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09-25-2007, 02:08 PM
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Senior Member
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Join Date: Mar 2007
2,760 posts, read 1,243,973 times
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Here is an extremely interesting and relevant article from 2006 about the housing market in western PA and downtown Pittsburgh among other things.
Pittsburgh City Living (broken link)
Quote:
When you think of the hot real estate markets around the country Pittsburgh hardly comes to mind. Places like Southern California, Naples, Las Vegas, Washington DC, Atlanta and Dallas/Ft. Worth have experienced great growth over the past decade.
But few cities in America have seen as much change in the character of their housing market as Pittsburgh. With the changing housing options has come even more confidence in the value of housing in Western PA. Whether looking for a typical suburban Colonial or an industrial South Side loft, a buyer in Pittsburgh can count on making money as much as any other city in the U.S. According to PMI Mortgage’s study of the top 50 U.S. housing markets, no city is less of a risk when it comes to home appreciation.
“There is tremendous stability in the Pittsburgh market,” says Helen Hanna Casey of Howard Hanna Real Estate Services. “If you look back to the 1970’s and the loss of the steel industry jobs that followed, and compare what people said would happen to Pittsburgh to what did happen, you see a healthy region.”
Since 1996 more than 50,000 housing units have been built in metropolitan Pittsburgh, which includes Allegheny, Beaver, Butler, Fayette, Washington and Westmoreland counties. During that ten year span over 33,000 new single-family units were permitted. In 1996 the average building permit cost of a house was $139,286; in 2006 the average cost was $245,826. Now for the real shocker: during the past decade the municipality that has issued permits for the most housing units is the City of Pittsburgh.
It’s perhaps not a coincidence then that the widest variety of housing options being introduced in the past decade was in the urban center of our region, within the city of Pittsburgh’s limits.
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