View Full Version : Downtown Housing Summary



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LordGerald
11-29-2019, 09:39 AM
[QUOTE=sroberts24;1097271]Either the number I saw on Nashville were way off or DOKC is way off with their numbers. If DT OKC has 9-11k people living in it then there is no reason we shouldn’t have and sustain much more retail, a full service grocery and more.[/QUOTE

I agree. DOKC counts total units within the BID area, which is large. One of the major developers of living units DT told me that occupancy rates were embarrassing low. I've always questioned DOKC's stats.

soonerguru
01-26-2020, 10:20 PM
One of the major developers of living units DT told me that occupancy rates were embarrassing low. I've always questioned DOKC's stats.

I'm not hearing this elsewhere, but I find it intriguing. Maybe we have run out of people willing to shell out $1,400-1,800 for a one bedroom unit (parking extra?).

Laramie
03-10-2020, 10:54 PM
We've way overbuilt downtown housing; now can we fill those units with some quality jobs professionals who will bring more people into the DT scene vs. trading suburban housing trading places for downtown units.

We have the capacity to attract more jobs like Heartland Payments but we can't in turn lose Sonic Drive In & 7 Eleven corporate jobs.

Does anyone know how Oklahoma's Quality Jobs program is doing in Oklahoma City with adding jobs or expansion of existing corporations/companies in our metro. Tulsa looms big with American Airlines maintenance center expansion if those jobs come to fruition.

American Fidelity Assurance of OKC has been list as 55 of 100 Best Fortune 100 best companies to work for in 2019: https://www.greatplacetowork.com/best-workplaces/100-best/2019

BoulderSooner
03-11-2020, 05:53 AM
We've way overbuilt downtown housing; now can we fill those units with some quality jobs professionals who will bring more people into the DT scene vs. trading suburban housing trading places for downtown units.

We have the capacity to attract more jobs like Heartland Payments but we can't in turn lose Sonic Drive In & 7 Eleven corporate jobs.

Does anyone know how Oklahoma's Quality Jobs program is doing in Oklahoma City with adding jobs or expansion of existing corporations/companies in our metro. Tulsa looms big with American Airlines maintenance center expansion if those jobs come to fruition.

American Fidelity Assurance of OKC has been list as 55 of 100 Best Fortune 100 best companies to work for in 2019: https://www.greatplacetowork.com/best-workplaces/100-best/2019

this is simply not true at all ...... downtown housing is still underbuilt

PaddyShack
03-11-2020, 07:34 AM
American Fidelity Assurance of OKC has been list as 55 of 100 Best Fortune 100 best companies to work for in 2019: https://www.greatplacetowork.com/best-workplaces/100-best/2019

I really wish we would have stayed at our Classen complex or moved into the Core instead of wide open pastures...

GoGators
03-11-2020, 07:51 AM
We've way overbuilt downtown housing; now can we fill those units with some quality jobs professionals who will bring more people into the DT scene vs. trading suburban housing trading places for downtown units.

We have the capacity to attract more jobs like Heartland Payments but we can't in turn lose Sonic Drive In & 7 Eleven corporate jobs.

Does anyone know how Oklahoma's Quality Jobs program is doing in Oklahoma City with adding jobs or expansion of existing corporations/companies in our metro. Tulsa looms big with American Airlines maintenance center expansion if those jobs come to fruition.

American Fidelity Assurance of OKC has been list as 55 of 100 Best Fortune 100 best companies to work for in 2019: https://www.greatplacetowork.com/best-workplaces/100-best/2019



Downtown housing is not even close to being overbuilt.
Trading suburban housing units for urban housing units Is a good thing.
A thriving Tulsa metro is a benefit for OKC and not a threat.

SoonerDave
03-11-2020, 08:23 AM
this is simply not true at all ...... downtown housing is still underbuilt

Underbuilt by what standard? When I drive through downtown, all I see is swaths of unoccupied properties with "For Rent" signs up, and the people I've talked to with a LOT more knowledge/insight than I could remotely have into the downtown housing market right now said there's a lot more supply than demand - and that supply is *really* expensive, which is part of the problem.

