Monstrosity on 25th street

[Conan71]

I'm glad I looked to see what this topic was about. That overhead Google shot made me laugh. Who owns that house Taylor Swift?
That picture is hilarious and awesome all rolled into one. Look how close the fence is to the walls of the house. Talk about using every minute dirt possibility.
Zero lawn maintenance and what a view of a crappy neighborhood. Better sit on that baby for at least 15 to 20 and hope to get half of what it cost to build it.
Come on guy's. Someone photo shopped that right? 

Other end of that neighborhood, very cool radical renovation of an existing ranch style home into something very modern.  $568,000 asking price for 2200 square feet.  I bet this stays on the market for awhile.  I've walked through when they did an open house, it's a top notch build-out but whomever buys it is really going to screw themselves on the price per foot.  Those are more like California market numbers.

http://www.zillow.com/homedetails/2753-S-Gary-Dr-Tulsa-OK-74114/22101054_zpid/

[DolfanBob]

That is a cool looking house. I have always wondered. Were do these people work in Tulsa to afford half to over million dollar homes?

[Red Arrow]

That is a cool looking house.

I disagree with your evaluation of "cool".  Oops, nevermind.  I thought we were still talking about the monstrosity.  The one Conan referenced in OK.

I have always wondered. Where do these people work in Tulsa to afford half to over million dollar homes?

For the people who can afford $1 Million and more houses.

[Red Arrow]

Other end of that neighborhood, very cool radical renovation of an existing ranch style home into something very modern.  $568,000 asking price for 2200 square feet.  I bet this stays on the market for awhile.  I've walked through when they did an open house, it's a top notch build-out but whomever buys it is really going to screw themselves on the price per foot.  Those are more like California market numbers.

http://www.zillow.com/homedetails/2753-S-Gary-Dr-Tulsa-OK-74114/22101054_zpid/

Or maybe it will be on the market long enough that the price will drop enough to only be expensive for the neighborhood.  I have no problem with the renovator taking a hit financially. Where is it written that every house improver will always make a handsome profit?

[dbacksfan 2.0]

Other end of that neighborhood, very cool radical renovation of an existing ranch style home into something very modern.  $568,000 asking price for 2200 square feet.  I bet this stays on the market for awhile.  I've walked through when they did an open house, it's a top notch build-out but whomever buys it is really going to screw themselves on the price per foot.  Those are more like California market numbers.

http://www.zillow.com/homedetails/2753-S-Gary-Dr-Tulsa-OK-74114/22101054_zpid/

In a similar neighborhood in Phoenix near my ex-inlaws you can get a similar size home and lot, with a pool for ~$410k, with annual taxes of about $3000.00.

http://mcassessor.maricopa.gov/?s=160-18-063&searchtype=apn

[DolfanBob]

Dang it Red Arrow. I usually proof "resd". And people who live in those houses most of the time have secretaries and not low income lackeys like me.
Thanks again for pointing that out. 

[Rookie Okie]

Based on the estimated value of the homes on the block, one could buy the next 3 homes on either side for less than the asking price of the reno.

[rebound]

Based on the estimated value of the homes on the block, one could buy the next 3 homes on either side for less than the asking price of the reno.

I've just started a long-term selection process for a prospective move down into mid-town Tulsa in the Summer of 2015.  I going to look long and hard at various areas and get a feel for where they are going before I worry about a specific house.  I've already got several different saved searches in Realtor.com, Trulia.etc., and this scenario is relatively common all over midtown.  A house that sold for $200K in 2012 and was renovated is now on sale for $450K or so, etc.  The mid-century ranch type homes, which just about everybody is saying is going to be the next big boom, are especially feeling this effect.

If you expand the search parameters a bit around this house, you can find similarly priced (but not per-sqft-priced) homes.  The renovator is betting on getting ahead of the trend.   I think he probably over shot on this one, but I agree it's a cool house.

[Conan71]

I've just started a long-term selection process for a prospective move down into mid-town Tulsa in the Summer of 2015.  I going to look long and hard at various areas and get a feel for where they are going before I worry about a specific house.  I've already got several different saved searches in Realtor.com, Trulia.etc., and this scenario is relatively common all over midtown.  A house that sold for $200K in 2012 and was renovated is now on sale for $450K or so, etc.  The mid-century ranch type homes, which just about everybody is saying is going to be the next big boom, are especially feeling this effect.

If you expand the search parameters a bit around this house, you can find similarly priced (but not per-sqft-priced) homes.  The renovator is betting on getting ahead of the trend.   I think he probably over shot on this one, but I agree it's a cool house.

It's a fantastic build out and all high end stuff.  Problem is, most people with more than a half million budget in the Tulsa market are going to want either more square footage or acreage.  Or both.  No one would bat an eyelash at the price per foot in the NYC area or LA.  The right buyer will eventually come along, but I'm betting it ends up being severely discounted.  Curious if there's a nervous banker with his butt clenched somewhere right now.  If it had been done in proximity to Utica Square or closer to 31st & Columbia where there's a lot of more expensive homes (albeit with more square footage), the price would make more sense due to the cost of the dirt it's built on.

