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http://journalrecord.com/2017/10/13/okc-area-home-sales-down-from-2016/
I thought there was a similar thread out there but couldn;t find it. Can someone share the article?
Richard at Remax 10-16-2017, 10:02 AM Short answer is everything below $250K in average and up areas are doing just fine. Maybe up to $275K because that's where the FHA cutoff is. Anything above $275K might be sitting for a bit. Especially in the burbs. It's tough out there right now.
FighttheGoodFight 10-16-2017, 10:12 AM Short answer is everything below $250K in average and up areas are doing just fine. Maybe up to $275K because that's where the FHA cutoff is. Anything above $275K might be sitting for a bit. Especially in the burbs. It's tough out there right now.
Sounds about right. Any house in our neighborhood under 250k sells in less than a month. Anything above 300k looks like they have been sitting, some for a year or more.
My neighborhood (Woodland Park) has been doing very well. Several houses on my street have sold recently in the 125/sqft range. Two years ago everything was in the 100/sqft range.
Ditto to what the guys above said. Closing on a flip house this Friday. 1379 sq ft, and sold for $138,000. In a neighborhood that struggles to get $90 per sq ft. Mine was updated (except the bathrooms) and most in that neighborhood aren't.
rte66man 10-16-2017, 05:58 PM Location, location, location.
warreng88 10-16-2017, 08:27 PM OKC area home sales down from 2016
By: Molly M. Fleming The Journal Record October 13, 2017
OKLAHOMA CITY – Despite a busy summer for Realtors, Oklahoma City area home sales are down compared to the same time last year.
As of September, home sales were down 9.6 percent from the first nine months of 2016, according to data from Multiple Listing Service of Oklahoma.
Keller Williams Realty Elite Managing Broker Jennifer Arsenault said the office exceeded all of its sales numbers from the previous year.
“The summer was fantastic,” she said. “It’s still a very strong market.”
MLSOK has homes listed from Edmond, Altus, El Reno, Midwest City, Moore, Yukon, Piedmont, Elk City, Oklahoma City, Weatherford, Norman, Del City, Shawnee, Mustang and Nichols Hills.
MLSOK President Loren Coburn said he doesn’t expect the year-over-year sales total to improve, especially as daylight decreases. Fall and winter are typically slower months for home sales. But this year, as rebuilding starts in hurricane-struck areas, supply costs will rise, which could make homes more expensive.
He said he doesn’t expect home sales to get closer to positive until spring 2018.
There’s been an 18.6 percent year-over-year increase in homes listed for sale. The hottest product is properties that cost $225,000 or less, said Arsenault.
There’s only about three months of inventory in that price range.
Homes priced at $600,000 or more are sitting longer, she said. There are 544 properties listed at $600,000 or more. Yet, if the home is an attractive school district, like Deer Creek, the price doesn’t bother people.
“We had one home with multiple offers sell for $1.5 million in Nichols Hills,” she said. “But you’ll still have others that will sit for a year. It’s not about the price point. It’s about the location.”
Coburn said he’s seen a similar trend, with homes in more popular school districts getting higher prices, even more now than ever before.
Compared to September 2016, this year, there was a 13.2-percent increase in single family homes and a near 30-percent uptick in condos and townhomes for sale. The median home price in September 2017 was 3 percent higher than in September 2016, according to MLSOK.
For the month, September 2017 was nearly on track with the other months this year, with 1,896 homes getting new owners. In June, 2,351 homes were sold, making it the highest amount for the calendar. The lowest was in January, when 1,200 homes traded hands.
Coburn said if someone is looking to sell their home, and it’s priced at $250,000 or lower, now is the time to do it. If it’s higher, then people should expect the home to sit on the market longer. He called it a buyer’s market because of the influx of inventory.
But Arsenault called it a seller’s market for people marketing homes priced in the $225,000 range and lower, with properties still getting multiple offers.
aDark 10-16-2017, 09:42 PM I love these types of articles. I would love to see the data on home sales as compared to proximity to the urban core. I suspect that the market is much steadier the closer one gets to downtown, but I have no support for this theory. Is there a way to look into this?
That would be nice to see. There are a couple of real estate agents on OKCT, but I'm not sure they have that data.
