Buying Downtown

[JWil]

I love the thought of downtown living, but for those prices I could have a parcel of land in Edmond.

[Architect2010]

Any school in the vicinity of downtown is probably going to benefit all of these new rooftops. Especially that new downtown school. The type of people moving in here are the types that are involved with school and make sure their kids get good educations. In all reality, it isn't the schools thats the problem. Its the kids. And all the factors they get distracted by instead of focusing on education.

I've been at student of OKCPS all my life. Lafayette, Webster, and now Southeast High (Magnet School for Technology). I'm one of the smartest kids at my school and thats saying something because Southeast is also a magnet school with really good grades. The point is, just because the schools may not be necessarily the nicest, they offer the same education. Its up to you to make sure your child doesn't make the wrong choices. I like the variety of my friends also. Its pretty even there, about 30 Black, 30 White, 36 Hispanic, and then Asian. Its good to put us in diversity. Better than going to a school of over 2000 kids that are all white and all come from the exact same background. (I'm white btw) It teaches you to be a more accepting person.

But one day, I'll buy downtown. Luckily I'm young so they might have some cheaper units out by the time I'm grown.

[dismayed]

I just think downtown is over-priced. I know communities that are right on the beach or in old very dense downtowns that aren't priced that high. It just doesn't make sense to me.

[OKCCrime]

sdsooners,

Now that you have had some feedback, what are your thoughts about moving downtown? Still a possibility?

[taylor83]

I was considering purchasing a condo in downtown however after some more research (and reading this topic) I have been looking at some alternatives. Specifically I've found a handful of houses near downtown that are very reasonably priced, i.e., 119k - 169k. These are brand new or nearly new homes that have about 1700 - 2000 sq feet. I'm not familiar with the neighborhoods around here since I've only been here a few months but I believe the subdivision is called JFK. It must be some kind of renewal project because the new homes are mixed in with some older, smaller homes. Does anyone know about this area? It's near NE 4th and MLK.

[sdsooners]

sdsooners,

Now that you have had some feedback, what are your thoughts about moving downtown? Still a possibility?

Thank you everyone for all the feedback. There was definitely a lot of good info and opinions...some I agree with and some I don't. Moving downtown is definitely still a possibility and in fact I met with the developers last week.

My biggest issue now is to figure out if I can handle losing 1000 sq.ft. of home and deal with some of the things I've grown accustomed to like a backyard for my dog, having a dining room and 2nd living room, etc. There is also a concern about many of the units being presold and not getting an ideal floor plan or downtown view. Schools don't concern me because I currently live in a historic district and am planning to send my kids to private school. Home value doesn't bother me as much after talking to some real estate professionals....plus I agree with the poster that says you should buy a house for the lifestyle, not as an investment.

I was surprised at all the responses about moving to Edmond. I think some people need to realize that while living in a downtown condo may not be for everyone, living in suburbia Edmond isn't for everyone either.

[Steve]

Taylor, very interesting that you're considering JFK. I've covered this neighborhood since redevelopment began a few years ago. If you'd like, I'll email stories I've done to date.

[OKCCrime]

you should buy a house for the lifestyle, not as an investment.

LOL

[betts]

It depends on where you are in your life. If you've got a home you're going to keep indefinitely, then the return isn't as important. All homes generally appreciate, and it's hard to know what will drive the market. It's possible that if gasoline becomes more expensive and driving long distances less desirable, that homes a long way from the CBD or business centers will lose value. In a lot of cities, close in housing is becoming more popular than suburbia. That my happen here too. People who thought they knew they were going to get a great return on their investment two years ago in some cities may be disappointed in what the market is doing right now. So, to a certain extent, you have to choose lifestyle over investment, because of the uncertainty of any investment. Why live some where you dislike if you've not got a guarantee of a huge return?

[OKCCrime]

you should buy a house for the lifestyle, not as an investment.

No

Why live some where you dislike if you've not got a guarantee of a huge return?

No

Either you are with us, or you are with the terrorists

No!



Don't fall into the fallacy of a false dilemma. There are more than two options available.

Live in a house that you both like and is a good investment.

[taylor83]

Taylor, very interesting that you're considering JFK. I've covered this neighborhood since redevelopment began a few years ago. If you'd like, I'll email stories I've done to date.

That would be great Steve. Thank you!

[betts]

the fallacy of a false dilemma. There are more than two options available.

Live in a house that you both like and is a good investment.

My point is that you don't always know. My son bought a house in Jacksonville, in a neighborhood that was appreciating at 20% a year. He loves the house, luckily, because guess what......no more 20% appreciation.

I wasn't saying you should necessarily buy a house that isn't a good investment simply because you love it, but if there's uncertainty in the real estate market, and there is, you should make sure you love the house and hope it's a good investment.

Were gas to go as high as $8 a gallon, which is not an impossibility, people who think they have a great investment out in the burbs may find they don't have so many takers on that great investment. In that situation, housing prices closer to where people work may be the ones appreciating rapidly, especially if there's a limited supply. The answer is that we simply cannot forsee much more than the immediate future as far as housing values goes.

Now, for me, I'm willing to take a chance on downtown. It's a lifestyle I want, and I'm not looking at it to support me when I'm ready to retire. I'll use other things for that. I've had the far out acreage and hated it, had the big yard with a pool and am tired of the upkeep. Having an energy efficient, liveable space that is close to a lot of the things I can enjoy appeals to me. We walked to Bricktown on the fourth of July for fireworks, and walked to a Redhawks game. I like the idea of walking to NBA games, and talking a stroll to the Art Museum for Sunday Brunch, with a cruise through the Myriad Gardens. Personally, I'd be happier if my investment didn't appreciate too rapidly, because that will keep my insurance and property taxes from appreciating rapidly as well. But, if it does, I'll live with it.