Mayo420 MayFest tours

[Red Arrow]

Yeah, you have to be pretty loaded to waste $2,000 a month on an apartment when you could pay off a similar sized house in 6 or 7 years.

You have to be pretty loaded  well off financially to spend $2000/mo on anything.

We all have different priorities and desires.  If someone wants to pay more to live downtown, that's fine with me.  I have some toys that someone else would ask why I would ever spend so much money on "that".

[waterboy]

Absolutely. The word "waste" is also tricky. If you see your home as an investment, well, that time may be passing by. There are probably better investments. I have no issue with people who consider their home for its utilitarian value or its potential for enjoyment rather than as an investment. That is not a waste.

That said, until there is more utility value downtown, it remains rather expensive to live there. They need a grocery, a dry cleaners, good dependable mass transit, etc. Its happening though and I really like downtown.

[TheTed]

I can't fathom living in one of the cheaper apartments there, with the windows facing another building that's five feet away. Sounds like a nightmare to never be able to see people, activity or even the weather outside your window.

Early this morning the fog was so thick downtown I couldn't see any of the tall buildings. If you lived at those $900 apartments at the Mayo, you wouldn't even know there was fog. Seems prison-like.

[Cats Cats Cats]

Absolutely. The word "waste" is also tricky. If you see your home as an investment, well, that time may be passing by. There are probably better investments. I have no issue with people who consider their home for its utilitarian value or its potential for enjoyment rather than as an investment. That is not a waste.

That said, until there is more utility value downtown, it remains rather expensive to live there. They need a grocery, a dry cleaners, good dependable mass transit, etc. Its happening though and I really like downtown.

There isn't much gray area..  If you are talking about living in one of these places for 1 year.  Then maybe.  But you are in theory going to be living in some sort of shelter you are paying for, for about 50 or 60 years.

A $250,000 mortgage over 30 years is about $1500 a month.  Now lets just say that the house is worth $0 at the end of 30 years.  I will also say that it costs $500 a month extra to own a home each month (taxes,insurance).  Then you pay $2000 a month on your apartment for 30 years.  You spent the same amount of money (assuming that they don't raise your rent in 30 years *yeah right*.  You are guaranteed a value of $0 and you still have to pay $2000+ a year from then on.

You buy a $165,000 house you are going to be saving a lot more and have about another $500 a month to *invest* of your money.

[Cats Cats Cats]

I can't fathom living in one of the cheaper apartments there, with the windows facing another building that's five feet away. Sounds like a nightmare to never be able to see people, activity or even the weather outside your window.

Early this morning the fog was so thick downtown I couldn't see any of the tall buildings. If you lived at those $900 apartments at the Mayo, you wouldn't even know there was fog. Seems prison-like.

But you do get to live right upstairs from a ton of businesses that are open M-F 10am-3pm!

[Red Arrow]

There isn't much gray area.. 

This isn't really a matter of getting a return on your investment.  It's buying a lifestyle that some people want.  It's not for me but who am I to try to say they are wrong or wasteful.  I don't drink coffee so I could say it's a waste of money to buy coffee at Starbucks.  I do like good beer and don't mind spending $8-$10/six pack to get good flavor.  Some would say it's a waste of money to buy anything more expensive that MillerCoorsBud Light.   Living downtown in an expensive (in my opinion) place is the same thing on a grander scale.

[Cats Cats Cats]

My original statement was that you would have to be pretty loaded to drop $2k a month into nothing.  I didn't say there weren't people who could/would want to do it.  Hopefully maybe some of them might even be under 40.

[nathanm]

There isn't much gray area..  If you are talking about living in one of these places for 1 year.  Then maybe.  But you are in theory going to be living in some sort of shelter you are paying for, for about 50 or 60 years.

A $250,000 mortgage over 30 years is about $1500 a month.  Now lets just say that the house is worth $0 at the end of 30 years.  I will also say that it costs $500 a month extra to own a home each month (taxes,insurance).  Then you pay $2000 a month on your apartment for 30 years.  You spent the same amount of money (assuming that they don't raise your rent in 30 years *yeah right*.  You are guaranteed a value of $0 and you still have to pay $2000+ a year from then on.

You buy a $165,000 house you are going to be saving a lot more and have about another $500 a month to *invest* of your money.

You buy a $165,000 house and you'll be paying about $1400 a month after taxes, insurance, and everything. And it won't be nearly as nice as the newly renovated apartment. At least compare apples to apples, eh?

[Conan71]

You buy a $165,000 house and you'll be paying about $1400 a month after taxes, insurance, and everything. And it won't be nearly as nice as the newly renovated apartment. At least compare apples to apples, eh?

Except you will never own that apartment.  Assuming you bought in a stable area and took care of your property: when you pay off the house, it's yours and it will have appreciated in value over the 30 years.  The apartment will still belong 100% to your landlord.

[hello]

Is $900 really the cheapest apartment they have? Seems rather high. Tulsa isn't Boston or NYC or Chicago. There just isn't enough of a convenience factor to warrant that price right now. I guess I'll keep my $625/month nice apartment in Riverview for now.

[OpenYourEyesTulsa]

I would like to live downtown but I would want a condo that I owned and it would have to be big enough to hold all the stuff in my 3,000+ sq foot house and still be affordable.  Not gonna happen.

[Cats Cats Cats]

You buy a $165,000 house and you'll be paying about $1400 a month after taxes, insurance, and everything. And it won't be nearly as nice as the newly renovated apartment. At least compare apples to apples, eh?

It all depends on the length of the loan.  You can take a 50 year mortgage out on the house.  The cost all depends on how long the loan is and the interest rate.  That will lower your monthly cost.  You also have to assume that your rent will go up with inflation.

[Cats Cats Cats]

Except you will never own that apartment.  Assuming you bought in a stable area and took care of your property: when you pay off the house, it's yours and it will have appreciated in value over the 30 years.  The apartment will still belong 100% to your landlord.

Even if your house is worth $0 after 30 years you still can live in it and only pay taxes.

[sgrizzle]

My view on the rent is that this was a historical remodel with original doors, some flooring, original elevator cabs, etc. Based on that, rent rates should be a bit on the high side. Better to set your expected rate and have a few vacancies that set too low and spend years trying to get them up. I was really surprised that the rates did not include electric and/or at least one parking space in the adjacent garage though.

If I lived there I could theoretically go down to one car and have lower utility costs which could save a few hundred a month. If they open some non-historical remodels at $1psf or lower, I might seriously consider it.

[SXSW]

Did anyone who went on a tour take any pictures?  If so please post them.  These lofts will be a great addition to downtown.  And I agree, it would be nice to see one of those older mostly vacant buildings (ahem, Tulsa Club) turned into raw space for condos that you can buy.  I know I would be very interested in something like that.