Urban 8

[DTowner]

$600k sounds like an amazing deal, but from walking by them, looking inside, and hearing from someone with knowledge of these, the interiors were not completed so after everything is done, it should cost the new owners closer to $650-700k or so, depending on how nice they want them. Still a great deal when you consider everything planned for the area, but hard to imagine they made much money on this development.

Maybe, but it's hard to know the fair market value for these units because they are the only market for this type of housing downtown.  If they are being sold as unfinished as I understand them to be, I think most purchasers are looking easily at another $100K to get them finished anywhere near as originally planned.  Prospective purchasers of these should evaluate it as buying a place to live, not making a real estate investment (generally good advice for every home purchaser).  If Santa Fe Square turns out something like the original concept and the Nordam site becomes something cool, that will be great for this area.  However, even if all that falls into place, I would consider it a win to break even in 5-7 years at the current price.

[TulsaGoldenHurriCAN]

Maybe, but it's hard to know the fair market value for these units because they are the only market for this type of housing downtown. 

Looking at the prices of the urban homes built on the south side of downtown at 22nd & Main ($500-$900k), these seem priced pretty well, even unfurnished. Sure there has been extremely limited market for this up to this point and maybe they should have waited a year or two (they started way back in 2014!), but now the vicinity looks much nicer with plans to get even better so it should get easier and more desirable.

If they are being sold as unfinished as I understand them to be, I think most purchasers are looking easily at another $100K to get them finished anywhere near as originally planned. 

That is what I had said in the comment you quoted to reply to  :

hearing from someone with knowledge of these, the interiors were not completed so after everything is done, it should cost the new owners closer to $650-700k or so, depending on how nice they want them.

[dsjeffries]

Unfinished and unfurnished are different.

[TulsaGoldenHurriCAN]

Unfinished and unfurnished are different.

I'm glad you know there's a difference between those words. Now where did anyone say anything about unfurnished?

[dbacksfan 2.0]

I'm glad you know there's a difference between those words. Now where did anyone say anything about unfurnished?

You did.

Looking at the prices of the urban homes built on the south side of downtown at 22nd & Main ($500-$900k), these seem priced pretty well, even unfurnished. Sure there has been extremely limited market for this up to this point and maybe they should have waited a year or two (they started way back in 2014!), but now the vicinity looks much nicer with plans to get even better so it should get easier and more desirable.


That is what I had said in the comment you quoted to reply to  :

[TulsaGoldenHurriCAN]

You did.

That is called a typo. And thanks to similar spellings, autocorrect input that. Obviously I meant unfinished as I said in my previous post about it. Thanks for your constructive feedback!

[MostSeriousness]

Someone got tipped off!

http://www.newson6.com/story/35955731/tulsa-downtown-townhouses-starting-to-sell

[AdamsHall]

So the story indicates that 5 of 8 are under contract right now.  Also, the "development office" just sold for 1 million.  I assume this is the building on the corner with the mural, maybe 264 S Kenosha Ave.?

[dbacksfan 2.0]

That is called a typo. And thanks to similar spellings, autocorrect input that. Obviously I meant unfinished as I said in my previous post about it. Thanks for your constructive feedback!

You asked, I answered. Sad thing about forums, you can't tell when someone is being rhetorical, and someone is being funny. Wasn't trying to be a donkey, just replying to your comment. If I ticked you off, oh well, life goes on.

[MostSeriousness]

So the story indicates that 5 of 8 are under contract right now.  Also, the "development office" just sold for 1 million.  I assume this is the building on the corner with the mural, maybe 264 S Kenosha Ave.?

That's what I was thinking. I wonder if it was another developer that's officing out of there, or will be. Or if it is a completely new tenant/business

[TulsaGoldenHurriCAN]

Bringing back another shameful zombie post in light of someone posting on the Davenport Lofts. There's still 5 of these Urban 8 units for sale on Zillow. All for $795k (previously some were $580-$695k). That is pretty crazy that 4.5 years after construction started, they are mostly vacant and unfinished. They sold 2... in 5+ years (considering they did try to presell).

