If you don't live downtown, why not?

[OKCMallen]

I really don't understand the controversy regarding downtown living. It's not a conspiracy if you don't/can't live there. It is simple supply/demand. OKC doesn't have the population or employment to support a large downtown housing area. Furthermore, there is minimal affordable housing. Apartment rental rates in the area range from $1.00 - $1.38/SF per month. Deep Deuce has rental rates from $650 - $1,800 per month. When developers provide product that can adequately compete with these rental parameters, I think more sales will occur.

Two more quick things: Many college graduates can't find jobs right now and are likely scared to death of their future. That may be holding back residential sales of all kinds. Second, it amazes me that every developer took that 2005 downtown housing study that said 10,000 units were needed and concluded that 10,000 high-end units were needed. That is not statistically possible. Block 42 had first-mover advantage but remains stalled.

That's weird. At first you say there's no population or employment to have decent downtown living, and then you say that when developers compete with rentals, sales will occur. Those are opposing ideas.

I think the point is: there are people that *want* to live downtown. Developers have missed the mark by ignoring the surrounding market prices and refusing to make middle-end housing a short-term plan.

I make a nice living. I would LOVE to live downtown or in Bricktown. But given the lack of options in the mid-range as compared to what I get at 50th and Western, it makes almost zero sense.

Shouldn't there be options for a young professional with money to spend that WANTS to live downtown that are reasonable as compared to what is available within a 8 minute drive?

[OKCMallen]

There are certainly plenty of people in Oklahoma City that can afford downtown housing at virtually any price and plenty of people working downtown with the income level to do so. The mistake was in thinking people with the money to do so would want to move downtown into the housing provided.

Well put.

[Rover]

I think that part of the problem is that developers tend to build what they want to build and somewhat disregard the target prospects. One of the reasons my wife and I haven't seriously considered downtown is that the projects built to date are designed to appeal to a very different demographic. It isn't the price per foot, per se, but the price per foot for something not suited to our lifestyle. Founders has the amenities but looks like condo's that have been put in office spaces - rooms are odd. Build a mid-high rise of flats with good vistas, secure entry (doorman), indoor parking attached and sophisticated common areas and those with the incomes would be more attracted. We just don't want to live as 25 year olds live. Give us something appropriate to shop from.

[benman]

So far there is 7 pages of replies filled with ideas of what there should/shouldnt be downtown. Some projects would really get rolling if people on here (myself included) took all their ideas to the drawing board, presented to some investors, and tried to make things happen. Everyone says "well Im not a developer, so I cant do it". Well, all current developers at one point werent developers either. There seems to be quite a few people on here that know what is needed downtown and know what will work, so why not present an idea to someone? It might only take talking to one investor that has the $$ but needs someone younger to help with the idea of what will attract different crowds. Just a thought.

[ZGrey6]

I am a single young professonail (20 something) with no kids. I am relocating to Oklahoma City in May and would very much like to own property downtown. As I read through this thread it seems a majority of you are frustrated with the prices of the options downtown, while others are defending their choice to be downtown. Are the prices so overly expensive that I should scratch this idea from my plan completely? Or is it a proper idea to explore the concept of investing in downtown property?

[OKCMallen]

I am a single young professonail (20 something) with no kids. I am relocating to Oklahoma City in May and would very much like to own property downtown. As I read through this thread it seems a majority of you are frustrated with the prices of the options downtown, while others are defending their choice to be downtown. Are the prices so overly expensive that I should scratch this idea from my plan completely? Or is it a proper idea to explore the concept of investing in downtown property?

The thing is, IMO, that you can own a house with more sq ft, a yard, etc., for significantly less in very close proximity. So, it sorta depends on what you want. I would love to live downtown, but not so much as to basically waste money.

[semisimple]

I am a single young professonail (20 something) with no kids. I am relocating to Oklahoma City in May and would very much like to own property downtown. As I read through this thread it seems a majority of you are frustrated with the prices of the options downtown, while others are defending their choice to be downtown. Are the prices so overly expensive that I should scratch this idea from my plan completely? Or is it a proper idea to explore the concept of investing in downtown property?

If you are interested in downtown, then I think you should look. One person's definition of "expensive" may be entirely different than someone else's. Downtown prices are high for OKC but low compared what you'd pay downtown in some other markets.

