Pricey Downtown Living Developments Targeting Empty-Nesters

Wednesday, April 22nd 2015, 11:08 pm
By: News On 6

As the city grows, developers are learning the demand for people wanting to but instead of rent grows as well, making it the newest trend in downtown Tulsa living.

Near 3rd and Kenosha, eight condominiums – known as the Urban 8 - are going up; but they're unique because of their high quality and hefty price tag of $875,000 apiece.

They're a sight to see - four floors, three balconies, a rooftop terrace and two-car garages.

The development comes five years after the city completed a study on what people want as far as residential living downtown, and investors are ready to jump on the findings.

"The market is changing and the availability of developers and commercial lenders to lend money for this type of project is huge part of it," said broker JoAnna Blackstock.

She said the price of the units went up more than $100,000 from the original plan thanks to increased construction costs, but apparently there is demand as two of the eight units already pre-sold.

"A majority of these people have been empty nesters who lived in larger homes or outlying areas or the suburbs where their children are gone and they are no longer worried about the school district," Blackstock said.

If your wallet can't handle the close to million dollar investment, just a few blocks down, the100 Boulder Condos start at $200,000 a unit; a more comfortable cost says developer Joe Westervelt.

"For someone who wants to make an investment downtown, it gives those people an opportunity," he said.

Since the fall, three of the 18 units here have sold.

"I think we are on the tip of the spear in testing this type of housing. I think as we sell our units, I think there will be interest in seeing similar type of housing," Westervelt said.

At Urban 8, the floor model will be ready to showcase in June's Parade of Homes. As for 100 Boulder, they are complete, so if you're interested you can take a look.

Blackstock said on a weekly basis she hears from developers wanting to do similar projects.

Another client base is people who moved here from larger cities where they have had living options like this and now they can find it in Tulsa.