OKC Real Estate Market

[Pete]

I'm still seeing lots of flip homes in my neighborhood bounded by May & Penn and I-44 & NW Expressway.

The signs are clear: a dumpster shows up, they almost always paint the brick white and the trim black, and put in new interior finishes.

Have been selling between $150 and $180 per SF, and the numbers keep going up.

The homes in the area are generally '60s ranchers which lend themselves well to opened floorplans, and the location is awesome. Really glad I bought here when I did; my house has now appreciated almost 50% in just 5 years, although I have put a bunch of work into it.

[Jeepnokc]

We listed our home in the OKC/DC/Edmond triangle area last Friday and accepted an offer on Sunday. We had lots of showings during that time.

I listed a house in Gatewood on Friday. 8 showings so far, 2 offers above ask and still have an open house today and a showing tomorrow. We are taking offers till Tuesday. It is a crazy market right now.

[Teo9969]

I'm still seeing lots of flip homes in my neighborhood bounded by May & Penn and I-44 & NW Expressway.

The signs are clear: a dumpster shows up, they almost always paint the brick white and the trim black, and put in new interior finishes.

Have been selling between $150 and $180 per SF, and the numbers keep going up.

The homes in the area are generally '60s ranchers which lend themselves well to opened floorplans, and the location is awesome. Really glad I bought here when I did; my house has now appreciated almost 50% in just 5 years, although I have put a bunch of work into it.

At least you are getting remodels. There's a guy in my neighborhood buying the sub-1200 square foot stock not even looking at whether or not it could be rehabbed, and building this garbage:

https://www.zillow.com/homedetails/1...21856262_zpid/

I think there are at least 10 of these that have gone up between Classen and Western, 50th and 40th since the pandemic really got going. There are some slightly different facades but the guy won't even mirror the floor plan to make it look like it's not the exact same house. Cheap builder's grade material. Started out like 1,550 sq feet then realized he was selling the area short and went from selling new builds for $300k to $400k by tacking on an additional 200 square feet or so.

[GoGators]

At least you are getting remodels. There's a guy in my neighborhood buying the sub-1200 square foot stock not even looking at whether or not it could be rehabbed, and building this garbage:

https://www.zillow.com/homedetails/1...21856262_zpid/

I think there are at least 10 of these that have gone up between Classen and Western, 50th and 40th since the pandemic really got going. There are some slightly different facades but the guy won't even mirror the floor plan to make it look like it's not the exact same house. Cheap builder's grade material. Started out like 1,550 sq feet then realized he was selling the area short and went from selling new builds for $300k to $400k by tacking on an additional 200 square feet or so.

Yikes. That’s a great way to ruin a good neighborhood. Snout houses are a plague.

[Thomas Vu]

At least you are getting remodels. There's a guy in my neighborhood buying the sub-1200 square foot stock not even looking at whether or not it could be rehabbed, and building this garbage:

https://www.zillow.com/homedetails/1...21856262_zpid/

I think there are at least 10 of these that have gone up between Classen and Western, 50th and 40th since the pandemic really got going. There are some slightly different facades but the guy won't even mirror the floor plan to make it look like it's not the exact same house. Cheap builder's grade material. Started out like 1,550 sq feet then realized he was selling the area short and went from selling new builds for $300k to $400k by tacking on an additional 200 square feet or so.

As somebody who isn't and wasn't ever in the market to buy, what is wrong with this listing?

[WheelerD Guy]

As somebody who isn't and wasn't ever in the market to buy, what is wrong with this listing?

They don’t like that the garage tends to dominate the frontage. And probably would prefer the owners park in the street.

[LocoAko]

As somebody who isn't and wasn't ever in the market to buy, what is wrong with this listing?

I won't speak for Teo and I've certainly seen much worse examples, but I can certainly understand the disappointment with such a suburban style of house—massive driveway, garage in front, etc—in an area like Helm Farm (in this example) that is full of historic Craftsmans and other bungalows, etc. It's inevitably out of place and doesn't mesh with the vibe and character of the existing homes.

