Civic

[Pete]

Steve has an article on this today:

The project calls for 34 condominiums, ranging in size from 800 to 1,400 square feet, with the average sales price of $300,000 with the smaller units to sell for less than $200,000.

Glad to hear these will be for-sale units.

[David]

Less than 200? Hmn.

[bchris02]

Good to see infill starting to pick up around the Civic Center and Museum of Art.

[Pete]

^

I hope they hold to that.

These projects are always pitched with much lower price ranges than actually prove out.

There is nothing to prevent a developer from charging as much as they want once the project gets underway, and there is so little for sale I suspect there may be a lot of pent-up demand.


Still, glad to see some more for-sale units. We need things to start swinging back that way a bit, especially with a ton of apartments in the pipeline.

[betts]

They sold off the existing Maywood building or the land for Maywood II?

Existing Maywood Apartments. As far as I know Bradshaw is still involved with Maywood II. He owns a few of the Brownstones that haven't sold, but that's about it, besides the land for Maywood II.

[BoulderSooner]

Less than 200? Hmn.

190k for 800 sqft. Puts them at 237 a sqft. Which is pretty much the same as block 42 cav and 2nd ave

[warreng88]

Looks like the Civic Center Flats are listed on zillow now:

Best Match
Type Price Beds/Baths Sqft Price/Sqft

# N2 For Sale $174,340 1 bd, 1.0 ba 758 $230
# N6 For Sale $174,340 1 bd, 1.0 ba 758 $230
# N7 For Sale $174,340 1 bd, 1.0 ba 758 $230
# N3 For Sale $174,340 1 bd, 1.0 ba 758 $230
# N4 For Sale $176,180 1 bd, 1.0 ba 766 $230
# N5 For Sale $176,180 1 bd, 1.0 ba 766 $230
# S2 For Sale $177,779 1 bd, 1.0 ba 763 $233
# S5 For Sale $177,779 1 bd, 1.0 ba 763 $233
# N13 For Sale $179,410 1 bd, 1.0 ba 770 $233
# N10 For Sale $179,410 1 bd, 1.0 ba 770 $233
# N1 For Sale $181,700 1 bd, 1.0 ba 790 $230
# N8 For Sale $181,700 1 bd, 1.0 ba 790 $230
# S8 For Sale $182,597 1 bd, 1.0 ba 782 $234
# S16 For Sale $183,770 1 bd, 1.0 ba 782 $235
# S1 For Sale $184,070 1 bd, 1.0 ba 790 $233
# N14 For Sale $184,536 1 bd, 1.0 ba 792 $233
# N9 For Sale $189,290 1 bd, 1.0 ba 823 $230
# S7 For Sale $189,520 1 bd, 1.0 ba 824 $230
# S4 For Sale $324,444 2 bd, 2.0 ba 1,423 $228
# S3 For Sale $324,444 2 bd, 2.0 ba 1,423 $228
# S10 For Sale $326,656 2 bd, 3.0 ba 1,408 $232
# S12 For Sale $329,590 2 bd, 3.0 ba 1,433 $230
# N12 For Sale $353,050 2 bd, 2.0 ba 1,535 $230
# N11 For Sale $353,050 2 bd, 2.0 ba 1,535 $230
# N16 For Sale $354,585 2 bd, 2.0 ba 1,535 $231
# N17 For Sale $354,585 2 bd, 2.0 ba 1,535 $231
# S11 For Sale $362,250 2 bd, 3.0 ba 1,575 $230
# S9 For Sale $365,470 2 bd, 3.0 ba 1,589 $230
# N18 For Sale $367,774 2 bd, 3.0 ba 1,606 $229
# N15 For Sale $374,873 2 bd, 3.0 ba 1,637 $229
# S13 For Sale $389,759 2 bd, 3.0 ba 1,717 $227

http://www.zillow.com/homes/for_sale...,-97.52266_ll/

[betts]

For a downtown area, that's about as affordable for sale housing as you'll see anywhere. For a little perspective, my daughter who lives in SF has a friend who just sold her 400 sq.foot apartment for $600,000. $1,500 a square foot. Yeouch!

[soonerguru]

What a ridiculous jump in cost from the one bed units to the two bed units. This bldg has no amenities. I'm giving up on downtown living in this city.

[Pete]

^

Yes, I don't believe there will be any amenities at all; apart from parking, although uncovered.

[hoya]

I'm in agreement with guru here. It's too rich for my blood, considering what you get. I'd have to think there would be a tremendous market for cheaper for-sale housing.

[Anonymous.]

Those prices are very high. You can buy in DeepDeuce for average of about ~$225 per sq ft. And that usually includes private parking garages or personal garage. And I don't think anyone would argue against DD being a better "bang for buck" area than the Civic Center is currently.

[catch22]

These civic center flats are work/live right, might justify the higher price point? Or am I thinking of 700 west?

[warreng88]

These civic center flats are work/live right, might justify the higher price point? Or am I thinking of 700 west?

