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Archives for September 2014

Oklahoma City defies recession

September 6, 2014 by idxcentral Leave a Comment

 

Oklahoma City Real Estate Investment

OKLAHOMA CITY
By Dennis Cauchon, USA TODAY

When an auto plant closes, it’s usually bad news for the local economy.

When that factory is a mammoth, 4-million-square-foot operation with thousands of highly paid union workers, the shutdown usually means disaster.

Not in Oklahoma City, where the unemployment rate is low and personal income is soaring.

The General Motors plant closed in 2006, but was quickly reinvented as an aerospace repair operation for neighboring Tinker Air Force Base, one of the military’s largest repair facilities.

The current recession has put much of the U.S. on an economic losing streak. But a few places, including Oklahoma City, have missed most of the pain.

This city is perhaps the most surprising. Construction cranes are busy here. New medical buildings are underway. Buildings are being renovated in the historical Bricktown neighborhood. Oklahoma City’s June unemployment rate of 6% was the second-lowest in the nation for metropolitan areas with 1 million or people, says the Bureau of Labor Statistics. Its per-capita income grew 6.9% in 2008 to $40,942, compared with a year earlier, the Commerce Department reported last week. That growth made the city No. 1 in the USA for large metro areas.

What’s Oklahoma City’s secret? “Luck, as much as anything,” says Roy Williams, Chamber of Commerce president and a former economic developer in Phoenix and Ohio. “We’re doing the right things, in the right place, at the right time.”

Government as a strong jobs base

Of the five big metro areas with the lowest unemployment rates — Salt Lake City, Oklahoma City, Washington, San Antonio and Austin — four are state or U.S. capitals and all have a large government workforce.

Oklahoma City’s economy is not only diversified but, by coincidence, is strong in areas that are thriving — or at least not collapsing — in this recession:

•Government jobs: As a state capital, it has a jobs base that enjoys the stability of government — federal, state and local. Despite budget shortfalls across the USA, state and local government are among the few parts of the economy that have added jobs during the recession.

•Medical and education jobs: Oklahoma City has large medical facilities and universities, types of employers that have held up well in the recession.

•Energy jobs: Oklahoma City is home to the state’s two largest oil and gas companies, Devon Energy and Chesapeake Energy.

The city also escaped the real estate bubble.

The area’s median housing price is $129,900, up 4% from a year earlier, according to the National Association of Realtors. Nationally, housing prices were down 14% during that time.

“Our highs are not high, and our lows are not low,” says Michael Bernard, president of the Mid-Continent Oil and Gas Association of Oklahoma.

Retooling a factory

The city’s economic good fortune has been remarkable — even in failure.

Oklahoma City tried to become a hub for manufacturing airplanes, expanding on the aerospace industry that surrounds the Air Force base, says Mayor Mick Cornett, a Republican. “Then comes the recession. People don’t buy new planes. They repair what they’ve got. Oklahoma City does repair and overhaul. Voilà! Better be lucky than smart,” he says.

 

 

 

 

Boathouse District Update

September 4, 2014 by idxcentral Leave a Comment

February 20, 2015 – MAPS 3 Program Manager David Todd provides a construction update on the Oklahoma River Improvements project. Jeffrey Gustin, senior project manager with whitewater consultant S2O Design discusses upcoming project milestones and describes the major engineering components of the facility.

Boathouse District

Devon Boathouse

North of Capitol Hill and due south of downtown Oklahoma City, the Boathouse District promises to be yet another major urban area for Oklahoma City made developable by the renovation of the Oklahoma River. The area north of the Oklahoma River is part of Oklahoma City’s Core to Shore redevelopment area has a master plan that shows public park and recreation space, residential neighborhoods, office parks, several “urban waterfronts” and river taxi docks along the waterfront. The recently completed Chesapeake Boathouse is a new Oklahoma City landmark on the Oklahoma River and a promising symbol for the Riverside District. The Oklahoma Boat House Foundation is the sponsoring organization for the US Olympic & Paralympic Training Site for both rowing and canoe/kayak.

The area south of the Oklahoma River contains several parks. This area of Oklahoma City is also home to the Mat Hoffman Action Sports Park of Oklahoma City located at 1700 S. Robinson. The Skate Park is a 26,000-square-foot (2,400 m2) mecca for skateboarders and other extreme sports enthusiasts. The park was designed by local extreme biking guru and national icon Mat Hoffman.

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Key Realty and Property Management LLC

4415 N Classen Blvd, Oklahoma City OK 73118

(405) 605-6445 Office | (405) 605-6440 Fax
Contact Karyn

Karyn Seabrooke

Key Realty and Property Management is a full service real estate company specializing in residential, commercial, investment real estate and offers professional property management. Karyn has been involved in property ownership, management, and real estate development in Oklahoma City since 1994. Meet Karyn Seabrooke
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