[Thomas Vu]

I won't speak for Teo and I've certainly seen much worse examples, but I can certainly understand the disappointment with such a suburban style of house—massive driveway, garage in front, etc—in an area like Helm Farm (in this example) that is full of historic Craftsmans and other bungalows, etc. It's inevitably out of place and doesn't mesh with the vibe and character of the existing homes.

Ah yes, this is more understandable! THank you!

[Teo9969]

They don’t like that the garage tends to dominate the frontage. And probably would prefer the owners park in the street.

No need to park in the street - garage in back is just fine

And honestly if it wasn't literally as plain Jane as development could be, I wouldn't mind asich. There are more than a few new builds east of Western and west of Shatter between 45th and 42nd that show a way to make a more attractive house with a prominent garage in front.

[Teo9969]

I won't speak for Teo and I've certainly seen much worse examples, but I can certainly understand the disappointment with such a suburban style of house—massive driveway, garage in front, etc—in an area like Helm Farm (in this example) that is full of historic Craftsmans and other bungalows, etc. It's inevitably out of place and doesn't mesh with the vibe and character of the existing homes.

Well, it's definitely going to mesh soon enough when they guy has built 40 of them in helm farm by the end of 2023

[Mballard85]

Has anyone had any experience with an ibuyer? Opendoor is offering well above what I thought would be possible and from what I can see it's a pretty good process. Just curious about others experience or insights.

[Richard at Remax]

They do that so they get in the door. Then HAMMER you on everything else once inspections are done.

[Mballard85]

They do that so they get in the door. Then HAMMER you on everything else once inspections are done.

Care to give a bit more details?

[G.Walker]

Seems like the office market in OKC is rebounding this year in 2021.

The Q2 2021 office market report showed a net absorption in all 3 classes. And Class A office space is down to 11.8 percent.

https://www.naisullivangroup.com/themarket

[G.Walker]

Moreover, there is not much Class A office space left downtown. Bancfirst is nearly full, Sandridge Building is now nearly full also.

BOK Park Plaza has 300,000 sqft of available space. Once that is gone, there will be no big square footage of office space available for a big company.

If a big company wanted to be downtown and wanted Class A more that what is offered at the BOK Park Plaza, they will have to build, or a developer will need to build spec.

I'm optimistic that will see a new Class A office building downtown before too long.

[king183]

I wanted to move my company to the BOK building, but they required an absurd payment for parking in addition to the lease.

[G.Walker]

I wanted to move my company to the BOK building, but they required an absurd payment for parking in addition to the lease.

I don't think the rates for BOK will come down anytime soon. As the owners of the building are still getting paid. It's my understanding that 250,000 of the available 300,000 space is still being paid for by Devon, and they are trying to sublease it.

[DowntownMan]

I don't think the rates for BOK will come down anytime soon. As the owners of the building are still getting paid. It's my understanding that 250,000 of the available 300,000 space is still being paid for by Devon, and they are trying to sublease it.

Devon owns the BOK building is my understanding. The property records show mailing address as the address of the Devon tower

[BoulderSooner]

Devon owns the BOK building is my understanding. The property records show mailing address as the address of the Devon tower

yep

[king183]

I don't think the rates for BOK will come down anytime soon. As the owners of the building are still getting paid. It's my understanding that 250,000 of the available 300,000 space is still being paid for by Devon, and they are trying to sublease it.

To be clear, we the lease rates were fine—actually quite reasonable for us. The issue was a required, added parking per employee fee that in the aggregate would not have made sense for us. We also weren’t going to force our employees to pay for parking out of their own pocket.

[G.Walker]

To be clear, we the lease rates were fine—actually quite reasonable for us. The issue was a required, added parking per employee fee that in the aggregate would not have made sense for us. We also weren’t going to force our employees to pay for parking out of their own pocket.

You would think the parking fees would be included in the lease rates, geez....lol

[Pete]

Especially because they build two huge parking garages that are almost completely empty.

And the big Devon garage across the street is less than half full, as is the new city-owned Arts District garage.

[djohn]

Is Leadership Square filling up since Enable (and others) left?

[Bowser214]

I don't think Enable has completely left the building. yet.

[OkiePoke]

I don't think Enable has completely left the building. yet.

Enable left Leadership Square in Summer of 2018.