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Old 01-19-2014, 08:15 PM
 
11 posts, read 19,778 times
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Hello all,

We will be moving to OKC in a couple of months. Will be working at the hospital at OUHSC. Looking for a house close to OUHSC . Not more than 8 or 9 miles. Good neighborhood. Another criteria we had was the house to be relatively newer [ 2003 or newer] and upto $225 k.

Is this possible ? I have researched the info in these OKC forums and the areas a lot of folks advise are Heritage Hills, Edgemere Park, Mesta Park, Crown Heights,Nichols Hills and Belle Isle. A few other areas like East Edmond and NE OKC area (Oakdale/Apple Valley/River Oaks) are further away and would need a longer commute. We prefer a commute of 20 min or less because we dont want to be driving longer distances late night or during rush hour .

We considered staying at the Lincoln apartments close to OUHSC but the rental for a 3 bedroom apartment is $1500+. We will be working at the OUHSC for a minimum of 3 years. And I was thinking - for that price , instead of renting maybe we could buy something.

Thank you .
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Old 01-20-2014, 07:23 AM
 
Location: Edmond, OK
4,037 posts, read 8,849,730 times
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One thing you didn't mention was schools. Are these important? That would definitely make a difference in where I looked.

About the only new construction I can think of anywhere near the med center is going to be in the downtown/Bricktown/Deep Deuce area. That's going to be condos and row house type homes. I'm not sure you could get anything for that price though. It gets pretty pricey. However, if you are interested in renting, this area up through Midtown has lots of places to look. There quite a few old buildings that have been completely remodeled and converted into lofts and such. If I were young and looking to move I would definitely be looking in these areas. Every time I drive through these areas I see something new.

There might be some new construction in the Midwest City area, but I'm not really familiar with that part of town. I never have reason to go out that direction.

As for the east Edmond area, if you could get close enough to I35, you could probably make it to the med center in 20 minutes. We live in north east Edmond and I can make it from my house to that area in 20-30 minutes during rush hour. My husband does it everyday, all the way to his office downtown in 30 minutes, although I must admit, he's a bit of a maniac driver and we live close to the freeway. It's the driving through Edmond to get to one of the freeways that will make your commute take a long time.

Coming from the southeast part of Edmond I wouldn't think it would be hard at all. Areas like Oakdale and Apple Valley would be an easy commute, however, I don't think you will find much in that price range. I haven't priced homes in that area is a few years, but when we moved here 7 years ago, I had a higher budget than $225,000 and my real estate agent laughed at me when I asked about that area. I think the bottom end in that area was around $350,000 for a fixer upper. I know several people who live in various neighborhoods in that area and they are all very large homes on large very large lots. In all of their neighborhoods I think homes range in $400,000 to $500,000 range. I have not driven around in those areas in a couple of years though, so there could be something of which I am unaware.

As for Crown Heights, Edgemere Park and those areas, they are all old established areas of town. There are some very nice, but very old homes. There aren't going to be new neighborhoods in those parts of town. We have some friends who live in one of these areas. They are in a newer home and it was built in the 1950's.
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Old 01-20-2014, 08:10 AM
 
11 posts, read 19,778 times
Reputation: 34
Thank you for the detailed reply. Helps a lot. Schools are not an issue and that was why I did not mention it earlier. Location/good neighborhood and proximity to OUHSC were the primary concerns. And as we will not be staying for more than 3 years , I did not want to buy a house more than $225k. Also, another thing is - how easy would it be to sell the house after 3 years ?

Are there any particular areas where the houses sell fast? Don't want to buy a house and then not be able to resell it easily after 3 years. Considered renting an apartment also - but the rental rates for a 3 BR are close to $1500. And so for 3 years - I will be paying close to $54000 in rent alone. My thinking was - if I buy a house - there would be no way for me to sell it back after 3 years - for less than $54000 than the price I buy it for. Because $54k in rent is basically lost money.

On the other hand , if I resell it for atleast what I bought it for - then I have already saved $54k. And if I can sell it for more than what I bought it for - then it's a winner.

Thanks for all the advice. Has been very useful and informative.
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Old 01-20-2014, 07:29 PM
 
Location: Oklahoma
5,595 posts, read 5,521,283 times
Reputation: 4835
Quote:
Originally Posted by deltheking View Post
Thank you for the detailed reply. Helps a lot. Schools are not an issue and that was why I did not mention it earlier. Location/good neighborhood and proximity to OUHSC were the primary concerns. And as we will not be staying for more than 3 years , I did not want to buy a house more than $225k. Also, another thing is - how easy would it be to sell the house after 3 years ?

Are there any particular areas where the houses sell fast? Don't want to buy a house and then not be able to resell it easily after 3 years. Considered renting an apartment also - but the rental rates for a 3 BR are close to $1500. And so for 3 years - I will be paying close to $54000 in rent alone. My thinking was - if I buy a house - there would be no way for me to sell it back after 3 years - for less than $54000 than the price I buy it for. Because $54k in rent is basically lost money.

On the other hand , if I resell it for atleast what I bought it for - then I have already saved $54k. And if I can sell it for more than what I bought it for - then it's a winner.

Thanks for all the advice. Has been very useful and informative.
I would suck it up and get something in the Oakdale school district (SE Edmond). Its the easiest commute to HSC in the metro that isn't right by HSC. The Oakdale schools will help you sell your house in 3 years. If the oil fields stay open (and projections are that they will) you will be able to break even or make money on your house. The area is also one of the nicer areas in the city because it is in the rolling hills and cross timbers forest. . I don't think there is another area in the metro even worth suggesting.
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