Bank Owned Real Estate Auction
November 11, 2011
National Residential Auctioneers and National Commercial Auctioneers announced on November 3 a multi-property auction of both residential and commercial properties in Northeast Oklahoma. The dates of the auction will be November 16, 17, and 18, 2011 as reported by the auctioneer and project manager, Brent Wellings.
The properties included in the auction include several parcels found at
1644 E 3rd Street in Tulsa, which includes a 12,382 square foot warehouse/retail building along with the two adjacent lots. One of the buildings offers 6,282 square foot of retail space along with a wall down the center allowing for more tenants. Another building offers 6,100 square feet of warehouse space, which is to the west of the retail building and has been used for storage for the current business.
Wellings stated, “Multiple parcels exist within this property description with an opportunity to buy any combination of the buildings and lots being offered or purchase as a whole,” and went on to say, “We will hold a beauty supply inventory liquidation auction following the real estate auction.”
The two lots that are adjacent total 12,000 square feet and could be used for added parking or even new construction.
On the auction block is a three bedroom, three-bath home with 4,318 square feet offering a 1.23-acre lot home at the end of a cul-de-sac at 1601 S. Terrace Road, Cleveland, OK on Keystone Lake. The traditional style home was built in 1966 and offers a large wrap around deck with views of the cove.
Wellings explained, “This property is permitted for a boat dock and ready to be turned into a private retreat just 30 minutes West of Tulsa off Highway 412.”
The last in the group is 17 acres of rural land on Pinehill Road in Bristow, OK east of highway 48. The land is open with heavy timber full of wildlife along a road. The other property is 10 acres of development land for residential properties in Mannford, OK with frontage on 61st street.
Old Fees could be a Problem
November 4, 2011
When looking for a new home it is in your best interest to find out as much as you can about the home before the closing.
When you make an offer even if you have competition, you should include an inspection contingency. The reason is there could be issues with the home that you may not see just by taking a tour. You should word the contingency so that it is very broad and gives you the right to inspect anything that you need to in order to ensure the home will meet your needs as well as your budget.
If during the inspection defects are found that you cannot fix or ones the homeowner will help correct, you should have the option to withdraw your contract and receive your deposit.
In most cases, home buyers normally have a prospective home inspected for structural damage and pests, but you should have other items inspected as well include the roof and drainage.
You should learn not only how bad the defect is but also how much it will cost for repairs. Instead of just talking to someone about the repairs, you should ask for written reports and estimates. These reports can help you when you are in negotiations with the home seller.
If you do not want to negotiate, you can keep the records for your own records and even use them when you are ready to sell so you can show potential buyers the problems you fixed after purchasing.
One inspection that is often overlooked is the permit history of the home. It can take some time and it can be frustrating, as you will have to deal with the city planning department. This may be one of the most important inspections of all as you can learn if there are fees or liens on the home that you will have to pay after you buy the home.
The main reason you want to learn of any permits that may have been taken out by previous owners as if there are outstanding permits on the property you will not be able to receive a permit until you pay the old fees. If the old permits were not approved by the city from the previous owner you will need to have the home inspected again by the city and do any work necessary in order to receive the final approval. All of this money will be out of your own pocket if you do not do a permit inspection and negotiate this prior to closing.
On homebuyer in Rockridge neighborhood in Oakland obtained a permit history for a potential home she was going to buy. There were two issues on the report.
One of the reports was due to a remodel by a previous owner not the one that she was buying from with the permit receiving final approval. However, the final approval was contingent on the seller agreeing to record a notice of property use limitation on the title to the property. The title report did not show a notice of property use limitation. The issue was corrected by the title company after research.
The other issue was that there fees owed. The homebuyer wanted to do work on the home after purchasing and was concerned that she would have to pay the fees. The fees were determined not to be passed on to the new owner as the application from the previous owner had expired.
At the closing of your new home, be sure that you learn along with any permits that may be present, learn the amount of the fees.
