Happenings in Pittsburgh!! (York, Washington, Denver: loan, condos, rental)

[londonbarcelona]

Originally Posted by guylocke

Don't ask me HOW, lol, but E. Carson St is about to get some major upgrades, with one mile of the hot spot destination to become 4 lanes with 7 turning lanes being added.



East Carson Street to be upgraded

Good! It's needed. As is more *free* parking...

[guylocke]

10,000 hits

[guylocke]

The new Grubb & Ellis market report is out and it's very positive about Pittsburgh.

The Pittsburgh office market's vacancy rate has declined, bucking national trends. Every submarket has experienced net absorption and declining vacancy.

Also, 2007 was the strongest year for the Pittsburgh industrial market since the steel collapse 25 years ago. In fact, they're title for that analysis is "A Formidable Ending to a Robust Year."

Concerns over the collapse of the subprime loan market have not yet significantly reduced consumer confidence in the region. Improved employment levels are forecasted over the next two years, supporting gains in personal income which will sustain growth in retail activity.

PNC also released their economic forecast for the region. They claim that despite a possible national recession or stalling, the Pittsburgh region continues to buck many national trends and is inching up with continued modest but positive growth.

Pittsburgh should benefit in residential construction, healthcare services, technology and financial services. Commercial property markets should grow due to several downtown condominium projects and office demand will ease through 2008 allowing the office vacancy rate to creep back and take the pressure off rent growth.

They also show that Pittsburgh's income growth is closing the gap between the national average and that Pittsburgh's housing has remained stable and continues to appreciate. Also, Pittsburgh's construction is firmer than most cities.

[guylocke]

Pick up today's Pittsburgh Business Times and here are some things you will be able to read.

1. Downtown hotels and the Convention Center are expecting a record year. Bookings, room rates and events have experienced strong increases in the past few years. Pittsburgh ranks 2nd in a ranking of "peer cities" (Cleveland, Detroit, Baltimore, Charlotte, etc.) when it comes to a benchmark of hotel strength called "revenue per available room".

2. The developer of the Baum-Liberty mixed-use project at the Don Allen Auto City site, DOC-Economou is poised to become one of the biggest names in urban development in Pittsburgh due to $275 million in projects (Baum-Liberty plus the $48 million mixed-use tower at SouthSide Works). Baum-Liberty is DOC-Economou's biggest project to date and will be completed in four stages featuring more than 400,000 sq. ft. of retail, 300,000 sq. ft. of office, 150 residential units and a 120 room hotel. The development group has a relationship with a capital group based in Iceland that helps finance most of its projects. The developers believe its location should make financing an easy sell.

3. Analysts believe PNC Bank may be in acquisition mode due to its relatively strong performance compared to most financial institutions, which are heavily affected by the slowing economy, credit crunch and foreclosure crisis. Analysts think that PNC Bank would likely be interested in expanding its footprint to nearby territories like Virginia and North Carolina. Some analysts suggest PNC should acquire Cleveland-based National City (which has a major presence in Western PA) or Philadelphia-based Sovereign Bank.

4. The owner of Mallorca and Ibiza, two Spanish restaurants on East Carson St., is holding off on plans to convert the newly-acquired Shootz Cafe and Billiards into a Brazilian rodizio. The owner cites that his capital was stretched thin after the purchase. The rodizio may open in 2009 or 2010.

5. A new report concludes that Pittsburgh was the top metro for home price appreciation in the third quarter of 2007 compared to 3Q 2006 amongst the top 50 metros. Home prices in Pittsburgh MSA increased 4.65% in 3Q 2007. This is a 2.32% gain over the appreciation in 3Q 2006. Only 7 metros had higher appreciation in 3Q 2007 compared to 3Q 2006, with most metros experiencing declines.**

** As shown by Evergrey.

[londonbarcelona]

Originally Posted by guylocke

Pick up today's Pittsburgh Business Times and here are some things you will be able to read.

1. Downtown hotels and the Convention Center are expecting a record year. Bookings, room rates and events have experienced strong increases in the past few years. Pittsburgh ranks 2nd in a ranking of "peer cities" (Cleveland, Detroit, Baltimore, Charlotte, etc.) when it comes to a benchmark of hotel strength called "revenue per available room".

