It utilizes a non-concrete foundation made of heavily treated wood on a bed of gravel. The 2 & 3 bedroom homes all had 2 baths & 2 car garages, plus 2 additional off-street parking spaces, per lot. About 1/4 of the homes built were 2 story. The development was stopped in 1986, due to a housing crash, brought on by local economic conditions. Oil prices dropped worldwide, leading to major layoffs an
d housing values dropped significantly. Interest rates remained high, between 12-15%, thereby making it very difficult to sell the 45-56k homes. Wayne Hood Homes declared bankruptcy and 1st National Bank of Tulsa assumed all unsold assets. Gordona Duca Realty sold the properties on behalf of 1st NAtional. 1st National Bank itself went into receivership, as a result of several bad housing loans. In 2002, Rusty Goodman purchased the vacant lots remaining, and built out the remaining vacant portions of the development. The subdivision does have a restrictive covenant, but not a mandatory homeowners association. An active association was in place form the mid 80s til the mid 90s.
