OKC Real Estate Market

[stlokc]

My age old complaint about OKC, and it's not unique to OKC but does seem really prevalent there, is the fact that the developers will throw the tight, small, low quality starter home neighborhoods everywhere without a sense of what may be surrounding it, which makes it impossible for the area to start to string together the more higher-end areas that will help OKC attract better retail etc.

My favorite example of this is 150th street between Penn and Santa Fe. When I was growing up there was the very nice Northwestern Estates there, followed by Glen Eagles and then the area on the NW corner of the Western intersection developed (forget the name). I thought that was starting to develop into a nice, higher end stretch. But the last time I was home, I saw these ugly tiny places filling in all the gaps along that road.

Some would argue, by the way, that that's a strength of OKC, in that the lower and higher end places aren't separated out, it makes the city more equitable and less segregated. I get that point. But it does lend to a sense of schizophrenia.

[Soonerinfiniti]

Beautiful new home in Nichols Hills listed for $700/SF. I can't recall that high of a price....1303 Bedford....we will see....

https://www.realtor.com/realestatean...-13814?view=qv

[sooner88]

Beautiful new home in Nichols Hills listed for $700/SF. I can't recall that high of a price....1303 Bedford....we will see....

https://www.realtor.com/realestatean...-13814?view=qv

I'd be very surprised if they get that much, they've only lived there for ~6 months after construction was completed so I have a feeling they bit off more than they can chew.

[OKCretro]

Its a pretty awesome piece of land. Front faces Kite park, back faces grand park.

[thunderbird]

Its a pretty awesome piece of land. Front faces Kite park, back faces grand park.

Agreed on that lot, it's a big asking price but there are only so many lots that are this desirable. I really dislike the design of this house, it's like Todd and Margo went to a parade of homes in Edmond and said "build me this and make it 3x as big." There are a lot of good houses for sale in the 2.5 range that you could make amazing for less than this.

I think it is owned by one the "kids" (probably 50 now) of the guy that started Leisure Time Pools. I need to start selling pools apparently.

[Rover]

I'd be very surprised if they get that much, they've only lived there for ~6 months after construction was completed so I have a feeling they bit off more than they can chew.

Was this the house Russell Westbrook built?

[OKCRealtor]

Beautiful new home in Nichols Hills listed for $700/SF. I can't recall that high of a price....1303 Bedford....we will see....

https://www.realtor.com/realestatean...-13814?view=qv

Its double the highest price per foot within a 1/2 mile radius in the last year that has closed. Even the new builds aren't anywhere near that high per foot. Also, that may have been a hard house to photograph but the pictures are pretty underwhelming IMO.

[OKCretro]

Was this the house Russell Westbrook built?

Westbrook's house is on Guilford Lane.

[Thetio]

Ok Realtor, mine place is est in mid 500K since it is 10 ac in Oklahoma county and close in but no in Edmond city limits, hill, view, trees, privacy, horse barn w/stalls, pipe and cable riding arena, small house in good shape, but a bit dated to todays standards. Fruit and nut trees, huge fenced garden area, mult outbuildings. Fenced and cross fenced. I cannot sell without finding my next place as I cannot be out in the street with all my stuff and renting is not an option for mult buildings worth of stuff. I am trying to find a smaller acreage close in with a larger house but hate what is in style now. Love light golden oak, brass, non open concept. Need good soil and about 3 or 4 ac of which 2 needs to be tillable. good well too for a rather large size garden and orchard. Soil is a deal breaker if not good as well as a good well and painted woodwork is also a deal breaker for me. it would have to be in a dumpser and gone. Same price range and area.

That sounds like our desirable home. We are on 5 acres now and would like to upgrade but stay in the same area. Land all seems incredibly pricey and with more lane people seem to want larger houses. Just because I want 10 acres doesn't mean I want a 3k sq ft home.

[Soonerinfiniti]

While I am sure I haven't seen all the contemporary homes for sale in Oklahoma City, but it sure seems that Dallas has nicer, even less-expensive contemporary homes....

https://moderndallas.net/moderndalla.../#.Xhh-vVNTmqQ

[Timshel]

Less expensive than what, Sosa? Perhaps, but there are definitely much cheaper contemporary homes than that in OKC. Especially when you consider that house appears to be a couple hundred yards from the end of one of the runways at Love Field and looks to be the first nice house on a pretty rough (at least in comparison to the house being discussed - I have no firsthand knowledge of the area in question) street. Plop that house in highland park, deep ellum, uptown, etc. (my knowledge of Dallas neighborhoods is pretty limited) and I'd assume it would go for what, maybe double that asking price?

https://www.zillow.com/homes/4425-Co...26735448_zpid/

That said it does look like a really nice place and would love to see hundreds more of those in OKC, which would help drive down the prices of contemporary homes in the city.

