Oklahoma's real estate rebirth

Strong economy, jobs spell good news for Realtors

By Inman News Feed
Add Comment Add Comment | Comments: 0 | Posted Sep. 16, 2011

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The city also hasn't experienced a severe REO (real estate owned homes) problem.

"Up to this point, we haven't had enough REO properties to affect pricing," said Chuck Harris, broker/manager with Century 21 All Pro Real Estate in Oklahoma City and a specialist in REO sales. "The market wasn't flooded with REOs and we've been real fortunate as we've been able to turn most REO properties under 60 days. We are getting families as well as investors."

Regarding the foreclosures Oklahoma City has experienced, "we've been able to absorb and get them closed out," Harris said.

Oklahoma City hasn't been the only beneficiary of the state's economic well-being. Although Tulsa, the state's second-largest city, lost a bit of population during the past decade, down 0.3 percent to 391,906 from 2000 to 2010, the city added 2,943 jobs since the first of 2010, mostly led by the manufacturing sector.

The city of Edmond, in the Oklahoma City exurbs, saw its population jump 19.2 percent from 2000 to 2010 to 81,405. According to OAR's Noon, "the cost of living there is 8 percent below the national average."

Then there is the unique case of Ada, Okla., 88 miles southeast of Oklahoma City and with a population a tad over 17,000. According to Noon, the city's jobless rate is so low it might actually be negative.

So far this year, Ada added 465 government jobs, 444 service positions, 398 manufacturing slots, and 333 new employees in oil and gas extraction, and filled 222 openings in accommodation and food service industries.

"A number of employers and entrepreneurs are doing extraordinarily well in that area of the state," said Noon.

Judging from the economy, it really looks like Oklahoma is OK, if not better.

Author's note: Special to Inman News readers, you can purchase the "Growing Up Levittown: In a Time of Conformity, Controversy and Cultural Crisis" e-book for $5.99 (a 25 percent discount off the list price) by entering discount code ZX59A at the following website: Smashwords.com/books/view/76878. Read a column about the book: "The birth of modern suburbia."

Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "Growing Up Levittown: In a Time of Conformity, Controversy and Cultural Crisis," is now available for sale on Amazon.com.

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