Quote Originally Posted by BDP View Post
Those are definitely good points. I do agree that they seem a bit high, but they also seem to be getting interest at those prices. We won't know until these places start closing how much they are really worth. Oklahoma City is a bid down market and it wouldn't surprise me to see these come down as well. These prices are high for Oklahoma City and higher than some other cities' downtowns, but are they higher than most cities high demand low inventory areas? Not really.

Downtown is still a very small and an immature market and what we're seeing now are the first new apartments with new amenities in a very long time. The area is really becoming an attraction and there is a lot of upside speculation going on. Again, I don't think we know the true worth of these properties, but I would be very surprised if any of them were introduced as affordable housing initially. I'm not saying that the prices aren't high, I'm just saying that it seems completely normal to me that they would be.
Good points. One problem I think has happend, is some of the price points were set a year and half to two years ago when 1) the real estate market was in a boomimg and 2) the hornets looked like they might become a permanent fixture which would increase the "value" of living downtown. The thing the perplexes me, is the price points of many of these places are above the amount that many people who are attracted to the bricktown area and who pump money into the area at all hours of the day can afford. (young professionals who are out in bricktown spending the money on the weekends, partying it up every night, shopping in the high end stores, ect.). I mean, I saw one advertisment for Maywood trying to get grandmothers to move in. I love my grandma, but I dont think grandmas are the type to pump money into downtown on a regular basis. Also, if companies are purchasing some of these places for out-of town guests to live in, in the long run does that really help to pump money into the local market. The apartment above me used to be rented out by a company. There was someone there maybe 3 days out of the week at most. They would come in town, go to work, come home and sleep, and then jump on a jet and were out of there a couple days later. Another problem I see is re-sale value. Once the "newness" factor wears off in 5-10 years, is a one bedroom condo really going to be able to sell for 300,000 dollars. I think we can all agree, OKC is growing, but it will be no NYC in the next 50 years. And on top of that, in 10-15 years who knows what sort of direction downtown may have taken. Many entertainment districs have been known to boom, then burn across the country. I know we all hope for the best, but points of interest can shift. Investment wise, I dont think its a smart decision. We'll see what happens, I bet your right that some price points will probably fall over the next year.