Happenings in Pittsburgh!! (Lebanon, Washington, Liberty: skyscraper, condominiums, hotel)

[BrianTH]

Originally Posted by juliegt

You make some good points. If home prices doubled in Pgh, they would still be cheaper than many parts of the country. I mean they are ridiculously low.

Absolutely, and there is a lot more largely unimproved housing stock left in the city that could be used to meet a sharp increase in demand, as well as various sites that could receive new developments (many in geographically desirable locations, such as right along the rivers). So it would take quite a lot of influx for the housing supply to get so scarce that this competitive advantage would be lost.

[juliegt]

Originally Posted by BrianTH

Absolutely, and there is a lot more largely unimproved housing stock left in the city that could be used to meet a sharp increase in demand, as well as various sites that could receive new developments (many in geographically desirable locations, such as right along the rivers). So it would take quite a lot of influx for the housing supply to get so scarce that this competitive advantage would be lost.

If there are good jobs, people will relocate. I think that we will see a revival of many "Rust Belt" cities in my lifetime. But, I believe that some will turn around much faster than others. Those will be the ones with an improving job market, decent infrastructure and a far-sighted and pro-active local government. I don't know Pittsburgh well enough to know if these factors are in play, but I got a great "vibe" from the city when I was there. It sure seems poised to grow.

As I write from the SF Bay Area, the house next door to me is for sale. It's a short sale due to impending foreclosure. It's a 2 bdr, 1 bath home less than 1000 sq ft and is priced below market at $593,000. It sold for $700,000 in 2005. The neighborhood is not one of the best. It borders drug and gang areas, but is safe. It's working class. But, because we're in Silicon valley, the prices are still so high compared to just about everywhere else in the US. So many people are priced out of this area. Seattle and Portland have attracted many people priced out of CA. They saw big price increases in their housing markets, yet they are still affordable by CA standards.

[guylocke]

Seattle and Portland have attracted many people priced out of CA. They saw big price increases in their housing markets, yet they are still affordable by CA standards.

Tell me about it!!! ARGH!!! It really ticks me off, too, and Seattleites HATE Californians. LOL. It's actually pretty hilarious seeing how upset they get when they talk about how so many people from CA are migrating further north.

I don't blame them, Seattle's housing is outrageous now and it's all secondary aftermath from the disaster that is California. I am gonna make a very comfortable living but it'll be hard for me to own a home in Seattle, now. I get angry thinking about it.

But on a more serious note, this is a real problem we have right now. The average home in SF is now above 750,000 isn't it? I mean, that is just absolutely and incredibly unacceptable. I don't care HOW much more people from SF make due to cost of living differences, it can NOT POSSIBLY amount to the kind of money one would need to own a home that's pushing a million dollars. True cost-of-living transfer's aren't ever as good as they should be in my experience. For example, my ex boyfriend moved from Pittsburgh to NYC and although he's obviously making more in NYC he should be making a LOT more to meet the same standard of living.

And in my own personal example, I may make roughly 15 thousand more in California over Pittsburgh, but that doesn't even come close to matching the same standard-of-living. I seriously don't understand how people can buy homes anymore in certain areas of the country. When I graduate, I will be in the top 5% of the entire American population in terms of salary (I only say that to make a point) and I could never possibly be able to think about buying a home for a million dollars or even close to. I mean, I COULD, but that would quite literally drain my monthly paychecks until there's practically nothing left. I can't even fathom how these prices can be so high, WHO'S BUYING THIS STUFF??

[Tallysmom]

Originally Posted by guylocke

Tell me about it!!! ARGH!!! It really ticks me off, too, and Seattleites HATE Californians. LOL. It's actually pretty hilarious seeing how upset they get when they talk about how so many people from CA are migrating further north.

I don't blame them, Seattle's housing is outrageous now and it's all secondary aftermath from the disaster that is California. I am gonna make a very comfortable living but it'll be hard for me to own a home in Seattle, now. I get angry thinking about it.

But on a more serious note, this is a real problem we have right now. The average home in SF is now above 750,000 isn't it? I mean, that is just absolutely and incredibly unacceptable. I don't care HOW much more people from SF make due to cost of living differences, it can NOT POSSIBLY amount to the kind of money one would need to own a home that's pushing a million dollars. True cost-of-living transfer's aren't ever as good as they should be in my experience. For example, my ex boyfriend moved from Pittsburgh to NYC and although he's obviously making more in NYC he should be making a LOT more to meet the same standard of living.

And in my own personal example, I may make roughly 15 thousand more in California over Pittsburgh, but that doesn't even come close to matching the same standard-of-living. I seriously don't understand how people can buy homes anymore in certain areas of the country. When I graduate, I will be in the top 5% of the entire American population in terms of salary (I only say that to make a point) and I could never possibly be able to think about buying a home for a million dollars or even close to. I mean, I COULD, but that would quite literally drain my monthly paychecks until there's practically nothing left. I can't even fathom how these prices can be so high, WHO'S BUYING THIS STUFF??

Uh, me.... 20 years ago. LOL

You are absolutley right on what you are saying -- and trust me -- they are coming back in line. Regardless of what kind of spin people want to put on it, housing prices are going to take a dive in the Bay Area. In my area -- little part of Oakland -- it's already happening.

Two years ago, Zillow had my house at 475-500K. (You remember -- 1005 square feet, 80 years old, postage stamp lot) Now it's 387K -- with a range of 300-400K... and in my opinion it's a very generous estimate. I've seen homes in the high 200's here.

