Hazelwood (Homestead, Braddock, Lincoln: 2nd mortgage, condos, rental)

[JSS]

Any thoughts on retail/commercial/housing development in this area? Looking at purchasing a rental property on Hazelwood Avenue. Read through several reviews stating that Greenfield is a nice area, but that Hazelwood is bad. Hazelwood Main Street organization appears to be optimistic. Thanks.

[prototypepariah]

hazelwood up by murray? it looks okay I guess... I think hazelwood curves down into 885 or 2nd ave whatever it's officially labeled down there.

Hazelwood is a little more run down the closer you get to the water...there are some what appear to be projects in the middle of it as well. It's not terrible but poorer. Greenfield is smaller more lower end than squirrel hill as well...

Depends on who you are looking to be your renters seems to me that's what it would boil down too.

[Hopes]

I have a friend who owns rental property down there. He's done quite well with it. Prototypepepariah's right about the quality of tenants; however, if you're simply wanting investment rental property dirt cheap, you already knew what type of tenants you'd be having anyway.

[angellewis]

I grew up in Greenfield, Hazelwood has not changed much. Hazelwood Ave meets 2nd Ave and Bigalow Street as well too.

The only thing that changed a bit there are some of the buildings but it is still pretty run down as well too. I was just driving through there the other night since my Parents live in Lincoln Place and we drive through there from Greenfield and it is still a mess there.

[TRO Z]

Since our organization is up to our necks in development right now...I will give you alittle inside track on Hazelwood....Buy It...

CMU has just signed a lease with USX for the land and building where the old hazelwood USX plant is...I guess the robitics testing is going to be done there....Not in the new Bill Gates building that is going to be ready by 2009...In case you were unaware Bill Gates foundation has given over 80 million to CMU for the research...

Ghetto for now, but who knows in 5 to 10 years...

[TRO Z]

Sorry----Formerly known as LVTF Hazelwood steel site...They signed the lease yesterday...

[Hopes]

Interesting, TRO Z.

The Waterfront didn't do anything for Homestead though.

My guess is that the property surrounding the LVTF site will only be worth hoping someone plans to build next to the CMU robotics facility someday.

Since the property is cheap, I guess it's still a good long term investment.

[TRO Z]

Caught me burning the midnight oil here...So let me give you some details here hopes..

The waterfront back in 1999 when developed was an obvious display of what we call in my world, your from the wrong side of the tracks..And in this case it's a literal fact..The city--The URA-- Developers...everyone dropped the ball...8 years later on May 23rd 2007 a (2) million dollar pool was issued for investors to finally rehab homestead...Pathetic to say the least...8 years later

Hazelwood however...has been on every developers radar since april 11 2007...1.4 mill hazelwood home project funded...may 2nd 2007 175k issued to private investor for 2 parcel rehab..may 2007 2.6 million save a lot store approved for hazelwood...july 2nd 2007 7.5 million for 26 unit development approved...aug 14th heinz endowment approves 50k for hazelwood..aug 15th Allegh. Co. Economic Dev. approved to provide 2nd mortgages for hazelwood home project..aug 22 CMU signs lease for hazelwood steel site..That site is dubbed Robot City already, they should have a web site...

Hazelwood is years away, but if they can link...CMU site to hazelwood...that could be as good for investors as the n. shore or n.side has been for the last 3 years...

If Bill gates threw 20 million at cmu for that new building last year...and is sending 80 million more for robotic research...thats going to bring educated white collar pros to PGH..can you imagine high end condos in hazelwood...Dont laugh at me just yet...It could happen..

[Hopes]

I won't laugh. When I have insomnia, I'll believe anything!

And the rise of Hazelwood might spin Braddock into becoming the seedy/artsy community it aspires to be too.

It's possible. Braddock is right down the river.

Hazelwood will end up being high rent, Braddock could fill the trendy low rent nitch nearby.

Thanks for the low down, TRO Z.

[prototypepariah]

the waterfront helps hazelwood as well + the proximity of 376 where it's a bit of a hike to get to the highway from homestead and points south, east and west....there is a lot of under developed property there as well. I'm no prospector but there's space for upscale condo's townhomes. Plus if someone(cmu/gates) redevelopes all that land on the river(which again in my uneducated opinion looks vacant) it could spell big bucks. Most of the properties on greenfield are in goodshape and squirrel hill is just around the corner. It would appear that there are some spots in hazelwood that with a little polish, money, time. could be worth plenty.