Ultra Modern Reservoir Hill House For Sale

[AquaMan]

I assume you mean the red home that overhangs the southwest of the Hill.  I don't know anything about the house that isn't on the listing.  As a resident just a few blocks over, I would assert the house has been on the market for a while for three reasons.  First, houses are just sitting longer (especially in this price range and size, there are 429 houses between $100 & 150k in the TPS district with only 295 closing in the last six months for an 8.7 mo supply) and financing continues to be an issue for some buyers.  Second, the house is a tweener for this area, it's not big enough for a family (only 2 bd) that might make the leap to the Hill yet it's not updated enough for the single person or childless couple that would be interested in a home of this size.  Third, is general perception of the area, which is just that, perception.

My personal opinion is the home will make a great buy for someone.  At $135k it's not a huge chunk of cash (especially at a 4-4.5% mortgage rate) and with another $10-20K in upgrades it could transform into a very cool mid-century-ish ranch style home.

Yes, I visited that house on an open one weekend. We are soon to be empty nesters and I love the hill and am intrigued by the style. My wife is reluctant though. Here are the problems we observed:

-It isn't as cool looking in person as it is on the website. IOW, it didn't meet expectations. Specifically, it is an older cosmetic redressing of a late fifties ranch style (ramblers for those from the north). The house sits nicely, high and off a well paved driveway, but alas, there is no garage. Its been closed off or never existed. Thats a bummer for guys who like to tinker or for storage.

-It has an older deck that is two stories tall that is in need of serious rehab or replacement. Dangerous at the moment and expensive to replace. The expected view of the downtown skyline is non-existent 8 months out of the year as trees obscure it. The broker suggested trimming or removing trees to enhance the view. Large trees that sit on a sloping lot? Price that and take it off the asking price or stop pimping the skyline view.

-Inside: small entry and small formal living room on first level with really thick carpet that seems to be hiding a hump in the floor that runs the length of the room. A house built on a slope in the late fifties with a long hump in the living room floor? Poorly repaired foundation problems in the past or new ones awaiting.  Don't really need a formal living room and the ceiling is suspiciously low anyway. Step down to the kitchen/dining which is nice and faces the deck. Will be great when the deck is fixed and the trees are trimmed.

-The house is on about 4 different levels. In spite of the non existent garage, it is quite small. It is a non-traditional layout and frankly one that would be hard to live in. Step up from the kitchen to a very small master bedroom with very little closet space, then down a spiral stairway to a nice sized family room looking area that is actually the second bedroom with even less closet space. Bathrooms small but neat. Interior design is late 90's vanilla with a tip of the hat to mid-century modern. The landscaping appears to have been nice at some time in its life but with no where to store gardening tools it looks like they gave up. Heavy power lines cross the yard which looks right into your neighbors back room.

I wanted to like this house desperately because of the price. But even with repairs and upgrades it is only suitable for a single person who travels a lot and pays to have yard work done.

[Conan71]

I looked at this on Zillow, cool place but reminds me a little of a tree house.  The Zillow broker's listing made it sound as if they were only doing some painting on the deck, not major structural.

[Majestic]

Thank you guys for the responses to my questions about the house currently on the market in your neighborhood. Yes we personally have been to the house a few times. We actually made an offer but withdrew it until we can sell our current home.  We are a couple and our kids are grown so the house is large enough for us especially with the additional room downstairs, makes it like a 3 bedroom. I just had concerns over the length of time on the market with no other homes available in the neighborhood so it seemed like someone would jump on it.  I guess I am hoping it will still be there  to downsize too when we sell our much larger country home with acerage.  Thanks again. Also I understand that it is perception about the North side.  What has been your experience with crime up on the hill ?

