Developer Adds to Stone Creek in Tulsa, Foresees Expansion

Article excerpt

Developer Select Homesites Inc. has presold its third expansion to the Stone Creek subdivision.

This enhances the four south Tulsa projects by 30-year market veteran David Gibson, a principal in Select Homesites. As the owner of his own building company, he expects the strength of the area market to keep him selling lots and building homes for years to come.

In fact, his companies are developing projects to add 1,100 lots in the Stone Creek area, around the northwest corner of E. 51st Street and 193rd East Avenue in Tulsa, near Broken Arrow. These new lots may fall under the Stone Creek name or under Cypress Creek, another subdivision Gibson has grown in that vicinity. Or they may claim an identity all their own.

The Tulsa market is strong, he said, though he added, I really don't understand why we are up. We've lost a lot of jobs, but we've gained a lot of jobs. Prices have gone up pretty dramatically over the last few years, but it's still selling well.

Recent reports support his observations.

l Tulsa home sales have increased 19-straight months, capped by a 53.5-percent surge in March, according to data from the Greater Tulsa Association of Realtors. The average sale price rose 4 percent over a year ago to $141,446.

l The Oklahoma State University Spears School of Business Center for Applied Economic Research reported that the estimated non-farm work force of the Tulsa area rose 3. …