Strong Economy in Oklahoma
October 7, 2011
Oklahoma is one state offering a thriving economy and personal income growth is at 8%, which is the fifth best in the entire country. Unemployment in the state is quite a bit below the national average with all employment sectors showing job growth, which does include the construction industry, and the housing market is very healthy.
In Oklahoma City, the median housing priced increased 6% while in Tulsa the jump was 5.6%. Throughout the US, there are very few cities that look better which are San Antonio and Austin, Texas and Cape Coral/Ft. Myers, Florida. The last one was hit very hard during the recession but is now sporting a 19.6% increase.
The decent numbers for the state of Oklahoma are due to much finer stuff.
In Oklahoma over 50 of the 77 counties grew over the last ten years with expansions in population of 8.7% to 3.75 million as reported by the Census Bureau.
Lisa Noon the CEO of the Oklahoma Association of Realtors provided a series of highlights:
•State revenues rose 15.5% over last year.
•Oklahoma City ranked in the top 20 metro areas for strong economic performance. OKC added 2,000 jobs in the oil and gas sector and since 2008; it gained 2,500 jobs in the tourism and hospitality sector.
•Double-digit growth in tax commission collections, which is a good sign of economic growth.
•Construction job growth near the top in the country.
•Statewide residential building permits doubled since the start of the year.
Dan Rickman, a professor of economics at Oklahoma State University stated, “We didn’t have any evidence of a housing bubble, so we had no aftermath.”
Until the 1980’s the economy of Oklahoma was dependent on oil and gas only. With the bust in the early 80’s, Oklahoma was thrown into a recession. Since that time, Oklahoma has become very diverse economically.
Rickman explained, “We used to counter the U.S. cycle,” and went on to say, “Now we follow the rest of the nation, but energy is still important enough that it gives us a cushion. When the U.S. economy was heading into a recession in 2007, we enjoyed a big surge in energy prices.”
Even though the service, hospitality, medical, call center and manufacturing industries all have grown, the important thing about the energy industry is that “it’s a very high-income sector and that spills over into a lot of other areas of the economy,” Rickman said.
Chesapeake Energy Corp. and Devon Energy Corp are major oil and gas companies that are based in Oklahoma with Devon Energy Corp recently building a 50 story headquarters in OKC.
Oklahoma City, which is the capital, has helped the states economy with a population in 2001 of 579,000, which has grown 14.6% since 2000. This is wonderful for the housing market.
Steve Mann, a broker/associate and auctioneer at Paradigm AdvantEdge Realty in Oklahoma City and president of the Oklahoma Metropolitan Association of Realtors stated, “In June, our average home price was $163,600 and that’s down a little from May, which was $170,000, but in May we had several million-dollar home sales.”
“Our list-to-sell-price (ratio) is 97 percent and our average days on the market in June were 85. We had 9,000 listings in the metro area a year ago and we have 9,100 listings this year. And we still have new construction.”
Oklahoma City has not seen a severe REO (real estate owned homes) problem.
Chuck Harris, broker/manager with Century 21 All Pro Real Estate in Oklahoma City and a specialist in REO sales stated, “Up to this point, we haven’t had enough REO properties to affect pricing,” and went on to say, “The market wasn’t flooded with REOs and we’ve been real fortunate as we’ve been able to turn most REO properties under 60 days. We are getting families as well as investors.” Harris went on to explain when it comes to foreclosures in Oklahoma City, “we’ve been able to absorb and get them closed out.”
Oklahoma City is not the only city in the state that has enjoyed the economic health. Tulsa, which is the 2nd largest city in the state, only lost some of their population over the last years, being down 0.3% to
391,906 from 2000 to 2010, however, Tulsa added 2,943 jobs since the first of 2010, mainly in the manufacturing sector.
One of Oklahoma City’s exurbs, Edmond saw an increase in their population of 19.2% from 2000 to 2010 to 81,405. According to Noon, “the cost of living there is 8 percent below the national average.”
Other areas around the state such as Ada home 88 miles southeast of Oklahoma City with a population a tad over 17,000 has a jobless rate that according to Noon may be negative.
