Meh. GTFO.

Yep. Hope he quickly sells and is out of here for good.

Good riddance.

Royce Young wrote on ESPN that Durant was house hunting in Nichols Hills a couple of weeks before his decision to leave. He must be easily persuaded.

Royce Young wrote on ESPN that Durant was house hunting in Nichols Hills a couple of weeks before his decision to leave. He must be easily persuaded.

He's also emotionally fragile.

He's also emotionally fragile.

My friend was on the team of real estate agents helping him. Had verbally committed to buying a house before all the meetings started.

There's a cheap sign on the south fence that says "PHASE II SOLD OUT" and another that says something about Phase III starting. Good news, but the sign seems a cheap add for such expensive properties.

13100

Anyway, they've made progress on the clubhouse and small pool.

13101

13102

And a couple images of buildings 5 and 6.

13103

13104

http://www.okctalk.com/images/pete/hill092016.jpg

Progress on the Clubhouse and small pool.

13399

13400

That actually appears to be a very good sized pool.

http://www.okctalk.com/images/pete/hill011717.jpg

What is the red 12th amendment line?

What is the red 12th amendment line?

Just has to do with an amended development agreement with OCURA, I believe.

Oh wow, they have a long way to go on that original plan.

Oh wow, they have a long way to go on that original plan.

And the least desirable lots / locations to sell.

Most that property is along the freeway.

And the least desirable lots / locations to sell.

Most that property is along the freeway.

Although some people moving from the suburbs may view those back lots as desireable because they will feel more like a suburban neighborhood tucked away from everything else.

Although some people moving from the suburbs may view those back lots as desireable because they will feel more like a suburban neighborhood tucked away from everything else.
Lol. Just making sh*t up.

When my family last bought a house we looked at one that had a backyard adjacent Meridian. According to our real estate agent just backing an arterial can severely hurt a property's value specifically in OKC because everything is so spread out that no one really has to live next to major roads or highways.

Will be interesting to see if/how quickly they can sell these units given this aversion Oklahomans have to living next to highly travelled roads. This could be the start of a paradigm shift as people realize living next to the highway is really no big deal (I say this as someone who lived straight off I-44 and mostly it was just convenient), or this half of the development could be a total flop.

Given the scarcity of for sale, I have a hard time seeing that it will be a total flop.

If prices at the time these things are finally built (hopefully before I die) is at $x per square foot then I imagine the absolute worst case scenario is those houses are selling for 0.9$x per square foot. We're not talking about miles and miles of freeway frontage in an area that has hundreds and hundreds of options. We're talking about an 1/8 mile stretch in an area that has never had more than a few dozen options at any given time to buy.

When my family last bought a house we looked at one that had a backyard adjacent Meridian. According to our real estate agent just backing an arterial can severely hurt a property's value specifically in OKC because everything is so spread out that no one really has to live next to major roads or highways.

Will be interesting to see if/how quickly they can sell these units given this aversion Oklahomans have to living next to highly travelled roads. This could be the start of a paradigm shift as people realize living next to the highway is really no big deal (I say this as someone who lived straight off I-44 and mostly it was just convenient), or this half of the development could be a total flop.

Lol. There are plent of high value properties backing up to major streets. Homes along 63rd selling for $300/ft or more. If these properties are reasonably sound insulated then there is no problem at all. Hoping it will be a failure is not the same as it being a failure. If you have a cheaply built home with a poorly secured back yard backing up on a major street and have children playing in the yard, then yes, that's a negative. To the target market for the Hill, these will sell just fine.

I'm with Rover on this one. People buying hill properties are not buying for quiet suburban backyards. Block42 sells just fine with the units facing the freeway. Maywood lofts sells the units that literally have Mosaic 10 feet away from their balconies.

In the past year the highest that has sold has been $214.8/ft for any house along 63rd according to the MLS.

Now there is a brand new build that backs up to 63rd that is for sale at $1.525 million at $340/ft. It's located in the new "Glenwood Park" and top of the line, but has already been on the market for 80 days and pretty sure the only house in there right now. Going to be a tough sell but I'm sure someone will overpay for it.

No need to shoot the messenger. The topic of these units fronting the freeway came up and I felt the info from my real estate agent was relevant.

I agree with you though, Teo. If these units are built, and there's no reason as of now that they won't be, then they will get sold. I just think that they'll draw less per sq. ft than the other homes in The Hill. Perhaps "total flop" was the wrong choice of words, but I meant it more in a business sense (like, would the developer be happy with the margins on a unit sold for less than a Phase I unit). Didn't mean to imply that people simply wouldn't be living there, that obviously won't be the case.

I think there may have been a misunderstanding about why the closeness of a roadway hurts property values though (this is not addressed at Teo); it isn't because people have children unless the property fronts an arterial. It's mostly because of the noise, or the perception that roads are noisy (again, not a problem in my experience but I don't speak for all of Oklahoma).

