We've owned our home here in Tulsa for 3-1/2 years now. My sense is that home prices have increased quite a bit since we purchased. Does anyone know the percentage amount that homes have appreciated in Tulsa over the past 3-1/2 years?
HT, you may have already stumbled on to it, but look up zillow.com. It compiles stats by zip code and city and I believe you can set it by neighborhood.
It's not a perfectly scientific tool, but it's pretty good for market comparison. It also tends to throw out market anomalies like a house selling for $30K that is surrounded by $150K homes.
This is a good resource which continues to grow.
Zillow data for the Tulsa area:
http://www.zillow.com/local-info/OK-Tulsa-home-value/
Over the last 5 years the average home sale price went from $82,000 to $108,500.
Tulsa / National
Zillow Home Value Index: $108,500 / $205,174
1-Yr. Change: $1,500 / -$23,705
Zestimate Per Sq. Ft.: $80 / $258
Flips (Sold Twice Within the Last Yr.): 1.0% / 2.3%
Turnover (Sold Within Last Yr.): 3.8% / 2.2%
Property Tax: $1,416 / $2,861
Median Condo Value: $73,000 / $216,500
Median Single Family Home Value: $111,500 / $234,000
I just did my neighborhood, and my house (bought for $57,000) is up to nearly $80,000 in less than five years.
Up nearly 40 percent in less than five years isn't like the crazy real-estate bubble areas. But that's still well in excess of inflation and is a healthy increase.
Sorry, I can't make this darn Zillow thing work. Appraisers have had to go to Maple Ridge near the River to get comparables to our home in the past. I think Maple Ridge is 74114. Can someone please tell me how to calculate the last three years for 74114? I'm feeling extra stupid today.
Say a home bought for $200,000 three years ago.
Is that possible?
I thought this was going to be easy, like Tulsa=35%
I think it's 6-7% per year. So 238,000 - 245,000 if it's had a full 3 years of appreciation.
Thank you for the help SGrizzle.
RWarn, When my mother sold her house in Lortondale in about 1969 she got $32,000. Today that house is worth about $110,000. I would guess your 40 percent appreciation is more than healthy. I would guess it's a matter of a little bubble spill over.
According to Zillow, my home in east Tulsa has appreciated 9% in 30 months.
Bought my little place for 114,000 bout 3 years ago. Zillow says its now 148,000. The neighborhood ranges from 110,000 to 188,000. Though I wish they would get the houses off there that are listed really cheap and no longer exist because its a park and bike trail where they widened the highway lol. I still think the houses in my neighborhood are a great value. Street view one street over from me.
http://www.zillow.com/homedetails/birds-eye-view-map/22143103_zpid/#street-view
Notice the multi-story parking garage just up the street. Very handy as overflow parking when you have those wild parties [:P]. Not an amenity you often find in Tulsa. Half a mile over to the west and the same house is about 40,000 more. And no over flow parking, and its a longer walk to the stores, movies, coffee shop etc. Go figure[8D].
Zillow is unreliable. There's a house on the market down the street from me they have appraised at $164,000. Last time I checked(a few months back), it was listed at $130,000 and it hasn't generated any buyers, yet.
Yes, when I refinanced and had mine appraised recently, it was appraised for 131,000. Zillow had it listed higher. So yea they do seem to overprice things. However, you can get a general sense of what comparables are. And they do list what asking prices are for and recently sold prices. Just check out what the recent sales prices are per foot, and look at comparables and bring down the price accordingly lol.
One thing Zillow does not do is a walk-through inspection of the property like an appraiser does. It's an objective tool which can't take into account things like new hardwoods, new windows, roof condition, water damage, structural problems, overall market appeal, etc.
Case-in-point. There's a house three blocks north of the fairgrounds on S. Marion which is listed as almost 3000 sq ft because there's a full basement, enclosed rear porch, and a sunroom added beyond that. Zillow listed it as around $200K. It's got great curb appeal and yes, it is that big.