Ada, Oklahoma has increased 465 government jobs, 444 service positions, 398 manufacturing slots, and 333 new employees in oil and gas extraction, and filled 222 openings in accommodation and food service industries.
“A number of employers and entrepreneurs are doing extraordinarily well in that area of the state,” said Noon.
If you look at the economy, then you can tell that Oklahoma is more than just OK.
Broken Arrow in the Top 25 “Best Places to Retire” by MONEY Magazine
September 30, 2011
Broken Arrow, Oklahoma recently ranked #8 in the top 25 cities chosen by Money Magazine for their 2011 “Top 25 Best Places to Retire,” as reported in a press release.
Broken Arrow was the only city in Oklahoma to make the list, which was chosen by community and entertainment options along with the local health care system options in the area.
The magazine stated in the release, “In the past few years alone, Broken Arrow has seen some notable new developments, including the opening of a 20,000-square-foot YMCA with many programs geared toward active older adults; an impressive performing arts center that raises its curtain for everything from the local orchestra to Broadway tours; and a 68-bed hospital within the highly acclaimed St. John Health System. A half a dozen golf courses, miles of bike and walking paths, two community centers and civic groups galore add to the attraction. And with updated one-story homes starting in the low $100,000s, you’d be paying about half what you would to move to some comparable communities.”
Mayor of Broken Arrow, Mike Lester, stated the city was “thrilled” to be included as well as recognized for being a “great” city for those wishing to retire.
“We know what a wonderful community we live in and it’s nice to see the nation taking notice,” Mayor Lester stated. “We are establishing a trend of being recognized year after year for the amenities and opportunities we have to offer.”
On the top ten list was
1. Marquette, Michigan
2. Cape Coral, Florida
3. Boise, Idaho
4. Danville, Kentucky
5. Weatherford, Texas
6. Southaven, Mississippi
7. Pittsburg, Pennsylvania
8. Broken Arrow, Oklahoma
9. Lake Charles, Louisiana
10. Winston-Salem, North Carolina
Not only was Broken Arrow chosen among the Best Places to Retire but it was also ranked in Money Magazine’s Top 100 “Best Places to Live” in 2010 along with many other national recognitions throughout the last five years as reported in the press release.
2nd Quarter Market Report Midtown Tulsa
September 16, 2011
Midtown Tulsa, which we will define for this market is an area from Riverside to the west; Harvard to the east, 11th Street to the north and 51st Street to the south is holding steady. Between the time period of April 1st, 2011 and June 30th 2011, 157 properties closed.
Of these properties, the lowest price property was $76,000; however, three properties sold for more than one million. These figures show the diversity that can be found in the midtown area of Tulsa.
From the 157 properties that sold during the 2nd quarter of 2011, a whopping 85% sold for more than $200,000. In the higher prices range several properties sold after a short time being placed on the market. The midtown area is flourishing and is a great investment.
As of July 14, 2011, there were 96 properties for sale for more than $500,000 in the midtown Tulsa area with the highest priced property offering a listed price of $2,159,000. Along with that, 17 of the properties are listed at more than $1,000,000.
2nd Quarter 2011 Market for Midtown Tulsa
26 properties listed for sale under $100,000
113 properties listed between $100,000 and $200,000
81 properties listed between $200,000 and $300,000
93 properties listed between $300,000 and $500,000
Current rental rates in the Tulsa area
September 9, 2011
One bedrooms in the Tulsa area have got up just a bit since 2010 from $506 to $552 for 2011. For two bedroom rentals in Tulsa, the prices have gone up from what was seen in 2010 from $662 to $678. With both 2 and 3 bedroom rentals, the prices are up or about the same as they were in 2009.
In Bixby, one-bedroom rentals are around $510 with 2 bedrooms at $691 without any changes since 2009.
Broken Arrow rentals for a one bedroom on average are $726 and two bedrooms at $676. The cost for a one bedroom has risen 13.97% since 2010 while two the cost for a two-bedroom rental has decreased 9.14% over the past year.