Now -- these are neighborhoods that aren't prime. Rockridge -- prime. Hasn't fallen there much.... yet. But it will... and it will be PAINFUL.

[guylocke]

You are absolutley right on what you are saying -- and trust me -- they are coming back in line. Regardless of what kind of spin people want to put on it, housing prices are going to take a dive in the Bay Area. In my area -- little part of Oakland -- it's already happening.

Two years ago, Zillow had my house at 475-500K. (You remember -- 1005 square feet, 80 years old, postage stamp lot) Now it's 387K -- with a range of 300-400K... and in my opinion it's a very generous estimate. I've seen homes in the high 200's here.

Now -- these are neighborhoods that aren't prime. Rockridge -- prime. Hasn't fallen there much.... yet. But it will... and it will be PAINFUL.

Maybe it'll actually be a good time for to buy a place in Seattle? I have been looking into Seattle condo's downtown for many months, and I get updates every week from a realtor in Seattle. For the last couple months, she's been sending me links that say "Price Reductions." Everything is coming down in price, thankfully, and the woman who sends me this information says she is shocked about it. She hasn't had to post "price reductions" in YEARS in Seattle. I think it's still gonna get worse before better (I mean worse as in the housing crisis and forclosures, etc)

[juliegt]

Originally Posted by Tallysmom

Uh, me.... 20 years ago. LOL
Now -- these are neighborhoods that aren't prime. Rockridge -- prime. Hasn't fallen there much.... yet. But it will... and it will be PAINFUL.

I agree. I just saw an article in the Sf Chronicle that said home prices will have to fall 40% to be six - seven times higher than the average income in the Bay Area! Right now, even with the price drops, the prices are 11 times higher than the typical salary. There seem to be a lot of people waiting on the sidelines for the market to hit bottom before they jump in and buy. The houses in my silicon Valley working class neighborhood have dropped significantly and they aren't selling. People think the market is going to drop more and so do I. However, the Bay Area is still a great place to live, there are lots of jobs for highly educated people and there is no room to build new housing so I don't think we'll ever be a "cheap" place to live. But I think the market is still correcting itself.

[Tallysmom]

Originally Posted by juliegt

I agree. I just saw an article in the Sf Chronicle that said home prices will have to fall 40% to be six - seven times higher than the average income in the Bay Area! Right now, even with the price drops, the prices are 11 times higher than the typical salary. There seem to be a lot of people waiting on the sidelines for the market to hit bottom before they jump in and buy. The houses in my silicon Valley working class neighborhood have dropped significantly and they aren't selling. People think the market is going to drop more and so do I. However, the Bay Area is still a great place to live, there are lots of jobs for highly educated people and there is no room to build new housing so I don't think we'll ever be a "cheap" place to live. But I think the market is still correcting itself.

What's really scaring me about here is the fact so many people financed their lifestyle with their house.... it's not going to be too long where a far larger portion of our area will be upside down on a home. I know many people who took out some pretty hefty cash out of their house for remodels, cars and travel.

After living through steel falling in the late 70's early 80's -- we were too chicken to even try that.

[Pghtebbie]

Green conferences planned for Pittsburgh:

"St. Patrick's Day won't be the only green-themed event next month in Pittsburgh.

Two eco-focused conferences are coming to town: the GreenSense 2008 Conference on Green Building at the David L. Lawrence Convention Center March 5, and the Good Jobs, Green Jobs conference, at the convention center and the Westin Convention Center March 13-14.

The theme of the GreenSense conference, sponsored by the Green Building Alliance, is "Capture your Share of the Green Market." Rick Fedrizzi, president and CEO of the U.S. Green Building Council, will be the keynote speaker" ......


Green conferences planned for Pittsburgh - Pittsburgh Business Times:

[guylocke]

Indianapolis loses an information technology company and Wexford gains one! Pepperweed information Information Technology has decided to lease 5,000 square feet in Wexford and relocate its headquarters here, plan to hire 100.

The firm has leased 5,000 square feet in the Blaymore Office Building and will place 25 people here by year end, says Patrick Stewart, CEO. The short-term lease will give the company flexibility to find a more permanent space in the Wexford area once long-term growth plans are understood.

Pepperweed is a leading provider of IT management solutions, helping businesses to realize the value of IT in day to day business. New hires will be mostly experienced IT consultants and college students.

“Our goal is to develop a program to be able to hire students out of the local universities and groom them to be Pepperweed consultants,” Stewart adds. “Given the significant shortage of IT resources in the U.S., it is critical that we begin to build on our own.”

“Pittsburgh gives Pepperwood great access to a young talent pool while also offering a very affordable cost of living,” Stewart says.

Pepperweed moving from Indy to Wexford, hiring 100

[guylocke]

UPMC opening operations oversea. Are we surprised? No. Lol. Look out Ireland, here comes the University of Pittsburgh Medical Center! One planned for dublin, 3 more in negotiation!

UPMC will operate the 183-bed Beacon Hospital in Dublin under an agreement with Beacon Medical Group Ltd. of Ireland.

Beacon Medical Group will retain ownership of the independent hospital, which opened in January 2007 and offers cardiology, dermatology, neurology, orthopedic and oncology services, UPMC said in a statement Monday.

As part of the agreement, UPMC will pay 15 million euros ($22.2 million) for a 25 percent equity interest in the hospital operating company that will lease the facility from Beacon Medical Group.

UPMC said it is in negotiations with BMG to operate three more independent hospitals to be built by BMG on the grounds of public hospitals in Beaumont, Cork and Limerick.

UPMC to Operate Hospital in Ireland (broken link)