Hey, y'all. Man, there was a ton of interesting real estate news the past week, all linked below, but first: If you haven't bought a house in awhile, and you're thinking about taking the plunge, brace yourself.
Come Aug 17, it'll be a different world out there. That's when the National Association of Realtors' settlement in a lawsuit over commissions goes into effect.
As I reported in March, home shoppers need to:
"Prepare to bargain with your Realtor, not just the seller of the house you want, and get ready to negotiate an agreement before you're even shown a house. .. That ... will determine what a buyer's Realtor makes on commission .
"Commissions are expected to be less than the usual 5% to 6%, split between the sides in a transaction. It could take a little pressure off rising home prices, although demand drives that, especially with a persistently low supply of homes for sale .
"That's because ... the National Association of Realtors has agreed to end its policy requiring that sellers pay buyers' agents through an "offer of compensation" for buyers' Realtors spelled out on their listings."
Here's some homework for you, from the NAR:
My own impulse is always: It's new, it's different, it's bad. But I get over it.
The other day, it took me less than an hour to find three houses for sale to get photos for a news story , thanks to listings being all over the internet. Just Google "homes for sale near me."
And I remembered the fall of 1999, and the days and hours and hours of She Who Is My wife and I riding around with a Realtor looking at houses. Now, it's just click, click, click − at least to start. Not all change is bad. We will see with the NAR settlement.
And now, that ton of interesting real estate news. Let's get to it. Oh, if you don't subscribe to the digital Oklahoman, please consider one of these deals.
When will the OKC housing market, so long driven by sellers, return to balance? Soon?
Home sellers aren't quite flocking back to the market, but they are showing back up and inching it back to balance. ...
OKC Realtors said June ended with 6,755 homes listed for sale with Realtors, 499 more than in May, and 1,830 more than in June 2023, in the MLSOK territory, which covers OKC west 60 miles to Hydro, east 70 miles to Okemah, north 60 miles to Orlando, and south 60 miles to Rush Springs, plus the Altus area, 140 miles to the southwest.
Read all about it.
Historic downtown Oklahoma City office building purchased, will be turned into housing
More upscale housing is headed for downtown Oklahoma City with Gardner Tanenbaum 's purchase of Robinson Renaissance , vintage twin office towers at 119 N Robinson Ave., from the Commissioners of the Land Office state agency.
Gardner Tanenbaum paid $10.25 million at auction for the 12-story, 174,140-square-foot, U-shaped office building, built in 1927. The Land Office had owned it since 2014, when it bought it for $8.95 million .
CEO Richard Tanenbaum, who has converted several downtown office buildings into housing, most recently The Harlow, 101 N Broadway, and Medical Arts Building, 100 Park Ave. , said floors three to 11 of Robinson Renaissance would be converted to apartments.
Read all about it.
How much would Biden's rent control plan help? What Oklahoma renters, landlords think
John Doyle's friends call him "Radar," but he didn't see the scooter wreck coming in April that threw him to the ground, sent hospital bills to the sky, had him desperately asking for help with a GoFundMe page, and almost got him evicted from his apartment for back rent, which was already headed up — again.
Doyle, 61, who lost his job as a DoorDash delivery driver because of the wreck, got lucky. Donations helped get him through the worst, and the income from a new job as a night auditor for Champion Hotels helped him work with his landlord to get the eviction case dismissed and a new one-year lease, with raised rent.
But the ordeal has left him, like a lot of Oklahoma City area renters, wondering if and how President Joe Biden's proposed cap on rent increases might ease the region's worsening affordability crisis. The plan, if approved by Congress, would cap annual rent increases at 5% for "corporate landlords" — those with 50 units or more. Those who don't comply would lose federal tax breaks based on property depreciation.
Read all about it.
Oklahoma bank is among pioneers of mass timber construction
Customers struck by the grand beauty of the wood architecture at First United Bank of Moore probably don't realize just how cool it really is — "cool" as in meant to take on global warming and climate change with sustainable design .
"They don't know," said Melissa Perrin , executive vice president and chief culture officer for the Durant-based bank.
The same goes for customers at First United branches in Shawnee, as well as Sherman, Texas; Plano, Texas; and Fredericksburg, Texas. Most people, Perrin said, just think the timber is pretty because what makes it innovative is hidden in plain sight: mass timber construction , a low-carbon alternative to concrete and steel.
Read all about it.
How has Oklahoma's medical marijuana license moratorium affected dispensaries, industry?
They're passing joints — and loose flower, concentrates, topical creams, drinks, gummies and other edibles.
And they're passing patients.
With its high behind it, and licenses to operate continuing to plunge, the medical marijuana market in Oklahoma keeps shrinking , but every closed-down dispensary leaves another one or two to pick up clients, strengthening the survivors.
Read all about it.
Conn's HomePlus stores are closing in Oklahoma: Here's where they are, and what happened
Conn's HomePlus has filed for bankruptcy and is going out of business, closing its 70-plus stores, including three in Oklahoma City and one in Tulsa, with 30% to 50% off all merchandise, in stores and online. ...
It was a long time coming, said Jim Parrack, senior vice president and retail specialist with OKC's Price Edwards & Co., commercial property brokerage.
"Conn’s has struggled to stabilize operations and performance for a number of years," Parrack said. "Its recent acquisition of Badcock’s no doubt added even more stress."
Read all about it.
14 major projects planned for downtown OKC that we're following, and where they stand
By The Oklahoman's Steve Lackmeyer.
In an era of rising construction costs and interest rates, downtown Oklahoma City continues to see new developments attempted while others seemingly go dark years after they were first announced.
A roundup of developments announced over the past few years shows some are still alive, some are moving forward in the near future and some are long dead.
The Oklahoman surveyed 14 such projects and looked at zoning, design and building permits, all of which can help tell whether a project is truly moving forward.
Read all about it.
Midwest City rejects Heritage Park Mall redevelopment plan, proceeding with acquisition
Another story by Steve.
The owner of Heritage Park Mall in Midwest City faced stiff opposition from neighbors of the blighted eyesore and a skeptical city council as he sought a rezoning of the property to allow its conversion into a mix of senior affordable housing and a hydroponics farm.
Kelly Work, attorney for mall owner Ahmad Bahreini , told the town’s city council recently his client is serious about redeveloping the mall. Hydroponics involves growing agricultural products indoors in water instead of soil.
“We understand it’s a very unusual proposed mix of uses,” Work said. “But we feel like that is what is going to be required to revitalize this former shopping mall.”
City council members, surrounded by a crowd of neighbors unhappy with Bahreini’s ownership of the mall, quickly rejected the proposal. The effort coincides with work by the Midwest City Urban Renewal Authority to acquire the mall either through a purchase or condemnation .
Read all about it.
Outparcels, pad sites, remnants, and scrapwood
Finally ...
Here is all of my work for The Oklahoman/Oklahoman.com in one place.
Thanks for reading! What's coming up that I need to know about? What have I missed? Email me at rmize@oklahoman.com.
If someone forwarded you this newsletter, Real Estate with Richard Mize, you can sign up here to get your own copy in your own inbox every Thursday . And click here to subscribe to The Oklahoman .
Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 199 9.
This article originally appeared on Oklahoman: NAR settlement! OKC housing market balance? Rent cap?
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