Richard at Remax 10-17-2017, 01:56 PM Yeah there are so many variables when looking at that kind of stuff. Let's just say as you get closer to the core, it is a sellers market. However, people don't seem to be overpaying for properties, so it's all about pricing. The ~$600K and below market within a few miles outside of downtown is def stronger than farther away. That being said the Nichols Hills market seems to be sitting longer than usual. There are 33 homes for sale over a million in there, and only 3 are pending. Total in the area there are about 69 for sale, and only 8 pending. Pretty interesting.
Rover 10-17-2017, 05:13 PM I think a lot of owners in Nichols hills saw the high $/ft and started doing remodels, additions, etc. with an idea to cash in. However, it is a niche market and I think they produced more for sale than normal, creating an excess. I would expect the prices to fall a little, especially since there are now a number of cleared off lots sitting empty and 2 new high end developments are underway. Plus, West Nichols Hills (outside of Nichols Hills municipality) has seen a lot of high end development. It may stay soft for awhile til inventory is worked off and/or oil is back over $60.
bradh 10-20-2017, 08:35 AM Sounds about right. Any house in our neighborhood under 250k sells in less than a month. Anything above 300k looks like they have been sitting, some for a year or more.
Yep, ours in Deer Creek Village has been on the market since 6/1 in that 250-275 range. Getting old paying for an empty house 12 hours away. It's a great neighborhood and good suburban location. Had someone recently choose The Grove over our house. Enjoy that miserable mess getting to any highways from there.
HangryHippo 10-20-2017, 08:57 AM Yep, ours in Deer Creek Village has been on the market since 6/1 in that 250-275 range. Getting old paying for an empty house 12 hours away. It's a great neighborhood and good suburban location. Had someone recently choose The Grove over our house. Enjoy that miserable mess getting to any highways from there.
You left OKC?
oklip955 10-20-2017, 09:08 AM I am watching the market. It seems to me the higher the price property, the less they are selling. I have an Edmond acreage that I am looking to put on the market, but I am not seeing very many of them selling, so I'm holding off. I'm a bit surprised that properties under about $300K are not selling. bradh sorry to hear yours is not selling.
LakeEffect 10-20-2017, 09:14 AM You left OKC?
Yeah. Totally missed that!
LakeEffect 10-20-2017, 09:15 AM I am watching the market. It seems to me the higher the price property, the less they are selling. I have an Edmond acreage that I am looking to put on the market, but I am not seeing very many of them selling, so I'm holding off. I'm a bit surprised that properties under about $300K are not selling. bradh sorry to hear yours is not selling.
Yep. We had ours listed for 7 months total (3 months the first time, 4 months the second). Lots of views, a few really interested buyers, and no eventual sale. Being over $300,000 really starts to limit the buyers. Rough times.
bradh 10-20-2017, 09:24 AM You left OKC?
We did, over educational opportunities for our daughter.
Richard at Remax 10-20-2017, 10:57 AM In this HGTV generation we live in, if your home doesn't fit a specific mold, then it will get overlooked by a big chunk of buyers. It's hard to explain but they want all the grays and clean lines, ect but don't have the vision, and usually the extra cash after closing costs, ect, to buy an under priced dated home and make it that way. As a seller if you don't want to invest in sprucing up the home then a neat option is virtual staging. Someone comes in and takes pictures of your home, edits them as if it's been updated/remodeled, then puts the pictures on easel in each of the rooms to show what it COULD look like. It all comes back to pricing though, esp in this (except small pockets) buyers market.
Rover 10-20-2017, 01:00 PM Am also seeing lots of asking prices on homes needing remodeling the same per foot as those that already have been remodeled. Sellers need to be realistic. All comps aren’t the same and realtors seem to always over promise what they can get so as to get the listing. If something is not moving then the price or realtor needs to be changed.
OKCretro 10-20-2017, 01:50 PM for any realtors on the site,
has the emergence of zillow helped or hurt sales?
Do sellers or buyers have unrealistic expectations b/c of zillow?
Martin 10-20-2017, 01:54 PM ^
my mom's a realtor who's been in the business 30 years... the biggest gripe she has with zillow is that they scrape listings from mls (which she pays for) and will show other realtors' contact information on her listings unless she pays zillow.
T. Jamison 10-20-2017, 02:20 PM Another complaint I've heard is their "Zestimates" leading to potential buyers having unrealistic expectations regarding the market value of the property which can make it more difficult to sell.
