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Thread: Luster House

  1. Default Re: Luster House

    You are correct. It's frustrating when all square footage isn't disclosed to make pp sq foot higher. That being said maybe since it's boarded up and looks like its about to fall down it wasn't worth disclosing.

    From what I see I have a hard time believing this will be turned into a business of some sorts. There are too many red flags in terms of codes that you would have to bring up to speed.

  2. #77

    Default Re: Luster House

    Quote Originally Posted by worthy cook View Post
    You are correct. It's frustrating when all square footage isn't disclosed to make pp sq foot higher. That being said maybe since it's boarded up and looks like its about to fall down it wasn't worth disclosing.

    From what I see I have a hard time believing this will be turned into a business of some sorts. There are too many red flags in terms of codes that you would have to bring up to speed.
    Plenty of other buildings in less desirable locations and in worse condition have been repurposed with just as many or more code red flags. No reason to believe code modifications would prevent someone from repurposing this for some sort of commercial use at such a prime spot in a densely populated neighborhood. For the purchase price to make sense at $1 million in the condition its in, I think commercial use is a virtual certainty.

    Though from the pictures, the main house doesn't appear to be in that bad of shape. It would definitely need work, but given the circumstances it doesn't look that bad.

  3. #78
    2Lanez Guest

    Default Re: Luster House

    Cool photos in the Realtor listing: http://www.realtor.com/realestateand...4_M75051-79476

  4. #79

    Default Re: Luster House

    ^^^ Man, that place is gorgeous. I hope someone brigs it back to it's original "Luster" . It would be awesome renovated back into a residence as it once was. Costs aside, I mean,.. why not? A lot crazier things have happened.

  5. #80

    Default Re: Luster House

    Drove by there today, and there was a group of people scraping and cleaning the old shop building and preping it for paint. I must say, it looks better in the photos than it does in person. The whole place is rough, but beautiful at the same time.

  6. Default Re: Luster House

    ^^^^^^^^^^
    That's great news. For years I've been concerned about the future of that little structure as much as almost any building in OKC. Tons of potential, and evokes a different time in this city like few others do.

  7. Default Re: Luster House

    MLS still has it as active. I guess the owners didn't like any of the first round offers from Oct 28th

  8. #83

    Default Re: Luster House

    So I noticed this weekend they are painting the shed/building in the rear... Seems rather pointless?

  9. Default Re: Luster House

    They are coming up on 6 months on the market. Still kind of surprised they are still asking $1 million. I have walked by it a few times. It looks to be in woeful shape

  10. #85

    Default Re: Luster House

    Down to $700K now on this. I am sure it will be scooped soon.

  11. #86

    Default Re: Luster House

    OCURA is seeking to acquire this property.

    From their agenda:

    Background: The Harrison-Walnut Urban Renewal Plan authorizes the acquisition of the
    property located at 300 N.E. 3rd Street, known as the Luster Mansion. The Luster Mansion,
    listed on the National Register of Historic Places, was built in 1926 as the home of Mr. S.D.
    Lyons and his renowned East India toiletries company, and passed to Mr. Lyon’s step-son, Mr.
    Melvin Luster, and has remained in the Luster Family to-date. The Luster Family is offering the
    Property for sale through a real estate agent, and the Executive Director has initiated
    communications towards the negotiation of the purchase of the Property. The conservation,
    preservation, and restoration of the Luster Mansion in a way that properly honors the history of
    Deep Deuce and Oklahoma City’s Black community, is of upmost importance to OCURA. Acquisition of the Property will allow for OCURA to seek proposals to restore and redevelop the
    Property in a way that ensures the Luster Mansion will be renovated and repaired, rather than
    demolished.
    Purpose of Agenda Item: The proposed resolution authorizes the acquisition by negotiating or
    exercising eminent domain for minor property interests or to obtain clean title, if necessary, for
    property located at 300 N.E. 3rd Street in the Harrison-Walnut Urban Renewal Area.



  12. #87

    Default Re: Luster House

    OCURA closed on the purchase of this property for $700K.

    It has been for sale for $1M with no takers.

  13. #88
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    Default Re: Luster House

    I hope some provision is being made for the large cat population that calls that property home!

  14. #89

    Default Re: Luster House

    I know a bunch of developers looked at it but couldn't make it work financially.

    I'm sure public incentives will be involved in order to get it renovated.

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    Default Re: Luster House

    As you noted their listing history on that property was high from when it came on the market in late 2016 (excess of $1 mill) and had steadily dropped, finally to $700K this spring. Nothing private touched it even at that price. It's a great property, corner, etc., so has potential to be something very cool.

  16. #91

    Default Re: Luster House

    A B&B would be cool there.

  17. #92
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    Default Re: Luster House

    ^Would be great - the Ryan, Whaley law firm should agree to put their out of town clients up there since it is so close to their new building.

  18. Default Re: Luster House

    City still overpaid

  19. #94

    Default Re: Luster House

    Quote Originally Posted by worthy cook View Post
    City still overpaid
    They paid a price nobody else was willing to.

  20. Default Re: Luster House

    Sounds like my kind of buyer lol

  21. #96
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    Default Re: Luster House

    I hope we can trust the city not to sit on it until they have no apparent choice but to tear it down.

  22. #97

    Default Re: Luster House

    Drove by it just a few minutes ago and they have started doing roof work. Lots of the orange Spanish tiles out there.

  23. #98

    Default Re: Luster House








  24. #99

    Default Re: Luster House

    OCURA has approved an RFP for this property.

    Should go out in the next few months.

  25. #100

    Default Re: Luster House

    While the city prepares the RFP for this property, the new roof has been completed and it is otherwise secure.





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