If you’re shopping for residential property in the Pearl District, you may have missed your opportunity for the best buys. Some segments of the market have stalled; however this is a great time for other sectors.
Kevin Anderson, Commercial Real Estate Broker in the Pearl District, said the Pearl District has experienced incredible appreciation. A paired analysis shows appreciation has been in the area of 20% per year for commercial properties. (A paired analysis is a study comparing a property which sold, and then sold again a couple years later, with no work done.) In regards to residential properties, we have seen more than a 20% increase.
An exciting development in the area, is the City of Tulsa funding for the Peoria Avenue bus rapid transit system. This will provide buses along Peoria, every 15 minutes, in each direction. Service is expected to continue into the evening and on weekends. The Peoria route will be operational in August 2019, according to Tulsa Transit, and the 11th Street – 66 Route will be operation in 2021.
The addition of public transportation in the Pearl District will make a significant contribution to the development of the area. Reliable transportation is a necessity to meet the demands of people living in the community and visitors alike. If you live on Peoria, you’ll be able to take the bus downtown and save money on parking. In addition, when you own property along this corridor, it becomes transformed into more diverse use and higher demand.
To further re-invent and develop the area, a second Pearl District pond will go in, north of the VFW club. The pond will cover 3-4 blocks and will have a boardwalk around it. New housing developments are being built and are expected to open in March 2018. There are two restaurants coming in as well, and there are 130 businesses in the Pearl area.
If you are interested in buying and fixing up a home, TTCU Credit Union offers a home loan program which allows you to buy, and make home repairs. TTCU provides a home renovation loan, in which you can borrow up to $40,000 in a signature loan to make updates to your house, including light fixtures, kitchen, carpet, and/or bathroom. The home renovation loan allows you to do the work without having to get a traditional construction loan. The appraisal may be an issue on some types of repairs, however TTCU has addressed this. They do the appraisal on the purchase price only and don’t take into consideration the improvements on the $40,000 signature loan. However, if your expenses are going to exceed $40,000, and you need to get a contractor involved to do more strenuous work, then you’re going to want to get a construction loan. On a construction loan, TTCU will provide the appraisal on the completed house, not on the current condition. Visit ttcu.com to fill out an application online, or get more information.
If you’re interested in commercial property in the Pearl District, contact Kevin Anderson, commercial real estate broker at Kevin Anderson and Associates via email: firstname.lastname@example.org or phone 918-406-3197.
Schedule an appointment with The Baskin Real Estate Specialists, with no cost or obligation, visit askinforbaskin.com.
- 7201 W Edison St – Beautiful setting, less than 12 minutes from downtown Tulsa, 6BR, updated Kosher kitchen, 24-stall barn with many possibilities. Listed at $1,750,000
- 1013 S Cypress Ave – Located in Broken Arrow, 5BR, 3-car garage, Union Schools, over 3,000 SF, downstairs master suite. Listed at $279,900
- 3510 E 104th Place – Located in Tulsa, nearly 1 acre, 1-level home, 3,400 SF, private master suite, updated kitchen, and new roof. Listed at $299,000
- 30961 E 65th Street – Emerald Falls, new construction, backs up to former golf course. $40,000
- 6708 S Atlanta Pl – Amazing buy! 5 bedrooms – 2 bedrooms on 1st level! Office with separate entry. New hardwood floor and plenty of closet space! Listed at $294,000
For a complete list of active listings, visit homeguidetulsa.com.
Photo Credit – tulsapearl.org
Map image – Google maps