So can we expect 200k condos in bricktown in the future?

[OU Adonis]

200k is all I am willing to spend on a condo. Is there any reasonable expectation of a Condo development for my price range? Or should I just start thinking about getting a 2nd job?

[trison]

I hear that there will be condo's in that price range in Mid-Town next year.

[adaniel]

Here are some condo's in the Triangle area. Its not quite in Bricktown but there are several less than $200K. You should check it out.

The Lofts at Maywood Park

[shane453]

Central Avenue Villas which is already u/c had units less than 200k didn't they? in the Triangle. Close to Bricktown...

[metro]

OUAdonis, there are already a few condos/lofts in Bricktown for $200K or less. Not many but they are out there. Above Brew Ha Ha coffee shop there are some for rent and sale. I'm not sure if you want to live in Bricktown. I personally feel you'll get a far better return on your investment in other places downtown. There are many places downtown you can get for 200K or less and it is only going to get better. No one mentioned it but there are the Harvey Lofts, as well as Central Avenue Villas, The Lofts at Maywood Park, Block 42 (I believe had a few in that range), and several other older developments scattered all around downtown and the Midtown area.

[Midtowner]

Still, downtown property still has a ridiculously high $/sq ft price tag. My biggest concern would be that I would buy a piece of property which might actually depreciate when core to shore goes in and there's a glut of supply insofar as downtown housing suddenly available.

[CuatrodeMayo]

There was supposed to be something about that on a station's 10 pm News. Anybody see it?

[metro]

I understand your points Mid and they are valid. Although the price per sq. ft is high now, by the time Core to Shore is getting implemented (probably close to 10 years away), regardless of the devaluation of property, I think inflation by then will have kicked in enough to offset most risks of that. Not to mention, the Core to Shore probably won't be fully developed for another 20-30 years. I'm not sure if I'd want to wait that long to enjoy the downtown lifestyle right now. Real estate prices are almost always going up, and so far there is no real estate bubble in this market unlike the coasts. There is also the possibility that the CBD area properties could be worth more due to demand, as it is likely housing in C2S will be more mass produced.

[Midtowner]

Well, the property values still may decline. Many of those properties aren't exactly selling like hotcakes.

Also, beware of the properties on "The Hill." Apparently they suffered a lot of structural damage (warping mostly) due to the rain... at least according to a friend of mine who has been thinking about buying there.

[metro]

Again, valid points. But my main point is C2S is at a minimum a decade away before we'll start to see much if any progress. 20-30 years before maturation. Does one want to waste 1/3 of their life to wait around for that? I suppose if your 10 years old or less, possibly. But an adult 25 or older, I'm not so sure if I'd want to wait around and take that gamble. Most of the downtown projects, with the exception of The Hill (which is a joke in the first place), from what I hear and understand are at least 60% pre-sold, and most developments a much higher percentage than that.

Just curious, what sort of "structural damages" is The Hill Not in Bricktown having? So far all I have seen done is dirtwork and some basic foundation work. I'm willing to bet that this early in construction, they could do some pierwork to remediate any problems?

[Midtowner]

Again, valid points. But my main point is C2S is at a minimum a decade away before we'll start to see much if any progress. 20-30 years before maturation. Does one want to waste 1/3 of their life to wait around for that? I suppose if your 10 years old or less, possibly. But an adult 25 or older, I'm not so sure if I'd want to wait around and take that gamble. Most of the downtown projects, with the exception of The Hill (which is a joke in the first place), from what I hear and understand are at least 60% pre-sold, and most developments a much higher percentage than that.

Just curious, what sort of "structural damages" is The Hill Not in Bricktown having? So far all I have seen done is dirtwork and some basic foundation work. I'm willing to bet that this early in construction, they could do some pierwork to remediate any problems?

I may be mistaken then as to the project I'm referring to. I'm referring to projects where the frames are basically done. They're in the north-of-bricktown area... big 'ol Brownstones.

[flintysooner]

The Brownstones at Maywood Park are $590K to $710K. Not sure if there are others that are cheaper.

[metro]

Midtowner, you're referring to the Brownstones at Maywood Park not the Hill. Flinty, while you are correct about the price of the Brownstones, there are many developments in all phases, completed, under construction, or planned that are $200K or below. My point is still regardless of possible deflation, who wants to wait 20 years or so for C2S to come around. Who knows what will happen between now and then.

[escan]

I agree w/ Metro. We are moving to Wichita (ick) and were happy to get the price we did on a loft. You CAN NOT find a loft there for less than 300k. We gladly paid more than 100k more just for a top floor loft with outdoor space. The market will always support what people are willing to pay. If Wichitans (MAN, I hate that term!) will pay that much for a downtown lifestyle, shouldn't OKC also be able to support that? Personally, I'm ECSTATIC to be moving into a downtown area.

Shameless plug....great, great, great house for sale in OKC on NW 36th and Western. I loved living there, it's close to everything...lots of character and in wonderful condition! (Much less than 200K for 2500 sf.)

[mecarr]

I hear that there will be condo's in that price range in Mid-Town next year.

What lofts are there going to be in Midtown? I haven't heard anything about Midtown lofts.

[trison]

The one I was referring to is the old Guardian Garage. It's located just north of 10th on Robinson directly across from City Church. Looks like it will be a great project. It looks like the ceilings are 10 - 12 feet high and it has huge windows. It will have gated parking behind the building.

[trison]

I also noticed that they were doing brick repairs/work on Hadden Hall which is the three story building on the north side of 10th Street between Robinson and Harvey. That building is suppose to be residential condos as well.

[onthestrip]

Thats my concern with purchasing a condo at one of these new housing complexes. I just dont think the values will appreciate as much as a similar priced home. In my opinion, I just dont think it will be easy to sell one after a few years of living in it.

[shane453]

I think any sort of downtown area condo is a good investment. It's a trend that is just a little baby, and already pretty big. People are still going to want to live urban 20 or 30 years from now. I don't know that they can build fast enough to feel serious pain as far as selling and leasing... Demand for 10-15,000 units, according the the survey, and we've got about 2,000 u/c and completed since 2005. The demand will grow as downtown retail and services develop. I don't see the market depreciating anytime soon...

I think Midtown might be the best DT Market to invest in though.

[TStheThird]

The limited supply will keep the prices high. I would be more confident buying downtown than I would in Edmond where developers are building 8,000 homes in the next year. If the developers take their time and build downtown right, the units will appreciate well. Oklahoma has a lot of room for appreciation. Those prices are cheap. I had to pay close to $300,000 for a small house in the suberbs out here in Virginia.