Left Frame Lofts

[no1cub17]

WOW - that price point is insane! Regardless of how nice they are inside, I have a feeling these will be a tough sell. $700-800K goes a LONG way even in Mesta or HH these days.

[stlokc]

I agree these seem really expensive and I have no idea if they will sell.

But I do think the comparison with Mesta Park or Heritage Hills is a bit misplaced. It's a totally different buyer. A lot of people, myself included if I'm being honest, look at our personal places of residence in the vein of "How much space can I get for my money?" That's why suburbs have been popular. More square footage for the dollar.

But, I do think there is an emerging crowd that does not put a premium on that. Let's say $700-800K gets you 3000 SF in Heritage Hills or Mesta Park. You still have to furnish that space, you have to deal with old systems, with landscaping and yard mowing, with high utility costs, with an ongoing stream of repairs common with old houses.

Now, let's say you're a young professional (or maybe an NBA player?) with that same $700K-800K budget. You live differently. You don't have kids, maybe you don't want them, you're not interested in several bedrooms that you have to furnish and you're never going to use. You don't want to spend Saturdays and Sundays fixing things.

I'm not saying there are 100,000 of those people in OKC, however I think there are certainly more than six of them.

[okatty]

^I think you make great points and I agree with the basic theory. The one thing that appears a little off is this project in excess of $500 a foot and others that I think also fit the bill that you describe are at $350-$425 a foot. Maybe the finishes distinguish it, but that’s at least a question to ask.

[Richard at Remax]

Official MLS # are two at ~$551/ft, $523, and one at $518. HOA monthly dues not assigned yet but I would assume they are easily north of $850/month. Says they include insurance and maintenance.

[no1cub17]

I agree these seem really expensive and I have no idea if they will sell.

But I do think the comparison with Mesta Park or Heritage Hills is a bit misplaced. It's a totally different buyer. A lot of people, myself included if I'm being honest, look at our personal places of residence in the vein of "How much space can I get for my money?" That's why suburbs have been popular. More square footage for the dollar.

But, I do think there is an emerging crowd that does not put a premium on that. Let's say $700-800K gets you 3000 SF in Heritage Hills or Mesta Park. You still have to furnish that space, you have to deal with old systems, with landscaping and yard mowing, with high utility costs, with an ongoing stream of repairs common with old houses.

Now, let's say you're a young professional (or maybe an NBA player?) with that same $700K-800K budget. You live differently. You don't have kids, maybe you don't want them, you're not interested in several bedrooms that you have to furnish and you're never going to use. You don't want to spend Saturdays and Sundays fixing things.

I'm not saying there are 100,000 of those people in OKC, however I think there are certainly more than six of them.

I'm well aware of the differences between downtown living and Mesta/HH. As a former downtown resident who just bought in Gatewood, I'd say I'm extremely aware of what might drive someone to buy in either place. I guess instead of comparing the price point to Mesta/HH, I should have compared to other for-sale properties in downtown, and in general. That's really what I was getting at. $500/sqft is completely uncharted territory in OKC as far as I know.

[okatty]

They have a full floor option now listed for $1.55 Mill. 2975 feet. Over $520 a foot. 4 beds, 4 baths!

[OkiePoke]

Haven't seen any work the last few weeks. Still moving forward?

[Pete]

Haven't seen any work the last few weeks. Still moving forward?

Was by there yesterday and they were working away.

[OkiePoke]

Was by there yesterday and they were working away.

Weird. Must have been changing crews or waiting on material

[OkiePoke]

Pete, seems this project has stalled. No movement in a couple of months. Any update?

[Pete]

I know they have been moving very slow; took this just a couple of hours ago:

[OkiePoke]

Ya, I drive by almost daily. Haven't seen any progress on it. Granted, I don't count how many windows they have up, but it seems they haven't made progress since about Aug/Sept.

[Pete]

I've never understood how they hoped to sell the units are the prices they are asking.

[OkiePoke]

If financing hasn't dried up, maybe they stopped until they sold one so they could to a custom build out on it? That is my thought process.

[Pete]

There doesn't seem to be much progress:

[Roger S]

None for awhile now... Walked by it at lunch yesterday and there wasn't a single worker there.

[OkiePoke]

No work since late August/early September.

[Richard at Remax]

Take it for what it's worth, but what I heard is that they are waiting for buyers to come in, put some money down, so they can finish them off individually rather than moving forward to complete them all at once.

All 5 are still active on the MLS and range from $518-$553/ft.

[hoya]

None for awhile now... Walked by it at lunch yesterday and there wasn't a single worker there.

I think they hired the people who worked on I-35.

[OkiePoke]

Take it for what it's worth, but what I heard is that they are waiting for buyers to come in, put some money down, so they can finish them off individually rather than moving forward to complete them all at once.

All 5 are still active on the MLS and range from $518-$553/ft.

That makes some sense. I figured they would at least have it enclosed so that can build out the unit when it sells.

[Timtoomany]

I got to wondering if this was an elaborate joke. If they were literally going to be Left [as a] Frame forever.

[Pete]

The $300K in TIF money is being rescinded by the city, so I take that as a further sign of this project not going forward any time soon.

[Richard at Remax]

Let's give money to a developer to build homes in which the vast majority of people cannot afford. Seemed smart.

[SEMIweather]

Lmao. Well, at least it doesn't look like a total eyesore in its current state or anything.

[Canoe]

Lmao. Well, at least it doesn't look like a total eyesore in its current state or anything.

It really gives the city a mad Max vibe.