Cumberland Court

[PaddyShack]

At least they kept access to Western!

[Richard at Remax]

To say this has been a disaster so far would be an understatement

[chuck5815]

Probably need to drop the price by about $100k per lot. They’d do well to move them before the Recession begins in earnest.

[thunderbird]

Probably need to drop the price by about $100k per lot. They’d do well to move them before the Recession begins in earnest.

I don't think the owner is in any financial trouble, will probably just sit on it till he can get that price.

[PhiAlpha]

Not exactly tearing it up here.

Lots are $450K.

Certainly not very aware of the current real estate market they’re catering to...

[Plutonic Panda]

There are scores of these types of projects in Dallas, LV, LA and OC that sit there and take time. These lots will fill up and this will be a great neighborhood. I just wish the road connected through to Western and wasn't gated, but I understand why they did that.

[GoGators]

The bendy road lets you know its classy.

[Plutonic Panda]

^^^ I thought the cul-de-sac would have been the selling point for you.

[Dob Hooligan]

The bendy road lets you know its classy.

Personally, I like the racing stripe the best.

[OKC Guy]

With that door along Western they can still run marathons thru if they want lol.

[Pete]

This project continues to languish:

[Richard at Remax]

To say this has been a disaster so far would be an understatement

This^

[Pete]

There have been two similar in-fill projects in NIchols Hills that have been more successful.

The first is just north of 63rd and the 2nd is along May Ave. and north of Wilshire.

[Richard at Remax]

Elmhurst Court is still struggling tho. 3 of those 7 have been for sale for a long time.

One is at 1042 days on market.
One is at 164 DOM (people bought it in 2018 after it sat on market for 517 DOM, bought it for $1.45 Mill, now at $1.29 mil).
One is at 692 DOM

[Rover]

To say this has been a disaster so far would be an understatement

I don't think the developer expected quick sales and builds. The prices here make it a narrow market. They will do fine over time, and even longer now with the current recession and energy crash. This is a long term play and was always going to be.

[Rover]

Elmhurst Court is still struggling tho. 3 of those 7 have been for sale for a long time.

One is at 1042 days on market.
One is at 164 DOM (people bought it in 2018 after it sat on market for 517 DOM, bought it for $1.45 Mill, now at $1.29 mil).
One is at 692 DOM

People in OKC haven't yet bought into the idea of very expensive houses on zero or small lots in the suburbs. We are slower at acceptance of that, condos, patio homes, etc. than many other cities.

[Pete]

The owners/developers paid over $6 million over 10 years ago just for the homes, then spent more money on legal fees, demolition, improvements and marketing.

They sold a few lots several years ago but nothing since, long before the virus issue. They lost any sort of forward movement some time ago.

This is a massive failure by any measure.

[Dob Hooligan]

The one on May Ave., Elmhurst Court, is not in Nichols Hills. It is Oklahoma City, in the area commonly known as West Nichols Hills. That is a big distinction for those in the area.

I recall hearing the lender took over for one of the partners in the project on the north side of 63rd Street.

[PhiAlpha]

The owners/developers paid over $6 million over 10 years ago just for the homes, then spent more money on legal fees, demolition, improvements and marketing.

They sold a few lots several years ago but nothing since, long before the virus issue. They lost any sort of forward movement some time ago.

This is a massive failure by any measure.

I think the virus will be the final nail in the coffin. This project will have to change.

[chuck5815]

As I mentioned earlier, you can't sell $275K lots for $450K at this stage of the credit cycle. You would need a number of very favorable tailwinds to do so.

Also, the type of person with the income necessary to afford CC isn't the type of person who cares about walking to NHP. Probably would have done much better with upscale multi-family (row houses, etc.), although I'm sure the surrounding owners would have made that difficult.

[Rover]

As I mentioned earlier, you can't sell $275K lots for $450K at this stage of the credit cycle. You would need a number of very favorable tailwinds to do so.

Also, the type of person with the income necessary to afford CC isn't the type of person who cares about walking to NHP. Probably would have done much better with upscale multi-family, although I'm sure the surrounding owners would have made that difficult.

Don’t know why you imply the walking part. I walk nearly every day in the area and consistently have seen more people out walking there than just about anywhere else in OKC. I see lots of families and young couples, more mature couple, all out walking. Even now. Why people want to promote this idea that somehow NH people aren’t interested in physical activity is beyond me. The park along Grand has wonderful walking trails and people use them. They walk, run, and bike heavily.

[chuck5815]

Don’t know why you imply the walking part. I walk nearly every day in the area and consistently have seen more people out walking there than just about anywhere else in OKC. I see lots of families and young couples, more mature couple, all out walking. Even now. Why people want to promote this idea that somehow NH people aren’t interested in physical activity is beyond me. The park along Grand has wonderful walking trails and people use them. They walk, run, and bike heavily.

I’m not disputing that some people in NH like to walk. I’m saying that they aren’t going to overpay for a lot just so they can walk to NHP. It’s definitely not cool enough to drive a $150k premium per lot.

[Rover]

I’m not disputing that some people in NH like to walk. I’m saying that they aren’t going to overpay for a lot just so they can walk to NHP. It’s definitely not cool enough to drive a $150k premium per lot.

I agree they won’t overpay. However, it’s had been selling for huge sums in NH for some time in way less developed areas. This may be a bust now, and the current economy will definitely set back any recovery, but I think the real reason is the overpaying of the properties in the first place. The developer was using the Aubrey McClendon theory of value... buy it all, make it exclusive , and eventually drive up the price. Problem is that there is too much other available stock. If NH would ever restrict tearing down the smaller older houses and property became more scarce, then it would have a chance.

[Pete]

The one home on the north side of the street and closest to the camera is for sale for $1.9 million:

https://www.zillow.com/homedetails/1...83844760_zpid/

[Plutonic Panda]

These are cool homes. They seem like garden homes but mansion style lol.