Reservoir Hill Home Values

[Conan71]

Figured I'd keep HT's tile thread on topic and start a new thread.

The flats around RH are a pretty good buy, but I think there's less risk in Crosby Heights right now, if I were going to agressively pursue flipping.  

FWIW, Florence park is about $115 to 125/ sq. ft.  I've found a few rape-n-scrapes in the neighborhood in the $140/ft. range.  It's not been a bargain with rare exceptions for the last 20 years.  Even Renaissance is getting out of hand on values.

[RecycleMichael]

quote:Originally posted by Conan71
The flats around RH are a pretty good buy, but I think there's less risk in Crosby Heights right now, if I were going to agressively pursue flipping.  

I love Crosbie Heights.

I want to buy the string of houses on Nogales between Archer and Charles Page. Many of them have them awesome views on a hill straight across from the new arena.

[Hometown]

There was a really bad fixer at the top of the Hill (with a $1M view) that sold at auction last week for $63,000.  The new owner plans to tear down and build.  There are three properties on the Hill for sale now that have been sitting for a while.  Two for sale by owner, One old brick mansion that listed at $275,000, then reduced price, now available for lease.  With $25,000 of cosmetics the old brick mansion could sell for $300,000+ on a good day.  What the Hill needs is one "go to realtor" that specializes in the Hill and other quality Northside neighborhoods.

The twisty turny roads on the East side of the Hill are not part of the Reservoir Hill Association so they are probably a better buy.  There are wonderful houses on those roads mixed in with some really bad fixers.

Brady Heights is being renovated from one end to the other.  I like to buy low and sell high so I would go over one block to Cheyene where it is a little rougher but probably a better buy with more upside potential.

I would prefer to do the restoration myself because a lot of the handy guys don't get the renovation right.  You know, a new fake Victorian door on a Craftsman Bungalow.  I'm fascinated by Brady Heights.  There is a huge Yellow mansion on Denver in Brady Heights that I have to have.  Brady Heights homes go for around $150,000.

[Hometown]

I'm confused about where Crosbie Heights is.  I think I've been there.  When you are going towards Sand Springs on 3rd right before Newberry Park there is a hill with homes.  I've also been in Owen Park and driven further over towards the River where there are houses facing downtown looking across an industrial area with rail.  Which one is Crosbie Heights?  Both of these neighborhoods have a lot of potential but neither one has Reservoir Hill's charm.

Reservoir Hill's Oak Cliff Addition (the neighborhood at the top) was originally developed by Cass and Aileen Mayo.  Cass was one of the Mayo Brothers that established the family's reputation here in town.  I have also heard but have not been able to confirm that Cass was an architect and that he designed the homes he built.  I know that the Mayo's built the old Spanish Revival stucco homes on the Hill.  The large old stucco and brick homes and the curvey streets and big lots give the Hill that Hollywood Hills feeling.

The Hill was developed in spurts.  The old historic homes were built in the 20s.  Later after the war, the Ranch Homes were built.  There are both modest Ranch Homes and executive-sized Ranch Homes on the Hill.

Later with advances in engineering some previously undeveloped lots on Victoria Street were developed with contemporary homes.  Between a Mid-Century Modern and the later contemporary homes, Victoria Street has become an important street for more recent architecture, and also has some striking views.

There are still undeveloped lots in the Oak Cliff Addition.

I have read that the Hill has been home to many business owners from the beginning.  I have also heard but have not confirmed that Wait Philips had three homes in a cluster that were owned by Philips Petroleum and that he used for company executives.

Originally there were walkways and stairs between the homes running along the back of the lots and the side of homes so that one could traverse around the neighborhood without stepping on a street.  I believe it was the 40s when the stairs and walkways were deeded back to owners and closed.  There are still remnants here and there.

Also many of the original homes had waterfall water features.  A few of those remain as well.

The Reservoir Hill flats were also built as first class homes but did not hold up as well when White flight got started.  The Oak Cliff Addition did better.  Many of the original owners held their ground and stayed in Oak Cliff throughout the decline and then gradual regeneration of the neighborhood.

