Oklahoma County has more million-dollar homes than ever before.

 
 

Someone's idea of a dream home in New York City would be an Oklahoman's nightmare: one bedroom, one bath, 766 square feet — for sale for $1 million.

One. Million. Dollars. That's $1,305.48 per square foot. Plus $1,170 per month in property taxes and another $715 per month for commons fees.

And while you won't find a similar "full service white glove condominium" like this one on Manhattan's Upper West Side in this state, Oklahoma City does have more million-dollar homes than ever before.

Oklahoma County currently has 1,829 homes valued at $1 million or more, County Assessor Larry Stein said. In 2005, there were just 274.

The current number of million-dollar homes is 12% higher than last year, even with the housing supply being historically tight.

Those homes look drastically different from what can be found on the coasts, due to Oklahoma City's affordability. 

New York City is the least affordable market in the country, according to RealtyHop.com, an online housing marketplace. Oklahoma City is still among the most affordable, even after a 12% jump in prices the past year.

Buyers get somewhat more bang for their buck along the west coast than they do in New York, but it's still nowhere near that of Oklahoma.

In Los Angeles, third least affordable according to RealtyHop, $1 million just bought a 97-year-old, three-bedroom, two-bath, single-family home. The 1,157-square-foot house, 8 miles west of downtown, was remodeled, making the price easier to take.

Money is funny, though. Head north 400 miles to San Francisco, sixth least affordable, and you'll find a 101-year-old house with two bedrooms and one bath and just 1,000 square feet. It's on offer for $999,999.

Pacific Northwest? Similar. In Seattle, 24th least affordable, $1 million just bought a 1,400-square-foot house with three beds and 1 1/2 baths built in 1904.

That same $1 million in Oklahoma City will buy a mansion.

Oklahoma City homes for sale are relative bargains

One house currently for sale in the metro area is listed for $1 million at 6219 Riviera Drive, near Villa Avenue and NW 63. It has six bedrooms, eight baths, 7,793 square feet, was built in 1963 and remodeled after a fire in 2001.

At 617 NW 5, there's another one, for $1,079,000, that has two stories, four bedrooms, four baths, is 2,494 square feet and was built in 2011.

If city life doesn't suit, there's one at 2900 Vasco Drive, in the Cross Timbers just north of Arcadia. That one is 3,619 square feet, has four bedrooms, 3 1/2 baths and sits on 2 acres. Its price? $1,025,000.

Outside Edmond, at 2588 NW 222, is a 5,982-square-foot home with six bedrooms and baths, built in 2012, on 4.5 acres, for $1,195,000.

Back in town, if someone wants to really splurge, historic 1703 N Hudson Ave., in Heritage Hills, is on the market for $1,475,000.

The two-story Georgian Revival was built in 1915 for heirs to hotelier Joseph Huckins Jr. of the Lee-Huckins Hotel. In 2014, it received the Restoration Award from Heritage Hills Historical Preservation Inc.

For that, a buyer will get 4,572 square feet of vintage but remodeled space, five bedrooms, four baths, two half-baths, and elegant features including an ornate entry with classical pilasters and oversized gables supported by ornamental brackets and exposed rafter tails. Plus a garage apartment.

Oklahoma County has more $1 million houses than ever

Million-dollar homes can be found across the county.

Oklahoma City had the most, with 752. Nichols Hills was second with 556. Edmond followed with 423. In teeny-tiny upscale Lake Aluma, 14 of the 40 homes are worth $1 million or more. Luther has five and Choctaw two. Another 77 are out in the county.

Why the 12% increase after a slight dip in 2020?

“The Oklahoma County real estate market is hot," Stein said, "and home prices are on fire."

But why are homes still so relatively inexpensive here? Why does $1 million buy so much house here and so little in those other cities?

Housing supply and demand interacts with income and wealth

It's not complicated. Oklahoma City's relatively inexpensive housing and the other cities' sky-high prices come down to supply and demand, but also income and wealth, said Lawrence Yun, chief economist for the National Association of Realtors.

"San Francisco and New York are expensive partly due to higher income and exposure to stock market and stock options," Yun said in an email. "Aside from demand, supply also influences price."

There's not enough supply to meet low-interest-rate-driven demand anywhere, but especially on the coasts, he said.

"Not enough means higher prices and it is very difficult to bring new supply in San Francisco and New York, partly due to geography and coast limitations," Yun said. "More importantly, due to the high cost of getting a permit to build, environmental review studies, and other government regulations.

