DowntownOKC housing study
This was posted recently by downtownguy.
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"A new downtown OKC housing study is out by CDI Market Research. It was sponsored by Downtown OKC Inc and the Chamber of Commerce.
So what does it tell us? First, quit thinking that downtown must have a bigger workforce to support more housing. The study shows 82 percent of those surveyed say they live downtown because it’s a lifestyle choice, and they don’t work downtown. These are people who are also very educated, appreciate downtown’s cultural and historic amenities, and like the atmosphere.
They like to have restaurants nearby, like being near a park, and like being within walking distance of major entertainment and sports venues.
The survey also finds that downtown could support the addition of 10,000 new housing units, though it warns against flooding the market with too much at once. Okay, that’s fine… but lets start adding something already, okay? So far, what’s been added is just a small fraction of what’s needed."
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More on the Housing Study by Downtown OKC Inc.
New research indicates that the recent resurgence of downtown Oklahoma City may now extend to another important dimension: dramatic future growth in residents living in the central city.
Downtown Oklahoma City already a revitalization success story with capital investments of nearly $1.5 billion since 1998 is now poised for sustained increases in downtown housing, according to a study conducted by CDS Market Research | Spillette Consulting of Houston.
The study, commissioned by a coalition of city organizations, indicates that the growth in downtown housing could range between 2,250 and 4,250 units in the next five years. During the next 10 years, the total combined growth of rental and for-sale housing in downtown could climb to between 4,000 and 7,750 units.
"Achieving this type of residential growth could have an amazing impact for downtown Oklahoma City," said Dave Lopez, president of Downtown OKC, Inc., the coordinating sponsor of the study. "Evidence that there is such a strong desire by so many to live downtown is very positive. But this growth is not guaranteed and getting there will require more of the public-private partnership that revitalized downtown in recent years."
"The impact of increased downtown residential development reaches beyond just the center city," said Roy Williams, president and CEO of the Greater Oklahoma City Chamber. "More downtown housing will help attract and retain talent that will benefit the entire Metro region.
The downtown Oklahoma City area has shown little housing growth in the past 25 years, with only 492 new units added since 1980. Researchers also noted that less than 3,000 of the 450,000 households in the Metropolitan Statistical Area are currently in the downtown area.
By contrast, during the next ten years, this number of downtown residences will likely double and possibly triple. CDS|Spillette estimates the average number of housing units added each year in downtown during the next five years would include 300-500 rental units and 150-350 for-sale homes.
The study was based on a survey of 350 people not currently living in downtown and 50 people currently residing in the central city. In addition, CDS|Spillette conducted interviews with major employers, developers and real estate professionals.
Other key findings of the research are:
Of downtown residents surveyed, 82% do not work downtown. This signifies a lifestyle choice, as opposed to the conventional logic that the main reason to live downtown is to be near work and avoid commuter traffic.
Current downtown residents are a varied group, ranging from medical students to retirees, and include singles, married couples and some families with young children. Also, 61% of current downtown residents have a college degree and 43% have a post-graduate degree (far exceeding state, regional and national averages).
The study outlined the five housing developments currently planned for downtown: Legacy Summit, Block 42, The Hill, The Triangle and Deep Deuce Phase II. Combined, these projects will generate about 700 units of apartments, condominiums and townhouses.
Affordable housing is an important factor to those desiring to live downtown: only 34% would be willing to pay more than $950 per month (or a $160,000 mortgage principal, in terms of home ownership).
If the right kind of housing were available at the right price, an estimated 9% of the metro population would be very likely to move downtown. An additional 8% of the population would be somewhat likely.
Among non-downtown residents, 89% of those interested in downtown rental properties would consider moving downtown within a year;
The most desired housing, according to non-downtown residents, is larger rented units with two to three bedrooms and two bathrooms. Historical loft conversions are the most desired building type.
Parking is a key consideration in selecting a location downtown, cited as of high importance by 83% of those surveyed. Next in importance were having restaurants nearby (60%), followed by having a church nearby (50%).
The study was sponsored by several downtown organizations: the City of Oklahoma City, Greater Oklahoma City Chamber of Commerce, St. Anthony's Hospital, OKC Urban Renewal, Fannie Mae and Downtown OKC, Inc."
To see the study, go to www.downtownokc.com
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