Since I've been in the neighborhood there was a private sale of a home that went for $150,000 (that should have gone for $300,000).  There are other sales on record of $289,000 and $305,000.  A couple of years ago my realtor said we could list my home for $350,000.  If the house was in Maple Ridge we would be looking at something around $500,000.  

Several of the contemporary and larger ranch homes in the Oak Cliff Addition have always fetched a premium.  

So sales are all over the map.  There are bargains to be had and other historic homes that are ready to move in where you pay a premium but you get much more value than mid-town.  

If you move away from Oak Cliff Addition into other areas of the Reservoir Hill neighborhood there are more bargains to be had.

[jne]

quote:Originally posted by Hometown

I'm confused about where Crosbie Heights is.  I think I've been there.  When you are going towards Sand Springs on 3rd right before Newberry Park there is a hill with homes.  I've also been in Owen Park and driven further over towards the River where there are houses facing downtown looking across an industrial area with rail.  Which one is Crosbie Heights?  Both of these neighborhoods have a lot of potential but neither one has Reservoir Hill's charm.

Reservoir Hill's Oak Cliff Addition (the neighborhood at the top) was originally developed by Cass and Aileen Mayo.  Cass was one of the Mayo Brothers that established the family's reputation here in town.  I have also heard but have not been able to confirm that Cass was an architect and that he designed the homes he built.  I know that the Mayo's built the old Spanish Revival stucco homes on the Hill.  The large old stucco and brick homes and the curvey streets and big lots give the Hill that Hollywood Hills feeling.

The Hill was developed in spurts.  The old historic homes were built in the 20s.  Later after the war, the Ranch Homes were built.  There are both modest Ranch Homes and executive-sized Ranch Homes on the Hill.

Later with advances in engineering some previously undeveloped lots on Victoria Street were developed with contemporary homes.  Between a Mid-Century Modern and the later contemporary homes, Victoria Street has become an important street for more rent architecture, and also has some striking views.

There are still undeveloped lots in the Oak Cliff Addition.

I have read that the Hill has been home to many business owners from the beginning.  I have also heard but have not confirmed that Wait Philips had three homes in a cluster that were owned by Philips Petroleum and that he used for company executives.

Originally there were walkways and stairs between the homes running along the back of the lots and the side of homes so that one could traverse around the neighborhood without stepping on a street.  I believe it was the 40s when the stairs and walkways were deeded back to owners and closed.  There are still remnants here and there.

Also many of the original homes had waterfall water features.  A few of those remain as well.

The Reservoir Hill flats were also built as first class homes but did not hold up as well when White flight got started.  The Oak Cliff Addition did better.  Many of the original owners held their ground and stayed in Oak Cliff throughout the decline and then gradual regeneration of the neighborhood.

Since I've been in the neighborhood there was a private sale of a home that went for $150,000 (that should have gone for $300,000).  There are other sales on record of $289,000 and $305,000.  A couple of years ago my realtor said we could list my home for $350,000.  If the house was in Maple Ridge we would be looking at something around $500,000.  

Several of the contemporary and larger ranch homes in the Oak Cliff Addition have always fetched a premium.  

So sales are all over the map.  There are bargains to be had and other historic homes that are ready to move in where you pay a premium but you get much more value than mid-town.  

If you move away from Oak Cliff Addition into other areas of the Reservoir Hill neighborhood there are more bargains to be had.

Anything for 100 grand that won't burn up my power tools?

[Hometown]

There are twisting curved streets on the east side of the hill that are outside of the Reservoir Hill Homeowner's Association that I think are much more affordable.  There are wonderful old brick and stone homes mixed in with ranches and some new homes.  Some have great views.  I think you could pick up one that needs work for less than $100,000.  Because they have views and are larger homes with charm I think there is a lot of potential for price improvement.  I've never priced the new ones that wouldn't need work.

These twisting curved streets on the east side of the Hill are N. Cheyenne Ave., W. Zion St., N. Main St., N. Denver Blvd., E. Victoria St., N. Boston Dr.   All are between Cincinnati and Apache and Tecumseh.