"In Oklahoma, extra demand is met with extra supply within a reasonable time," Yun said. "So home price reflects mostly the physical cost of building a new home like lumber, cement, and construction workers."

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5 Most Profitable Home Improvements to Make Before Selling Your House

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Getting ready to sell your house? You may want to consider these five home improvements to ensure a bigger price tag at closing time.

Unless you’re Joanna Gaines, the prospect of updating and prepping your home for sale can seem daunting. All those little repairs you were happy to postpone for another day (or year) may seem like glaring problems to a buyer once your home is on the market. So, what to do? Option one is to hope you luck into a buyer who will see your home not as it is now, but for what it could be. Option two is to put some money and time into a few repairs that will help get your home market-ready. Although the latter option may seem like a lot of hassle, it can translate to serious money — nearly a quarter of sellers who do home improvements sell their home above list price. 

Thankfully, you don’t have to spend months (or many thousands of dollars) with a contractor to get your home ready — many small DIY home improvements can yield big returns on closing day. Here’s a look at five of the best.

1) PAINTING

Painting is the lowest cost improvement with the highest rate of return, so it’s not surprising that 36% of home sellers choose to do it, according to Skylar Olsen, Zillow’s Director of Economic Research. When trying to sell, a nice coat of neutral paint can give the entire house a facelift, and buyers really love to see a fresh blank canvas. “Consider getting color recommendations from a trained professional since paint colors can be tricky depending on lighting and other features in the house such as cabinets and flooring,” says Jennie Norris, chairwoman for the International Association of Home Staging Professionals. If you’re looking for a “safe” color, gray has been trending in recent years, Norris says.

Initial Cost of Investment: Professional painting of the interior of an entire 2,500 square foot house can be anywhere from $2,000-$4,000 depending on the market, according to Norris. If there are vaulted ceilings or a lot of detail work, it could be more.

If That’s Too Expensive, Consider: DIY, if you’re handy with a paintbrush. Buy a 5 gallon bucket of a neutral paint color (much cheaper than buying per gallon) and get to work. “At the very least, if you can’t do the painting yourself, wash your walls and declutter to create a nice open space,” suggests Lori Matke of homestagingexpert.com.

2) LANDSCAPING YOUR YARD

The outside of your house is a buyer’s first impression when they pull up. A patchy or overgrown yard can be a major turn-off. Anything that’s dead should be removed, and anything that’s overgrown should be cut back. You can make sure the lawn is refreshed and green by re-sodding or planting grass seed, and you may want to do edging to help define spaces. Also, fresh mulch or straw in any beds is a must.  “A few newly planted shrubs and perennials tucked in for good measure will make your house feel much more finished and inviting,” Matke suggests.

Initial Cost of Investment: Professional landscaping can cost anywhere between $500 – $3,000 (and higher if you add in tree removal) according to Matke.

If That’s Too Expensive, Consider: If you’re up for a little sweat equity, roll up your sleeves and remove anything dead yourself. You also don’t need a pro to purchase grass seed. Just follow the directions for planting, and keep it watered and mowed. “A good, sturdy garden rake can tidy up the borders, and instead of renting a lawn edger, a sharp, heavy-duty putty knife works just as well,” Matke says. For color, you can purchase a few bright annual flowers at your local garden shop and either plant them directly into the landscape around the house, or add them to pots near the front door

3) FLOORING

Replacing carpet or repairing flooring is an improvement that 26% of homeowners make, according to Zillow. If you’ve got lots of rooms with many types of flooring, you might want to bite the bullet and invest in new flooring for all, to create a seamless feel throughout the house. Wood floors, or even faux-wood floors, are preferable to carpeting even though those options can be more costly, Matke says.  If, however, you can’t afford to upgrade to wood, new carpeting is still a major selling point. And just like with painting walls, a good neutral color is best.

Initial Cost of Investment: For professional flooring installation, expect to pay between $10 – $12 per square foot for faux wood, and up to $30 for real wood. An average quality carpeting will cost about $8- $12 per square foot, installed, says Matke.

If That’s Too Expensive, Consider: Some outlet centers have flooring stores, where you can sometimes find great deals on older styles that have been discontinued, Matke says. If an upgrade absolutely isn’t in the budget, then look to have your carpeting and hardwoods professionally cleaned. If you have a few worn/discolored areas on the hardwoods, touch them up yourself with a little water-based stain to make them less noticeable. And don’t forget about the charm of a nice throw rug when needed.