[Conan71]

Thank you guys for the responses to my questions about the house currently on the market in your neighborhood. Yes we personally have been to the house a few times. We actually made an offer but withdrew it until we can sell our current home.  We are a couple and our kids are grown so the house is large enough for us especially with the additional room downstairs, makes it like a 3 bedroom. I just had concerns over the length of time on the market with no other homes available in the neighborhood so it seemed like someone would jump on it.  I guess I am hoping it will still be there  to downsize too when we sell our much larger country home with acerage.  Thanks again. Also I understand that it is perception about the North side.  What has been your experience with crime up on the hill ?

After looking at the listing online, there were several things that popped out at me, Majestic. 

The house is desirable to a very narrow group of buyers due to location, functionality, and potential structural issues.  You should heed that for re-sale time down the road.  Sure, buy it thinking this is your house for the next 30 years, but consider anything which might make you have to move some point soon.  The current owners apparently bought the house in '09 for not much less than the asking price is now, so it's not like they are flipping at a profit, especially after paying broker fees.

As everyone else has pointed out, it's an empty-nester place.  Looking at the staircase, no way I'd have small kids in the house, or would I live there after physical mobility becomes an issue.

I grew up in a house built on a hill which developed serious structural issues.  The way it's built on the hill is probably more of a turn-off than a benefit to the majority of potential buyers.  There are a lot of people who wouldn't mind having a place like that but would rather not assume what they perceive as structural risk.

Finally, the location issue isn't north Tulsa per se, it's convenience to work, shopping, schools, etc. which limit this property.  May not be an issue to you or me, but to someone who works in a south Tulsa suburb, or even mid-town the commute might be a turn-off. 

If the "million dollar" view really is that occluded, I'd low-ball it especially considering how long it's been on the market.  I wouldn't be real hopeful since they paid near what they are asking.  But, just because someone else paid too much for something doesn't obligate you to overpay them to help rectify their mistake.

Don't get me wrong, I look at the price per square foot, neighborhood, unique construction, and think to myself: "slam dunk deal" but you have to consider how many other people share that view and if you'd be stuck two years down the road in the same situation this seller is in.  That's certainly got to be a factor in deciding it's value to you.

[Ronnie Lowe]

I just drove through the neighborhood to see if anything new has come up.  There is a lovely modest old home that is being auctioned off online now.  Apparently it is a bank owned property.  It is at 1925 N. Denver Blvd.  It is near the entrance to the neighborhood to the east of the Reservoir Hill sign.  A couple of years ago it was admitted to the Reservoir Hill Neighborhood Association which is a pretty elite group of I think 60 some odd homes.  Last winter a home across the intersection that is also a member of the RHNA was auctioned off for a very low price.  There is one home in the neighborhood that had been for sale but because of lack of interest the owner took it off the market and rented it.  It is on the upper circle with a completely unobstructed view to the east.  It has tear down potential but could also be made attractive with an infusion of money.  Regarding the house on Victoria, I think it is important to consider its location.  Victoria has a handful of important contemporary homes with a history of obtaining high resale prices.  The home next to the house we are discussing sold for something like $535,000.  Now I have also heard that the Victoria Street home we are discussing is flawed because of its layout but let's remember that in construction most problems can be corrected. Let's say you have to pump $100,000 or more into the house to address the design issues.  I would say that given the history of prices of nearby contemporary homes such an investment would not be imprudent.  There is also an old Cass Mayo home that was on the market that was taken off.  I'm not sure but it looks like the owner is making some repairs so it may come back on the market.  I have not been inside but much of it has been remodeled so it might be closer to move in condition with minimal work needed.  And we haven't even discussed the whole east side of the hill where there are twisting turning roads and a number of fairy tale houses and probably better bargains.  That stretches all the way over to Cincinnati around Burroughs Elementary.  Anyway, I have been regretting that I'm not in a position now to jump on that property 1925 N. Denver.  I bet someone is going to get a bargain in that auction.  I hope they appreciate its historic character and are ready to take care of it and contribute to the neighborhood.  Reservoir Hill is unlike any other neighborhood in Tulsa.