Homes below those twisting streets in the flats are also very affordable with prices starting around $60,000.  Some appear to be abandoned.  Most of those homes are owned by older Black couples, so many of these homes should be trading hands before too long.  There are young White people in the flats as well.  The homes in the flats look like the brick homes Florence Park.  The drawback is that they are one bathroom homes.

[Conan71]

quote:Originally posted by Hometown

I'm confused about where Crosbie Heights is.  I think I've been there.  When you are going towards Sand Springs on 3rd right before Newberry Park there is a hill with homes.  I've also been in Owen Park and driven further over towards the River where there are houses facing downtown looking across an industrial area with rail.  Which one is Crosbie Heights?  Both of these neighborhoods have a lot of potential but neither one has Reservoir Hill's charm.

Yep, head west on 3rd from the arena complex over the bridge which crosses the rail road tracks and you are there.  It becomes Charles Page Blvd. not far from there.  The N/S streets should be Maybelle, Nogales, Olympia, Phoenix, Quannah, Rosedale, etc.  I believe it extends both sides of 3rd St.  Someone else please feel free to correct me if I'm wrong.

We drove around there on Saturday looking, there's still some shaggier parts of the neighborhood, a few houses better for knock-down, many ripe for restoration, and some generous-sized vacant lots with good views.

[jne]

quote:Originally posted by Hometown

There are twisting curved streets on the east side of the hill that are outside of the Reservoir Hill Homeowner's Association that I think are much more affordable.  There are wonderful old brick and stone homes mixed in with ranches and some new homes.  Some have great views.  I think you could pick up one that needs work for less than $100,000.  Because they have views and are larger homes with charm I think there is a lot of potential for price improvement.  I've never priced the new ones that wouldn't need work.

These twisting curved streets on the east side of the Hill are N. Cheyenne Ave., W. Zion St., N. Main St., N. Denver Blvd., E. Victoria St., N. Boston Dr.   All are between Cincinnati and Apache and Tecumseh.

Homes below those twisting streets in the flats are also very affordable with prices starting around $60,000.  Some appear to be abandoned.  Most of those homes are owned by older Black couples, so many of these homes should be trading hands before too long.  There are young White people in the flats as well.  The homes in the flats look like the brick homes Florence Park.  The drawback is that they are one bathroom homes.

Aren't those all Brady Heights?

[Hometown]

Main and Boston pass along the eastern edge of Brady Heights.  Between Brady Heights and Pine those streets are really badly run down.  In Reservoir Hill area they are much nicer.  

Now if you pass through Brady Heights don't let all the renovation on Denver scare you away.  There are still bargains to be found.  I followed one house in Brady Heights that started out at $180,000 and then it was reduced down to something like $160,000 before being taken off the market.

Go one block over to Cheyenne in Brady Heights where I would guess the houses are more of a bargain but still have a good feeling.

[PonderInc]

I grew up in Tulsa and never heard of Reservoir Hill.  Then, in my late 20's or so, I discovered it after a Tour de Tulsa bike ride took us through the area.  I kept going back on my bike to explore.  Diverse and intriguing architecture with great views!  Each house is one of a kind.  A secret Tulsa Treasure!  (Just not sure what they do in an ice storm....)

[Rico]

Originally posted by Conan71
"and some generous-sized vacant lots with good views."

If you like those get to be familiar with the name Buford aka Quapaw Investments Inc. The same fellow that sold the Blair Mansion and the small front yard to Kaiser...

Although... He still gets to live there.

What a deal... Money and you get to keep the house.[}:)]

[Steve]

quote:Originally posted by PonderInc

I grew up in Tulsa and never heard of Reservoir Hill.  Then, in my late 20's or so, I discovered it after a Tour de Tulsa bike ride took us through the area.  I kept going back on my bike to explore.  Diverse and intriguing architecture with great views!  Each house is one of a kind.  A secret Tulsa Treasure!  (Just not sure what they do in an ice storm....)

I grew up in Tulsa too, and have always known about the Reservoir Hill neighborhood; in fact, when my family used to take leisure auto drives around town in the 1960's, one of our main destinations was always Reservoir Hill, mostly for the gorgeous views.

