Urban 8

[LandArchPoke]

Really not sure why anyone would ever buy these. Especially when your prime view (below) will be looking into an apartment complex...





At 3,470 sq. ft. I have no idea how you can market this to "empty nesters" looking to downsize. How many people in Tulsa are downsizing from 6,000 sq. ft. + in South Tulsa that would want these? For 4,000 sq. ft. in Midtown at $800,000 you can get something that won't have a 4 story apartment complex looking directly into your bedroom. I'm an urbanist who lives downtown and I even look at this as say what on earth were they thinking?

The price per sq. ft. isn't shocking, that's just what it costs to build downtown and similar prices in OKC have done just fine. Here's food for thought, if they broke each floor into 1 bedroom condos (~867 sq. ft.) at the same price per sq. ft. you'd be selling each for $217,000. I would be inclined to buy one at that price... but every developer in Tulsa is obsessed with building $400,000 plus units downtown and ignore the market that actually wants to buy downtown, and what they can afford. At $200K you can put up with the fact that there is apartments outside your window, but not at $800K.

[Bamboo World]

Really not sure why anyone would ever buy these.

At 3,470 sq. ft. I have no idea how you can market this to "empty nesters" looking to downsize. How many people in Tulsa are downsizing from 6,000 sq. ft. + in South Tulsa that would want these?

Hopefully, eight to sixteen people...

[carltonplace]

Hopefully, eight to sixteen people...

lol, perspective.

[dbacksfan 2.0]

Really not sure why anyone would ever buy these. Especially when your prime view (below) will be looking into an apartment complex...





At 3,470 sq. ft. I have no idea how you can market this to "empty nesters" looking to downsize. How many people in Tulsa are downsizing from 6,000 sq. ft. + in South Tulsa that would want these? For 4,000 sq. ft. in Midtown at $800,000 you can get something that won't have a 4 story apartment complex looking directly into your bedroom. I'm an urbanist who lives downtown and I even look at this as say what on earth were they thinking?

The price per sq. ft. isn't shocking, that's just what it costs to build downtown and similar prices in OKC have done just fine. Here's food for thought, if they broke each floor into 1 bedroom condos (~867 sq. ft.) at the same price per sq. ft. you'd be selling each for $217,000. I would be inclined to buy one at that price... but every developer in Tulsa is obsessed with building $400,000 plus units downtown and ignore the market that actually wants to buy downtown, and what they can afford. At $200K you can put up with the fact that there is apartments outside your window, but not at $800K.

You guys wanted to be like Portland, this is the price of admission.

http://www.opb.org/news/series/greetings-northwest/a-look-back-at-oregons-housing-crisis/

http://www.oregonlive.com/watchdog/index.ssf/2015/09/post_19.html

http://www.theguardian.com/society/2015/nov/23/portland-housing-rent-increase-gentrification-hipster-culture

[BKDotCom]

Really not sure why anyone would ever buy these. Especially when your prime view (below) will be looking into an apartment complex...

Can't see the forest because trees are in your way?

[cannon_fodder]

Does anyone ever occupy low-rise in downtown because of the view? I wouldn't think that is one of the selling points on the brochure.

[saintnicster]

Does anyone ever occupy low-rise in downtown because of the view? I wouldn't think that is one of the selling points on the brochure.

Urban 8 needs every positive stacked with it right now.  A good view could be a good distraction from that 900k mortgage

It would have helped since they aren't in the core of downtown.  Most of the buildings next to them are only 1 or two stories tall, so looking south was a nice view from the 3rd floor/patio, seeing the hills and landscape, or over and seeing the architecture mix of the core.

Counter that by looking north and seeing an apartment complex that is taller than yours.  It's just poor planning, but do we really expect anything else?

[Red Arrow]

Can't see the forest because trees are in your way?

I want different trees.

[Conan71]

I want different trees.

Make mine palm or pine. Unless I'm in a mood for smoking then plum or apple is just fine. 

[Red Arrow]

Make mine palm or pine. Unless I'm in a mood for smoking then plum or apple is just fine. 

I use pecan for chipotles.

[Laramie]

Impressive, glad this project has taken shape.

[johrasephoenix]

I bet in 15 years these will be worth a lot.  It's a shame they use that grey modern aesthetic instead of brick.  I thought the same thing with those condos over on Boulder.

The developers are also betting on the extreme upmarket segment of Tulsa to take a big stake in downtown revitalization.  That charge is really being led by young people though.  They're the generation that is resurrecting urban living and willing to take big risks.

To me these are natural three flats (a Tulsa version of the Boston classic).  This reduces price to ~$200k each which is much more manageable.  Also young people are much more likely to spring for a 2 bedroom flat than a $1m downtown mansion.

Anyway, I've lived in Chicago and Boston where three flats are the norm in many neighborhoods.  It brings density and does a lot better job of filling in space than the great big building surrounded by parking phenomenon we're dealing with now

[Cats Cats Cats]

I'm wondering if they are going to try to close on all the units at the same time.  I figure as soon as one is sold they set their new low for the rest of the units.

[Conan71]

I'm wondering if they are going to try to close on all the units at the same time.  I figure as soon as one is sold they set their new low for the rest of the units.

I'm surprised you haven't bought one yet.  It's easy stumbling distance from those late nights at the Fur Shop. 

[TulsaGoldenHurriCAN]

These look pretty much completed minus a bit more landscaping. Still, only 1 (the far east) is furnished and potentially occupied.

The listings have been up since May and no recent sales are reported for that block. The parcels are split up in county land records. Only the east one is sold and it is to the developer. Sad to see such great places stay vacant this long. The lower price ($585k) seems close to what you might consider a reasonable too but still seems like there's no market for these places at that price.

http://www.zillow.com/homedetails/613-E-3rd-St-Tulsa-OK-74120/2098764906_zpid/

http://www.zillow.com/homedetails/605-E-3rd-St-Tulsa-OK-74120/2098764905_zpid/