ELDI taking over YMCA conversion in East Liberty (Pittsburgh, Highland Park: real estate, apartments)

[BrianTH]

Mostly behind a paywall, but here is the article:

East Liberty Development plans to convert East Liberty YMCA building into apartments | Pittsburgh Business Times

Here is an older article about the condo project that stalled:

East Liberty YMCA building being converted into condos

That is a very cool building in a prime location (right next to the renovated library):





If they can really start the conversion this summer, that would be great!

[chielgirl]

I'd love to see that building become used. Maybe becoming upscale will deter the littering.

I wish they kept the old library and dumped that piece of 1960s bad architecture next to the YMCA.

[gg]

Originally Posted by chielgirl

I'd love to see that building become used. Maybe becoming upscale will deter the littering.

I wish they kept the old library and dumped that piece of 1960s bad architecture next to the YMCA.

From condos to an apartment building. Guess the head of steam East Liberty had, is pretty much over. It will always be full of litter and graffiti. It was a nice dream while it lasted. Noticed there was the usual shooting next to Peabody High School. Bullets riddled a few teacher's cars. Sure which that place would totally change, but maybe in the next generation of people there will be a tiny step forward. I have lost hope and realize the garbage dump will always be there.

[BrianTH]

Lots of residential projects in the City are shifting to apartments, which is because vacancies are way down and apartment rents are going up in the core area. That is the predictable supply response to increasing demand, and it is a good, not bad, sign.

[gg]

Originally Posted by BrianTH

Lots of residential projects in the City are shifting to apartments, which is because vacancies are way down and apartment rents are going up in the core area. That is the predictable supply response to increasing demand, and it is a good, not bad, sign.

It is not a good sign if a project shifts from Condos (OWNERSHIP OF OCCUPANTS) to apartments. It is always better if people own and have pride in their homes than paying someone rent.

The good sign is only that something will be done, not the shift from condos to apartments. I hope you can at least understand that simple concept. Goodness!

[greg42]

Nobody will finance condo projects right now because they paint the entire market with the same brush, even though condos would sell in Pittsburgh if they could be built. I would think you are well aware of this.

Thus, the transition to rentals. Rents start at $960/month for the smallest so I highly doubt there will be a difference in pride of the homes based renting vs buying alone. There will always be some people with more money than brains or manners, though, and no amount of cost barrier will prevent that.

[BrianTH]

There is a national shift from condos to apartments right now, due to the aftermath of the housing bubble. Moreover, local market share can shift from condos to apartments if the locality is experiencing an increase in in-migration (since recent migrants are more likely to prefer rentals).

Generally, to test whether an increase in demand is driving a shift in market share to apartments, you would look for whether apartment vacancies were down and rents were going up. That is exactly what is happening in the core areas of Pittsburgh, so we know this is a demand-driven shift, and that is a good thing.

Now we just need to make sure supply keeps up with demand, and this news is part of that.

Edit: Oh, and suffice it to say I don't necessarily view it as a bad thing if a particular poster loses interest in East Liberty--I knew this post would draw the typical stuff from that poster this time, but it would be nice in the future to be able to discuss these events without unnecessary distractions.

Edit #2: I would also note that I believe East Liberty has great potential to become another prime "gateway" neighborhood for Pittsburgh. It is getting a full range of retail/commercial, has the Busway to Downtown, and in general is conveniently located. Add in some nice rentals, and you have a place where a new young professional with a job in places like Downtown or Oakland can start out. Once they have been here a while, and are maybe thinking of starting a family and such, they can branch out into other neighborhoods.

Places like Shadyside and the South Side are already there, and Downtown is heading that direction too, but I think East Liberty would be a great addition to the list.

[gg]

Originally Posted by BrianTH

Edit: Oh, and suffice it to say I don't necessarily view it as a bad thing if a particular poster loses interest in East Liberty--I knew this post would draw the typical stuff from that poster this time, but it would be nice in the future to be able to discuss these events without unnecessary distractions.

When someone thinks an apartment building is as good as condos, I just can't let that slide by. Owning is better than leasing for areas. It really is real estate 101.

I feel for people that spend $1000 a month and build no equity. That is sad. What a short sided way of looking at things. Guess it is temporary housing??

[chielgirl]

I was born and raised in Highland Park and I tend to agree with that poster.
The East End has had an uphill battle since they destroyed East Liberty with that stupid circle.
It was once a vibrant area, and it will never fully recover.
The amount of petty crime and absentee landlords certainly don't help.
I wish they'd raze several blocks of absentee landlord buildings in HP.

It's nice to be optimistic, but reality doesn't always match.

[gg]

Originally Posted by greg42

Nobody will finance condo projects right now because they paint the entire market with the same brush, even though condos would sell in Pittsburgh if they could be built. I would think you are well aware of this.

Thus, the transition to rentals. Rents start at $960/month for the smallest so I highly doubt there will be a difference in pride of the homes based renting vs buying alone. There will always be some people with more money than brains or manners, though, and no amount of cost barrier will prevent that.

Financing projects mostly depends on how powerful the builder is. Many people can get financing, just not the people that are on the fringe.

Good luck in convincing yourself there is the same pride in renting and owning.