Urban 8

[Cats Cats Cats]

http://www.realtor.com/realestateandhomes-detail/629-E-3rd-St-8_Tulsa_OK_74120_M80153-06419

Looks like one of those Urban 8 units sold.  I bet they feel pretty dumb if it did indeed sold and now they have dropped a couple hundred thousand.

[Conan71]

http://www.realtor.com/realestateandhomes-detail/629-E-3rd-St-8_Tulsa_OK_74120_M80153-06419

Looks like one of those Urban 8 units sold.  I bet they feel pretty dumb if it did indeed sold and now they have dropped a couple hundred thousand.

According to the assessor's web site that is the unit Yvonne Hovell, the developer, personally owns.  A deed was granted from Tulsa Urban Development Group, LLC to her in April.

The rest of the units all belong to TUDG, LLC.  In other words, she has not sold a single unit.

[Bamboo World]

News on 6 update on August 30, 2016

Compare/contrast:

April 22, 2015 News on 6 report

[Conan71]

News on 6 update on August 30, 2016

Compare/contrast:

April 22, 2015 News on 6 report

The story from April, 2015 has elements of products of combustion being wafted into an anal cavity.

[TulsaGoldenHurriCAN]

News on 6 update on August 30, 2016

Compare/contrast:

April 22, 2015 News on 6 report

Many of those comments are rude and untrue. They use this developer's (potential) failure as an excuse to rant on downtown. Calling downtown a place full of crack addicts... Someone hasn't been there for over a decade. Comparing Tulsa's downtown to metros with 5X to 10X as many people. Tulsa will never be Dallas, Chicago or Austin. Tulsa can be a great little city. Our downtown is a neat place with lots of character and local businesses for a small city. Having more suburbanites support our downtown will go a long way to make it better.

[DTowner]

These will sell at the real market price in a year or so.  When they do, the buyers will have gotten a pretty decent deal on some very cool townhouses.

[TulsaGoldenHurriCAN]

These will sell at the real market price in a year or so.  When they do, the buyers will have gotten a pretty decent deal on some very cool townhouses.

If they go to foreclosure, that would be pretty bad for them (and that seems hard to believe they will let it get to that - would be better to slash prices to the $450-$550k range first which should be a very marketable range compared to Cherry St condos). How many investors can even afford to bid on that high value of a 1-family unit? I would think the foreclosure value would be close to $400k. 

[erfalf]

Many of those comments are rude and untrue. They use this developer's (potential) failure as an excuse to rant on downtown. Calling downtown a place full of crack addicts... Someone hasn't been there for over a decade. Comparing Tulsa's downtown to metros with 5X to 10X as many people. Tulsa will never be Dallas, Chicago or Austin. Tulsa can be a great little city. Our downtown is a neat place with lots of character and local businesses for a small city. Having more suburbanites support our downtown will go a long way to make it better.

You're right, downtown Tulsa (particularly the areas to the north end/Brady/Blue Dome/East End) are all pretty clean and nice. It's not a knock on downtown so much as it should be a knock on the misguided assessment of the market by the developer. That's it really. You win some you loose some. We still need these guys stepping up and taking these risks.

That being said, my biggest critique of this development is that it is only 8 residential units on a couple of acres. That is so not dense enough even for the edges of downtown.

[Bamboo World]

These will sell at the real market price in a year or so.  When they do, the buyers will have gotten a pretty decent deal on some very cool townhouses.

Not sure if it will be in a year or so, but I agree that they'll eventually sell for the real market price.

Urban 8's website states that the interiors can be customized.  Channel 6's report states that drywall has not be installed in some areas.  If all of that's true, then the interior layouts might be relatively flexible.  Instead of empty nesters, perhaps some of the units could be sold (or leased) to groups of young people who don't mind climbing stairs.

Idea:  Re-work the layouts based on what's already in place, such as the stairway, the windows, and the plumbing.  Add bathrooms near the central plumbing stack, if possible.  Split the master bedroom to create four bedrooms on the third level.  Add a bedroom or two on the fourth level, if possible.  Add a bedroom on the first level, if possible.  Six people could share a unit and still have tons of communal space on the second level.  

....my biggest critique of this development is that it is only 8 residential units on a couple of acres. That is so not dense enough even for the edges of downtown.

I agree.  It's not dense enough.  But if Yvonne can find eight buyers -- at some price...

[Conan71]

Not sure if it will be in a year or so, but I agree that they'll eventually sell for the real market price.

Urban 8's website states that the interiors can be customized.  Channel 6's report states that drywall has not be installed in some areas.  If all of that's true, then the interior layouts might be relatively flexible.  Instead of empty nesters, perhaps some of the units could be sold to groups of young people who don't mind climbing stairs.

Idea:  Re-work the layouts based on what's already in place, such as the stairway, the windows, and the plumbing.  Add bathrooms near the central plumbing stack, if possible.  Split the master bedroom to create four bedrooms on the third level.  Add a bedroom or two on the fourth level, if possible.  Add a bedroom on the first level, if possible.  Six people could share a unit and still have tons of communal space on the second level. 

I agree.  It's not dense enough.  But if Yvonne can find eight buyers -- at some price...

It said "bare, unfinished walls" in some places.  I take that to mean taped and mudded but not painted.  Either way, it's not as big a PITA to move things around than after the unit is finished out.

[saintnicster]

Urban 8's website states that the interiors can be customized.  Channel 6's report states that drywall has not be installed in some areas.  If all of that's true, then the interior layouts might be relatively flexible.  Instead of empty nesters, perhaps some of the units could be sold to groups of young people who don't mind climbing stairs.

There is an elevator in every unit.

[heironymouspasparagus]

That being said, my biggest critique of this development is that it is only 8 residential units on a couple of acres. That is so not dense enough even for the edges of downtown.

That's over 100 ft X 100 ft per unit land area.  That's bigger than most suburban addition lots!

[heironymouspasparagus]

Tulsa will never be Dallas, Chicago or Austin. Tulsa can be a great little city. Our downtown is a neat place with lots of character and local businesses for a small city. Having more suburbanites support our downtown will go a long way to make it better.

The highlighted comment just has too much of a Trump flavor to it to not comment....

Tulsa IS a great little city!!


What is it that is making us think in all these backward thought processes...??   We are a great city - and as with all things, there is plenty to improve on!  But that in no way negates what we already are and have!

[Bamboo World]

It said "bare, unfinished walls" in some places.  I take that to mean taped and mudded but not painted.

About 54 seconds into her report, Meagan Farley said that there isn't even sheetrock up on the walls and most of them are still unfinished.  I take that to mean that drywall has not been installed in some areas.

[Bamboo World]

There is an elevator in every unit.

There is an elevator shaft in every unit.  There is a dedicated space for an elevator in every unit, but the installation of an elevator is optional.  Without an elevator, the stair would be the way most people would travel vertically inside a unit.

That's why I suggested re-working the interior layouts for groups of younger people who might not mind living on four levels and going up and down stairs.

By not finishing the units with expensive materials, by not installing elevators, and by modifying the layouts to accommodate communal group living, six people might be able to split the rent or mortgage payment and have a good place to live near the edge of downtown Tulsa.

An average of 500 to 600 square feet of space per occupant would be more than adequate, in my opinion.  If the group had a total of five or six cars, then parking would need to worked out, probably with some vehicles parked on the street.