Also, as has been discussed ad nauseam in this thread, The Hill is urban in location and density, and suburban in its layout and interiors. I'm operating under the assumption, and I feel like the developers have said something to this effect, that The Hill, in addition to appealing to urban buyers, is trying to attract people who normally buy suburban to an urban setting by offering a happy medium between the two. If that's the case, they're competing against the suburbs more heavily than projects which are targeted at people who want a complete urban experience, and thus suburban concerns may come more noticeably into play than at Block 42, etc.

If there are enough people from the first group (naturally urban buyers) to buy all the units, then the highway might hurt prices minimally, or not at all. But if they have to dip into the second group (converts), I think we might see the properties either go unsold longer, or get sold for less per square foot than the Phase I units.

I'd be much more concerned with the health effects of living right next the interstate. The air quality would be awful and, according to the guy who's there during the open houses, The Hill doesn't have the ventilation systems recommended by public health officials and required by some cities for residential units that sit that in areas of high particulate matter pollution from traffic.

In the past year the highest that has sold has been $214.8/ft for any house along 63rd according to the MLS.

Now there is a brand new build that backs up to 63rd that is for sale at $1.525 million at $340/ft. It's located in the new "Glenwood Park" and top of the line, but has already been on the market for 80 days and pretty sure the only house in there right now. Going to be a tough sell but I'm sure someone will overpay for it.
Just wait for some to close. The inventory is slight and demand high. Houses for tear down or remodel won't get $300, but they will when rebuilt.

Although some people moving from the suburbs may view those back lots as desireable because they will feel more like a suburban neighborhood tucked away from everything else.

I think that's kind of the Hill's whole concept, although I am not sure that the freeway enhances that selling point.

I actually scoured their website to see if they are updating some of their design. Some of the newer units look vaguely more modern, but it is still way too traditional for my taste and wallet. And, after doing a kitchen and bath makeover recently, some of the tile and counter finishes look rather dull and dated.

If I were to consider one I would want something incomplete and choose my own finishes. Otherwise, I would feel like I just bought a home in Edmond.

^ Therein lies the difficulty with a 20-year build-out for high-end for-sale housing. The buyer is going to expect nothing other than the latest and greatest, which is going to change with each phase you anemically complete.


In the past year the highest that has sold has been $214.8/ft for any house along 63rd according to the MLS.

Now there is a brand new build that backs up to 63rd that is for sale at $1.525 million at $340/ft. It's located in the new "Glenwood Park" and top of the line, but has already been on the market for 80 days and pretty sure the only house in there right now. Going to be a tough sell but I'm sure someone will overpay for it.

I'm not sure if that's constraining or opportunistic. It looks like OKC's real estate is incredibly condensed with very little variation compared to other major cities. Even a place like Nashville or Columbus, which aren't that much bigger or wealthier than OKC, have a special class of for-sale housing in the $300-400 psf range. For $214 psf to be the market cap in OKC just blows my mind. I'm sure that Dallas has some 1,000 sf penthouse suites that get $5-10 million.

If you want a huge return, put money into real estate better than $214 psf, which apparently has no competition.

OKC is still finding its footing in regards to downtown housing. You have a limited number of developers who have the knowledge and desire to do these projects. As time goes by they'll get more adventurous. Let's wait and see what the housing in First National goes for before we judge OKC too harshly.

As far as The Hill goes, I personally really like the designs there. Give me old and traditional any day. You guys with your weird modern tastes. :)

^ Therein lies the difficulty with a 20-year build-out for high-end for-sale housing. The buyer is going to expect nothing other than the latest and greatest, which is going to change with each phase you anemically complete.



I'm not sure if that's constraining or opportunistic. It looks like OKC's real estate is incredibly condensed with very little variation compared to other major cities. Even a place like Nashville or Columbus, which aren't that much bigger or wealthier than OKC, have a special class of for-sale housing in the $300-400 psf range. For $214 psf to be the market cap in OKC just blows my mind. I'm sure that Dallas has some 1,000 sf penthouse suites that get $5-10 million.

If you want a huge return, put money into real estate better than $214 psf, which apparently has no competition.

worth cook was referring to houses only along 63rd. There's many homes for sale over $300/sf in Nichols Hills. The highest I could find after a quick search is $464/sf.

There you go. Whew.

For sure the City Place condos sell for even higher.

KD's old place is listed @ $1.5MM.

KD's old place is listed @ $1.5MM.

I'll give him a half-burned jersey for it.

KD's old place is listed @ $1.5MM.

http://www.realtor.com/realestateandhomes-detail/420-NE-2nd-St_Oklahoma-City_OK_73104_M86112-30294

Looks furnished? I wonder if he left the furniture.

http://www.realtor.com/realestateandhomes-detail/420-NE-2nd-St_Oklahoma-City_OK_73104_M86112-30294

Looks furnished? I wonder if he left the furniture.

It's a $1.5MM home, the realtor is probably paying someone to stage it. I remember seeing pictures of the home after he was done with it and the furnishings looked nothing like that.

