Property values in some Tulsa neighborhoods soar, others sink | Tulsa World

Property values in some Tulsa neighborhoods soar, others sink | Tulsa World (April 2011)

Exceprts/Paraphrases from the article:

  • The Tulsa World analyzed computerized land records gathered from the Tulsa County Assessor’s Office to determine the average percentage change in value for each single-family residential subdivision in Tulsa County.
  • Overall, home prices in Tulsa County subdivisions have increased in value by an average of about 8 percent since 2006, the World’s analysis shows.
  • The data show that since 2006, many midtown neighborhoods and those just north of the Tulsa fairgrounds have experienced some of the biggest jumps in average property values.
  • While some neighborhood market value averages have increased 20 to 30 percent, other areas have felt the pinch, the analysis indicates.
  • In the Yorktown neighborhood, the Weaver Addition ranked No. 1 in the county in increased average market value since 2006.
  • The addition, west of 17th Street and Lewis Avenue, is composed of 1920s-era, single-family homes ranging in value from $72,000 to $214,000.
  • Homes in the Weaver Addition increased in value, on average, 39 percent from 2006 to 2010.Home values in Summit Heights Addition have increased by 28 percent since 2006, a Tulsa World analysis of Tulsa County assessor appraisals shows.
  • The Fair Heights neighborhood has seen a 25 percent average increase in property values since 2006, the World analysis indicates.
  • Another midtown neighborhood seeing strong growth in values is Greater Oakview Estates, near 36th Street and South Lewis Avenue.
  • The upper, middle-class neighborhood was developed in the 1950s and features homes on large lots. Styles include ranch homes and large, newly built two-story homes. The neighborhood has seen a 24 percent average increase in home values since 2006.
  • Elsewhere, subdivisions south of Interstate 44 have experienced 10 to 16 percent average increases in value since 2006.
  • Homeowners living east of U.S. 169 have seen more modest average increases in property values since 2006, ranging from 1 to 5 percent.
  • Meanwhile, several subdivisions generally north of Admiral Boulevard have experienced stable to negative growth in property values since 2006, the analysis shows.
  • Decreases in neighborhood property values can be attributed to an inordinate number of sales due to foreclosures, officials said.
  • One northside neighborhood bucking the trend toward declining values is located just north of downtown.
  • The historic Brady Heights neighborhood, which encompasses several platted additions, has seen values increase by an average of up to 3 percent since 2006.
  • Brady Heights resident Nathan Pickard said it’s been a block-by-block effort to improve the neighborhood.
  • “I moved in here four or five years ago, and the block that we moved in on had some crime and was generally a depressed block in our neighborhood,” Pickard said.
  • Residents pitched in and established a community garden on a lot on which the home had burned down, he said.
  • “Pretty quickly we had a lot of young professionals move in, and that block is completely different now,” Pickard said.
  • “The values are quite a bit higher, and a lot of houses have been fixed up and sold,” Pickard said. “I think as downtown develops it has really been helping our neighborhood.”
  • Subdivisions west of the Arkansas River have been seeing modest growth in property values. Several neighborhoods in the Redfork area of west Tulsa have seen 10 to 15 percent average increases in value since 2006.
  • Several neighborhoods in Jenks and Bixby have seen home values increase 3 to 8 percent. Additions constructed after 2005 were not considered in the analysis.
  • But while many neighborhoods have seen increases in market values over the four-year period, Tulsa County Assessor Ken Yazel said that trend has slowed in recent years.
  • Workers for the Assessor’s Office appraise one-fourth of the neighborhoods in the county every four years. The visual inspections permit appraisers to see changes to properties they otherwise don’t catch through a review of building permits.
  • Even if a neighborhood is not visually inspected, though, market values may be adjusted if a computerized analysis of sale prices warrants such a move.
  • But Yazel said that during the last two years, no neighborhood has seen a blanket increase in overall values via the computer analysis.
  • Other evidence of the housing market slowdown can be found in the number of notices the Assessor’s Office sends to property owners when it increases the market value.
  • The number mailed out has decreased from 167,000 in 2000 to 54,000 this year.
  • Yazel said he doesn’t foresee any big changes in the current market trend.
  • “There’s nothing showing me anything changing direction,” Yazel said.

Commentary

Not only did the Tulsa World provide some great market data, but they also told the story of how residents can help improve both the lifestyle and desirability of their own neighborhoods. Take ownership of your own area to help make Tulsa better overall… plus you’ll get to know your neighbors! 🙂

Click the link to the story and type in your address to search for your color-coded subdivision area to see what property values have done from 2006 to 2010.

Disclaimer: Current market value, by definition, is a moving target. To correctly analyze a specific home, please request a Comparative Market Analysis (CMA) before buying or selling.

Feel free to share your own story or ask questions about your area by commenting below.

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