[Pete]

$620K new build right next to Classen Curve:

https://www.zillow.com/homedetails/1...21377617_zpid/

[Richard at Remax]

That's Kyle Singler's place. Been on the market for a LONG time at 405 days. Already priced below what he paid for it back in 2015. Took over 300 days to sell it then too.

[Pete]

^

There have been a bunch of new moderns home built in that same Meadowbrook Acres neighborhood and all have sold.

[Timshel]

^

You didn't hear it from me but have it on good authority that another of the modern Meadowbrook homes will be on the market soon.

[Richard at Remax]

There must be something really funky about it then. Or it smells lol

[Timshel]

LOL nothing of the sort (to my knowledge). : ) Onward and upward type of situation is my understanding!

[king183]

$620K new build right next to Classen Curve:

https://www.zillow.com/homedetails/1...21377617_zpid/

I toured this house when I was looking for a place for my move back to OKC. It’s pretty nice and spacious. One of its big positives is also a big negative, in my opinion: it has super easy access to all the shops at Classen Curve and Whole Foods. But that’s because it literally abuts Classen Curve’s big parking lot, and that’s the predominant view from the back deck.

There are a lot of really nice new builds in that neighborhood too. It has a nice, tucked away feeling.

[OKCRT]

LOL nothing of the sort (to my knowledge). : ) Onward and upward type of situation is my understanding!

Can you give us the initials of seller?

[mugofbeer]

My age old complaint about OKC, and it's not unique to OKC but does seem really prevalent there, is the fact that the developers will throw the tight, small, low quality starter home neighborhoods everywhere without a sense of what may be surrounding it, which makes it impossible for the area to start to string together the more higher-end areas that will help OKC attract better retail etc.

My favorite example of this is 150th street between Penn and Santa Fe. When I was growing up there was the very nice Northwestern Estates there, followed by Glen Eagles and then the area on the NW corner of the Western intersection developed (forget the name). I thought that was starting to develop into a nice, higher end stretch. But the last time I was home, I saw these ugly tiny places filling in all the gaps along that road.

Some would argue, by the way, that that's a strength of OKC, in that the lower and higher end places aren't separated out, it makes the city more equitable and less segregated. I get that point. But it does lend to a sense of schizophrenia.

An interesting observation. I worked for a major financial services company that (still) does not have a presence in Oklahoma City. Years ago l got acquainted with the man in charge of establishing offices and he said 2 things - one was that the DOK had the highest add rates per capita in the country (newspaper advertising was still big). The second reason was that OKCs wealth was very scattered around most all directions in the city and not concentrated in one area like most cities. They wanted to put offices in areas of concentrated wealth and high traffic.

[Lazio85]

Economists are commenting and highlighting the affordability of homes here in Oklahoma City metro area. This is in part due to companies having a hard time hiring and recruiting well in high growth areas like Boise, Nashville, San Francisco, Tampa, etc. They caution that if our housing supply doesn't keep up we could become the next Boise.
https://www.marketplace.org/shows/marketplace/

"There is a general belief that unaffordable housing could drive businesses away and thus impede job growth." - Boston Fed
https://www.bostonfed.org/publicatio...nt-growth.aspx

[ChrisHayes]

Economists are commenting and highlighting the affordability of homes here in Oklahoma City metro area. This is in part due to companies having a hard time hiring and recruiting well in high growth areas like Boise, Nashville, San Francisco, Tampa, etc. They caution that if our housing supply doesn't keep up we could become the next Boise.
https://www.marketplace.org/shows/marketplace/

"There is a general belief that unaffordable housing could drive businesses away and thus impede job growth." - Boston Fed
https://www.bostonfed.org/publicatio...nt-growth.aspx

We have plenty of land for homes to be built in and around the city and we don't have a lot of policies that impede home building like San Fransisco does, so as long as we play our cards right, we should be okay.

[Thomas Vu]

In addition to the affordability, I've been informed that interest rates are at an all time low too.

[OKCRealtor]

In addition to the affordability, I've been informed that interest rates are at an all time low too.

They're about to get even lower- I had a client lock at 2.7% yesterday on a 30 year which is insane. It's a pretty good time to be both a seller and a buyer.

[Pete]

I just had my house appraised and it went up about 30% over the last one I had done, under 2 years ago.

I live in the nameless neighborhood south of 50th, west of Penn and east of May. Been a bunch of flips in this area and they have all sold in less than a month. Walking my dogs through the area, I can see what look like several more flips: dumpsters on the driveway and near full gut jobs.

Seems to be a real sweet spot in the price range between $200 and $350 or so. Nice, well-located properties in that range seem to be snapped up very quickly, even before we hit the spring and summer.