Welcome to today’s real estate news roundup! We’ve got an exciting mix of stories to share with you. From updates on the annual conference of the National Association of Real Estate Editors (NAREE) in Austin, Texas, to local developments in Oklahoma City, there’s plenty to dive into. Discover the latest trends in off-site construction, learn about efforts to address the lack of smaller, affordable housing options in OKC, and follow the progress of the Tulsa Girls’ Home project. Plus, don’t miss out on the heartwarming story of a nonprofit organization helping a mother and son rebuild their lives after disaster. And finally, explore the Oklahoma City Zoo’s ambitious master plan for future growth. Let’s jump right into it!
Missing: Allsup’s burritos! … Whataburger or In-N-Out? … OKC CRE!
AUSTIN, Texas − Hey, y’all. It was kind of a light week for real estate news around OKC, so I’ve been GTT − Gone to Texas− to find some at the annual conference of the National Association of Real Estate Editors (NAREE). Just kidding. It wasn’t that light. But with me on a special project last week, and in Austin this week, my friend and colleague Steve Lackmeyer ran circles around me, reporting on a new office project, high downtown Oklahoma City home prices, and a historic move (away) by an original Bricktown business.
When I get back … wait a sec. When I can get back to my laptop, wherever it happens to be, I hope to deliver a few stories that came out of the NAREE conference, including one that, I think, will eventually change home construction like nothing has since tents fell to wood-frame construction: 3D-printed homes. It’s wild. Look for it in coming days.
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On the way here, I stopped at the Allsup’s in Thackerville, and danged if they weren’t out of the beef-and-bean version of Allsup’s World Famous Burritos, my favorite. A clerk told me they’d have them again by Friday. We will see. If not, I’ll find out if there’s another Allsup’s burrito shortage! Doubtful, actually. Allsup’s burrito supplier added a burrito production line to deal with the 2019 shortage. But maybe they need to add another line.
And, on the way back, I plan to put the Whataburger/In-N-Out Burger debate to rest. For me, anyway. I’m a Whataburger true believer. I’ve never had an In-N-Out Burger, and the burger chain, which is not in Oklahoma, has joints all up and down Interstate 35 down here. Can I be burgerly ecumenical? We’ll see!
And now the news. Let’s get to it. Oh, if you don’t subscribe to the digital Oklahoman, please consider one of these deals.
EDMOND ― After going “off road” at the property for so long showing people where it will be, Shannon Price said she is ready for a second home for the Edmond Fine Arts Institute, which will be part of the art park in the works at the corner of Second Street Street and Coltrane Road. “We’re busting at the seams,” said Price, executive director of the institute, now at 27 E Edwards St. just off Broadway Avenue downtown. The institute plans to expand, not relocate. The Edmond City Council OK’d the final set of agreements with the French Family Charitable Foundation for the maintenance and operation of the art park. Read all about it. By The Oklahoman’s Steve Lackmeyer.
Construction is set to start later this year on two projects that will erase a decades-long gap between Oklahoma City’s Innovation District and downtown. The Innovation District, a relatively new reference to the cluster of hospitals, science labs, schools and bio-tech firms, has developed over the past half century east of Interstate 235. Downtown development, meanwhile, has continued east through previously blighted property and the highway easement west of I-235. Read all about it. Another story by Steve.
Downtown housing prices are soaring in Oklahoma City to an extent that they have more than doubled over the past decade. That finding, part of a new report by the real estate tracking site Property Shark, shows Oklahoma City, Memphis and Atlanta were the only three of the 15 largest southern cities where downtown price growth exceeded citywide sale prices. Read all about it. One more by Steve.
The last original industrial anchor and oldest ongoing business in Oklahoma City’s Bricktown, Federal Corporation, is set to move to a new location just west of downtown. Read all about it. From USA Today.
Affordable housing can be difficult to come by. In the past decade alone, the number of homes for purchase under $200,000 went from half of all sales to 21% of all home sales, according to a recent report from Realtor.com. At the same time, the national median listing price on homes has increased nearly 40% since 2019. For the roughly two-thirds of Americans who do own homes, location is a major determinate of their home’s value. Shopping for a new home on a constrained budget may limit prospective buyers to certain areas in the U.S. The good news is the inventory of smaller and more affordable homes has grown in share, Realtor.com found. Read all about it.
Farmland is income-producing property, ergo, it’s a kind of commercial real estate, IMO. So here you go. Rain and soggy fields caused some delays, but combines and grain trucks kept rolling and Oklahoma’s annual wheat harvest is already more than half complete, with the weather, as usual, making some farmers winners and others mere participants. The Oklahoma Wheat Commission called the harvest at 55% complete to start the week. (As of June 17, it was nearly complete.) Read all about it.
Here is all of my work for The Oklahoman/Oklahoman.com in one place. Thanks for reading! What’s coming up that I need to know about? What have I missed? Email me at [email protected]. If someone forwarded you this newsletter, Real Estate with Richard Mize, you can sign up here to get your own copy in your own inbox every Thursday. And click here to subscribe to The Oklahoman.
Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999.