4)BATHROOM UPDATE

A mid-range bathroom update (think natural stone for countertops, not high-end quartz) offers a great return on investment, according to data from Zillow. And a bathroom that looks old can really date a house, Norris says. A few lucrative bathroom updates could include: new counter tops, new tiling, frameless glass doors (get rid of the brass or metal), new cabinets, and new fixtures for the sinks and tub. When replacing cabinets, remember that minimalism is best — neutral colors, and no designs or raised panels.

Initial Cost of Investment: The cost of a mid-range bathroom remodel averages between $3,000-$12,000 according to Zillow.

If That’s Too Expensive, Consider: Dated tile always looks better with clean grout lines, so consider cleaning or freshening the grout, which you can DIY or hire someone to do. Also, instead of replacing cabinets, you can simply paint them — white, gray, or black can offer a clean look, according to Norris. And reglazing the tub will always be cheaper than installing a brand new one.

5) UPDATE LIGHTING FIXTURES

Replacing lighting throughout a house can be a simple update for a small investment — but it can make a bit impact where appearance is concerned, Norris says. As you look at options for chandeliers, pendant lighting, and ceiling fixtures, remember to keep colors consistent with your home’s hardware. For example, you can mix metals such as copper and oiled bronze, or brushed nickel with chrome, but you wouldn’t want to mix gold and silver tones. Keep in mind that older brass fixtures can look dated, since they were often used in properties built in the 80’s and 90’s. In other words, if you’re going to the trouble to put in something new, make sure it offers a true update.

Initial Cost of Investment: Light fixtures for dining areas or pendant lights can be a few hundred to thousands of dollars, depending on source and style, Norris says. But there are often good deals to be found at places like Ikea, Home Depot, Lowes, and other stores that cater to the DIY crowd, where some fixtures can cost under $100.

If That’s Too Expensive, Consider: Less is more. With lighting, sometimes it’s more about what you don’t see than what you do… So if that giant 1980’s chandelier is eclipsing the living room, don’t feel like you have to replace it with something fancy — just take it out. The buyer can easily imagine for themselves what they’d like in the space, and you don’t have to spend a dime. You can also install fixtures yourself, but where wires are concerned, make sure you have a professional electrician to help.

SO, HOW MUCH CAN I REALLY MAKE?

There’s no one-size-fits-all answer here — every home is different, and every neighborhood and part of the country will yield varied results. But a common formula used by home stagers is that every  $1 put into a house should yield an additional $1.50 increase at closing, at least. With some projects, the rate can be much higher — bathroom remodels boost sales prices by $1.71 for every $1 spent, according to Zillow. This means that a $5,000 bathroom renovation would yield a bump in home price of $8,550, perhaps more.

LASTLY, SMALL REPAIRS ARE GREAT, BUT DON’T LOSE SIGHT OF THE BIGGER PICTURE  

Before you get carried away making these smaller cosmetic adjustments, spend some time looking at your home’s basic needs — are all the big things in working order? Buyers have certain expectations, and that includes getting a house that has been well maintained and is safe and livable. “In other words, if you’re contemplating a kitchen remodel but your roof is leaking like a sieve, you need to address the roof issues first before indulging in any updates,” says Matke.

Also, while you’re trucking on your “repair and improve” bandwagon, avoid taking on costly projects that have a purely personal appeal — like that water feature and koi pond out back you’ve always dreamed of. “You simply will not get your money back on those types of additions, and buyers might be more apt to reconsider if it’s not something they’ve always dreamed of, too,” Matke explains.

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Yes, Plants Can Absorb Sound—Here Are 5 Leafy Beauties That’ll Help Turn Down the Volume in Your Home

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Besides transforming your home into a dreamy, leafy paradise (because, vibes), plants help clean up your air, add a pop of color to any space, bring abundance energy, and even repel insects.

Another cool thing they're capable of? Some sound-absorbing plants are natural noise cancellers. 

“Plants and trees have been used for years as barriers against traffic and other urban noise pollution sources,” says Gladys M-Curtis, PhD, a plant scientist for Garden Safe, a pest control solutions company. “Trees are planted along freeways to help reduce the amount of noise distributed in adjacent communities.” Furthermore, research shows that vertical gardens attached to the exterior of buildings also help insulate noise and reduce sound penetration. 

And sound-absorbing plants work indoors, too. Dr. M-Curtis notes that they can reduce noise within open floor plans—whether that's your home or office. To accomplish this efficiently, she says, “the plants should be placed around the perimeter of the spaces, and larger planters should be used, as research has shown that a combination of porous soil and plants provides the best sound absorption capacity.” That said, the amount of noise reduction is proportional to the number of plants. In other words, the more noise, the more plants you’ll need to absorb the sound. 