I see. Thanks.

It's a $1.5MM home, the realtor is probably paying someone to stage it. I remember seeing pictures of the home after he was done with it and the furnishings looked nothing like that.

I could see it being perfectly staged for a rich old lady, or a certain GSW small forward...

The clubhouse and pool are on the right hand side of the first photo.

Last photo shows which units have sold.



http://www.okctalk.com/images/pete/hill021917a.jpg


http://www.okctalk.com/images/pete/hill021917b.jpg


http://www.okctalk.com/images/pete/hill021917c.jpg


http://www.okctalk.com/images/pete/hill021917d.jpg

This is the last construction before (I think building 7) before everything pushes east.

13623

And here's the next area for development:

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Yes, this graphic is a little dated but the 7 that are under construction in the photo above are shown as planned here and those shown as under construction are almost finished.

So, that's 69 completely finished, 14 under construction and 71 left to build.

http://www.okctalk.com/images/pete/hill011717.jpg

What is the 12th Amendment that the graphic refers to?

What is the 12th Amendment that the graphic refers to?

That graphic was from an OCURA document.

The amendment refers to the agreement between OCURA and the developers, which is continually updated as progress is made.

Is it reasonable to assume that Wheeler District will take a similar amount of time to build out from start to finish?

I hope Wheeler does better than 69 units in 12 years.

Yes, it's been that long since Canfield won the right to develop this property from OCURA.

I hope Wheeler does better than 69 units in 12 years.

Yes, it's been that long since Canfield won the right to develop this property from OCURA.

It should. Probably won't have to deal with a banking crisis and oil crash.

It should. Probably won't have to deal with a banking crisis and oil crash.

They had sold very few units before that happened.

Bottom line is these were much more expensive than they originally proposed and they had a hard time selling them from the beginning.

I didn't really mean the 69 units in 12 years as much as it might be 12 years before it really looks to be taking shape even though quite a bit had been done... being a more spread out piece of land and all...

They had sold very few units before that happened.

Bottom line is these were much more expensive than they originally proposed and they had a hard time selling them from the beginning.
Living in okc was a much tougher sale in 2005 than 2017, living in deep deuce was an even harder sale. Throw in a massive recession and oil crash and it's not surprising it took 12 years. Being a trailblazer isn't without risk. This project taking 12 years probably has some spillover into why high getting a loan for a high rise condo is so difficult.

Living in okc was a much tougher sale in 2005 than 2017, living in deep deuce was an even harder sale. Throw in a massive recession and oil crash and it's not surprising it took 12 years. Being a trailblazer isn't without risk. This project taking 12 years probably has some spillover into why high getting a loan for a high rise condo is so difficult.

And in 2005 this developer made a bid to do this work in much less time and won out over 2 other developers who proposed mixed use projects that weren't just super expensive condos. He also received all types of incentives.

It was a bad decision in the first place then when the project actually got off the ground, prices were way higher than he had proposed.

The glacial pace of this project is not all down to the economy, not by a long shot. Especially when tons of other housing developments have been completed during this 12 year period.

Restricted article forthcoming....
https://www.oklahoman.com/article/5539269

Water in the pool; looks like they are almost finished:



http://www.okctalk.com/images/pete/hill051317a.jpg


http://www.okctalk.com/images/pete/hill051317b.jpg


http://www.okctalk.com/images/pete/hill051317c.jpg

It's not my favorite by any means, but I kind of like what they've done here.

I agree. I think if that cupola had glass windows it would look so much better!

There's probably an easy answer somewhere, but why has this whole project taken so long to fully complete? Do they only build them once they are paid for? After all we've had two towers built downtown before this area has been completed. I have no issues with the design of the overall area, but with how incomplete it is it makes it stand out more in contrast compared to the Deep Deuce apartments.

Last building in the second row...

13866

There's probably an easy answer somewhere, but why has this whole project taken so long to fully complete? Do they only build them once they are paid for? After all we've had two towers built downtown before this area has been completed. I have no issues with the design of the overall area, but with how incomplete it is it makes it stand out more in contrast compared to the Deep Deuce apartments.

My understanding is that they decided to jack up the price, build to a higher-end market than they originally said. Then recession, and everything got delayed. Then after that, sales have just been slow. But yeah, this has taken way longer than it should have.

My understanding is that they decided to jack up the price, build to a higher-end market than they originally said. Then recession, and everything got delayed. Then after that, sales have just been slow. But yeah, this has taken way longer than it should have.

This is exactly what I mean. I forgot that so much has happened economically since they started with their initial construction. Getting these built and filled up will help with the demand for more downtown housing though.

http://www.okctalk.com/images/pete/hill061817.jpg

Pete, is that your drone shot? If so, what kind of drone you use?

Pete, is that your drone shot? If so, what kind of drone you use?

Yes.

I have a DJI Mavic Pro.

Here is where this development stands:

http://www.okctalk.com/images/pete/hill062017.jpg