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USA Today article on Tulsa

Started by swake, January 27, 2007, 01:07:48 PM

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swake

http://www.usatoday.com/money/economy/housing/2007-01-15-close-tulsa_x.htm

Tulsa: Low prices, new jobs buoy market

By Noelle Knox, USA TODAY

Despite the current layer of ice covering Tulsa, the real estate market there shows no sign of frost.

And it's not just the oil industry that's stoking home sales and prices. American Airlines, Boeing and Whirlpool are all adding jobs.

"We're getting quite a few move-in buyers," says Debbie Shepler, a real estate agent at ERA John Hausam.

The oil industry is still a leading source of jobs — and locals still recall the oil bust in the 1980s, when property values in Tulsa fell 20% — but the economy is diversifying, says Ron Sumner, president of the Greater Tulsa Association of Realtors.

For 2006 (excluding December sales, which are not yet available), home sales rose 4.3%, and the average price was up 4.6%.

The number of homes on the market in November was a stable six-month supply, the same as the year before. Nationally, there's a 7.3-month inventory, 46% higher than a year earlier.

Tulsa, the second-largest city in Oklahoma after Oklahoma City, didn't feel much of the 2000-2005 real estate boom. But now, investors in search of real estate areas with strong growth potential are buying properties in the area, Shepler says.

Investors represented 7.5% of those who bought properties in Tulsa last year, up from 6.8% in 2005, and more than double the level of 2000, according to First American LoanPerformance. Nationally, by contrast, investor purchases fell to 8% in 2006 from 9.5% the year before.

Lower home prices may be a major factor in the burst of investor interest in Tulsa, Shepler says, noting, "Investors can buy three homes here for the price of one in California."

In fact, investors can buy 4½ median-price homes in Tulsa for the price of one $555,290 median-price home in California.



Pitter-patter, let's get at 'er

waterboy

Tulsa! The Dollar General of real estate investing.

aoxamaxoa

quote:
Originally posted by waterboy

Tulsa! The Dollar General of real estate investing.



^LOL!

Laggered indicator?

TheArtist

Hey, good news in a national paper about Tulsa... I am not gonna complain. Every bit helps.[:)]
"When you only have two pennies left in the world, buy a loaf of bread with one, and a lily with the other."-Chinese proverb. "Arts a staple. Like bread or wine or a warm coat in winter. Those who think it is a luxury have only a fragment of a mind. Mans spirit grows hungry for art in the same way h

waterboy

quote:
Originally posted by TheArtist

Hey, good news in a national paper about Tulsa... I am not gonna complain. Every bit helps.[:)]



Just having a little fun. Hey, did you see the edit in the World this am about an authority? You were there...was there a consensus?

Johnboy976

Fortune 500 recently said that Tulsa has the best cost-of-living for any "big city" in the country.

PonderInc

I was just talking to a friend of mine about how if you're from Tulsa, it's hard to move to other cities because of the "sticker shock."  You find yourself looking at what you think is a $150,000 home, and it's for sale for $600,000!

I'm a little concernted about too many people from out of state buying properties for investment only.  What does that really mean?  Higher prices and more rental property with absentee landlords?  An impending sellers' market?  I'm no economist...so I have to ask: "Am I frightened or pleased?"

TheArtist

quote:
Originally posted by waterboy

quote:
Originally posted by TheArtist

Hey, good news in a national paper about Tulsa... I am not gonna complain. Every bit helps.[:)]



Just having a little fun. Hey, did you see the edit in the World this am about an authority? You were there...was there a consensus?



Aaaw Drats, missed my moment of fame.[:P]
"When you only have two pennies left in the world, buy a loaf of bread with one, and a lily with the other."-Chinese proverb. "Arts a staple. Like bread or wine or a warm coat in winter. Those who think it is a luxury have only a fragment of a mind. Mans spirit grows hungry for art in the same way h

TheArtist

quote:
Originally posted by PonderInc

I was just talking to a friend of mine about how if you're from Tulsa, it's hard to move to other cities because of the "sticker shock."  You find yourself looking at what you think is a $150,000 home, and it's for sale for $600,000!

I'm a little concernted about too many people from out of state buying properties for investment only.  What does that really mean?  Higher prices and more rental property with absentee landlords?  An impending sellers' market?  I'm no economist...so I have to ask: "Am I frightened or pleased?"



That may be true in many instances.  But I was actually amazed about the "comparibility" of the prices of places in and around Dallas when I was looking to move there. I could easily make double working there and the comparible apartments in the area were priced, practically the same.  The tricky part though was that the nices apartment complexes here would be considered pretty crummy there.  There were so many places that were way above anything Tulsa has to offer, and yes they of course cost much more. In many instances I found I could actually live in a much better place there for only a bit more than here. Plus you had much more to choose from.  Whatever your taste or living preferences were there were lots of options, and amenities, many of which don't even exist in Tulsa.

http://www.apartmentguide.com/apartments/Texas/Addison/24652/PropertyPhotos.aspx

The same could be said for homes as well. You cant always just look at a home and its square feet, you also have to take into consideration whats around it. A tiny home right next to Utica Square is going to cost much more than the same quality and size of home in another part of town. The amenities, convenience, comfort, look, walkablility, etc. of being next to the Utica Square area is what makes the home cost more.  However a comparible home in a comparible place in or near Dallas would cost about the same or even less for the same or better quality of life. A place like Utica Square there would be considered mediocre and thus the prices of homes around it are not going to be as high as homes in more desirable areas of the city.  
"When you only have two pennies left in the world, buy a loaf of bread with one, and a lily with the other."-Chinese proverb. "Arts a staple. Like bread or wine or a warm coat in winter. Those who think it is a luxury have only a fragment of a mind. Mans spirit grows hungry for art in the same way h