How sound-absorbing plants work

“Although plants lack a recognizable organ designed to receive sound vibrations, such as an eardrum in animals, biological evidence shows that plants are highly sensitive organisms that generate and receive sound signals from the environment,” Dr. M-Curtis says. In particular, she adds, plants interact with incident sound waves (sound waves that travel towards something) in three different ways—deflection, refraction, and absorption—resulting in noise canceling from the environment. “Plants can deflect incident sound energy through vibration of its flexible structure, thereby reducing the intensity of the incident [sound] waves,” Dr. M-Curtis says. “Refraction is when the incident sound wave passes obliquely through the plant and emerges with a change in the direction and speed of propagation.”

And lastly, “plants can absorb sound waves through leaves, branches, stems, and barks of trees and convert the sound energy into chemical energy for physiological processes,” Dr. M-Curtis says. So, not only are the plants absorbing the sound for our benefit, but the sound also benefits the plants themselves in many ways. According to Dr. M-Curtis, sound stimulates plant growth, promotes seed germination, induces plant defense responses against pathogens, delays maturity in fruits, increases stress tolerance, and enhances photosynthesis—the process through which plants turn sunlight into food.

While all plants have the ability to dull noise, some types are more effective at it than others. “The level at which plants absorb sound correlates with the density and size of plants, leaf surface area, and leaf orientation, as well as plant species,” Dr. M-Curtis says. 

Here are 5 of the best sound-absorbing plants to get you started

1. Begonia rex

The beautifully dramatic Begonia rex can absorb up to 97 percent of incident sound energy, Dr. M-Curtis says. She adds that these plants make great additions to shady decks, patio gardens, rooftop or balcony gardens, and they can also grow indoors. 

2. Boston fern

This evergreen plant, also known as Nephrolepis exaltata, with its sword-shaped fronds and toothed leaf blades, can grow up to three-feet tall, Dr. M-Curtis says. As for its noise-cancelling capabilities, the Boston fern can absorb up to 98 percent of incident acoustic energy.

3. Baby tears

“Baby tears is a creeping, mat-forming, evergreen perennial grown for its ornamental foliage,” Dr. M-Curtis says. But, don’t let its size fool you. “Despite its small-leafed nature, it can absorb up to 90 percent of sound in the audible frequency range.”

4. Ficus

Can you even call yourself a plant mom if you don’t have a ficus in your collection? “This is one of the keystone species, or species that highly interact with other species, and have a large impact on their ecosystems relative to their abundance,” Dr. M-Curtis says. They can also get very big—like 15–30 feet tall for tree varieties—earning them an A-plus for sound absorption. 

5. Peace lily

In addition to being great at dulling noise, Dr. M-Curtis says peace lilies are also known for removing indoor air pollutants. Not to mention this evergreen houseplant is so pretty to look at, with its elephant ear-style flowers and dark green, glossy leaves. And, it gets bonus points for being relatively pest-free.

Read more on Well + Good.

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Real-Estate Investing Is About to Get a Gen Z Makeover

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Real-estate investing locked whole populations out, but Zoomers are finding a new way in.

As Gen Z comes of age, they’ve made a name for themselves by questioning the legacy systems previous generations have accepted as the norm. 

But, Zoomers do more than cast shade at their predecessors. They demand better. If something is broken, they will push to fix it. 

Their influence is causing seismic shifts across industries from luxury retail to transportation. And with Gen Z’s purchasing power expected to grow to $33 trillion over the next decade, it’s no wonder marketing, political and entertainment sectors alike are paying attention to them.

Now Gen Zers are shifting their focus to industries that have locked them out, like real estate investing.

In the United States, commercial real estate is rebounding quickly to pre-pandemic levels. Meanwhile, commercial real estate in Canada is on track to post a record of nearly $50 billion in investments this year. But while Zoomers want to own a home, like the millennials before them, the cost of entry is too high. The average price of a home in the U.S. soared by an unprecedented 24%.

Here’s how Gen Z is finding a way in and revolutionizing real-estate investing in the process. 

They’re redefining home ownership

Zoomers have watched millennials struggle with a wage gap that’s made home buying in its traditional sense, unattainable. Compared to Baby Boomers at the same age, millennials own eight times less American real estate and spend 39% more on a first home. Faced with the same challenges, Gen Z is marking their fate by redefining what homeownership means.

