Tulsa condominium builder Never Fail Jr. feels his counterparts are missing a vast market of 51 million young Americans who need affordable, entry-level housing.
To meet the market, Fail says he has gone the way of the automobile industry.
As the auto industry went from Cadillac to compact, Fail adapted his product from apartment to condominium, and his first Oklahoma City effort went on sale Friday.
Quail Springs Condomimums, a 550-unit project just northeast of Quail Springs Mall at Memorial and Pennsylvania, range in price per unit from $36,500 to $61,500.
The first phase, which went on sale Friday, consist of 216 units, with sizes varying from 620 square feet to 1,250 square feet. The remaining units will be marketed early next spring.
The project is a venture of Never Fail Builders Inc. and Frontier Financial Services Inc., a subsidiary of Frontier Federal Savings and Loan Association. Fail said he is the largest builder of condominium units in the state.
Similar ventures in Tulsa have met with success, and Fail said he hopes to expand his Oklahoma City effort to 500 to 600 condominium units a year in this market.
A customer can move into a unit two to four weeks after selection.
"I liken our product to the change in the auto industry," Fail said. "The big Cadillacs, giant gas guzzlers, got invaded by Datsuns.
They are smaller, but they get you there."
A big selling point for the Quail Springs project are unit amenities, Fail said.
Each unit has a self-cleaning oven, 17-foot refrigerator with ice-maker, dishwasher and disposal and a whirpool tub.
Financing used for unit purchases is the 30-year, fixed rate FHA/VA loans. The interest rate is 12 percent. A 3 percent down payment of the loan total is required.
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