Condos in OKC

[ETL]

I've seen condos in from the $60Ks to $450ks. But, do these hold their value as well as homes? Is buying a condo in the $70ks on NW Expressway going to increase in value like a home, and what about condos in the area downtown (a growing and popular area)?

[BBatesokc]

The problem with condos is the HOA. If its a good and fiscally responsible one and in a decent location and not over priced to begin with they should hold their value or increase in value.

The other problem with condos is, when they hit the $130,000+ price range you lose people who decide they can get more home for the money than condo.

i do lot of video work for private party home owners and realtors and that's were my perspective comes from.

[Midtowner]

I've seen condos in from the $60Ks to $450ks. But, do these hold their value as well as homes? Is buying a condo in the $70ks on NW Expressway going to increase in value like a home, and what about condos in the area downtown (a growing and popular area)?

It ought to at $70K. I have real concerns for the folks who are buying in the downtown area. I think the bottom drops out of the bricktown/deep deuce area as soon as the core to shore residential properties start getting built.

[ETL]

How long do you think it will be before Core to Shore starts to affect the Deep Duce area? Would the Deep Duce not continue to develop as well and be the more established part of the Downtown condo market? (When would be a good time to buy a condo downtown?)

I would love to get a condo downtown. My only problem is the lack of real livability there. I feel as though I would have to drive a ways to shop and to get groceries. Downtown OKC still isn't what you get in other big cities or like what you get in cities that are the same in size but more dense. There is a lot of land in OKC.

[adaniel]

Condo purchases anywhere in OKC (or OK for that matter) are a bit of a risky investment. The typical buyer here wants 1/2 acre, 3+ car garage, etc. so condos are just a really narrow spectrum of buyers. The people who are most likely going to be drawn to condos are probably not going to be living in a suburban area like Northwest Expressway, so price appreciation is going to be tough. But even in downtown you have risks with future supply as Midtowner pointed out.

I'd say live where you're happy, but make sure you know the risks and have a big down payment.

Something to consider. To get most conventional financing on a condo it must be 50% owners or more. If the condo complex for whatever reason has not met this threshold then you've shut out a ton of potential buyers and values are going to plummet. I am/was in the market for a condo but its really concerning how many complexes have such a high percentage of renters.

[adaniel]

How long do you think it will be before Core to Shore starts to affect the Deep Duce area? Would the Deep Duce not continue to develop as well and be the more established part of the Downtown condo market? (When would be a good time to buy a condo downtown?)

I would love to get a condo downtown. My only problem is the lack of real livability there. I feel as though I would have to drive a ways to shop and to get groceries. Downtown OKC still isn't what you get in other big cities or like what you get in cities that are the same in size but more dense. There is a lot of land in OKC.

Can't answer your question about C2S, but as far as the livability, its not that bad so long as you don't have kids. As someone who lives in Midtown I find that I do have to plan a bit more when grocery shopping since there's not a store just up the road. If absolutely must have something there's a WM Neighborhood market on 23rd and Penn or a CVS on 23rd and Classen, which are both only slightly further than what I was driving when I was living off NWX. I was just in downtown Memphis visiting a college friend and its pretty similar. You also have to ask yourself how often do you really go to the store? For a single dude like me, not really. On the flip side I was going out/eating in downtown quite often.

Are you looking at the Central Avenue Villas? I've noticed a few units are now below $200K which is far more accurately priced than what they were.

[JayhawkTransplant]

When it comes to the 'livability' issue, though, it seems to depend on how much you are willing to step outside of your comfort zone when it comes to things like grocery shopping. I am in the same boat as adaniel--my closest 'grocery store' is the Wal-Mart Neighborhood Market on 23rd. I'll go there once in awhile, but to do my regular shopping, I drive 7 miles to the Homeland on May and Britton. So, if I'm willing to drive the extra miles to get to a nice grocery store while living in a house uptown, I'd be willing to drive to a grocery store while living downtown.

I'm eager to see if Deep Deuce condos are in my price range with the C2S stuff starts popping up. I don't think DD will become a ghost town.