Instead of purchasing a home to live in, they're leveraging crowdfunding and the sharing economy to take ownership in houses, buildings and even commercial properties for as little as $1. Simply put, they’ve realized being a homeowner doesn't mean they have to live where they’ve invested. In fact, there are advantages to not going all-in on one property. 

In traditional homeownership, the process is stressful, drawn-out and brings heaps of responsibilities like mortgage payments, property tax, maintenance and insurance. 

By not living where they invest, Gen Z is realizing the benefits of a lucrative long-term investment without giving up the freedoms they enjoy now: tickets to an unforgettable concert, a closet full of luxe yet sustainable fashion, dinners out, travel and the latest gaming system. They get the capital appreciation while someone else deals with landlord responsibilities. 

They’re prioritizing transparency and community 

Realizing real-estate investing is no longer reserved for the wealthy elite, Zoomers are bringing the market out from behind locked doors and into the community. 

The pandemic helped spark new interest in investing. Confined to their homes and concerned about their future, young investors took to their devices to educate themselves and make their money work for them.

Instead of looking to legacy financial institutions for help, Zoomers are building online communities on Reddit and Discord and using their influence to educate their peers on what they learn on TikTok. These online communities allow Gen Z to ask questions in a way they’re comfortable with, lurk and engage on their own terms. 

Ever-mindful of the power of tech to disrupt how things have traditionally been done, they are using the internet to democratize investing and bring their peers into the fold. Transparency is the priority and authority takes a backseat to the community. 

Under Gen Z’s influence, exclusivity is out; inclusive investing is in.

They’re sharing the wealth 

Gen Z wants everything from their employers to their purchases to reflect their values – and real-estate investments are no different. Instead of thinking of how their purchases can benefit themselves, they’re looking at how they can benefit others and the world around them. 

I saw this recently when a community of young investors teamed up to invest in a 105 unit rental in Mission, British Columbia. Designed and built for long-term rental housing, it will also include 11 affordable housing units. Consumption is being redefined as an act of activism, changing the world through purchase power – and that’s a good thing. 

When people are shut out from an entire market, they get the message that the future they dreamed of isn’t possible. Feeling like you can never get ahead takes a toll on mental well-being. But it can also create broader societal disillusionment.

I’ve heard from people who have detached themselves from local politics, quit watching the news and no longer exercise their civic right to vote. But that’s changing with Gen Z. Indeed, 66% believe communities are created by causes, not by things like economic background or level of education. It’s not an option to keep up business as usual. 

Let’s face it: The path to property ownership was due for a makeover. For too long, entire populations have been left out of real-estate investment. But ready or not, thanks to the cultural shift demanded by Gen Z, that’s changing. If we follow their lead, we can look towards a future where ownership is possible for anyone who feels compelled to invest in their community. 

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Warning Signs That Tell You Something Is Wrong With Your Sewer Line

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Issues with your home’s sewer line can interrupt your daily life.

If left alone and unrepaired, it can increase your home’s risk of serious structural damage. It's for this reason that it's vital to always keep an eye out for any of these warning signs:

Multiple Slow Drains

When a single drain is slow, it is often caused by a smaller clog in the trap or somewhere else higher up in the system. However, if you've recently noticed that multiple drains throughout your home are slow, then it is time to consider calling professional plumbing services. Multiple clogged drains could be the result of a clogged sewer line that needs to be addressed right away. Failing to unclog the line might lead to a burst pipe or other type of serious damage in your home.

Lingering Sewage Odors

It's an unfortunate fact that a damaged sewer line can lead to your entire property smelling unpleasant. Although minor odors around toilets and drains are perfectly normal, you should be wary if you can smell sewage all over your property. The smells might also be particularly noticeable out in your yard if the sewage line has a crack or leak of any type.

Mold

Whenever there is excess moisture in a small space, mold can be a very real threat. In addition to simply being unsightly, mold can be a serious health hazard for you and your family, especially if anyone in the house suffers respiratory issues, such as asthma. In a damaged sewer line, the mold might be found in your basement or even around some of the exterior walls. Depending on the severity of the leak, you might also find standing water in your basement or near the outer foundation of your home.

Changes to Your Yard

When damage to your sewage line occurs outside of the home, it might impact how your lawn looks or feels. The extra moisture from a sewer leak could make your grass more lush, or it could kill off patches of your lawn. You might also notice that areas of your lawn seem muddy or wet, even if it hasn't rained in your area recently.

A damaged sewer line is one issue that homeowners should never ignore. If you have recently noticed any signs that your plumbing system might be damaged, you should schedule an immediate service call with a contractor who can inspect the system and deal with any issues that they find.
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