Entry level housing in Maywood Park

[betts]

This sounds like what was originally going to be called Maywood Hall. It's a great opportunity for first time home buyers, I think.

Oklahoma developer hopes buyers will find home at the Leslie

Design to offer prices starting at $99,900 for first-time purchasers

BY STEVE LACKMEYER

Published: November 5, 2008

The least expensive new housing yet to be introduced to downtown Oklahoma City is set to be built next year as development continues in the Maywood Park neighborhood. Developer Ron Bradshaw said prices for The Leslie will start at $99,900 — a price point targeted after he saw brisk pre-sales for the adjoining Maywood Lofts.

"The broader market is what we’ve known it to be all along — it’s the lower price point,” Bradshaw said. "And we’ve designed something that is high quality but very affordable for the first-time home buyer. For medical students, they could see mortgage payments lower than what they might pay renting.”

Properties share look

The Leslie is designed by TAParchitecture, the same firm behind the Brownstones at Maywood Park immediately north (the Maywood Lofts were designed by HSE Architects), and The Leslie continues the look of the brownstones. "It will be more contemporary,” Bradshaw said. "But it will have the brick and balconies that will give it the brownstone flavor.” The project’s name is drawn from the area’s original plat and the narrow width of the street (called a "mews”), is designed for pedestrians over vehicles, and can best be compared to Carey Place near Oklahoma City University. The new street, Leslie’s Place, is 30 feet wide, compared with 44 feet for NE 3 as it runs through the nearby brownstones.

"The idea was to make it more of a people-friendly courtyard,” Bradshaw said. Bradshaw acknowledged financing is harder than six months ago. He said equity is in place and the project needs to pre-sell half of the 48 units before construction begins.

Demand not falling

Based on successful sales reservations at the Maywood Lofts, Bradshaw believes pre-sales won’t be a problem with the lower-priced Leslie.
Brett Price, president of Urban Neighbors, agree downtown has a demand for housing priced in the range offered by Bradshaw. "People are still very excited about what’s going on downtown,” Price said. "And there are several developments to pick from, so people are wanting to see what’s out there. They know downtown is different than suburban or rural living — they’ll be living in a smaller space, and they’re going for a lifestyle.”

[Steve]

Nope, it's not Maywood Hall. I've got Maywood Hall stuff at my blog, OKC Central — All about downtown OKC.

[metro]

Steve, do you have any pictures of the "Leslie"

[betts]

I'm pretty sure I've seen pictures. If they're what I think they are, they look like two and three story brick townhouses that are slightly more contemporary, but similar in appearance to, the Brownstones. They won't use build-block construction, of course, at that price, nor will they have the slate roofs and copper details (if I remember correctly), but they're nice looking. Although they look like townhouses, I didn't see floorplans, so I don't know if they're actually lofts and the building has a townhouse appearance, making them more like a Chicago-style two flat or three flat, or not.

[Midtowner]

Price per square foot is what I'm interested in knowing.

[CuatrodeMayo]

I'm pretty sure I've seen pictures. If they're what I think they are, they look like two and three story brick townhouses that are slightly more contemporary, but similar in appearance to, the Brownstones. They won't use build-block construction, of course, at that price, nor will they have the slate roofs and copper details (if I remember correctly), but they're nice looking. Although they look like townhouses, I didn't see floorplans, so I don't know if they're actually lofts and the building has a townhouse appearance, making them more like a Chicago-style two flat or three flat, or not.

I have a feeling they are not full townhouses. A $100k home downtown at 200$/sq ft would only have 500 sq ft!

[betts]

I have a feeling they are not full townhouses. A $100k home downtown at 200$/sq ft would only have 500 sq ft!

I think you're right, but I also think they're not priced as high as $200 a square foot. There are probably two or three "flats" per townhouse.

[warreng88]

So let me see if I have the layout of this straight:

Maywood Lofts would be on the northside of NE 2nd between Oklahoma Ave and the train wall.

Maywood Hall is going to be built directly east of this taking up a half block on NE 2nd between Oklahoma and Walnut.

The Brownstones at Maywood Park are facing 3rd Street on either side of Oklahoma Avenue east and west.

The Leslie will be between the south Brownstones and The Maywood Lofts on "Leslie Place" between the train wall and Oklahoma.

Does that about cover it?

[betts]

So let me see if I have the layout of this straight:

Maywood Lofts would be on the northside of NE 2nd between Oklahoma Ave and the train wall.

Maywood Hall is going to be built directly east of this taking up a half block on NE 2nd between Oklahoma and Walnut.

