Downtown Housing Comparables

There has been much discussion about the market tolerance for higher prices.

I will continually update as pricing changes.


http://www.okctalk.com/images/pete/d...omps101818.jpg

They need to start building some 500-1000 sf condos for the single/minimalist folks that would own but the offerings out there are WAY too much room. Not a bunch, but throw them into the mix.

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Originally Posted by shawnw

They need to start building some 500-1000 sf condos for the single/minimalist folks that would own but the offerings out there are WAY too much room. Not a bunch, but throw them into the mix.

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The Bower fits that description and they should be more reasonable per SF as well.

Could you update (if/when possible) with number of available units, and number sold? Curious to see how each place is doing in terms of actually moving the units. I know this might not be possible, just curious.

Why are condos and townhomes selling at such a premium as compared to new single family homes in the urban core of OKC? I haven’t done a lot of research, however, it would seem that single family homes tend to be priced higher in the majority of urban US markets. Curious why our local trend appears to be reversed.

Because there's a lot of pent up demand and because these projects are being rolled out slowly enough that the market isn't saturated in downtown condos and townhomes. RIght? What other answer could there be? Property will sell at whatever price people are willing to buy.

I am surprised a little bit if banks are lending 80% or more on any of these properties because there is a real possibility in a collapse in the market. Especially when original owners start selling their properties in any significant number.

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Originally Posted by SuburbanNation

Why are condos and townhomes selling at such a premium as compared to new single family homes in the urban core of OKC? I haven’t done a lot of research, however, it would seem that single family homes tend to be priced higher in the majority of urban US markets. Curious why our local trend appears to be reversed.

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This is just a guess, but most cities experienced a speculative condo boom in the 2000s (prior to the 2008 crash) that never quite happened in OKC.

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Originally Posted by Midtowner

Because there's a lot of pent up demand and because these projects are being rolled out slowly enough that the market isn't saturated in downtown condos and townhomes. RIght? What other answer could there be? Property will sell at whatever price people are willing to buy.

I am surprised a little bit if banks are lending 80% or more on any of these properties because there is a real possibility in a collapse in the market. Especially when original owners start selling their properties in any significant number.

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And l can tell you from experience that when real estate markets slow, condos go first.

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Originally Posted by Midtowner

Because there's a lot of pent up demand and because these projects are being rolled out slowly enough that the market isn't saturated in downtown condos and townhomes. RIght? What other answer could there be? Property will sell at whatever price people are willing to buy.

I am surprised a little bit if banks are lending 80% or more on any of these properties because there is a real possibility in a collapse in the market. Especially when original owners start selling their properties in any significant number.

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There is a high (pent up) demand for all types of housing in the OKC urban core- condos, townhomes, and single family. Looking at new single family homes on the market as of today, there are only 5 new construction homes (built in 2018) currently active on the MLS. What's shocking to me is that the asking price for a 2000 SF new condo ($400/SF) is priced $400,000 MORE than a 2000 SF new single family home ($200/SF) in the urban core. In addition, typically the HOA fees are much more on a condo. Take Wheeler District for example, their homes are currently priced in the $200-$225/SF range. It's no wonder they are selling so well when compared to everything else available downtown. It's simply very eye opening when looking at the wide margin of pricing discrepancy.