Originally Posted by
Midtowner
Ordinarily, if there were freer credit out there, I'd think that downtown development would be a 'can't miss' proposition. You get the land for a song, build what are essentially a lot of spec homes on a smallish plot of land at a slightly higher cost, then you sell them at reeeeeediculous prices ranging from $125 sq. ft. in Midtown to $250-$300/sq.ft. in other parts of downtown.
I paid ~ $70 sq. ft. for a posh residence in NW OKC, touching lake Hefner, complete with bike trails, a fine golf course and one of the largest municipal parks in the country. I really liked downtown living and the lifestyle, but as a young professional, no way am I paying $250-$300/sq. ft. or even $125 when I know damn well that the costs in developing downtown, at least building brownstones, aren't a whole lot different from developing in suburbia, and if they are, there sure as heck isn't a $200 sq. ft. difference.
The problem with downtown development is that developers seem to be stuck on the notion that they can expect to see absurd profits by demanding sky-high prices -- much of their built in profits come from extremely low land acquisition costs [thanks to us taxpayers].
If I'm wrong, I'll apologize, eat my words, etc. I'm often wrong, so I have lots of practice at this. Could anyone educate me as to why and where I'm mistaken? I'd love to be a little more educated in this area.
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