Lofts at Maywood Park

[gsan]

gsan, I'm not sure you're right on that.

What do you mean?

[Steve]

I believe they repriced several of their brownstones below $500,000.

[Steve]

Wednesday, November 5, 2008
Edition: CITY, Section: BUSINESS, Page 6B


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Reaction to the Maywood Park development has been mixed: the lower-priced lofts were quickly reserved before construction even started, while only three of 20 brownstones are sold even though they were completed earlier this year.

Five of the units are being placed by the Realtors' multi-listing service at reduced rates. Drops include a 3,436-square-foot unit originally priced at $924,000, now at $800,000, and units averaging just under 2,400 square feet dropped from $715,000 to $500,000.


“We have four show houses that are finished, and we have a model, and they are all finished,” Bradshaw said. “We want to get people living downtown, so we're doing a little stimulus here to sell the next five.”


Bradshaw added the finished units have “a lot of extras” added when they were included in the Symphony Show House tours earlier this year. He said the reduced rates add up to about $208 per square foot, compared to the lower-end Leslie, ($200 a square foot) announced Tuesday.


“We recognize we have a high-end, large-sized product here. We know there has been a slowdown in the economy and there are problems with jumbo-mortgages. I'd rather have people living down here than having them continue to sit vacant. The more we have living down here, the more we build these products.”

[jbrown84]

The Brownstones are awesome. I am surprised that there hasn't been more interest.

I don't disagree. They are actually worth their high prices, but they are having to compete with all the other high priced development. I'm simply pointing out that the lower end stuff is selling much better, and we've all been saying it would.

[betts]

Six of the brownstones are now occupied. I think part of the problem is that most people in that price range aren't used to thinking about downtown as a place to live. Also, that's probably the demographic most interested in a nearby grocery store, pharmacy, etc, and that just doesn't exist yet. There seems to have been a lot more activity recently, in terms of people looking, so maybe that will translate to more sales, despite the economy.

Most of them were just framed, not finished, and I think also that requires more vision than a lot of buyers have as well. It gives you more flexibility in terms of finish, but you have to be able to envision how it's going to look, and pick out finishing materials yourself. They've decided to finish some of them, and they're even rearranging floor plans to give buyers more choices, I've been told.

I was also told 17 of the lofts have been sold. I think the more "lights on" in the neighborhood, the more attractive it will look to potential purchasers.

[king183]

Why have only 17 of the 57 or so lofts sold?

[metro]

M-O-N-E-Y. Not too many people buying $500K plus houses every day in OKC and have you tried to get a Jumbo loan in this economy?

[king183]

M-O-N-E-Y. Not too many people buying $500K plus houses every day in OKC and have you tried to get a Jumbo loan in this economy?

As far as I know, none of the lofts, which were the subject of my question, even approach $500k.

[betts]

Why have only 17 of the 57 or so lofts sold?

I think twice as many had contracts, but with construction taking longer than planned, and the economy tanking, some of the people who'd put down deposits had either moved on or could no longer afford to purchase. I think anyone with new construction in that price range (high $100,000s to $300,000) nowadays would be happy to have 17 new sales.

[Richard at Remax]

Also, I'm sure if the people showing the place weren't huge jackasses, they might have more sales

[metro]

As far as I know, none of the lofts, which were the subject of my question, even approach $500k.

Oops. I was thinking brownstones for some reason, but if you've actually seen some of the lofts, they are overpriced and not urban feeling with some of the finishes.

[warreng88]

Good article by Steve:

NewsOK

[betts]

I found this interesting, and it's potential to inhibit development of multifamily residences worrisome:

"There were regulations put in place by the government, the Department of Housing and Urban Development and Fannie Mae in 2008 that has prohibited lenders from selling loans into the secondary market until a project is 70 percent sold or under contract.

But, I'd heard Bradshaw worrying about the effect of MAPS 3 on the Triangle area, and I'm pleased he now seems to be supportive of it. I do think that development near the park will attract a different type of buyer, and that if we can create more demand for downtown living, we will need both of these areas to develop further.

[betts]

Today I noticed lots of orange spray paint on the open lot between Walnut and Oklahoma, 2nd and 3rd. Interesting.

[onthestrip]

Today I noticed lots of orange spray paint on the open lot between Walnut and Oklahoma, 2nd and 3rd. Interesting.

Most likely from someone marking utilities, which usually means someone is about to dig or move some dirt.

[Spartan]

That's interesting because didn't Steve say there should be another announcement about this time of year (late summer)?

[warreng88]

Does anyone know what is going on across the street from the lofts? It looks like they added a metal type of extended roof on top. County assessor lists it owned by Stillwaters LLC.

[Spartan]

http://www.leaseokcdowntown.com/

[Richard at Remax]

that building was the main reason I didn't buy a loft across the street because that third story took out the view of bricktown. and also cause the woman showing the place was an ass.

[Spartan]

that building was the main reason I didn't buy a loft across the street because that third story took out the view of bricktown. and also cause the woman showing the place was an ass.

That's interesting, especially in light of other recent Maywood Park projects.. you might not have had the best angle to view Bricktown from, but there would have been other significant urban scenes that you'd have a view of..Devon (above the skyline), Aloft, future residential apparently, and so on..that you might not have known about at the time.

[Richard at Remax]

I understand all that other stuff but they were starting to just build that third story and it was directly across the street and the view of bricktown was surprisingly good. I went at dusk and you could see all the way to harkins but once that third story was there it wiped it all away. no big deal though, saved myself some $$$

[betts]

There was an odd truck out in the middle of the lot today with a lot of equipment on it that made no sense to me. The name on the truck was clearly an acronym, with three letters, but none that I recongized. There is definitely something going on there.

[betts]

Yesterday and today they were boring holes in the lot between Walnut and Oklahoma, 2nd and 3rd. A group called AI was doing it. Initially they had drill bits that were about six inches in diameter, but yesterday they were using drills that looked like they were about a foot in diameter. There are a bunch of drums of stuff sitting there and I saw them mixing what looked like sacrete at one point. We walked onto the lot last night and there was a little sign on one that said "bore hole". It was filled up with concrete, or something like that. Anybody have any idea what all this activity might mean?

[BG918]

Yesterday and today they were boring holes in the lot between Walnut and Oklahoma, 2nd and 3rd. A group called AI was doing it. Initially they had drill bits that were about six inches in diameter, but yesterday they were using drills that looked like they were about a foot in diameter. There are a bunch of drums of stuff sitting there and I saw them mixing what looked like sacrete at one point. We walked onto the lot last night and there was a little sign on one that said "bore hole". It was filled up with concrete, or something like that. Anybody have any idea what all this activity might mean?

Sounds like soils testing. Typically done before civil and structural drawings can be completed.

[soonerguru]

A group called AI was doing it.

That sounds sinister.