwell Banker Rector Phillips Morse
What you could buy in Little Rock for $400,000 a year ago.
Price trend
For $400,000, buyers can get into some of Little Rock’s top markets, says Robin Miller, president of Coldwell Banker Rector Phillips Morse.

In the downtown area, buyers can choose new upscale two-bedroom condos with river views, says Gary Goldsby, residential sales associate with the company. Or they can buy an antebellum home in the historic district. In that price range, it will be “in pretty good shape, but not completely modernized,” he says. “Most people personalize them to some degree.”

In the suburbs, that price will purchase a new or fairly new 3,500- to 4,000-square-foot house, perhaps in one of the planned communities or something slightly smaller in a gated community. Finishes would be top-of-the line including upscale appliances, master suite with jetted tub, hardwood floors and granite counters, he says.

In 2008, median home prices fell one-half of 1 percent to $129,800, according to the National Association of Realtors.

In the $400,000 price range, says Goldsby, buyers will get about 10 percent more house this year.