The Brownstones at Maywood Park are facing 3rd Street on either side of Oklahoma Avenue east and west.

The Leslie will be between the south Brownstones and The Maywood Lofts on "Leslie Place" between the train wall and Oklahoma.

Does that about cover it?

A nice little neighborhood is developing.

Exactly right.

[shane453]

I love how it's really filling in block-by-block. Kind of one step at a time, fill it in and move to the next project. The Triangle has been an excellent masterplan with great execution.

[Turanacus]

I often cruise through the Brownstone area, it is completely dead. Have they sold any of those things?

[metro]

Yes Turanacus, they've sold quite a few actually. Most of them in Phase I are still being wrapped up. This time next year, you won't even recognize the area and it will have tons of streetlife if things stay on track.

[betts]

I bought one. It's just in the process of having the wiring done, so we're a ways off yet.

Virtually all of the Brownstones but the model and the Decorator showhouse brownstones only have framing on the interior, which allows you to change anything you'd like.

[wsucougz]

How many have sold now, 3 including the one over the retail space?

[onthestrip]

I thought I read in the paper that they have only sold 2 brownstones, and that they have come off the price considerably on several of them. Is this right?

[Architect2010]

Its not that they're selling badly. They're just hella expensive. No it is not a sign of Downtown Residential slowing down.

Most people cannot afford these things and even if they can, very few of them are the urban progressive thats just gonna drop their big lawn and house for a vertical home squeezed between two other brownstones with no lawn, or really even a completed neighborhood yet.

Give it time. Look at all the cheaper projects, they sell like crazy.

[jc4455]

I really have a hard time understanding the mindset behind the pricing of some of these new downtown housing developments. Not to mention the pricing behind some of the refurbished, loft-type places.

I understand that there's a desire to get young professionals in these places, but I see no real draw for the young professional crowd. There's no grocery shopping available, limited dining and you can only do the bricktown thing so many times.

There also the fact that, if they're anything like me, "young professionals" work a good 50-70 hours a week and most times just want to be able to go home and sleep, not pay for a "downtown experience".

[Midtowner]

I probably fit into that young professional category as well. The thing is, I think spending upwards of $200 per square foot in Oklahoma City for a home makes very little financial sense. It's more than twice the going rate for suburban real estate, the build quality is not that much greater, there's no yard (which is actually kind of appealing), and finally, the market being able to sustain that sort of price is less than a certainty, so it'll be eons before I have any equity.

I think there is SOME value in the fact that living downtown means I have basically a 5 minute commute. The grocery store issue is minimal as the 15 minutes I have to drive to get to a good grocery store is made up in spades compared to the time saved not having to brave the Broadway Extension on a daily basis.

Eventually, I think prices will drop to a point where moving downtown not only makes sense because it's fun... it'll eventually make financial sense. Right now, it doesn't.

[betts]

I think you have to look at materials and quality of construction too, something too few people do when buying a home. I don't believe homes downtown are more than twice the price per square foot of comparable quality construction. Matt Wilson, in Edmond, 7 years ago was building homes for $150 a foot without the land (I was looking at the time). I don't know what they are now, but I bet they're at least comparable to downtown prices. Those prices, compared with most cities, are still very reasonable.

When you've got all brick construction, slate roofing, copper guttering, build-block walls, that will cost more than a stick built home with some wood siding, asphalt shingles and painted gutters, What's nice is that now it sounds like there will be more affordable options downtown. But you won't get the same materials you do with the more expensive homes.

[metro]

I really have a hard time understanding the mindset behind the pricing of some of these new downtown housing developments. Not to mention the pricing behind some of the refurbished, loft-type places.

I understand that there's a desire to get young professionals in these places, but I see no real draw for the young professional crowd. There's no grocery shopping available, limited dining and you can only do the bricktown thing so many times.

There also the fact that, if they're anything like me, "young professionals" work a good 50-70 hours a week and most times just want to be able to go home and sleep, not pay for a "downtown experience".

As a young professional downtown property owner, I disagree. It all depends on the circle you hang out in. I know hundreds of young professionals downtown that are living their purely for the experience/lifestyle. There are just as many or more that want to live down there but can't afford it.

Also, which "refurbished-loft style projects" are you referring to because the only lofts downtown for sale, Maywood Lofts, are one of the first reasonably priced developments targeted for young professionals. Basically the urban lifestyle is a new experience and mentality in Oklahoma and for some, it's hard to understand completely. There are more than a thousand that do get it, willing to pay the premium for it and are living the lifestyle. It takes these first risk takers on the riskier or higher (not all is high end, including myself) end of the market and let the developers make a good profit to take more risk on lower priced properties where their profit margin is going to be lower.

