Metro Loft office

[Nic Nac]

I see Metro Loft has moved out of their office on 15th.  Anyone know what the latest is on this group?

[Double A]

I heard they filed for bankruptcy and I hope it's true.

[cannon_fodder]

I heard they filed for bankruptcy and I hope it's true.

Phone numbers are no longer working numbers.

But I ran a query on all Federal cases in the Northern District of Oklahoma and Metro Lofts was not listed no any associated companies as far as I could tell.  The principles listed on their website have no recently filed bankruptcy either. 

And why the hostility?

[sgrizzle]

Phone numbers are no longer working numbers.

But I ran a query on all Federal cases in the Northern District of Oklahoma and Metro Lofts was not listed no any associated companies as far as I could tell.  The principles listed on their website have no recently filed bankruptcy either. 

And why the hostility?

Isn't Metro Lofts a Houston company?

AAA is upset over some safety issues he saw, and also that he doesn't like the kind of construction they were doing (style, materials, etc)

[Nic Nac]

I know they have several projects shut down and no sales signs on some that def. should have signs up.  I am guessing there is a good chance they are in bankruptcy and the assets are tied up until things are sorted out.  If this is the case there could be lots of units going to sheriff sale.

I had also heard however that they had secured some investors so they could have just thrown in the towel and lost the property to their backers.

I know someone on this board must have the full scoop though.

[cannon_fodder]

Isn't Metro Lofts a Houston company?

Oklahoma Secretary of State:
METRO LOFTS, LLC     Foreign Limited Liability Company      Legal

   (RA) Registered Agent:    DAILEY AMANDA
1506 E 14TH ST
TULSA, OK 74120

   (RA) Effective Date:    8/22/2007


Perhaps you are correct.  I do not have access to the Federal Bankruptcy Court in Houston.  I attempted to contact the Registered Agent but the listed number was disconnected.

[Breadburner]

This is what happens when your lender cuts off your line of credit....And when you have a poor buisness model to go along with it.....

[Gaspar]

Prices on the remaining units should be affordable soon.

[Conan71]

Real estate FAIL

[MidTownLifer]

We own a home constructed by the Metro folks, and yes it's on Cherry Street. The quality is not poor, in fact it's higher than most of the new homes built in South Tulsa and for the price we paid we get the mid-town village feel without a lawn and with neighbors that are hard to beat.

That's my qualifying statement.

Now, to address what it was like to work with the Metro folks. They were good at first and then they overextended themselves, placing less emphasis on customer service and due to the market had to layoff many of their skilled workers. They lost our support early into the process of building our home. Their service was bad, their product is great. For the folks that built our homes - we were impressed with the quality of lumber, siding and finishing product.

Metro's Problem - they lacked leadership and totally lacked a professional marketing plan. Their vision was stronger than their ability to carry it out.

What I can tell from our experience - they had a great community-building plan but they weren't the right group to see it from start to finish. We could sense this at the beginning of our relationship with them. We've recently learned that Arvest Bank now has control of some of their partially-constructed properties and after conversation with the project leaders at the bank we have learned that Arvest is interested in completing the unfinished units with the same regard to quality that was originally promised.

Knowing what we paid to own a 2,000 SF house on Cherry Street, along with many other neighbors paying the same, it's doubtful, GASPAR, that the bank would be willing to firesale the remaining units. I've hosted many people looking around for a home with modern amenities like ours and they are from out-of-town. The Texans are the most plentiful group, looking for a walkable neighborhood like Cherry Street and they don't wince at the pricetag of 250k ++ for what we have.

I doubt that any bank would undercut the market potential of a number of these foreclosed homes just to get out of them ... instead I believe we have the support of a business with a stronger marketing plan. Yeh, they shoot to make money, but why charge 180k when more than half the residents have paid more??

Splain if you disagree.

[Double A]

Has your unit flooded yet? I've heard about other units in the area they built that have.

[MidTownLifer]

Our unit had an issue with a downstairs sliding glass door that had clogged weep-holes, to be detailed with you. On the first big rain following our move-in date we had water all over our d/s floor. Amanda w/ Metro and Kara w/ Metro both chipped in to help us as did Millcreek. We learned the weep-holes on the sliders were clogged from the initial installation, cleaning and unplugging them worked. We've had NO leaks and no seepage.

So, in a word - no. We have no issues with leaks. Honestly, I was skeptical and thought we would see more issues than we have. All is dry and that is from last June up until this month ... thirteen months later.

[Double A]

So it did flood. I am not surprised. I heard a local architect who was working on their projects early on parted ways with them because they demanded the architect cut corners to get-r-done on the cheap.

BTW, you can desperately try to convince yourself otherwise, but the answer to my question is yes.

[MidTownLifer]

Right. It was a flood, of sorts, back in June 2008. Nowadays in 2009 we haven't seen a single issue. Not trying to dispute ya - but we live here and see nothing at all in the way of seeping water or any kind of leak. We have one neighbor that DOES have issue and that's one of six. And since it's not our house we have no hands-on knowledge.

Tell you one thing for sure, we wouldn't live elsewhere. Neighborhood is great. But so is most of Mid-Town.

Hope you don't have a bad story or friend / family with a bad story going on with a Metro development.

[Double A]

I've lived in the area most of my life. I grew up in Yorktown. My first apartment was a garage apartment in Swan Lake. I lived in an apartment for ten years in the area that the Metro Lofts decimated, until I couldn't stand to watch the destruction of a neighborhood I dearly loved any longer. I still live in Mid-town(Lewiston Gardens) where I bought a great home for a fraction of the price of one of those overpriced, mass produced, lowest cost, non-architecturally significant, equivalents of strip malls meet apartments complexes.

If the neighborhood is being re-populated by Texicans with more money than sense, I'm glad I left.

BTW, have you lived in mid-town all your life as your screen name suggests?