OKC Real Estate Market

[Pete]

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

[T. Jamison]

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

How common was that prior to the current market? When I lived in The Village (2018-2020), every street had a house being remodeled and flipped. I would think some of it is due to the aging housing stock, as opposed to pure speculation.

[Pete]

How common was that prior to the current market? When I lived in The Village (2018-2020), every street had a house being remodeled and flipped. I would think some of it is due to the aging housing stock, as opposed to pure speculation.

It was going on when I moved on 5 years ago and very common when an un-updated home hits the market.

And most of it is pure speculation.

I walk the area frequently and the pattern is always the same: home that hasn't had much done to it sells, dumpster shows up, about 2-3 months later it hits the market, sold within days often for more than asking price.

We just had one sell for over $250/SF and another for $220/SF, but those had quite high-end finishes. The more common going rate is somewhere between $160 and $200/SF, depending on the property and the finishes used.

In 5 years, my home has appreciated more than 50%.

[T. Jamison]

It was going on when I moved on 5 years ago and very common when an un-updated home hits the market.

And most of it is pure speculation.

I walk the area frequently and the pattern is always the same: home that hasn't had much done to it sells, dumpster shows up, about 2-3 months later it hits the market, sold within days often for more than asking price.

We just had one sell for over $250/SF and another for $220/SF, but those had quite high-end finishes. The more common going rate is somewhere between $160 and $200/SF, depending on the property and the finishes used.

In 5 years, my home has appreciated more than 50%.

Well, that's scary to think about as a potential new homeowner. I love that area and want to move back, but I wouldn't pay $250 a foot for a gold plated house. Fortunately, I come from a long line of woodworkers/tradesmen and have a storage unit full of Dewalt tools begging for use. I just have to beat cash offers from flippers.

Thanks for sharing. I guess I underestimated the extent of the situation. I look at commercial real estate day-in/day-out, and it's been a little more tempered since everyone lost their minds in 2015.

[TheTravellers]

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

Venice has one going on literally 5 houses away from our house today - jackhammer, skid-steer and all, and there are others that we see in Venice, Cleveland, over by Shepherd, on 36th going east from May every time we're out...