Promenade at Gaillardia

[circuitboard]

I feel this development deserves its own thread. Its a pretty impressive development, and the amenities included are outstanding. I am interested in what these will be priced at, they are like mini versions of Gaillardia homes.


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[HangryHippo]

That looks nice.

[bchris02]

This is cool. Reminds me of the kind of developments going up like wildfire in suburban Charlotte, specifically the Ballantyne area which Gaillardia is an infant version of.

I also think Gaillardia is the perfect place for OKC's first true upscale lifestyle center.

[bradh]

That does look nice but current issues with the club has me wondering what might happen. I'm sure they're still plenty expensive.

[Dustin]

So.. I had no idea Gaillardia was that big.

It's basically a town with a golf course.

[Martin]

reminds me alot of chatenay in south okc. -M

[adaniel]

So.. I had no idea Gaillardia was that big.

It's basically a town with a golf course.

Meh, its not that big. Maybe 175 lots, if that. If your going to exclusive, you can't let everyone in LOL. I would say that other golf course communities in the area (Oak Tree, Rose Creek, Quail Creek, etc.) are considerably larger.

[zookeeper]

Let the guessing begin....

Start at 600K?

[Martin]

Let the guessing begin....

according to mls... the lots are going for $200k - $300k. hoa dues are $1290 per quarter. -M

[soonerguru]

Wow. Little faux chateaus.

[zookeeper]

according to mls... the lots are going for $200k - $300k. hoa dues are $1290 per quarter. -M

gulp.

[Plutonic Panda]

What happened to the website?

[Plutonic Panda]

Well, here is the master plan which looks really nice



http://www.kaypratt.com/communities/...ty/gaillardia/

[warreng88]

Well, here is the master plan which looks really nice



Gaillardia

I hear they are having some problems financing the initial development of this neighborhood. Will be interesting to see where this goes since there is already one house built in there.

[Plutonic Panda]

That really sucks. A really nice suburban development done right and they're having problems with it already. Maaaaaan. Hopefully it is built as planned.

[warreng88]

A lot of the problem comes with the initial financing of a development because all you have is land. Banks don't typically loan more than 70% (usually 65%) on raw land and then the same amount on the improvements. So, if you buy some acreage for $1 million, you are going to be able to only get $700,000 at most for $300,000 out of pocket. Then, let's say the improvements (survey, streets, sewage, water, etc) cost another $1,000,000, (with $700,000 financed) then you are going to have to spend $600,000 out of pocket for the entire project, plus interest and if you are paying 5% interest, you owe the bank the original $1,400,000 along with $70,000 in interest plus fees and you haven't sold anything yet.

I am curious as to how much the lots in this development will cost. Gaillardia lots usually run $125,000 or so, but these are smaller and the homes will be closer together so probably $100,000 or so. Then, when you sell one lot, the bank usually requires at least 70% of the sales price to be paid down on the loan. As you can imagine, a development of this type could take a lot of time. I would say at least two years from purchase to when we start seeing more homes pop up and that's if they are priced right and are in demand. The whole thing could easily go into foreclosure if they don't have the right backing.

[bchris02]

I hear they are having some problems financing the initial development of this neighborhood. Will be interesting to see where this goes since there is already one house built in there.

That's really unfortunate. This looked like it was going to be a pretty legit development.

[bradh]

That's not a house that's the clubhouse right? I wonder what the demographic is gonna be, I would be interested but my wife fears it will a bunch of empty nesters

[adaniel]

If I was a bank I would stay far far away from this. A price of 200-300K for patio home lots is obscene in this market. And for this you can listen to the dull roar of a 6 lane freeway nearby and (maybe) play at a golf club that's only now crawling out of bankruptcy? Yeah I'll pass.

If you want a high end patio home you could probably go to one of the Bill Roberts communities or Rose Creek and get into a golf community, both for much less. Someone should remind this developer they are in OKC.

[ylouder]

This is cool. Reminds me of the kind of developments going up like wildfire in suburban Charlotte, specifically the Ballantyne area which Gaillardia is an infant version of.

I also think Gaillardia is the perfect place for OKC's first true upscale lifestyle center.

Go away.

[Plutonic Panda]

And for this you can listen to the dull roar of a 6 lane freeway nearby

You should know Dallas has 12 lane highways with luxury apartments right next to them and you can't even hear it. Plants and sound barriers can make a huge difference.

[metro]

Anyone know when they plan to break ground on this? Haven't seen any dirt move yet.

[bombermwc]

What always gets me with Gallardia is how your address defines how much your home is worth. You don't buy a lot because you like it. You are ALLOWED to purchase a lot in an area with homes of a similar size. That way you don't have mcmansions next to a 3k house (not that 3k is small). When you are driving around in the neighborhood, you get a sense of the disgusting amount of wealth some of the people have. My former employer's former CEO (retired) built an amazing home up there in the large section. Less than 5 years after it was built, he already gutted the inside and remodeled all over again. I drooled when I saw his cabinetry...the most beautiful I've ever seen...and HAND CRAFTED/CARVED (not just milled on a table saw)! It almost makes me sick to think about the money put into that only to have it torn out after such a short time.

It's definitely an altered state of reality that I will never live in. Fortunately, his family stayed pretty grounded. They didn't "usually" come off as uppity or snooty. My mother's ceo lives in one of the smaller villas and is quite happy there as well. I don't think I've ever heard anyone that lives there say they didn't like it. There are so many rules about things though, it sort of drives me bonkers. Not my personal lifestyle choice, but it does appear that quite a few people really enjoy it. Maybe it's the exclusivity, maybe it's how incredibly quiet it is there, maybe it's the security of being 100% private (meaning no open gate there during the day), maybe they enjoy not having a yard or having to be responsible for mowing it (paid to the neighborhood...you are not allowed to mow your own lawn). But when you've got that much cash, you just don't really give a crap about some things any more. :P

[Plutonic Panda]

Go away.

aren't you just pleasant all around? How about you go away. I see you don't contributing much besides attacking people.

[SoonerFP]

So I noticed their site has been hacked apparently, but from the pics plupan posted, it reminds me of some of the neighborhoods I've seen in the north Dallas area. Pretty nice, but I prefer a bit more green between houses, myself.