[Conan71]

I just drove through the neighborhood to see if anything new has come up.  There is a lovely modest old home that is being auctioned off online now.  Apparently it is a bank owned property.  It is at 1925 N. Denver Blvd.  It is near the entrance to the neighborhood to the east of the Reservoir Hill sign.  A couple of years ago it was admitted to the Reservoir Hill Neighborhood Association which is a pretty elite group of I think 60 some odd homes.  Last winter a home across the intersection that is also a member of the RHNA was auctioned off for a very low price.  There is one home in the neighborhood that had been for sale but because of lack of interest the owner took it off the market and rented it.  It is on the upper circle with a completely unobstructed view to the east.  It has tear down potential but could also be made attractive with an infusion of money.  Regarding the house on Victoria, I think it is important to consider its location.  Victoria has a handful of important contemporary homes with a history of obtaining high resale prices.  The home next to the house we are discussing sold for something like $535,000.  Now I have also heard that the Victoria Street home we are discussing is flawed because of its layout but let's remember that in construction most problems can be corrected. Let's say you have to pump $100,000 or more into the house to address the design issues.  I would say that given the history of prices of nearby contemporary homes such an investment would not be imprudent.  There is also an old Cass Mayo home that was on the market that was taken off.  I'm not sure but it looks like the owner is making some repairs so it may come back on the market.  I have not been inside but much of it has been remodeled so it might be closer to move in condition with minimal work needed.  And we haven't even discussed the whole east side of the hill where there are twisting turning roads and a number of fairy tale houses and probably better bargains.  That stretches all the way over to Cincinnati around Burroughs Elementary.  Anyway, I have been regretting that I'm not in a position now to jump on that property 1925 N. Denver.  I bet someone is going to get a bargain in that auction.  I hope they appreciate its historic character and are ready to take care of it and contribute to the neighborhood.  Reservoir Hill is unlike any other neighborhood in Tulsa.

What is the auction site, Ronnie?

[Patrick]

What is the auction site, Ronnie?

Per Zillow, it looks like Hudson & Marshall: http://www.hudsonandmarshall.com/Property/Tulsa-OK-74106-1925-North-Denver-Boulevard/85396.aspx

[DolfanBob]

Ok this is a little off topic but still kind of on. I saw on the news that the Hanson Family home is going to be auctioned off. Why auction and not just out right sell it with a set price ? What is the benefit to selling it by auction ?

[Conan71]

Ok this is a little off topic but still kind of on. I saw on the news that the Hanson Family home is going to be auctioned off. Why auction and not just out right sell it with a set price ? What is the benefit to selling it by auction ?

If a house is an odd custom or has limited market appeal to the masses, sometimes you can actually wind up with more money via the auction route.  One in particular I can think of is the old "trash incinerator" house which sold a few years back.  It is up north adjacent to Hwy 75 where Bird Creek crosses under (can't remember if it's roughly 36th or 46th St. North).  The house was truly cool, but it doesn't have a well-defined spot in the marketplace due to it's uniqueness and the fact you have to drive through an absolute ghetto to get to this little oasis of a property.

Other times it may well be the owner has had the house on the market for months and is finally desperate to simply get out from under it.  Other reasons I'm not entirely sure about.  Williams & Williams explains more on their web site:

http://www.williamsauction.com/

Also, looking over the Hanson property, looks like they want to parcel out the remainder of the land.  Their homestead is the exact sort of situation an auction can be ideal for.

[roadhunter]

Great article on a beautiful Reservoir Hill property!  http://issuu.com/prairiehive/docs/prairiehiveissue6

[Patrick]

My wife and I drove through this weekend.  I had noticed there was a house for sale on Woodrow (Zillow link).  House / pictures look beautiful.  Can't tell what kind of backyard it has or view.

[rdj]

This is a beautiful home.  I can't speak to all the views but I know from the backyard it's a nice hillside view.