You are thinking of 700 west. I don't think they are that bad of a deal considering where they are and what is to come in the future, but I admit it would be a tough sell for me to move down there at this time.

[soonerguru]

After seeing their other developments, I'm not sure I would sink my family into a 300k-plus mortgage for something that the Bradshaws are building. On the plus side, you do have great access to the jail and police department.

[betts]

After seeing their other developments, I'm not sure I would sink my family into a 300k-plus mortgage for something that the Bradshaws are building. On the plus side, you do have great access to the jail and police department.

He always worked with Pat Garrett in the past on for sale housing, and I think you can blame a lot of issues on Pat. But yes, I might wait to see what the construction looks like, and see if he does a good job. And while you might be able to buy in Deep Deuce for the marginally less per square foot, I'm not sure there's anything available anywhere else for under $200,00. I think we're all pretty spoiled regarding housing prices here. As areas fill up, prices may rise. We have two 25' lots that sold behind our townhouse, so basically sitting between two alleys, for $190,000.

[Pete]

The great thing about real estate is that it is almost a perfect market; all the buyers and sellers have access to great information and sales and lease prices are completely dictated by supply and demand.

So, these will either sell at those prices or they will come down accordingly; or, as has been the trend, they go to rental units at least for a while.

[soonerguru]

He always worked with Pat Garrett in the past on for sale housing, and I think you can blame a lot of issues on Pat. But yes, I might wait to see what the construction looks like, and see if he does a good job. And while you might be able to buy in Deep Deuce for the marginally less per square foot, I'm not sure there's anything available anywhere else for under $200,00. I think we're all pretty spoiled regarding housing prices here. As areas fill up, prices may rise. We have two 25' lots that sold behind our townhouse, so basically sitting between two alleys, for $190,000.

I would be fine with under 300k for a decent two bedroom. A quarter million could buy you a two bedroom in Barcelona, on a street with tons of amenities, within walking distance of world-class transit. It seems reasonable to me to offer a small two-bedroom near the jail in OKC in a building with no amenities for this amount or less. These people seem greedy to me, and they are killing demand for for-sale housing in our city. We need some new blood (outsiders) to get this market moving.

[soonerguru]

The great thing about real estate is that it is almost a perfect market; all the buyers and sellers have access to great information and sales and lease prices are completely dictated by the market.

So, these will either sell at those prices or they will come down accordingly; or, as has been the trend, they go to rental units at least for a while.

This is bad, not good. And name one development that starts out as a rental in this market that has converted to for-sale units. Won't happen.

[BoulderSooner]

What a ridiculous jump in cost from the one bed units to the two bed units. This bldg has no amenities. I'm giving up on downtown living in this city.

What jump. The price per sqft is the same.

I would be fine with under 300k for a decent two bedroom. A quarter million could buy you a two bedroom in Barcelona, on a street with tons of amenities, within walking distance of world-class transit. It seems reasonable to me to offer a small two-bedroom near the jail in OKC in a building with no amenities for this amount or less. These people seem greedy to me, and they are killing demand for for-sale housing in our city. We need some new blood (outsiders) to get this market moving.

Please link me this condo in barco?

Our downtown housing is so much less expensive that about any city our size

[bradh]

I would be fine with under 300k for a decent two bedroom. A quarter million could buy you a two bedroom in Barcelona, on a street with tons of amenities, within walking distance of world-class transit. It seems reasonable to me to offer a small two-bedroom near the jail in OKC in a building with no amenities for this amount or less. These people seem greedy to me, and they are killing demand for for-sale housing in our city. We need some new blood (outsiders) to get this market moving.

We've pretty much given up on trying to get inside Rex ES's boundaries, not going to pay over $250 per sq ft for something. It's depressing because we both would like to live down closer to work, but we're kinda down on the old houses (not for us) and it's hard to take that leap that you won't lose your ass paying what seems to be top of the mountain prices.

[soonerguru]

We've pretty much given up on trying to get inside Rex ES's boundaries, not going to pay over $250 per sq ft for something. It's depressing because we both would like to live down closer to work, but we're kinda down on the old houses (not for us) and it's hard to take that leap that you won't lose your ass paying what seems to be top of the mountain prices.

Bummer. What's more, is that these will not be easy to resell at those rates.

[warreng88]

I am not saying this will definitely happen, so don't buy down there on this, but what if they decide to rebuild the jail elsewhere? A brand new police HQ and courthouse will be nearby, but a lot of the riff-raff will leave with it creating an area with 21c south of it, a Civic Center music hall with more renovations on the smaller space, lots of open land around the jail to be developed, plus everything going on at Film Row.

[shawnw]

would be awesome, but 10 years away minimum I'd say. mostly due to politics.

[warreng88]

would be awesome, but 10 years away minimum I'd say. mostly due to politics.

I agree on the development being 10 years away, but they have been talking about building a new jail for five years or more now. That could be in the 2017 GO Bond. Not saying it is a good idea, but it could be there.