Housing Potential and Market Demand Study – Downtown Tulsa Urban Neighborhoods Prepared for: City of Tulsa Economic Development Commission 224 East 8th Street Tulsa, OK 74119 January, 2010 2 Downtown Housing Study Tulsa, Oklahoma Table of Contents Table of Contents ....................................................................................................................... i Table of Exhibits ...................................................................................................................... vii Introduction and Executive Summary ....................................................................................... 1 Recent Downtown Development Assets ................................................................................... 2 Goals and Objectives .................................................................................................................................. 3 Types of Properties Analyzed ..................................................................................................................... 3 Property Type ......................................................................................................................................... 4 Neighborhood Choice ............................................................................................................................. 4 Price Sensitivity and Net Demand .......................................................................................................... 4 Key Conclusions and Recommendations ................................................................................... 5 Market Area Neighborhoods .................................................................................................... 6 Neighborhood Characteristics and Boundaries.......................................................................................... 6 Tulsa’s Central Business District ............................................................................................................. 6 Central Park ........................................................................................................................................... 7 Riverview / Uptown ................................................................................................................................ 8 Crosbie Heights / Owen Park ................................................................................................................. 8 Brady Heights / OSU Tulsa ..................................................................................................................... 8 Economic and Demographic Context ........................................................................................ 9 Employment ............................................................................................................................................... 9 Regional Employment ............................................................................................................................ 9 Downtown Employment ...................................................................................................................... 10 Population and Households ..................................................................................................................... 11 Number of Residents and Households ................................................................................................. 11 Age of Residents ................................................................................................................................... 12 Household Profile ................................................................................................................................. 14 Household Size ..................................................................................................................................... 15 Housing Characteristics ............................................................................................................................ 16 Housing Tenure .................................................................................................................................... 16 Units in Structure ................................................................................................................................. 16 Age of Structure ................................................................................................................................... 17 Household Income ................................................................................................................................... 18 Key Points for the Downtown Housing Market ........................................................................................ 19 Area Public Schools ................................................................................................................. 21 1 Downtown Housing Study Tulsa, Oklahoma Home Resale Statistics – Subject Area Neighborhoods ............................................................ 22 CBD Condo Sales .................................................................................................................................. 22 CBD Single Family Sales ....................................................................................................................... 23 CBD Days on the Market Calculations ................................................................................................. 23 Other CBD Property Types .................................................................................................................... 23 Central Park Townhome sales .............................................................................................................. 24 Central Park Single Family Home Sales ................................................................................................ 25 Riverview / Uptown Single Family Home Sales .................................................................................... 27 Riverview / Uptown Condo and Townhome Sales ............................................................................... 27 Other Property Types ........................................................................................................................... 27 Owen Park and Crosbie Heights Home Sales ....................................................................................... 28 Brady Heights / OSU Home Sales ......................................................................................................... 29 Central Tulsa Private Rental Property Market ......................................................................... 30 Tulsa MSA Apartment Market ................................................................................................ 32 Tulsa New Townhouse and Single Family Housing Market ...................................................... 33 Housing Start Distribution .................................................................................................................... 33 Subject Market Area Competitive Properties .......................................................................... 36 Currently Active Properties ...................................................................................................................... 37 Area Active Property Types .................................................................................................................. 37 Rental Rates ......................................................................................................................................... 37 For Sale Higher Density Units ............................................................................................................... 37 Single Family Homes ............................................................................................................................ 38 Proposed Projects .................................................................................................................................... 39 Under Construction / Renovation Projects .............................................................................................. 40 Phone Survey – Residents of Tulsa County .............................................................................. 41 Downtown Area Potential Relocators .................................................................................................. 43 Web Survey ............................................................................................................................ 53 Where do they work? ........................................................................................................................... 53 What is their current home like? .......................................................................................................... 53 How Long Have they Lived in Tulsa? .................................................................................................... 55 Questions Asked of Those Respondents Residing Within the Subject Neighborhoods ........................... 56 What are those changes? .................................................................................................................... 57 Where did they live before, and why did they move? .......................................................................... 64 What are neighborhood residents near term