Bricktown, well, I rarely go to Bricktown, there is FAR more to downtown than touristy Bricktown. AA, Deep Deuce, Arts District, Film Row, MidTown anyone? There are also cool places in the CBD to hang.

Just another perspective......

[betts]

As far as limited dining goes, Red Prime, Iguana, In the Raw, the Wedge, Deep Deuce Grill, Trattoria Il Centro, The Skirvin, Falcone's, Earl's Rib Palace, Sonic, McDonalds, Irma's, Prairie Thunder, McNellies, 1492, Cafe do Brasil, the Melting Pot, Abuelos, Bourbon Street, the Crab Shack and probably a bunch I'm not thinking about are there, and give you a wide range of prices and menus. Sage (can't remember the whole name) is coming with a market. That's more options than I've currently got on Western. I'm pretty pleased with dining options downtown, actually.

[jbrown84]

There also the fact that, if they're anything like me, "young professionals" work a good 50-70 hours a week and most times just want to be able to go home and sleep, not pay for a "downtown experience".

Then why do young professionals want to live in other cities' downtowns? Other than the grocery issue, I don't see a difference.

[jbrown84]

As far as limited dining goes, Red Prime, Iguana, In the Raw, the Wedge, Deep Deuce Grill, Trattoria Il Centro, The Skirvin, Falcone's, Earl's Rib Palace, Sonic, McDonalds, Irma's, Prairie Thunder, McNellies, 1492, Cafe do Brasil, the Melting Pot, Abuelos, Bourbon Street, the Crab Shack and probably a bunch I'm not thinking about are there, and give you a wide range of prices and menus. Sage (can't remember the whole name) is coming with a market. That's more options than I've currently got on Western. I'm pretty pleased with dining options downtown, actually.

Yeah I completely disagree with this notion that dining is limited. If he means no KFC on the corner, I guess so, but that isn't usually high on the list for young professionals I know. In fact, everyone my age is moving either to the core or to the inner NW historic areas, whether it's renting or buying.

[CuatrodeMayo]

J-Park represent!

[warreng88]

Posted this on "The Leslie" thread, but thought I would post it here too.

Downtown OKC set for more-affordable condosby Kelley Chambers

The Journal Record November 20, 2008

OKLAHOMA CITY – Downtown Oklahoma City may soon see housing options targeted at buyers who can’t quite afford a half-million-dollar condo.

The developers of Maywood Park began work in late 2006 to construct a neighborhood from the ground up.The first units they built, the Brownstones at Maywood Park, are priced between about $500,000 and $800,000.

Fifteen of those units were built and five more were added as show homes to benefit the Oklahoma City Orchestra League.

The development team, led by Ron Bradshaw, is now at work on the Second Street Lofts with plans for two more projects hitting a price range as low as $99,000.

The Second Street Lofts are under construction and priced about half as much as the brownstones.

“It’s down a notch in the price range,” Bradshaw said.

That project will have 55 lofts and 30,000 square feet of commercial space. Bradshaw said 39 of those units have sold along with 10 percent of the commercial space.

Residents and tenants at the lofts will also have underground parking, a luxury that adds to the final price tag.

“That’s really what makes these things cost so much is the underground parking,” Bradshaw said.

On average the lofts will have about 1,000 square feet and sell for between $134,000 and $266,000.

Pre-sales will be key in the start dates of two other projects.

The Leslie project is set to begin construction after the first of the year and a second phase must pre-sell 50 percent of the units before construction. That project calls for two 24-unit phases.

“Demand is what’s going to dictate the speed in which we build all this,” Bradshaw said.

The Leslie units will be priced from $99,000 to $230,000 each, and have at-grade parking.

“One of the things that brings the price down is we don’t have an underground parking garage to build,” Bradshaw said. “But it’s the same quality as the rest of it.”

On the drawing board is also a project dubbed Maywood Hall.The 36-unit project will require presales of half the units before the start of construction.

Units will range from about $145,000 to $370,000.

“It’s going to be in the middle of the price range,” Bradshaw said.
David Burnett, with Sperry Van Ness Oklahoma, marketed the neighboring Block 42 condo project, and said it is refreshing that a developer is catering to those who want to buy a condo downtown but have as of yet been unable to due to price.

Burnett said demand will likely be tremendous if the Triangle Group can deliver an urban product at a lower starting price point than much of what is currently available.

“It is refreshing to hear that a developer is finally catering to a largely untapped demographic,” he said. “Deep Deuce and a few other apartment complexes have generally been the only option for young professionals when it comes to downtown living.”