Quote:
Originally Posted by solitude
Everyone seems to throw in the old "urban real estate" excuse as a reason to accept astronomical prices for downtown living. "Free market" is thrown around a lot. How does that square with the fact that downtown has been revitalized - in large part - by public money? Federal dollars to rebuild after 4-18-95, MAPS, other urban grants. This created the possibility for developers to even want to consider downtown as a place to develop urban housing. But now, after our tax dollars have created the new market -- all of a sudden we hear about the "Free Market," and the invisible hand nonsense. The invisible hand isn't so invisible - it's called tax dollars, public money that made it all possible to do what? Build housing for the rich.
As I've said before, it's all become nothing more than, "Nichols Hills South."
Some things never change.
For example, it's only a matter of minutes before one our rightwing posters will show up to ask what I have "against the rich" - simply for telling it like it is. I have nothing against the rich. I have a lot against the rich who use government to capitalize their business, develop their playground and then get richer selling to -- the rich. While everyone else is locked out of the newest enclave of wealthy homes. There will be no real urban vibe as long as the richest of our citizens buy up downtown so they can play city. Some even using downtown as a second home so they can retreat to their suburban McMansions when their faux urban life tires.
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If people dont want to pay the prices they will be forced to lower their price, they wont sit on an empty building for long. I tend to agree that the prices are too high for OKC and I would guess that if they do sell right now in 3 to 5 years they'll be the same price and that owners will see little or no appreciation in the near future on downtown condo's. But thats just my thoughts on it...obviously someone at this point is buying it...but they could easily overbuild the absorbtion rates and collapse prices (happened in Miami, Dallas, LA, Las Vegas, Seattle, San Fran and a whole host of other cities...