Downtown OKC housing study

[OurTulsa]

Link: http://newsok.com/article/1570019/?template=business/main

Demand seen for housing downtown
By Richard Mize
The Oklahoman

Housing demand is still hotter than a dog-day afternoon in downtown Oklahoma City, which means the sun is nowhere near setting on the decade-long -- but barely begun -- residential boomlet. Key findings
Residents surveyed

82% - Residents who live downtown but do not work there.

43% - Residents who have a post-graduate degree.

61% - Residents who have at least an undergraduate degree.

Varied - Demographics. "Many are single or married with no children, or are over 50, retirees or divorced. Reflecting national urban patterns, not many families with school-age children live downtown."
Advantages of living downtown:

43% - Close to downtown activities and resources.

29% - Close to job or school.

27% - Centrally located in Oklahoma City.

20% - Historic neighborhood housing.
What's missing?
A grocery store.

Additional retail.

Long-term forecast for developers, property owners, planners -- and people wanting to live downtown whether or not they work there:

Sunny and bright, according to a major housing market study released Wednesday by several organizations with an interest in a factual assessment of where the downtown housing market is and where it's going.

The idea of living but not working downtown was a surprise revealed by the study, commissioned by Downtown OKC Inc., Greater Oklahoma City Chamber of Commerce, Oklahoma City Urban Renewal Authority, Fannie Mae, St. Anthony Hospital and the city of Oklahoma City.

"For the majority, it is a lifestyle choice to live downtown, as opposed to the conventional wisdom that downtown residents want to live there because it's close to work," researchers CDS Market Research-Spillette Consulting said in an executive overview. The analysts noted that 82 percent of survey respondents who live downtown do not work there.

Rather than gauging demand alone, the study attempted to assess growth.

The study projected growth of between 2,250 and 4,250 housing units -- both rental and owner-occupied -- between now and 2010, and between 4,000 and 7,750 units between now and 2015.

"Achieving this type of residential growth could have an amazing impact for downtown Oklahoma City," said Dave Lopez, president of Downtown OKC Inc., which coordinated the study.

"Evidence that there is such a strong desire by so many to live downtown is very positive. But this growth is not guaranteed, and getting there will require more of the public-private partnership that revitalized downtown in recent years."

Lopez was referring to the voter-approved Metropolitan Area Projects, the massive Oklahoma City revitalization effort that attracted private capital. He estimated that downtown has absorbed some $1.5 billion in capital investments since 1998.

"The impact of increased downtown residential development reaches beyond just the center city," said Roy Williams, president and chief executive of the Greater Oklahoma City Chamber. "More downtown housing will help attract and retain talent that will benefit the entire metro region."

Researchers combined several kinds of data, including a telephone survey of 350 Oklahoma City residents who do not live downtown, with a sampling error of 5 percent; a less scientific poll of 50 people who do live downtown; plus demographic and economic information from employers, developers and government agencies.