After you spend some time in the area you may decide downtown is worth the price premium. I certainly wouldn't just scratch it off the list just yet.

[kevinpate]

I am a single young professonail (20 something) with no kids. I am relocating to Oklahoma City in May and would very much like to own property downtown. As I read through this thread it seems a majority of you are frustrated with the prices of the options downtown, while others are defending their choice to be downtown. Are the prices so overly expensive that I should scratch this idea from my plan completely? Or is it a proper idea to explore the concept of investing in downtown property?

If you seek to buy rather than lease, get in touch with one of the members here, name of metro. I believe he's got a close to DT condo that is no longer meeting his expanded needs. Never seen it, but he's referenced it a time or three.

[betts]

The thing is, IMO, that you can own a house with more sq ft, a yard, etc., for significantly less in very close proximity. So, it sorta depends on what you want. I would love to live downtown, but not so much as to basically waste money.

Again, the term "waste" is a matter of opinion. A swimming pool or a yard you have to mow, water, weed and fertilize are a "waste" of money to some people. Having more than 800 square feet in which to live is a waste to some people. Again, once you get beyond minimal square footage, four walls and a roof, everything else we spend money on, housing-wise, is a luxury. Everyone has different ideas of what constitutes luxury and what they personally are willing to spend money on. I think my husband wastes money on travel, he thinks I waste mine on furniture. Which one of us is right and which is wrong? Neither, either or both, depending on your point of view.

And what constitutes a reasonable price per square foot can be very different for people moving here from elsewhere.

[Meaculpa]

Answering the original questions:

No, I do not live downtown.
But, I have purchased a lot in the 500 block of NW 7th. I am excited about building a home for my family. We hope to start construction in a couple years.
We have contracted with an architect.

[Bill Robertson]

Again, the term "waste" is a matter of opinion. A swimming pool or a yard you have to mow, water, weed and fertilize are a "waste" of money to some people. Having more than 800 square feet in which to live is a waste to some people. Again, once you get beyond minimal square footage, four walls and a roof, everything else we spend money on, housing-wise, is a luxury. Everyone has different ideas of what constitutes luxury and what they personally are willing to spend money on. I think my husband wastes money on travel, he thinks I waste mine on furniture. Which one of us is right and which is wrong? Neither, either or both, depending on your point of view.

And what constitutes a reasonable price per square foot can be very different for people moving here from elsewhere.

True. A perfect example of "to each his own. However, the number of discussions on the lack of movement in DT residential real estate would lead me to believe that the people of OKC that find DT living desirable and affordable are a minority.

[OKCMallen]

Again, the term "waste" is a matter of opinion. A swimming pool or a yard you have to mow, water, weed and fertilize are a "waste" of money to some people. Having more than 800 square feet in which to live is a waste to some people. Again, once you get beyond minimal square footage, four walls and a roof, everything else we spend money on, housing-wise, is a luxury. Everyone has different ideas of what constitutes luxury and what they personally are willing to spend money on. I think my husband wastes money on travel, he thinks I waste mine on furniture. Which one of us is right and which is wrong? Neither, either or both, depending on your point of view.

And what constitutes a reasonable price per square foot can be very different for people moving here from elsewhere.

Sorta right, sorta not. At some point, you have to bring in a little objectivity. Very few people would ever say "no" to the idea of having more space for the same price. So that shows that space is something that almost everyone values, and you can find some objectivity. Which helps to explain this entire thread, and all the people that would like to live downtown but don't. It's financially wasteful for many of us.

I agree with you on the yard. I hate mowing.

[OKCMallen]

True. A perfect example of "to each his own. However, the number of discussions on the lack of movement in DT residential real estate would lead me to believe that the people of OKC that find DT living desirable and affordable are a minority.

Exactly.

[BG918]

I like downtown living because I could care less about a yard and don't need much square footage to live. The wife on the other hand likes more square footage. So the compromise is a 1300 SF bungalow a mile from downtown. If I could find something downtown that was a similar SF for a price we could afford, we would move. Our current salaries do not allow it, but hopefully they will in a few years. My dream is a high rise condo but would take a townhouse/brownstone so long as it has a good skyline view.