Here (https://www.reuters.com/article/us-zillow-group-lawsuit/zillow-wins-dismissal-of-zestimate-lawsuit-in-u-s-idUSKCN1B32RN) is an article from Reuters about the topic, if anyone is interested. I disagree with the ruling but that's just me.
Richard at Remax 10-20-2017, 04:28 PM before I was a realtor I really enjoyed Zillow. Now that I am on the other side it is a pain in the rear. The Zestimates need to go. You wouldn't believe how many arguments I've been in when I show someone the TRUE value I think they could get vs what the Zestimate says. There are so many variables they don't factor in. It's basically this zip code for 3 bed 2 bath house should go for X amount, and apply that to ALL neighborhoods, creating unrealistic numbers. In my own house right now it is probably $50K over what it is in reality because Traditions to the east is bringing up values. I had a listing, in which the Zestimate said it was $490K. My numbers told me best case scenario was in the mid 430s to 445k. You have to do what your client tells you so they put it on at $490K, although we got showings, we never got offers. Sold 7 months later for $435K.
Another big gripe of Z is that there are too many "ghost" listings. Listings that have already gone pending or sold but the agents are too lazy to change the status's. Some do it on purpose so when someone calls them they say "well that one sold but we have others!". I get it, but to me that's too bait and switch for my tastes. Also, someone above said that listing agents over promise just to get a listing. This happens way more than you think and it hurts everyone involved when you know they will never get that price. Don't get me started on the new $999 listings you hear on the radio either :)
I am now a proponent of having our MLS stop feeding them our data. Even now that zillow is talking about getting into the brokerage business. Basically someone wants to go see a house, as a zillow agent i would just show them, write an offer, and get paid my commission, but split a finders fee with Zillow. Same with listings. Some realtors would say that they would lose business if we stopping feeding them our data because that's all that people use. My argument is that if you take away the data and steer the public to where our own up to the minute data is, then they would use that. Shameless plug here but www.mlsok.com is our new search engine and it's terrific :)
The entire process of selling houses needs to drastically change. The commissions are too high and some of the closing costs are ridiculous. In 2017 it shouldn't be so cumbersome selling real estate. It's a racket.
Richard at Remax 10-20-2017, 05:02 PM First of all commissions ARE negotiable and there is no set rate. I will also say that the "standard" rate everyone knows needs to probably be reevaluated. With the evolution of zillow and the internet in general, we keep giving out our information and still expect to be paid really well like we hold all the cards. People used to earn that rate when you would have to take people house to house without ever seeing any pictures or anything. Now with all the pictures and info you need the role of the agent has significantly decreased. I will never cut the rate of the selling (buying side) due to the fact that I think the buying side is a bit more difficult than the listing side. Going from house to house, getting people qualified, inspections, ect is a lot of work. But I will say yes it can be a lot, but all the advertising we do, postcards, open houses, professional pictures, ect and everything else we do to get a listing exposed comes out of our commission at the end. Plus all the paperwork and negotiations to protect our clients is invaluable, esp to a home owner who has no idea what is going on. But I am a minority in my positions. Some agents just have zero wiggle room.
Second, I agree with closing costs. It's almost extortion. I also don't like when the seller is paying both realtors AND the buyer asks for thousands of dollars in closing costs. I think that has become too the norm and needs to change.
T. Jamison 10-20-2017, 05:22 PM I'm not a Realtor, so I have no stake in the matter, but the MLS is much better than Zillow for renters as well. When looking for a rental, the property manager is a factor commonly overlooked. I have had terrible experiences with poor property management, and in the end I hated where I lived due to the management not the property. Using the MLS helps filter some of that out.
AnguisHerba 01-12-2018, 05:17 PM How does everyone feel about the 2018 residential real estate market vs. 2017? I'm thinking this is going to be the year I buy and I've been doing a lot of research on houses sold in the past year. Personally, I'm not expecting more than a 3% increase in urban core home prices vs. last year, but I want to know what more experienced people here might be feeling.
Richard at Remax 01-13-2018, 10:08 AM To me I think a lot of uncertainty (energy/economy/politics/ect) that we encountered in 2017 has somewhat dissipated. On paper everything seems to be ticking upwards. I always hesitate saying that something will definitely have an X % increase but if anything I would be shocked if the value of homes didn't trend upwards not just this coming year but for the next few. Would be a nice time to get in.
