Demand is weak
After several years of tireless efforts, Central Park’s developers were confronted with market realities that led to an apparent sense of desperation. They began crafting an exit plan that helped minimize their own loss but left the fledgling new homeowners association a problematic governance structure with Articles and Bylaws that made it difficult to effectively manage and care for the property.
The developers tried every trick in the books to attract new owners, from bonus realtor compensation, to price reductions and other incentives. Progress was slow, quite unlike what they had experienced in other cities. Nothing seemed to work, including the signature pink facade that had become a trademark of Crescent Heights developments in other cities, so the towers were re-painted the off-white color you see today.
Downtown Tulsa’s fortunes continued to sag, and the hoped-for demand for high-rise condominiums never materialized. Downtown was literally deserted after hours, and urban minded homebuyers preferred to invest in nearby single-family neighborhoods that were quiet, affordable and proven low-risk investments.
To rev up sales, the developers began discounting prices and packaging units to entice investors to purchase blocks of them, a strategy that undermined the interests of the existing single-unit owner/occupants. It also created the unfavorable ratio between resident and non-resident owners that continues to this day.