In Catoosa, a two-bedroom rental is on average around $795 and is down 0.62% from previous years.
Claremore Oklahoma has one-bedroom rentals for $455 and two bedroom rentals for $623. The price for a 2 bedroom has increased 8.16% over previous years while the price for a one bedroom has only raised around $10 since 2006.
Owasso has seen huge increases in rental prices. In 2010, the price of a 1 bedroom was $502 and in 2011, the price is now $870, which is a 73.31%. For a two bedroom, the price in 2010 was $665 and today the price is $758, which is a 13.98% increase.
Recently Sold Homes in Tulsa
September 2, 2011
The beginning of August several homes have sold all across the Tulsa area. A few of the sold homes in the area including the neighborhood are listed below. The sold price is a guessimate of the actually closing price.
In Lortondale, the 1,474 square foot, 1.5 baths and 3-bedroom single-family home at 4929 E 27th St sold for $109,500 on August 10.
In Regency Park, the 1,610 square foot, 2 baths and 3-bedroom single-family home at 4830 S 87th East Ave sold for $73,500 on August 8.
In Florence Park, the 1,948 square foot, 2 baths and 4-bedroom single-family home at 1612 S Delaware Ave sold for $229,900 with a mortgage of $204,800 on August 8.
In Ridge Point, the 1998 square foot, 4 baths and 4-bedroom single-family home at 9602 S 88th East Ave sold for $323,000 with a mortgage of $317,400 Mortgage on August 5.
In Minshall Park, the 2,380 square foot, 2.5-bath single-family home at 7743 S Erie Ave sold for $2,134,933 on August 5.
In Brookside, the 936 square foot, 1.5-bath condo at 4517 S Peoria Ave APT 12 sold for $50,000 with a mortgage of $53,800 on August 5.
In Lynn Lane, a lot was sold at 17510 E 45th St for $220,500 with a mortgage of $160,600 Mortgage on August 5. Another lot in the same neighborhood at 4208 S 181st Ave E sold for $143,500 with a mortgage of $139,200 on the same date.
In Swan Lake, a single family home built in 1920 at 1544 E 19th St with 1,629 square feet, 2 bedrooms, and 1.5 baths sold for $405,000 with a mortgage of $206,000 on August 5.
In Renaissance, a 1,221 square foot home with 3 bedrooms and 1.5 baths at 1135 S Birmingham Pl sold for $120,000 with a mortgage of $115,300 on August 5.
In the neighborhood of Western Village, a single family home built in 1962 at 11915 E 8th St sold for $48,000 on August 5.
In Layman / Van Acre, a 1954 single-family home at 9149 E Oklahoma St with 9,672 square feet sold on August 5 for $48,000.
In Mindo Valley, a 2,751 square foot home at 8969 E 16th St sold on August 5 for $230,000.
In Mckinley Mitchell, the home located at 6809 E King St built in 1955 sold for $19,000 on August 4.
Tulsa Market Booming
August 19, 2011
Tulsa is the 2nd largest city in Oklahoma as well as a popular tourist attraction. The beauty of the Tulsa area is a draw for tourist with such attractions as the Tulsa National Park and the Philbrook Museum of Art.
Instead of the problems in the housing market, we are seeing across the US, Tulsa is actually booming with prices on the increase at the time of this writing. On the other hand, there are still quite a few affordable properties available if you know where to look.
For those looking for upmarket homes and apartments, the most popular communities include Maple Ridge and Renaissance or Riverview.
Services Apartments for individuals that love luxury and need a temporary home or a home away from home when traveling, can find several great apartments in the Tulsa area. The prices are normally double the rent of other apartments however; the amenities outweigh the price including a large garden, BBQ’s and swimming pools.
For those looking for investment properties whether houses or apartments will find there is a wide array of properties to choose from all over the Tulsa area.
No matter what you are looking for in the Tulsa area whether you wish to live inside the city or in a smaller rural area, our professional real estate agents will be able to make your dream come true. Just provide us a bit of information on the type of property you are looking for, the amenities you desire, and if you wish to purchase a farm, a country home, a condominium, or investment property. Our realtors will provide you with a list of properties that match your desires and are in your price range.