BoulderSooner
03-11-2020, 09:43 AM
Underbuilt by what standard? When I drive through downtown, all I see is swaths of unoccupied properties with "For Rent" signs up, and the people I've talked to with a LOT more knowledge/insight than I could remotely have into the downtown housing market right now said there's a lot more supply than demand - and that supply is *really* expensive, which is part of the problem.

% of okc population

Pete
03-11-2020, 09:53 AM
Occupancy rates in downtown are very high, which is why you continue to see more housing proposals.

A couple of years ago, we added a couple of thousand units in a short period of time and they have all been absorbed.

Here are some projects in the queue:

First National
Steelyard Phase II
Level East
700 West
Boulevard Place
4th & EK Gaylord
Row on Twelve
Classen 16
The Bower
Villa Teresa
The Sentinel
Farmer's Market
Strawberry Fields

Plutonic Panda
03-11-2020, 10:07 AM
Pete, is 700 west still moving forward?

Pete
03-11-2020, 10:08 AM
Pete, is 700 west still moving forward?

Yes, I just spoke to Ron Bradshaw a couple of weeks ago.

They should start later this year.

shawnw
03-11-2020, 11:35 AM
I thought Steelyard II wasn't looking good? Or is it just delayed?

Pete
03-11-2020, 11:36 AM
I thought Steelyard II wasn't looking good? Or is it just delayed?

Delayed a bit but still planned.

Plutonic Panda
03-11-2020, 11:55 AM
Yes, I just spoke to Ron Bradshaw a couple of weeks ago.

They should start later this year.thank you for the information. I’m glad it is still a go.

Pete
03-11-2020, 11:57 AM
I believe 700 West will actually be more ambitious than the plans we last saw, including structured parking.

Laramie
03-11-2020, 01:09 PM
Thanks for the correction, Pete. Every time I'm in the core it seems that every codo, apartment or dwelling has a vacancy sign.

So, do you think we'll see some mid rise or high rises in the core or on the riverfront.

Pete
03-11-2020, 01:10 PM
I've heard there will be mid-rise residential on the old Goodwill site, at Reno and OKC Blvd.

But I don't know what that means in terms of levels.

GoGators
03-11-2020, 01:39 PM
Underbuilt by what standard? When I drive through downtown, all I see is swaths of unoccupied properties with "For Rent" signs up, and the people I've talked to with a LOT more knowledge/insight than I could remotely have into the downtown housing market right now said there's a lot more supply than demand - and that supply is *really* expensive, which is part of the problem.

This doesn't make sense. If there was a supply glut, the supply price would reflect that.

Pete
03-11-2020, 01:52 PM
Of course there are 'for rent' signs up downtown. We now have tons more properties and no matter how high the occupancy rate, there are always people moving out.


Where on earth do you find a huge concentration of apartments and not see 'for rent' signs? I would see them everywhere in Santa Monica which is one of the most notoriously tight housing markets anywhere.


And BTW, NEW construction and remodels are expensive. There are still tons of older properties that are reasonable.

At some point people here are going to finally come to grips with the fact that new construction downtown is always going to be pricey no matter how you do it. But there are also older units all around The Paseo and elsewhere which are plenty reasonable. Why is it such a hard concept to fathom that new, nice things cost more money??


I've made this point several times: When I first moved back I lived in a beautifully renovated apartment in SoSA. I then bought a completely renovated 3 bed, 2 bath house with an attached garage, on 1/3rd an acre backing to park near 50 Penn -- and my payment is well less than my previous rent. I can't walk out my front door to hundreds of places like before, but I am literally a 7-minute drive from anywhere I want to go. And I'll be able to walk to The Oak, hopefully soon.

There are a ridiculous amount of good housing options for almost silly prices very close to the core. If you want to live within walking distance of the billions in investment, then you are going to have to pay. And plenty of people seem to be willing to do that.