It's good they weren't finished up front because these were designed so long ago that they'd just about need a remodel/redesign to keep up with the times at this point. They still look really nice, but not quite up to the spec of similarly priced homes selling near Cherry Street  that might be aiming for a very similar market (https://www.zillow.com/homedetails/2210-E-17th-St-Tulsa-OK-74104/179131523_zpid/?fullpage=true, https://www.zillow.com/homedetails/2336-E-17th-St-Tulsa-OK-74104/179131524_zpid/?fullpage=true - these are also struggling to sell at such high price points!) Imagine building a place that is cutting edge and still trying to sell it half a decade later after it's no longer state of the art design that appeals to the market you're aiming for.

[heironymouspasparagus]

Bringing back another shameful zombie post in light of someone posting on the Davenport Lofts. There's still 5 of these Urban 8 units for sale on Zillow. All for $795k (previously some were $580-$695k). That is pretty crazy that 4.5 years after construction started, they are mostly vacant and unfinished. They sold 2... in 5+ years (considering they did try to presell).

It's good they weren't finished up front because these were designed so long ago that they'd just about need a remodel/redesign to keep up with the times at this point. They still look really nice, but not quite up to the spec of similarly priced homes selling near Cherry Street  that might be aiming for a very similar market (https://www.zillow.com/homedetails/2210-E-17th-St-Tulsa-OK-74104/179131523_zpid/?fullpage=true, https://www.zillow.com/homedetails/2336-E-17th-St-Tulsa-OK-74104/179131524_zpid/?fullpage=true - these are also struggling to sell at such high price points!) Imagine building a place that is cutting edge and still trying to sell it half a decade later after it's no longer state of the art design that appeals to the market you're aiming for.

The whimsical vagaries of the easily bored...  with input from the marketing/sales branch of the real estate economy to get the "next big thing".  Change styles in fashion like changing clothes....   Am wondering when avocado green is coming back on appliances?   Or harvest gold...?

[Conan71]

Perhaps Yvonne should have stuck to selling Chryslers.

[TulsaGoldenHurriCAN]

The whimsical vagaries of the easily bored...  with input from the marketing/sales branch of the real estate economy to get the "next big thing".  Change styles in fashion like changing clothes....   Am wondering when avocado green is coming back on appliances?   Or harvest gold...?

I think it's a lot more than that. This board is all about development and encouraging better city design to enrich the environment/scenery and ability to live well (and not necessarily with a car). Good interior design goes hand in hand with that and is in many ways the inside equivalent. Fortunately the demand for better-designed homes has skyrocketed so you get less of this: http://projectbritain.com/houses/img/kitchen/wood.jpg and more of this: http://bloomingcactus.me/wp-content/uploads/2018/01/average-cost-of-kitchen-remodel-full-size-of-kitchen-kitchen-remodeling-cost-average-kitchen-remodel-cost-kitchen-remodel-large-size-of-kitchen-kitchen-average-cost-kitchen-remodel.jpg

The Urban 8 were designed at a very high level and were shockingly well done when they first released renderings and then photos back in 2015/2016 with fixtures and colors that were perfect at the time. That basic interior layout will be something that works a long time. However, light fixtures, hardware and colors change more quickly. You can keep the same high-level design for 10+ years and it will still look great (and they still look awesome, much better than a typical house), but selling something to a high-end buyer will likely take a design that is extremely eye-catching and recent, not one from 4/5 years ago.

Asking a near-million-dollar home to be updated to more recent look than half a decade ago ago isn't unreasonable, especially when the market has delivered a higher level of finishes for that price range.

[TulsaGoldenHurriCAN]

Perhaps Yvonne should have stuck to selling Chryslers.

She obviously has great tastes in modern urban living. Unfortunately for her the market wasn't there to support such high end design, especially not in 2015 and looks like still not today. It's like she built the perfect place for her and her budget without considering if there are 7 other Yvonnes in Tulsa.

I'm glad they take advantage of the space with 3 floors and rooftop, but they must have way overspent and then wasted 4 years of potential revenue if they would've just finished and then rented a couple out (maybe split some up into multi units). It's hard to imagine what a money pit this must be.