Thanks for the info. on your neighborhood, Hometown.  I have seen your home and it is beautiful.  Tell us more about your home and its history; I am sure TulsaNow posters with interest in neighborhood history would love to hear more about your house.

[Hometown]

Thank you Steve.  That's very kind and generous of you.

You know we have one of the old Cass Mayo Spanish Revival homes.  Ours in one of the most original and best maintained.  It was built in the 20s, the era of great mansion building in the U.S. and Tulsa's hey day.  Architecture students at that time had been prevented from seeing Northern Europe because of the war, so Spain was a popular destination.  They brought home their memories of Spanish architecture and created Spanish Revival architecture in the U.S.

There are a variety of Spanish Revival homes on the Hill.  Ours combines elements of Andalusian and Mission styles.  It is two story with an attached garage and it was built from stucco and stone and clay tile.  It sits at the top on a half acre that slopes to the west.  We have four bedrooms and two full baths and two half baths if you count the half bath in the basement.  Our bathrooms have the original tile.  The basement as built was a combination of a utility room and servants quarters but we use it for a laundry and exercise room.  

There is a formal dining room and a breakfast nook and a gas fireplace.  The house has a screened in porch with a terrazzo floor and balcony above with a bird's eye view of Denver Avenue and downtown.  But our best view is to the west where we see the peaceful valley between us and Gilcrease Museum.

We love our home and our neighborhood.  My mother also loved Reservoir Hill and I actually remember our house from the one childhood trip that we made to the Hill.  

Our house is very Gloria Swanson in Sunset Boulevard.  But somehow I don't see Gloria spending her weekends pulling weeds and oiling her hardwood floors.  We do.  We spend most weekends and more than a few weeknights taking care of the old girl.  Our house is 81 years old this year.

Looking at some other neighborhoods:

I want to take back what I said about Crosby Heights earlier in this thread.  I do recall some very lovely homes there.  I wish Conan would come clean on the range of values there.  Give it up Conan.

And Steve, I've almost picked up the phone to call you a couple of times this past week because I've been thinking about Lortondale and your wonderful Modern homes.  You know my prejudice is for Modern and I've been wondering what has happened to prices in Lortondale this past couple of years.  I really want a Lortondale home and you are right in the thick of the best part of Lortondale.  Is that house next to you still available?

Speaking of Lortondale let me tell you how Lortondale is related to Reservoir Hill.  

Our home is located within a stones throw of a Donald Honn designed home.  For those that don't know, Donald Honn is the architect that designed Lortondale.  The home he designed on the Hill is named "High Croft" and it has his signature glass wall giving it an incredible view of downtown from where it sits on Victoria Street.

I wish I was 10 people so I could live all over the place.

[Steve]

quote:Originally posted by Hometown

And Steve, I've almost picked up the phone to call you a couple of times this past week because I've been thinking about Lortondale and your wonderful Modern homes.  You know my prejudice is for Modern and I've been wondering what has happened to prices in Lortondale this past couple of years.  I really want a Lortondale home and you are right in the thick of the best part of Lortondale.  Is that house next to you still available?

There are no homes for sale on my block in Lortondale right now.  There is one house for rent west of me on 26th Terrace.  I think there are 2 homes for sale on 26th St. between Darlington & Hudson in Lortondale 2nd, where you used to live.

I don't know how the recent housing turbulence has affected Lortondale home prices; pretty minimal if I were to guess, as these houses have maintained a slow steady price increase over the years without any wild speculation influencing prices.  There are no houses in Lortondale with signs indicating "Bank Owned" or "foreclosure."  Housing prices are all pretty irrelevant to me (except in regard to property taxes), as my house is paid for and no one could blast me out of here, save some catastrophic natural disaster.

[waterboy]

Or collapsing into the mines.[] Just kidding.

Steve, what kind of prices are the ones you mentioned on the market now? I drove through there yesterday (my mom lives behind the school) and saw a couple flat tops. On 27th one of the more conventionals is listed at $129,900 for 3/2/2 brick with fireplace.