I said "virtually no demand" and was referring to buying. As evidenced by Urban 8 being on the market for over 5 years and Davenport being on the market 4 years. I don't see any demand or offering of high priced housing downtown even close to what the monthly payment on these will be (~$4,500-$6,000/month excluding HOA). There's only 2 units above $3k downtown and they have 2,800 ft2, far more than the 1,700 ft2 you'd get with Davenport units, and aren't even finished yet. There are a few ~$2500 which could be considered high end, but those are about half of what the Davenport monthly payments would be so not even a good comparison.
Considering the current options, the smart choice for those who want to live in luxury places downtown is to rent. $2,000/month for a high end place is far better than a $4,500 mortgage payment for almost the same thing in terms of space and location. Plus you can move in now. Philtower has some amazing well-priced options when available.
This article is about the most expensive apartments in downtown I was referring to (which are still far cheaper than the mortgage on any of the Davenport lofts will be, $4k vs $6k):
Luxury lofts will gauge demand for family housing in downtown Tulsa
Taking the first public tours of the new 111 Lofts this weekend, Tulsans oohed and aahed over some of the plush amenities. Oversized bathtubs. High ceilings, reaching 14 feet in some units. And walk-in closets big enough to host cocktail parties in them.
“You can use it as a study,” the property manager suggested. And still have room for all your clothes.
But the most remarkable part of this apartment comes at the end of the hallway, past the pantry and the half bathroom. There’s a third bedroom.
Tulsa World journalism makes a difference. Be part of the story. Join us. Start a digital subscription for only 99¢.
Downtown housing has been growing for nearly two decades now, since the Tribune Lofts helped pioneer revitalization in 2001. But it has always catered mostly to childless young professionals and empty-nesters.
Families with young children haven’t been entirely left out, but their options have been limited inside the IDL.
The 111 Lofts, converting a historic 10-story office building at Fifth Street and Boulder Avenue, will offer the usual one- and two-bedroom units, along with tiny efficiencies, all with sweeping views of the skyline. But the 111 will also include several three-bedroom apartments with more than 2,600 square feet. And the developer, Price Family Properties, has already leased nearly half of them, even though move-ins won’t start until this summer.
Stuart Price himself admits the three-bedroom units, renting for $4,000 a month, aren’t exactly priced for middle-class families.
“I can’t afford one,” he says, only half jokingly.
But innovation tends to start at the high end of a market. Early VCRs cost more than $1,000 in the 1980s. And the first Motorola cellphone retailed for $3,995.
If the 111 Lofts can prove there’s demand for family housing downtown, other developments will follow, and increasing supply will drive down the costs.
You can find several three-bedroom units for rent in Oklahoma City for less than $2,500 and some for less than $1,600. At prices like that, downtown Tulsa could truly become a place for all ages.
https://www.tulsaworld.com/news/local/michael-overall-luxury-lofts-will-gauge-demand-for-family-housing/article_95b53b08-1112-57c8-bebe-b687cba30a1e.html