At the same time, there are almost unlimited affordable options very close in. I simply can't believe people gripe about housing costs, as if they are somehow owed a cheap, new place with fantastic finishes and amenities within easy walking distance of everything downtown. That is never, ever, ever going to happen. You could have done that 10 years ago but that ship has sailed and if you feel you missed out, that's your own fault.

dcsooner
03-11-2020, 05:00 PM
Of course there are 'for rent' signs up downtown. We now have tons more properties and no matter how high the occupancy rate, there are always people moving out.


Where on earth do you find a huge concentration of apartments and not see 'for rent' signs? I would see them everywhere in Santa Monica which is one of the most notoriously tight housing markets anywhere.


And BTW, NEW construction and remodels are expensive. There are still tons of older properties that are reasonable.

At some point people here are going to finally come to grips with the fact that new construction downtown is always going to be pricey no matter how you do it. But there are also older units all around The Paseo and elsewhere which are plenty reasonable. Why is it such a hard concept to fathom that new, nice things cost more money??


I've made this point several times: When I first moved back I lived in a beautifully renovated apartment in SoSA. I then bought a completely renovated 3 bed, 2 bath house with an attached garage, on 1/3rd an acre backing to park near 50 Penn -- and my payment is well less than my previous rent. I can't walk out my front door to hundreds of places like before, but I am literally a 7-minute drive from anywhere I want to go. And I'll be able to walk to The Oak, hopefully soon.

There are a ridiculous amount of good housing options for almost silly prices very close to the core. If you want to live within walking distance of the billions in investment, then you are going to have to pay. And plenty of people seem to be willing to do that.

At the same time, there are almost unlimited affordable options very close in. I simply can't believe people gripe about housing costs, as if they are somehow owed a cheap, new place with fantastic finishes and amenities within easy walking distance of everything downtown. That is never, ever, ever going to happen. You could have done that 10 years ago but that ship has sailed and if you feel you missed out, that's your own fault.

+2000

Plutonic Panda
03-11-2020, 05:39 PM
Almost every building in Hollywood has a for rent sign in front.

Teo9969
03-12-2020, 02:49 PM
Of course there are 'for rent' signs up downtown. We now have tons more properties and no matter how high the occupancy rate, there are always people moving out.


Where on earth do you find a huge concentration of apartments and not see 'for rent' signs? I would see them everywhere in Santa Monica which is one of the most notoriously tight housing markets anywhere.


And BTW, NEW construction and remodels are expensive. There are still tons of older properties that are reasonable.

At some point people here are going to finally come to grips with the fact that new construction downtown is always going to be pricey no matter how you do it. But there are also older units all around The Paseo and elsewhere which are plenty reasonable. Why is it such a hard concept to fathom that new, nice things cost more money??


I've made this point several times: When I first moved back I lived in a beautifully renovated apartment in SoSA. I then bought a completely renovated 3 bed, 2 bath house with an attached garage, on 1/3rd an acre backing to park near 50 Penn -- and my payment is well less than my previous rent. I can't walk out my front door to hundreds of places like before, but I am literally a 7-minute drive from anywhere I want to go. And I'll be able to walk to The Oak, hopefully soon.

There are a ridiculous amount of good housing options for almost silly prices very close to the core. If you want to live within walking distance of the billions in investment, then you are going to have to pay. And plenty of people seem to be willing to do that.

At the same time, there are almost unlimited affordable options very close in. I simply can't believe people gripe about housing costs, as if they are somehow owed a cheap, new place with fantastic finishes and amenities within easy walking distance of everything downtown. That is never, ever, ever going to happen. You could have done that 10 years ago but that ship has sailed and if you feel you missed out, that's your own fault.

Yeah...having bought 10 years ago, it is insane to see myself get "priced out" of my neighborhood. I mean, sure, I could still afford to buy a home in the area, but it would certainly come at a premium and have plenty of work needed to be done to it.

Difference is, I'm just shocked it all happened so quickly. I was thinking, especially after the 2014 oil crash, that we were looking for the prices we see today to be occurring 2025+. Hindsight has me kicking myself for not finding a way to buy ever freaking lot that I could in my neighborhood.

Pete
03-12-2020, 02:52 PM
^

I mentioned this elsewhere, but I just had my house appraised and the value went up about 30% in just 2 years.