As for the CORE, to me I think the demand has somewhat fallen off. Things don't seem to be moving as fast as they were some time ago. Maybe people have decided that paying >$300/ft isn't the most economical when you can get more bang for your buck, even at ~$250/ft range. Very interesting to follow nonetheless.
As for the CORE, to me I think the demand has somewhat fallen off. Things don't seem to be moving as fast as they were some time ago. Maybe people have decided that paying <$300/ft isn't the most economical when you can get more bang for your buck, even at ~$250/ft range. Very interesting to follow nonetheless.
But work has started on 3 different for-sale complexes this past year, all at quite high prices: 701 N. Hudson, the Broadway Condos and The Bower will break ground any day.
I know the first two had decent pre-sales... And The Hill continues to sell well and the Dwellings at SoSA are sold out I believe.
Richard at Remax 01-13-2018, 11:07 AM You are correct. I guess the perception I have is while there are still sales and desire, the demand (aka all these new builds completely sold out) seems to be ticking downwards. As in Days on Market is longer. I hope I am wrong though, I want these places to succeed.
You are correct. I guess the perception I have is while there are still sales and desire, the demand (aka all these new builds completely sold out) seems to be ticking downwards. As in Days on Market is longer. I hope I am wrong though, I want these places to succeed.
Yes, there does seem to be a decent market for new-build condos in the core and of course all of those are the highest price per SF in all of OKC.
Richard at Remax 01-13-2018, 11:30 AM For anyone who is interested here is 6 month CMA of the Core. Only did active, pending, and sold properties. I did Classen east to I-235, then 10th south to I-40. Some pretty interesting numbers
^
Very interesting!
Thank you.
LocoAko 01-13-2018, 01:30 PM This may have been known to people more in-the-know with these things, but I hadn't realized our real estate prices in the core were growing THAT quickly.
http://newsok.com/article/5559095?utm_source=NewsOK.com&utm_medium=Social&utm_campaign=ShareBar-Twitter
"Cogan said no non-coastal city had seen a faster growing rental market between 2000 and 2015 than Oklahoma City, and that in just 15 years the current growth rate would put Oklahoma City's median rents to levels currently seen in Los Angeles and Austin."
I don't think rents will continue to climb and certainly nowhere near what they have done in the recent past.
You can already see they have leveled off and even come off recent highs.
Bits_Of_Real_Panther 01-13-2018, 10:14 PM The sale signs sit stagnant in my 'hood, but I attribute it to the time of the year first and the increased supply of sale signs second.
Waiting on the spring market to gauge strength/weakness, since it will tell the early tale of the market.
stratosphere 01-16-2018, 01:15 PM I was recently contemplating a move from OKC to Norman and found a house on the east side that i really loved. I made an offer and one thing that shocked me was the estimated $7k i would have to bring to closing, while it was only estimated, i couldn't believe it was that much. In 2005 when i bought my current home, i think i brought around $700 to closing when all was said and done. Can't recall if the seller paid any of my closing or not since it was 12.5 years ago. Anyway lucky for me my offer wasn't accepted and they sold the house to someone else. I am currently watching the market but no plans to list my home...interestingly enough my realtor wanted me to list my house but i don't want to do that unless i actually find a home i want to buy.
Richard at Remax 01-16-2018, 01:27 PM Closing costs are really out of control these days. A buyer I had recently did and FHA on a $150K and it was almost $8,000! It has become almost normal for buyers to ask ridiculous amounts from the sellers to go towards their closing costs. I educate my buyers that not only do the sellers have to pay both brokerage fees, they will most likely have to do some kind of repairs as well. Asking for absurd amounts can really sour a deal. Some of this is due to lenders dampening the initial shock value of closing estimates by saying something like "don't worry, you won't have to pay that much, the seller will cover it." Sellers are not obligated to pay for closing costs and some sellers see it as paying the buyer to move into their house. I am not against it, but I do think there should be some discretion.
That being said I had a past client wait until she found the home she wanted before putting hers on the market, against my recommendation. It ended up backfiring horribly on her.