I own a Mid-Century Modern in Lortondale, and we are in the process of buying a Mid-Century Ranch in Wedgewood.  Plan is to keep the MCM as a rental.

[Rookie Okie]

I've just started a long-term selection process for a prospective move down into mid-town Tulsa in the Summer of 2015.  I going to look long and hard at various areas and get a feel for where they are going before I worry about a specific house.  I've already got several different saved searches in Realtor.com, Trulia.etc., and this scenario is relatively common all over midtown.  A house that sold for $200K in 2012 and was renovated is now on sale for $450K or so, etc.  The mid-century ranch type homes, which just about everybody is saying is going to be the next big boom, are especially feeling this effect.

If you expand the search parameters a bit around this house, you can find similarly priced (but not per-sqft-priced) homes.  The renovator is betting on getting ahead of the trend.   I think he probably over shot on this one, but I agree it's a cool house.

Yes, I'd also taken an expanded look on Zillow and saw some neighboring properties at a wide range of price points.  I'm a bit risk averse in real estate, and it would take a lot for me to buy a more expensive home in an area of lower priced homes, and also to over renovate a home based on the neighborhood.  But by various accounts, the mid century modern revival is definitely picking up steam in Tulsa and other mid-American towns.  Tulsa has some fine examples of it as it does of many other period homes styles.  I continue to be impressed by the range of architectural styles in Tulsa.

I agree the house is cool, but I know that I would tire of it in less than 2 years.  I'd stay in a classic 1920's Tudor or arts and crafts colonial until they drag me out.

[Hoss]

Yes, I'd also taken an expanded look on Zillow and saw some neighboring properties at a wide range of price points.  I'm a bit risk averse in real estate, and it would take a lot for me to buy a more expensive home in an area of lower priced homes, and also to over renovate a home based on the neighborhood.  But by various accounts, the mid century modern revival is definitely picking up steam in Tulsa and other mid-American towns.  Tulsa has some fine examples of it as it does of many other period homes styles.  I continue to be impressed by the range of architectural styles in Tulsa.

I agree the house is cool, but I know that I would tire of it in less than 2 years.  I'd stay in a classic 1920's Tudor or arts and crafts colonial until they drag me out.

Loved how on Zillow the agent tried to defend the price point.  Obviously the agent doesn't live here.

[Hoss]

It's a fantastic build out and all high end stuff.  Problem is, most people with more than a half million budget in the Tulsa market are going to want either more square footage or acreage.  Or both.  No one would bat an eyelash at the price per foot in the NYC area or LA.  The right buyer will eventually come along, but I'm betting it either ends up being severely discounted.  Curious if there's a nervous banker with his butt clenched somewhere right now.  If it had been done in proximity to Utica Square or closer to 31st & Columbia where there's a lot of more expensive homes (albeit with more square footage), the price would make more sense due to the cost of the dirt it's built on.

I own a Mid-Century Modern in Lortondale, and we are in the process of buying a Mid-Century Ranch in Wedgewood.  Plan is to keep the MCM as a rental.

Cool..my sister lived in Wedgewood for a time before they moved to Tampa.  They moved back and promptly moved to Broken Arrow.  Yuck.

[Conan71]

Loved how on Zillow the agent tried to defend the price point.  Obviously the agent doesn't live here.

I just noticed, there is a 3000 foot newer construction which sold last year for $482K across the street from this.  They might have "value priced" this to an extent considering they bought it for $120,000.  I'm not seeing anything close to nearly $450K in renovations, but there again I don't work in residential construction so I could be off on what the costs were.  My guess was $350K when I walked through it and interesting enough, that's pretty close per square foot to what the house across the street sold for.

Go back to the listing and click on street view, it's really striking the difference between the original house and what they wound up with.

As far as people over-improving, the people who owned the house we'd put an offer in on in Johansen Acres had way over-improved it thinking they would be there through retirement.  The unfortunate reality is pride is keeping them from making a realistic business decision.  The house is vacant and they've built a custom home up in or near Owasso.  Apparently the offer previous to ours "fell apart" in financing.  I think that's codespeak for: "Didn't appraise out".  That's fine if they can afford to keep it on the market indefinitely.  By my guess, after two years on the market they will have paid out in mortgage, insurance, utilities, taxes, and lawn service an amount that would net them out about what we'd offered.  It's been on the market for six months with no takers so far.

I'm thinking it's a rare buyer who will pay well over appraisal for a property.  Lenders sure as heck aren't lending over appraised value these days.

Just as well, I'm really excited about the house in Wedgewood, now let's get through inspections and make sure there aren't any issues.

[AquaMan]

Conan, I'm sure you have researched the area well, but my memory of the area is that it was built over a coal strip mine. That means you should check for Radon for sure. Otherwise, a really fine addition of well built custom homes.

[Red Arrow]

Go back to the listing and click on street view, it's really striking the difference between the original house and what they wound up with.

Striking difference yes.  I don't much care for the change though.