Costs of midtown homes increase as the Gathering Place nears completion
TULSA, Okla. (KTUL) -- We’re less than 50 days from the Gathering Place opening, but if you’re thinking of buying a home in the area you may want to act fast.
The cost of a home in midtown has gone up about 18 to 20 percent in the last three years, more than many other parts of the city.
Tyler and Stacy Pruitt bought their house in the area a little more than three years ago.
“We’re from Tulsa originally but we moved back,” Stacy said. “We wanted to be close to the city, downtown, nightlife, parks, you know just to be able to go outside, so everything around this area is walking distance.”
Since bought their house "as is," they had some work to do.
“It’s a lot of love but we have plenty of time to do that,” Stacy said. "We wanted to get in. I’m glad we did because houses in this area, they’re going up.”
Even though they had to endure the construction process, it was a small price to pay for the thousands they saved purchasing it.
“As a homeowner in this area, we absolutely love it because it’s good for us as far as our investment,” Stacy said. “It’s the best investment we’ve made by far.”
Their realtor Danielle Sprik with Sprik Reality helped them get the house for $170,000.
She recently crunched the numbers.
“Over the last three years, real estate in this area has just gone crazy,” Danielle said. “Back then it was about $140 per square foot and now we’re looking at $240 per square foot.”
The Pruitt’s home is now worth about $288,000.
“In three years, that’s a big jump,” Danielle said. “You have a park essentially in your backyard, and it’s not just an average park, we’re talking about a world renowned park that is coming to Tulsa.”
Waiting for these fences to come down, the Pruitt’s are looking forward to the park opening.
“I expect a lot of traffic the first month and I think parking is going to be a little crazy,” Stacy said. “We have great access so I’m not going to complain.”
Especially with big plans to grow their family in the future.
“We’re planning on having kids at some point and what a place for them to play,” Tyler said.
Realtors expect the housing market to continue to increase around the area.