Investor, builder find extra steps important
Lenardo Smith wants you to know: Investment in northeast Oklahoma City pays off.
He just sold 11 duplexes at 700-722 NE 25 for a cool million and (substantial) change.
Patriot Property Investments LLC — someone in Yukon — paid Smith, a longtime investor and promoter of northeast Oklahoma City, $1.15 million for the 22 units, which had been in Smith's family since 1974.
The county assessor had estimated the market value of the 11 buildings, each with two stories and 1,880 square feet, built in 1948, at $559,000.
Smith had added value to the properties by improving them in his usual urban style. More than half of the units have been renovated and feature hardwood floors, recessed lighting, granite countertops and washerdryer hookups.
Smith said he sometimes takes some heat for sinking so much money in his properties, with people doubting that he doesn't get it back.
Most of his remodelingrenovation projects are individual houses. This deal was a big one for him. The buyer came to him asking about another property of his without knowing about the duplexes. The buyer found the duplexes were a better fit for his investment approach.
Smith said the deal, and the return, substantiate his own approach and make him feel vindicated.
“I would like you to get the point across that investment in northeast Oklahoma City is a good investment,” he told me.
It was my pleasure.
Walk in or sign on?
The coronavirus hit homebuilding like it hit everything else: broadside.
But the biggest builders here took it on the chin.
People don't have to walk inside a house in order to look at a house.
“We made significant investments in technology and content development
over the past few years that allow easier access to view homes. That really paid off during the weeks and months where people were skittish about viewing homes in person,” said Steve Shoemaker, vice president of marketing for Ideal Homes, Norman. “Our biggest problem is keeping lots in our developments out in front of us.
“We opened a new section in our Featherstone community in Moore during the height of the pandemic and sold 15 homes in the first week. Now a month later we only have two lots remaining.”
Builders also are taking extra steps in situations that can't be done virtually, said Lindsay Haltom, director of marketing for Homes By Taber, Oklahoma City.
“Thankfully, we've not experienced any supply chain delays due to COVID-19,” she said, but “the way we operate has changed during the pandemic with many more added precautions. Each department in the company has adapted to the pandemic with new protocols and procedures to ensure that our customers, employees, and partners are experiencing the highest level of service, safety, and care.”
Care and share
Haltom said the coronavirus and related business shutdowns, as well as social upheaval at the fringe of protests for racial justice, have made the company's Taber Cares initiative in support of nonprofits more important.
“It's our mission throughout the year to impact local charities through our Taber Cares initiative. What we've seen is that in the pandemic, nonprofits need help more than ever before,” she said. “After arsonists set fire to the Dress for Success location downtown, Homes by Taber turned our main office and 17 of our model homes throughout the OKC metro into collection sites to restock what they lost.
“June 30 marked the last day of the professional women's clothing drive for Dress for Success and this monthlong clothing drive brought in an overwhelming amount of donations. The donations more than stocked Dress for Success to help them get back on their feet so that they are able to help their clients get back on theirs.
“Since $250 of every home sold in a month is donated to a local charity, we have been able to help assist in these trying times. Our high sales have allowed us to donate $123,000, with a double donation of $21,000 made in May to both Dress for Success and to the YMCA Feeding Program.”