OKC Real Estate Market

[T. Jamison]

https://www.marketwatch.com/story/mo...igh-2019-06-20

Based on what this is talking about, a lot of the "investors" are buying less than 10 homes. In my opinion it is a good indicator. Investors seek to minimize risk and real estate is not like stocks you can sell tomorrow, so it tells me investors are finding Oklahoma City a safe bet into the future. Maybe a realtor can chime in, but I don't see Oklahoma City as having a housing shortage so I don't see it pushing new home-ownership out of reach.

[Teo9969]

I think it's pretty axiomatic that if investors are lining up, you're doing something right.

[ChrisHayes]

I'm a member of Biggerpockets which is a real estate investor network, and there's always a lot of talk about investing in Oklahoma City. Especially for cash flow as we don't have rapid appreciation like Denver, Austin, and Dallas do.

[T. Jamison]

The Journal Record also had a recent article about data from the National Association of Realtors indicating Oklahoma City is experiencing a high amount of international investment in transactions of less than $2,500,000.

[josh]

https://www.nytimes.com/interactive/...investors.html

This article says In 2018, 19% of single family homes purchased in OKC were by investors. Tied for 4th highest rate in the nation.

Could someone more knowledgeable on the subject help explain what this means? Is this generally a good or bad indication for the health of the local market?

Looking at the four cities ahead of OKC. I don’t know/think if that’s a good list to be on. Obviously, that is my initial impression and I could be wrong.

[aDark]

Paging WorthyCook, are you noticing a trend of increased homes for sale within 3 miles of the core? When I hop on Zillow it looks like houses for sale in Mesta, Heritage, Classen 10P, Gatewood, PAseo, etc. are way up. I'm not a professional in this field. Hoping for input.

[Richard at Remax]

There is a TON of supply right now in those areas. I took the area from Villa over to 235, I40 up to 23rd.

2019 YTD
156 homes have Sold so far this year. Average Price of $320,000. $161/ft. 46 days on market. 64 of these are over $300K. $225/ft. 54 days on market.
29 are Pending. $299,000 average. $160/ft. 40 days on market.
102 are Active. $530,000 average. $239/ft. 77 days on market. 75 of those Active are over $300,000.

Compared to 2018
266 Properties Sold. Average of $311,000. $158/ft. 43 days on market.
of those 266, 94 were over $300K. $224/ft. 58 days on market.

From what I can see. IF you have a home over $300K be prepared to sit a while. It's def a buyers market right now. The first part of the year was pretty consistent with last years numbers. However, around June or so a ton of houses got dumped on the market. So if you have been waiting on the sidelines to get into this area it might be a good time. Some sellers are wanting OUT.

[Pete]

^

Don't you think the supply is due to the fact that prices have gone up so rapidly that people are profit-seeking?

There are also a bunch of straight-out flips happening in those areas.

[Richard at Remax]

I don't disagree with that. From what I have seen in my 3+ years in this business, is that Oklahoma Citians usually don't overpay for stuff just because it looks pretty. Most just want a good value and don't mind maybe doing some stuff themselves.

Unfortunately most of these flips are just lipstick on a pig. They turn a blind eye to behind the scenes stuff like foundation, plumbing, electrical, hvac, ect. They want all the top dollar but it usually goes to crap after inspections. It's embarrassing what some are throwing out there.

Honestly I'm surprised at so many attempting to flip and push the comps. OKC has such small margins anyway for profit that most usually "renovate to rent" then end up selling down the road. Then you have the wholesalers trying to undercut the market but that's a whole different thread.

[chuck5815]

I don't disagree with that. From what I have seen in my 3+ years in this business, is that Oklahoma Citians usually don't overpay for stuff just because it looks pretty. Most just want a good value and don't mind maybe doing some stuff themselves.

Unfortunately most of these flips are just lipstick on a pig. They turn a blind eye to behind the scenes stuff like foundation, plumbing, electrical, hvac, ect. They want all the top dollar but it usually goes to crap after inspections. It's embarrassing what some are throwing out there.

Honestly I'm surprised at so many attempting to flip and push the comps. OKC has such small margins anyway for profit that most usually "renovate to rent" then end up selling down the road. Then you have the wholesalers trying to undercut the market but that's a whole different thread.

Thanks for all the great info in this thread! With respect to the flippers, are there any particular groups that actually take a project down to the studs, shore up the integrity of the house, make efficiency improvements, etc.?

