Why does OKC have such a lack of condos and townhouses?

[hoya]

There should be signs all over the C2S / Bricktown / Film Row, stating " Coming Soon "....This IS the time for the boom! Why are we not seeing this?

Because money still is t flowing like it was before 2008 (which is a good thing - that's why 2008 happened), and OKC isn't a proven market for it.

I don't think our downtown would have provided the right environment for condos 5 or 10 years ago. Remember we have basically brought our downtown back from the dead. Condos are clearly desirable, we want them to be in our downtown area. It will take more time because of where we started from.

[Spartan]

It wasn't so much that people couldn't afford to buy, it was that for a time nobody - NOBODY - could get financing. And then the lending rules changed requiring developers to have a ridiculous number of buyers already in the bag before getting a construction loan, effectively ending spec condo devekopment, which had fueled the crazy growth in other markets. Meanwhile, the downtown rental market - which was easier to finance and had been terribly underserved to that point - was still underserved. Developers just took the path of least resistance.

We still don't have much condo supply no matter how reasonable the development trend has been. I agree with you. It's this simple: financing makes the world go round, and there are rules for what gets financed.

[bchris02]

There should be signs all over the C2S / Bricktown / Film Row, stating " Coming Soon "....This IS the time for the boom! Why are we not seeing this?

We are not in a speculative market at all. In fact, real estate investors are still being very cautious. The housing market is just starting to show signs of life again. It would take a speculative market to get condo towers in OKC in 2014.

[bluedogok]

OKC was a very speculative market in the late 70's to early 80's, all those years between booms seemed to temper the "spec mentality" here and led to much smaller developments by locals and seemed to chase the national developers out of the market. For the large single family developments that can be a good/bad thing, for urban type of developments it generally requires the large, national builders with a proven track record and a large credit facility.

[OKVision4U]

Because money still is t flowing like it was before 2008 (which is a good thing - that's why 2008 happened), and OKC isn't a proven market for it.

I don't think our downtown would have provided the right environment for condos 5 or 10 years ago. Remember we have basically brought our downtown back from the dead. Condos are clearly desirable, we want them to be in our downtown area. It will take more time because of where we started from.

It's one thing to pull back on the lending strings, but it is another thing to hold them "so tight" they strangle a market. East & West Coast are still having this issue. The central US ( The Oil Belt ) is thriving. So, the commercial lending should be taking advantage of this. MidFirst should be building a tower DT too. This would be a very encouraging statement to all of Oklahoma.

MFB should be leading the finance charge for all major developments in DT OKC...., Mixed Use Towers / Condo Towers / Large Retail / Large Residential.

[hoya]

It's one thing to pull back on the lending strings, but it is another thing to hold them "so tight" they strangle a market. East & West Coast are still having this issue. The central US ( The Oil Belt ) is thriving. So, the commercial lending should be taking advantage of this. MidFirst should be building a tower DT too. This would be a very encouraging statement to all of Oklahoma.

MFB should be leading the finance charge for all major developments in DT OKC...., Mixed Use Towers / Condo Towers / Large Retail / Large Residential.

I think we're going to see investors go for what they know is already a success. At this point in OKC, that means apartment buildings like the Edge and LEVEL.

[OKVision4U]

I think we're going to see investors go for what they know is already a success. At this point in OKC, that means apartment buildings like the Edge and LEVEL.

hoyasooner, you are probably correct. This has been their comfort level in large commercial lending.

The primary difference is this, in the past it has been when Oklahoma City was in a Boom time, the other regions where too. Today, the central US has an advantage of "Economic Momentum going into 2014" and for the next 20 years that other regions don't. It would take very little additional investment into our local economy and would we see the critical mass hit much quicker here...vs. previous booms. Jobs / Jobs / Jobs.

If the commercial lending groups would flood the market w/ local investment ( Large Projects / Towers / Large Developments in the DT ) they would see an explosion in growth from other cities. We would be "The Place to Be" for an individual / family / corporation looking for the next opportunity. The energy companies are taking out all the risk in growth by continuing to invest in the DT area. MAPS is continuing to pour 3/4 Bil in one single area....DT. Zero Risk.

The demand is there, ...we just don't have the supply. MidFirst Bank, where are you? ....this is the time to become a Major Investment Group.

[betts]

I'm happy to see that developers in SoSA are splitting lots into 25' wide parcels and giving us skinny houses. That's the kind of space that gives great density and a great lifestyle in single family housing close to a downtown. If I weren't so spoiled by my location, I'd buy there as I would love the size of the patch of green you get with a 25' lot.