Reality is, it's not sold at $135K because there's about $60K worth of serious overhaul and damp basement remediation needed. Even the flippers are scared of this place.
Inteller- I looked at a Lortondale house a week or so back for $112K. Awkward garage to family room conversion, structurals that are half-completed, and well, just filthy. Those people are dreaming or upside down in it.
$120 to $130K for well-redone or well-preserved at about 1500 sq. ft. Size in there seems to range from 1300 to almost 1800.
HT, Maple Ridge is 74119 for comparison.
I suspect $80 per foot would have been on the low side for that zip and yours. But now, who knows?
Most of Maple Ridge, if not all, is 74114. Not sure where 74119 is...
quote:
Originally posted by midtownnewbie
Most of Maple Ridge, if not all, is 74114. Not sure where 74119 is...
The Google will happily tell you where the geographic center of a zip code is. 74114's geographic center is nowhere near Maple Ridge.
Of course, when you're talking about a linear thing like a zip code, geographic centers can be misleading.
I actually LIVE in Maple Ridge and my zip code is 74114... I guess I need to tell the people building the park at 31st and Peoria that they've got the wrong location...
74119 appears to be north of 21st St between Riverside and Peoria. Isn't that called something else?
quote:
Originally posted by midtownnewbie
I actually LIVE in Maple Ridge and my zip code is 74114... I guess I need to tell the people building the park at 31st and Peoria that they've got the wrong location...
74119 appears to be north of 21st St between Riverside and Peoria. Isn't that called something else?
Its called Maple Ridge. Geez guys. I live in Maple Ridge. 74119. You live in Maple Ridge South which is really not Maple Ridge at all by the time you get to 31st but was added onto the original association in the 1980's. The original MR was only 18th to 21st and Peoria to about Cincinnati. Look at the age of the homes and you can see distinctive differences.
Call it the Maple Ridge edition of Brookside North if you want.
Note: I don't want to sound midtown elitist.[;)]MP added several neighborhoods to its assoc. a long time ago to strengthen its influence (and make for better parties). Its like the Green Bay Packers club. Anyone can join but that doesn't mean they are Green Bay Packers!
Wow, I didn't know that.
When the Skelly Mansion was built at 21st & Madison, Tulsa's new oil money could have grown either north or south. If you look at the homes north of Edison on Denver they look very much like the Maple Ridge area in style and materials. They aren't the oldest homes in Tulsa, simply the ones that were built to accomodate the oilmen from back east and their executives. Skelly tipped momentum to South Tulsa. He was so important to the oil biz that others wanted to build their homes nearby and Tulsa quickly grew south of 21st up to 31st from the 1920's to the 40's. Meanwhile some of Tulsa's earliest family names like the Mayo's settled on Reservoir Hill overlooking downtown and the refineries.
Many of the old homes in original MP have sold for $100ft or more. Even the modest homes across from me hit that mark.
One of the Mayo Brothers that established the family's reputation in Tulsa, Cass Mayo, and his Wife Aileen (sp?) developed much of Old Reservoir Hill. I have heard but not confirmed that Cass was also an amateur architect and he actually designed the homes he built. He used commercial building techniques. But the only address I have ever come across for Cass Mayo was on Cheyenne in Carlton Place, next door to his brother. Reservoir Hill was associated with the Merchant Class. Carlton Place was known for Oil Money. Mayo's brother's home is the only one that remains on that block of Cheyenne. That old Synagogue that burned last week is in the next block (or two) over. That old Synagogue was on my wish list of places I want to buy and develop.
Hopefully Tulsa's gain in real estate values has been modest enough, or our starting point was low enough, that our gains will be sustainable.
