Originally Posted by
Spartan
I would say it's just important that what is built is eventually occupied. I could care less what income level calls downtown home, it's really just not important to me. If the idea that "We have to maximize demand at the top of the totem pole before we branch out to other demographics" had a shred of economic validity, I would be all for it, as I once was. The problem is that we've been disappointed in how a lot of the higher-priced units didn't sell. A lot of them still haven't sold, 2-3 years after being built. Not every project can be like the Centennial and be a strategic corporate investment for their clients. A lot of projects didn't even get off the ground because there wasn't enough interest in their high-priced units.
Yes, there should be more interest in high-priced urban living, and no, allowing a developer to make a profit off of a unit with more amenities is far from outrageous, it's the way it should be done. But it isn't getting it done here in OKC, reasons aside, because the facts that these units just aren't selling tell a different store. However the lower-priced units are selling very well, and even more, the reasonably priced apartment units hitting the market are. Downtown's apartment occupancy rate is 97%. Projects like the Deep Deuce Apts have a long waiting list to get in.
So wouldn't the reasonable thing to do be to just go with what works well? I think right now, trying to get more high-priced units downtown, until most of the brownstones and lofts and Block 42 units and The Hill units have sold, is just forcing it. At least not until Devon and Project 180 is finished. I think the demand for the higher-priced units is still there, and those units will sell much better in the coming months as the economy expands again, but right now I think the current "cooling period" is going to benefit everyone.
The Downtown Ford redevelopment site will likely have a large amount of high-end units. No telling what the timeline on that is, or when C2S infill development will start happening. So there is no doubt that there will be more high-end units eventually, because there is still a market for them.
It's just as good a market right now. I see absolutely no reason for anyone to say "Eau contraire" to the housing affordability argument. There is absolutely nothing wrong with that argument because the facts right now support it well. Cheaper stuff is selling like hot cakes. More expensive stuff is taking years to move. These are facts. Apartments do the best of any housing type.
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