[Richard at Remax]

It's pretty rare that you see an actual group with a name attached to a flip job. Such as " Another great flip by the XXXXX Team". It's usually just an owner that has a lot of different contractors come through. If that makes sense. I need to do a bit more research to know who the good/quality groups are and I will post them here.

[Dob Hooligan]

I am not typically a vouching type, but I have seen firsthand the Bruce Mulford flips in the Village. They have gone deeply in the houses on ether side of mine. Windows, sidewalks, even a driveway on one.

I think they are top of the market on price, however.

[Pete]

We also have the scrape-and-build-new groups mainly in Nichols Hills.

Several builders doing this now.

[HangryHippo]

We also have the scrape-and-build-new groups mainly in Nichols Hills.

Several builders doing this now.

Which is just sad.

[rezman]

It's pretty rare that you see an actual group with a name attached to a flip job. Such as " Another great flip by the XXXXX Team". It's usually just an owner that has a lot of different contractors come through. If that makes sense. I need to do a bit more research to know who the good/quality groups are and I will post them here.

Kalidy comes to mind off the top my head. I have a friend of mine who is a window installer for Bruce Mulford, and I've seen some nice properties they've turned around.

[CloudDeckMedia]

Which is just sad.

+1

[Lazio85]

I'm in between May and Independence, and North of 50th St in a neighborhood called Mayfair Hills. I can attest to what worthy cook is saying from my personal experience. Been on the market 105 days with a lot of interest, and we are one mile away from pretty much anything you would need, including work along NW Expy with BRT on the way. OAK development coming in will only increase prices further along with additional investments along the May Ave shopping corridor.

Open House Sunday 2-4 PM
$315,000
3 bd
2.5 ba
2,591 sqft

Redfin Link: https://www.redfin.com/OK/Oklahoma-C.../home/72038499
Zillow Link: https://www.zillow.com/homedetails/5...d/?view=public

[Pete]

^

Why are you selling?

[Lazio85]

^

Why are you selling?

Need another bedroom, playroom, office, and schools (I don't have time to see what happens with OKC realignment, although I think it is a good change).

Also, house across the street from us just sold for $365,000+! Average $/sqft in our neighborhood is $120+ for the quick flips.

[MikeLucky]

Need another bedroom, playroom, office, and schools (I don't have time to see what happens with OKC realignment, although I think it is a good change).

Also, house across the street from us just sold for $365,000+! Average $/sqft in our neighborhood is $120+ for the quick flips.

I'll sell you my house in NW OKC....lol 5 bed, 3 full/2 half baths, formal dining, eat-in, office/living area off the back of the master, a little over 3,400 square feet. Putnam City schools to avoid that pesky OKCPS re-alignment mess. lol. Back yard backs up to the neighborhood walkiing trail which also leads to the neighborhood pool/playground area, clubhouse, tennis courts, and lake. Pretty sought after established family neighborhood.

We're not on the market yet but when we are we'll be listed in the $300,000-$315,000 range. Would be more than happy to strike a deal prior to putting in on the market as that would give us both some wiggle room on the price. Or if anyone else might know someone that's interested hit me up with a private message or just ask here. Our neighbor just sold her house in 1 day for $113 a square foot. Best comp we've had in a long while so we're getting serious now about finally downsizing since kid 2 of 3 is off to college next week.

What we've noticed is that the updated houses in our neighborhood are selling quickly but the ones that need some work are sitting for a bit. We have definitely noticed a trend of millenials moving to our hood and buying becuase it was where their grandparents lived back in the day and now they are moving back to start their families. Definitely seeing that transition starting to take place which is nice to see.

[Johnb911]

I am not typically a vouching type, but I have seen firsthand the Bruce Mulford flips in the Village. They have gone deeply in the houses on ether side of mine. Windows, sidewalks, even a driveway on one.

I think they are top of the market on price, however.

+1 Bruce does a really good job. As far as I know he has limited his activities to The Village though.

[chuck5815]

Is it just me or has the market for 300k+ homes in Edmond /NW OKC basically ground to a halt?

[BoulderSooner]

Is it just me or has the market for 300k+ homes in Edmond /NW OKC basically ground to a halt?

depending on the school district /neighboorhood the 300k +/- range in edmond goes extremely fast we have lost 5 houses that we have looked at in the last few months where someone offered more than list price on the first day of showing

[Richard at Remax]

For the most part, with a few exceptions, everything in that price range and above is def slowing down. You have to basically get lucky this time of year.

[oklip955]

What is the market doing as far as acreage properties in Edmond/Arcadia/Deer Creek?