Tulsa Ranked 58th in Foreclosures
August 12, 2011
During the first half of 2011, 1 in 98 households in Tulsa had a foreclosure. The Tulsa metro area landed as the 58th highest rate of foreclosure during the 1st half of 2011, even though the number of repossessed homes decreased as reported by RealtyTrac Inc.
The report stated that there were 4,152 filings in the Tulsa area, which is down 12.4% from the last half of 2010, which was 11.9%, and still below the first half of 2010.
Oklahoma City on the other hand had the 140th highest foreclosure rate in the United States, which is one for every 192 households. Foreclosures in the metro area decreased 12.8% from the last half of 2010 and 28.8% from the first half of 2010.
During the first half as reported by RealtyTrac one in every 111 household which is down 25.5% from the prior six months and down 29.27% from the first half of 2010.
CEO James Saccacio of RealtyTrac stated the decreases are not automatically good news.
“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings – and sometimes by both,” he stated.
The highest rate of foreclosure in the country is still the Las Vegas with one in every 19 households. The Phoenix metro area sees one in every 28 households while three California areas Stockton, Modesto, and Riverside/San Bernardino/Ontario are at the top of the list.
Commercial Properties See Positive Signs
August 6, 2011
During the year, commercial real estate in Tulsa has been mostly flat; however, brokers are noticing positive signs. As reported from CB Richard Ellis/Oklahoma vacancies in multi-tenant retail buildings increased slightly from 11.7% seen at the end of the month of December to 12.1% at June 30,
Author of the report, Ben Ganzkow stated the recession has been the reason for only minimum new store developments over the last two years but it is beginning to pick up.
Ben Ganzkow stated,” We’ve seen some increased activity, especially with the announcement of three Dick’s Sporting Goods stores, and the Sam’s Club and Staples coming to Tulsa Hills”. Ganzkow also noted that development of the Village on Main in Jenks is still continuing with the latest addition, Waterfront Grill and the soon be opened Green Acres market. Other areas seeing growth includes the opening of the Buybuy Baby at 71st Street and Mingo Road as well as on 101st Street and Memorial Drive the soon to open Lifetime Fitness.
He went on to explain that there are many multi-tenant shopping centers in the works with larger stores choosing to build their own or even move into existing centers. With the small increases in vacancies, property owners of retail properties were able to increase their rent from $10.86 to $12.11 per square foot. He went on to say that he is encouraged by the sight of multiple big stores believes that things will slowly improve during the next six months.
“Hopefully the increased confidence is leading to more pent-up demand,” he said.
Vacancies in the way of offices went from 22.2% in the month of December to 23.6% in the month of June. However, brokers and landlords are seeing a bit more interest in possible leases and some tenants are committing to longer term leases as explained by Angela West in the office report.
“This shows companies have more confidence in their future operations, as well as growth,” she stated.
During the recession, a few local landlords resolved to sign tenants to single-year leases just to keep worrisome companies in their buildings, West stated.
Lease rates fell by 8 cents to $13.79 per square foot while landlords are still offering incentives to keep the spaces filled, she said.
A positive impact on Tulsa as West believes is the groundbreaking of the $100 million One Place downtown development that will include an 18-story office tower. On the other hand, if tenants in the office buildings in downtown decide to move to the new development it will bring on more vacancies.
Industrial properties showed some improvement. The vacancy rate in December was at 11%, which was a 20-year high, but by June of 2011, it is now at 10.3%.
“Job growth is helping, though a bigger factor is energy prices,” David Glasgow, author of the industrial report, said. “They’re really driving the local economy.”
In addition, rental rates improved 4 cents to $4.55 per square foot.
Tentative construction of multi-tenant industrial buildings has stopped, although Glasgow stated that Air Hygiene International Inc., Flight Safety International Inc. and Oil Capital Electric are all building new developments for themselves in the Broken Arrow area.