I think you’d be really surprised at the large number of Young Money, Cash Money Engineers working for outfits like Devon and CLR, making well over $200K per year JUST in base compensation. Most of them also end up receiving a decent amount of equity in their respective companies.
There’s Money in the Ground, as they say.
AND, don't forget about OKC's blossoming IT industry and the Corporate diversified jobs coming online.
Lots of money and these types usually prefer to live in the city, close to work, and since they are super-busy will need/utilize the concierge and full-service amenities. OKC actually needs more of this.
Oklahoma City, the RENAISSANCE CITY!
I believe to an extent these are also targeting empty nesters in the Heritage/Mesta/Crown Heights/Edgmere areas who want lock and leave, no maint. living and they are coming out of large houses and moving that money into this. So it's not all based on how big a mortgage can they afford.
I guess that makes me a SINK.
There are scores of very expensive homes selling in SoSA, Heritage Hills and in and around Nichols Hills, not to mention the outlying areas.
There are plenty of buyers who can afford these homes, it's all about offering something that the market wants. And on that subject, we will see.
I don't have any doubt that we have enough people with money to fill up this particular building. I'm more curious about how many more buildings of this type can we support.
The article says "up to 41 homes", apparently with that number representing if it were divided into units as small as possible. 41 buyers isn't really that many at all. If this isn't just a speculative, vapor development (like that moon building Rand proposed), it will probably fill up pretty fast. But could we fill up half a dozen buildings of this type? Ten? Twenty? And will the success of developments like this make it more likely that we get a high rise residential tower? Or if we do get a host of these mid-rise developments, do they cannibalize the same sales that would fill up a 30 story tower?
It's very likely that units would be combined. The building is configured for space between 1,300 and 1,600 SF with 4 on each floor. But they can easily be combined in the pre-sales process.
I suspect if this goes forward the total # of units will be less than 30.
Financing will be the biggest issue on this.
Well dang...it's smaller than I imagined
Lol. What are we looking at here?
Okc presented with something really cool in renderings, but as usual we get a watered down, half ass version. haha
Right, but it also depends on the strength of the developers / guarantors. We're working on a few deals like this right now and while pre-sales are a factor, there's a few other factors that come in... especially when it's a group, albeit qualified, that's doing their first large project.
I think there is some strength behind this project.
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