Scranton is in Growth Mode (Wyoming, Hyde: real estate market, 2010, apartments)

[scrantonpa]

Scranton Pa is growing and will do so for many years. I have personally been dealing with the developers and new buisness that are moving into the downtown. The Connell building and the new development of the corner of Wyoming and Linden street is just the start of some major projects to come. The Scranton Real Estate market was great for 2008 and 2009 will be even better based on this month. Buy in Scranton now, I am.

[ScranBarre]

Someone positive about the future of the Electric City? How refreshing! Care to share the juicy details of other future developments in the city besides what we all know from the media?!

[scrantonpa]

I wish I could...Everyone will see the projects coming in the next 6 to 8 months..It is exciting.

[ScranBarre]

So here's what I envision in Scranton by 2015:

• New Lackawanna Avenue Bridge: This will create a more attractive pedestrian link between Downtown and Hyde Park and will encourage more business growth along West Lackawanna Avenue, including the restoration of the old Central NJ freight terminal and the development of the proposed condo towers along Sixth Avenue.
• The Commonwealth Medical College: This institution will receive its accreditation and will have an attractive and growing campus helping to gentrify the adjacent Pinebrook and Lower Hill neighborhoods.
• Connell Building: A fresh foods market will open on the first floor of this building to cater to a growing residential population in the city's downtown, including in the 89 apartments in the upper stories.
• 500-Block Lackawanna Avenue: This will feature lofts, galleries, boutiques, and restaurants, along with some urban green space.
• Intermodal Transportation Center: This will help to centralize the city's mass transit options.
• Jefferson Pointe: Spurred by the development of the adjacent Kildare's Irish Pub, Jefferson Pointe will be welcoming its first tenants in 2015, boosting the downtown's population to over 1,000.
• University of Scranton: Continued expansion and greater name recognition.
• St. Peter's Square: Another mixed-use project.

[scrantonpa]

Yes.....We have demand Downtown Scranton for apartments and housing.

I get about 3-4 calls a day at my office for professionals looking for apartments downtown in the price range of $1,100 to $1,800 per month. I currently rent apatments downtown for $850 for a 1 bedroom and $1,150 for a 2 bedroom and we are fully rented.

[ScranBarre]

Originally Posted by scrantonpa

Yes.....We have demand Downtown Scranton for apartments and housing.

I get about 3-4 calls a day at my office for professionals looking for apartments downtown in the price range of $1,100 to $1,800 per month. I currently rent apatments downtown for $850 for a 1 bedroom and $1,150 for a 2 bedroom and we are fully rented.

I'm interested in learning more about what you may have to offer. I probably won't be on solid enough financial footing to afford a rental of $850/month until 2010, especially if President Obama isn't successful in ebbing our deepening recession by then, but if you could send me a direct message with details of the location, I'd be very interested. Just click on my screen name and then click on "Send a direct message to ScranBarre." It's kind of like forum e-mail.

[blip]

Originally Posted by scrantonpa

The Connell building and the new development of the corner of Wyoming and Linden street is just the start of some major projects to come. The Scranton Real Estate market was great for 2008 and 2009 will be even better based on this month. Buy in Scranton now, I am.

What's going on at Wyoming and Linden?

Seems like the RE market (at least residential) ended up solidly down at the end of 2008, and I think you're dead wrong about the RE market in 2009. It's headed down down down--nationally and locally. I just can't see how commercial would be so decoupled from residential.

I bought a house here early last year, so I'd be happy to be wrong. I had expected a big drop (and was right) and still expect years of declining value (in real terms if not nominal.)

Edit: Meant to ask if you have some other basis for saying this aside from these mystery projects?

[to570717]

I have a few friends in the RE market in NEPA and they are absolutly slammed right now. Just my little two cents.

[ScranBarre]

Originally Posted by to570717

I have a few friends in the RE market in NEPA and they are absolutly slammed right now. Just my little two cents.

Blip is right that the local real estate market has slowed, indicated by the increase in existing for-sale homes in the inventory of the Greater Scranton MLS, but I don't believe that he's lost value on the home he just purchased. At the very worst he just hasn't gained anything. West Side is a part of Scranton that tends to hold strong in regards to property values. If anything I might be worried about South Side if its nefarious reputation worsens.

[scrantonpa]

I have all the facts...I own a local real estate company downtown Scranton. We get our info based on the MLS.