Zillow's values for Tulsa and especially my house have fallen about 7-8% from their highs last year. I'm not sure if the local market has really dropped that much or if Zillow is just off again.
quote:
Originally posted by Hometown
One of the Mayo Brothers that established the family's reputation in Tulsa, Cass Mayo, and his Wife Aileen (sp?) developed much of Old Reservoir Hill. I have heard but not confirmed that Cass was also an amateur architect and he actually designed the homes he built. He used commercial building techniques. But the only address I have ever come across for Cass Mayo was on Cheyenne in Carlton Place, next door to his brother. Reservoir Hill was associated with the Merchant Class. Carlton Place was known for Oil Money. Mayo's brother's home is the only one that remains on that block of Cheyenne. That old Synagogue that burned last week is in the next block (or two) over. That old Synagogue was on my wish list of places I want to buy and develop.
Hopefully Tulsa's gain in real estate values has been modest enough, or our starting point was low enough, that our gains will be sustainable.
Unless there is a total cataclysm in Tulsa like the early '80's, I'd say you are safe.
quote:
Originally posted by waterboy
HT, Maple Ridge is 74119 for comparison.
I suspect $80 per foot would have been on the low side for that zip and yours. But now, who knows?
74119 includes North Maple Ridge and Riverview.
Riverview doesn't have the same sense of "single family residential" that NMR has and the prices have not increased as quickly over time. We have however seen many older homes turned around in the last four years and if you drive though now, there are improvments going on everywhere (instead of tear downs).
I hope that Riverview is poised to become a new kind of neighborhood that has increasing density and new construction that co-exists with historic areas.
We have some historic areas that are very important to Tulsa: Council Oak, Stickball Park, McBirney Springs, McBirney mansion, Spotlight Theater, Ambassador, Perryman, Writesman, McFarlin, Boyd, Sophian, etc (My street turns 100 this year).
We don't have the cohesion that NMR has, but hopefully we can be something new.
What is the three-block wide neighborhood called just east of the IDL and just southwest of 11th & Peoria? Isn't that Tracy Park? It would appear that's where the Maple Ridge charm finally stalled out to the north.
We drove through last weekend, and there's probably less than 10 houses left to gentrify. Certainly did not hurt that the city came through and poured all new concrete streets.
Waterboy, I thought Maple Ridge had left 100/ft behind a long time ago...
Like most neighborhoods it varies with size, style, location and condition. MR has had a fair amount of infill since the late 50's so it has a variety of styles/sizes from brick mansions and craftsman bungalows to mid century modern and duplexes. Morningside, (North MR between 15th and 18th) is more dense and uniform in style than the rest of the area. I have to say I don't keep up much with the bigger historic mansions as they aren't a comparable for my home. But the craftsman bungalows that have been modernized exceed $100 ft. Hope it lasts.
My home was built by the president of the Tulsa Ice Company (no refrigerators back then!) just before original MR was developed and has about 2200sq.ft not including basement area. As soon as the oil money started to move in, he built a larger home farther south.
Zillow has at least a 7-9% margin of error. Conan call me.
I bought my home in the Lortondale (26th & Yale) subdivision in 1987, paid $50,000. Today, with some cosmetic updating, it would probably sell for around $115,000. All irrelevant to me except for property tax reasons, as it is paid for and I have no intention of ever selling.
In older established areas of Tulsa, with mid range homes, not luxury mansions, I think history has shown market prices to double about every 20-25 years.
For Sale in Maple Ridge 74114
MLS 830356 Address- 1123 E 21st Street
Sq ft 4196, 5bed, 3bath, 0 halfbath, 2 Car Build in 1926, Listed at $610,000, $145/sq ft Been on the market for 311 days
Average home sold in the last year
Avg Sqft 3,352, 3bed, 2full & 1 half bath, 2Car, Built in 1935, Avg List Price $396,470, Which is $116/sqft, Avg sale price $381,690, Which is $112/Sqft, Avg days on Mkt 112
Hope that helps. The average annual increase roughly for the Tulsa metro area is 3%. Now in some midtown/brook side areas with a little improvement it's not uncommon to see 6-10%.