OKC lacks smaller, affordable housing. Ordinance for added dwelling could be one solution
If you had an opportunity to increase property value, make a passive income, or provide someone with a safe space to live independently, would you take it? In June, the Oklahoma City Council will vote on an ordinance to make it possible for homeowners to add accessory dwelling units (ADUs) to their properties. ADUs, such as attached or detached garage apartments, carriage houses, or mother-in-law suites, connected to utilities, can be an ideal addition to a residence.
The OKC metro housing landscape will see several benefits from this ordinance. First, ADUs have the potential to increase property values. By adding an ADU, homeowners can significantly upgrade the overall value of their property, considering the median sale prices in the market. Second, ADUs can help create supplemental income, allowing homeowners to passively offset costs and increase equity. Finally, ADUs can provide housing solutions for people in different phases of life, addressing the lack of smaller, affordable housing options in the OKC metro.
The ordinance is designed to limit ADUs to specific parts of the city and includes reasonable regulations regarding size, height, and setback requirements. Studies have shown that ADUs can enhance walkability, reduce traffic congestion, and contribute to a more sustainable community. Overall, ADUs are a responsible option that benefits both communities and their members.
The Oklahoma City Council has the opportunity to improve the lives of Oklahomans by passing this ordinance. Join Sarah Casey, Chair of the OKCMAR Government Affairs Policy Subcommittee, and others in the Oklahoma City Metro Association of Realtors in encouraging city councilors to support this initiative.
Tulsa Girls’ Home Making Progress, Still Needs Help Funding More Projects
Lots of progress was made on the new Tulsa Girls’ Home months after starting construction, but more work was needing to be done. The sound of construction came from two new brightly colored townhomes in Jenks, Oklahoma. Tulsa Girls’ Home co-founder, Brittany Stokes, shared updates on the project, including the installation of spray foam insulation before siding goes up.
While the project has been a step in the right direction, there is still a need for help in getting the back alley leading to the townhomes paved. This was not initially planned or budgeted for, but it is crucial for the completion of the project. The Tulsa Girls’ Home provides a safe place for girls who have nowhere else to go and helps them get back on their feet.
Jessi, one of the girls living in the home, expressed the importance of having a paved alley and driveway to avoid car repairs and additional expenses. Stokes hoped to have the alley paved and all four townhomes completed by spring of 2025. In the meantime, there is plenty of other work to be done, and the focus remains on loving and supporting the girls.
If you have a company that can help or would like to make a donation, visit their website. Be part of making a difference in the lives of these girls.
Home Builder Transitioning to Off-Site Construction | Pro Builder
When done right, industrialized (or off-site) construction can shorten production cycles, boost quality, and reduce labor needs. More builders are exploring this production model, recognizing it as the future of residential construction in the U.S. However, there is a learning curve to optimize off-site construction and achieve its benefits. It may take time for the housing industry to fully embrace this technology.
Builders at various stages of transitioning to off-site construction have shared important lessons and observations. LW Development, based near Oklahoma City, found success with volumetric modular construction for affordable workforce housing. They simplified designs, reduced waste, and achieved profitability. Bayview Homes in Florida emphasizes modular homes for increased productivity and cost-effectiveness. New Seabury Homes in Massachusetts plans to incorporate modular production into their luxury-home community.
Despite the failures of well-funded off-site system providers, such as Katerra, Entekra, and Veev, the concept of modular construction remains viable. Collaborative approaches that tailor products to each builder’s needs show promise. Many prominent builders are either establishing their own off-site facilities or partnering with third parties to address production challenges and improve affordability.
Discover how off-site construction can be a superpower for home builders in the full article.
Disaster Recover nonprofit assists mother and son with new home | Oklahoma | enidnews.com
A Slaughterville woman and her adult son, who has a brain injury, spent their first night in a new home thanks to the generosity of a nonprofit organization and a group of volunteer workers. Carolyn Shockey and her son received the key to their new home during a ceremony organized by Recovering Oklahomans After Disaster (ROAD), a nonprofit that provides free home repairs to disaster survivors who have limited means of recovery.
In this case, ROAD collaborated with Oklahoma Mennonite Disaster Services, B&H Construction, Oklahoma Ceiling Systems, and CityServe Oklahoma to build an entirely new home for the Shockey family. The previous home had been impacted by a hail storm in 2015 and suffered foundation damage from a tornado in 2023.
Typically, ROAD focuses on repairing existing homes, making this opportunity to build a new home a unique and significant blessing for the Shockey family. The collaborative effort resulted in a brand new home with new furnishings, providing a solution that the family would not have been able to afford or accomplish on their own.
Read more about this heartwarming story on enidnews.com.
OKC Zoo announces new master plan to build future growth
The Oklahoma City Zoo has unveiled a new master plan to guide its growth for the next decade and beyond. Developed in collaboration with a planning and design firm, the plan aims to enhance guest experiences, improve accessibility, and create a world-class reptile and amphibian preserve. The estimated investment for the master plan ranges from $115 million to $230 million, which will be funded through private efforts, tax credits, and a dedicated sales tax. The plan outlines multiple construction projects that will modernize existing structures and provide superior animal care and immersive habitats. Discover more about this exciting master plan on koco.com.