I always suggest to put home on market when looking to move. There are plenty of companies who do bridge loans these days. I don't want them to miss out on their perfect house. You can't sell what's not for sale.
stratosphere 01-16-2018, 04:34 PM Part of my concern is we have inside pets and a very specific need in finding a new home, so if we put ours on the market and it sells and we can't find a new house then we are kind of screwed. Don't want to get rid of the pets and it is hard to find a place that will rent to inside pets (cats). Also i don't want to have to move twice. That said, i am thinking about staying put for the time being, there are just too things that could go wrong.
bradh 01-17-2018, 06:11 AM In talking to my realtor yesterday at our closing he said that the allure of Deer Creek schools has kinda wore off a bit, most people moving into the area are mostly requesting Edmond northern.
oklip955 01-17-2018, 05:53 PM Since you brought it up bradh, anyone know what the demand or request is for property east of I-35 in Edmond. Just wondering. I'm thinking there are a few realtors following this thread.
Richard at Remax 01-17-2018, 06:01 PM The demand is there. Ever since it was announced that the new high school was going to be out that way the new construction has gone way up. Add to the new businesses going in on I-35 and Covell, this might be the new hot spot over the next few years (suburbs wise)
bradh 01-17-2018, 07:38 PM yeah i think that area is going to blow up
worthy....you heard/felt the same about DC?
Richard at Remax 01-18-2018, 09:57 AM I think there is still some appeal. But from my observation the first time home buyers don't want to live out that direction though. I think there was a big push 5 years or so to get out there for the allure of better schools. Then people realized some of the best deals we're pretty far out and decided it wasn't worth the driving. I can only confirm this for myself because I have been working at Remax for 3 years now, and not one client has shown interest. Edmond is still king and a destination for buyers that want that lifestyle.
Let me run some numbers for deer creek over the last few years
Richard at Remax 01-18-2018, 10:11 AM OK I went back 5 years in MLS and did search for all SOLD homes in Deer Creek School district. MInd you this is very raw data. The only filtering I did was take out extremely low price per sqft (<$40/ft), which we're foreclosures, short sales, ect. From 2013-2014 there was a decent jump in both homes sold and price per sq ft. From then on it seems like the prices have overall leveled off (I usually focus on the median in such a large CMA) but home purchases are still ticking up. So to me that means there is still some demand, but prices have plateaued to an extent.
2013
14372
2014
14373
2015
14374
2016
14375
2017
14376
BlackmoreRulz 04-19-2019, 01:08 PM What does the metro housing market look like these days? Has there been any uptick or is it still stagnant? Any expected change in the near future?
Richard at Remax 04-19-2019, 01:37 PM In the broadest stroke I can make it anything under $200K system wide, is a sellers market. $200K-$500K is a buyers market. Anything above that be prepared to be on the market for at least 3-6 months.
PhiAlpha 04-19-2019, 01:47 PM In the broadest stroke I can make it anything under $200K system wide, is a sellers market. $200K-$500K is a buyers market. Anything above that be prepared to be on the market for at least 3-6 months.
I would add that in the higher end historic districts, Nichols Hills, etc, that sellers market number increases to anything below $500k if the price per square foot lines up with the neighborhood average.
kukblue1 04-19-2019, 03:13 PM https://www.dakil.com/event/may-2019-real-estate Land is for sale
https://www.dakil.com/wp-content/uploads/2019/04/FEB-2019-ZONING-EXHIBIT-Model.pdf So a mobile home park being built? Maybe some apartments? Is Melrose west of Council going to get finished? What is zoned r-4 would that be apartments.
GoGators 06-21-2019, 04:30 PM https://www.nytimes.com/interactive/2019/06/20/business/economy/starter-homes-investors.html
This article says In 2018, 19% of single family homes purchased in OKC were by investors. Tied for 4th highest rate in the nation.
Could someone more knowledgeable on the subject help explain what this means? Is this generally a good or bad indication for the health of the local market?
T. Jamison 06-21-2019, 04:53 PM https://www.marketwatch.com/story/mom-and-pop-landlords-push-investor-share-of-home-purchases-to-19-year-high-2019-06-20
Based on what this is talking about, a lot of the "investors" are buying less than 10 homes. In my opinion it is a good indicator. Investors seek to minimize risk and real estate is not like stocks you can sell tomorrow, so it tells me investors are finding Oklahoma City a safe bet into the future. Maybe a realtor can chime in, but I don't see Oklahoma City as having a housing shortage so I don't see it pushing new home-ownership out of reach.