2. The developer of the Baum-Liberty mixed-use project at the Don Allen Auto City site, DOC-Economou is poised to become one of the biggest names in urban development in Pittsburgh due to $275 million in projects (Baum-Liberty plus the $48 million mixed-use tower at SouthSide Works). Baum-Liberty is DOC-Economou's biggest project to date and will be completed in four stages featuring more than 400,000 sq. ft. of retail, 300,000 sq. ft. of office, 150 residential units and a 120 room hotel. The development group has a relationship with a capital group based in Iceland that helps finance most of its projects. The developers believe its location should make financing an easy sell.

3. Analysts believe PNC Bank may be in acquisition mode due to its relatively strong performance compared to most financial institutions, which are heavily affected by the slowing economy, credit crunch and foreclosure crisis. Analysts think that PNC Bank would likely be interested in expanding its footprint to nearby territories like Virginia and North Carolina. Some analysts suggest PNC should acquire Cleveland-based National City (which has a major presence in Western PA) or Philadelphia-based Sovereign Bank.

4. The owner of Mallorca and Ibiza, two Spanish restaurants on East Carson St., is holding off on plans to convert the newly-acquired Shootz Cafe and Billiards into a Brazilian rodizio. The owner cites that his capital was stretched thin after the purchase. The rodizio may open in 2009 or 2010.

5. A new report concludes that Pittsburgh was the top metro for home price appreciation in the third quarter of 2007 compared to 3Q 2006 amongst the top 50 metros. Home prices in Pittsburgh MSA increased 4.65% in 3Q 2007. This is a 2.32% gain over the appreciation in 3Q 2006. Only 7 metros had higher appreciation in 3Q 2007 compared to 3Q 2006, with most metros experiencing declines.**

** As shown by Evergrey.

I know Pittsburgh is not the *sunny, tropical or western town* people are flocking to, but I can't help but feel that the city as turned the corner. Anyone else share this feeling? It just *feels* like things are getting better. And in the middle of a downturn in the economy - THAT is amazing!

[guylocke]

I know Pittsburgh is not the *sunny, tropical or western town* people are flocking to, but I can't help but feel that the city as turned the corner. Anyone else share this feeling? It just *feels* like things are getting better. And in the middle of a downturn in the economy - THAT is amazing!

Absolutely. I'm not sure it can be denied.

[globalburgh]

Originally Posted by guylocke

Absolutely. I'm not sure it can be denied.

I agree. Pittsburgh right now reminds me of Minneapolis and perhaps Seattle during the economic recession of the late 1980s and early 1990s. Those two cities were one of the few places where you could find enough work to weather the storm. I predict that Pittsburgh will help lead this country out of the current downturn.

I see job creation as the main drag on the region. That's soon to undergo a dramatic improvement. Right now is a very exciting time to live in Pittsburgh.

[guylocke]

I see job creation as the main drag on the region. That's soon to undergo a dramatic improvement. Right now is a very exciting time to live in Pittsburgh.

If Pittsburgh had an overabundance of jobs, we would start growing again in population no question. Out of curiosity, how will that situation dramatically improve soon?

[globalburgh]

Originally Posted by guylocke

If Pittsburgh had an overabundance of jobs, we would start growing again in population no question. Out of curiosity, how will that situation dramatically improve soon?

Word is getting around that Pittsburgh is a relatively inexpensive city with great talent assets. I know of a few good sized tech startups poised to expand or relocate operations to Pittsburgh. Others already there are hoping to grow, but voicing a concern about the lack of qualified workers. There is already a glut of open tech positions. A lot of what is currently going on in Pittsburgh, albeit a bit under the radar, is paving the way for the coming boom.

2008 will be a great year for Happenings in Pittsburgh, and I'm not talking about the birthday celebration.

[denada]

Pittsburgh is a wonderful city. It's a shame I had to move to S. FL to realize it where housing and cost of living in general is ridiculous even with a nice salary. I thought trading those overcast days for the beach might be worth it. -- Now not so sure - miss kids. Problem with Pgh is that the right jobs are challenging to find and taxes are just out of control.