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November 23, 2017, 01:40:01 am
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Author Topic: Urban 8  (Read 18720 times)
DTowner
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« Reply #150 on: July 20, 2017, 12:25:25 pm »

$600k sounds like an amazing deal, but from walking by them, looking inside, and hearing from someone with knowledge of these, the interiors were not completed so after everything is done, it should cost the new owners closer to $650-700k or so, depending on how nice they want them. Still a great deal when you consider everything planned for the area, but hard to imagine they made much money on this development.

Maybe, but itís hard to know the fair market value for these units because they are the only market for this type of housing downtown.  If they are being sold as unfinished as I understand them to be, I think most purchasers are looking easily at another $100K to get them finished anywhere near as originally planned.  Prospective purchasers of these should evaluate it as buying a place to live, not making a real estate investment (generally good advice for every home purchaser).  If Santa Fe Square turns out something like the original concept and the Nordam site becomes something cool, that will be great for this area.  However, even if all that falls into place, I would consider it a win to break even in 5-7 years at the current price.


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TulsaGoldenHurriCAN
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« Reply #151 on: July 21, 2017, 08:08:18 am »

Maybe, but itís hard to know the fair market value for these units because they are the only market for this type of housing downtown. 

Looking at the prices of the urban homes built on the south side of downtown at 22nd & Main ($500-$900k), these seem priced pretty well, even unfurnished. Sure there has been extremely limited market for this up to this point and maybe they should have waited a year or two (they started way back in 2014!), but now the vicinity looks much nicer with plans to get even better so it should get easier and more desirable.


If they are being sold as unfinished as I understand them to be, I think most purchasers are looking easily at another $100K to get them finished anywhere near as originally planned. 

That is what I had said in the comment you quoted to reply to  Tongue :

hearing from someone with knowledge of these, the interiors were not completed so after everything is done, it should cost the new owners closer to $650-700k or so, depending on how nice they want them.
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dsjeffries
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« Reply #152 on: July 21, 2017, 09:56:16 am »

Unfinished and unfurnished are different.
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TulsaGoldenHurriCAN
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« Reply #153 on: July 21, 2017, 12:43:21 pm »

Unfinished and unfurnished are different.

I'm glad you know there's a difference between those words. Now where did anyone say anything about unfurnished?
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dbacksfan 2.0
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« Reply #154 on: July 21, 2017, 03:43:21 pm »

I'm glad you know there's a difference between those words. Now where did anyone say anything about unfurnished?


You did.


Looking at the prices of the urban homes built on the south side of downtown at 22nd & Main ($500-$900k), these seem priced pretty well, even unfurnished. Sure there has been extremely limited market for this up to this point and maybe they should have waited a year or two (they started way back in 2014!), but now the vicinity looks much nicer with plans to get even better so it should get easier and more desirable.


That is what I had said in the comment you quoted to reply to  Tongue :


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TulsaGoldenHurriCAN
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« Reply #155 on: July 23, 2017, 12:46:00 pm »


You did.




That is called a typo. And thanks to similar spellings, autocorrect input that. Obviously I meant unfinished as I said in my previous post about it. Thanks for your constructive feedback!
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MostSeriousness
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« Reply #156 on: July 24, 2017, 02:50:43 pm »

Someone got tipped off!

http://www.newson6.com/story/35955731/tulsa-downtown-townhouses-starting-to-sell
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AdamsHall
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« Reply #157 on: July 24, 2017, 05:37:03 pm »

So the story indicates that 5 of 8 are under contract right now.  Also, the "development office" just sold for 1 million.  I assume this is the building on the corner with the mural, maybe 264 S Kenosha Ave.?
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dbacksfan 2.0
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« Reply #158 on: July 24, 2017, 07:29:44 pm »

That is called a typo. And thanks to similar spellings, autocorrect input that. Obviously I meant unfinished as I said in my previous post about it. Thanks for your constructive feedback!

You asked, I answered. Sad thing about forums, you can't tell when someone is being rhetorical, and someone is being funny. Wasn't trying to be a donkey, just replying to your comment. If I ticked you off, oh well, life goes on.
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MostSeriousness
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« Reply #159 on: July 25, 2017, 06:40:25 am »

So the story indicates that 5 of 8 are under contract right now.  Also, the "development office" just sold for 1 million.  I assume this is the building on the corner with the mural, maybe 264 S Kenosha Ave.?

That's what I was thinking. I wonder if it was another developer that's officing out of there, or will be. Or if it is a completely new tenant/business
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