Teo9969 06-22-2019, 12:59 PM I think it's pretty axiomatic that if investors are lining up, you're doing something right.
ChrisHayes 06-23-2019, 06:09 AM I'm a member of Biggerpockets which is a real estate investor network, and there's always a lot of talk about investing in Oklahoma City. Especially for cash flow as we don't have rapid appreciation like Denver, Austin, and Dallas do.
T. Jamison 06-23-2019, 12:18 PM The Journal Record also had a recent article about data from the National Association of Realtors indicating Oklahoma City is experiencing a high amount of international investment in transactions of less than $2,500,000.
https://www.nytimes.com/interactive/2019/06/20/business/economy/starter-homes-investors.html
This article says In 2018, 19% of single family homes purchased in OKC were by investors. Tied for 4th highest rate in the nation.
Could someone more knowledgeable on the subject help explain what this means? Is this generally a good or bad indication for the health of the local market?
Looking at the four cities ahead of OKC. I don’t know/think if that’s a good list to be on. Obviously, that is my initial impression and I could be wrong.
aDark 08-14-2019, 09:13 AM Paging WorthyCook, are you noticing a trend of increased homes for sale within 3 miles of the core? When I hop on Zillow it looks like houses for sale in Mesta, Heritage, Classen 10P, Gatewood, PAseo, etc. are way up. I'm not a professional in this field. Hoping for input.
Richard at Remax 08-14-2019, 09:39 AM There is a TON of supply right now in those areas. I took the area from Villa over to 235, I40 up to 23rd.
2019 YTD
156 homes have Sold so far this year. Average Price of $320,000. $161/ft. 46 days on market. 64 of these are over $300K. $225/ft. 54 days on market.
29 are Pending. $299,000 average. $160/ft. 40 days on market.
102 are Active. $530,000 average. $239/ft. 77 days on market. 75 of those Active are over $300,000.
Compared to 2018
266 Properties Sold. Average of $311,000. $158/ft. 43 days on market.
of those 266, 94 were over $300K. $224/ft. 58 days on market.
From what I can see. IF you have a home over $300K be prepared to sit a while. It's def a buyers market right now. The first part of the year was pretty consistent with last years numbers. However, around June or so a ton of houses got dumped on the market. So if you have been waiting on the sidelines to get into this area it might be a good time. Some sellers are wanting OUT.
^
Don't you think the supply is due to the fact that prices have gone up so rapidly that people are profit-seeking?
There are also a bunch of straight-out flips happening in those areas.
Richard at Remax 08-14-2019, 10:06 AM I don't disagree with that. From what I have seen in my 3+ years in this business, is that Oklahoma Citians usually don't overpay for stuff just because it looks pretty. Most just want a good value and don't mind maybe doing some stuff themselves.
Unfortunately most of these flips are just lipstick on a pig. They turn a blind eye to behind the scenes stuff like foundation, plumbing, electrical, hvac, ect. They want all the top dollar but it usually goes to crap after inspections. It's embarrassing what some are throwing out there.
Honestly I'm surprised at so many attempting to flip and push the comps. OKC has such small margins anyway for profit that most usually "renovate to rent" then end up selling down the road. Then you have the wholesalers trying to undercut the market but that's a whole different thread.
chuck5815 08-14-2019, 10:28 AM I don't disagree with that. From what I have seen in my 3+ years in this business, is that Oklahoma Citians usually don't overpay for stuff just because it looks pretty. Most just want a good value and don't mind maybe doing some stuff themselves.
Unfortunately most of these flips are just lipstick on a pig. They turn a blind eye to behind the scenes stuff like foundation, plumbing, electrical, hvac, ect. They want all the top dollar but it usually goes to crap after inspections. It's embarrassing what some are throwing out there.
Honestly I'm surprised at so many attempting to flip and push the comps. OKC has such small margins anyway for profit that most usually "renovate to rent" then end up selling down the road. Then you have the wholesalers trying to undercut the market but that's a whole different thread.
Thanks for all the great info in this thread! With respect to the flippers, are there any particular groups that actually take a project down to the studs, shore up the integrity of the house, make efficiency improvements, etc.?
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