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Old 09-06-2011, 10:26 AM
 
Location: Troy Hill, The Pitt
1,174 posts, read 1,586,446 times
Reputation: 1081

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Discussing the markets for that area in another thread caused me to stumble across this little gem for sale, and I thought I would share:


459 40th Street #2, Pittsburgh PA | MLS# 858847 - Trulia

They have since lowered the price to $850k (shocking). Who in their right mind is going to buy this place? Who in their right mind even decided to turn it into a single family home in the first place, and then attempted to sell it?
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Old 09-06-2011, 10:34 AM
 
20,273 posts, read 33,014,869 times
Reputation: 2911
It is apparently three condo units (each listed separately--one is still 1.5 million, another is 850K).

I guess I don't find this sort of project inherently ridiculous. I don't know how to price it, but I've seen other projects like this succeed.

Edit: The third unit is the attached Parson's House, going for a relatively reasonable $275K.
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Old 09-06-2011, 10:39 AM
 
Location: Lebanon Heights
807 posts, read 617,212 times
Reputation: 415
Former church in Lawrenceville becomes colorful condos - Pittsburgh Tribune-Review
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Old 09-06-2011, 11:21 AM
 
408 posts, read 991,673 times
Reputation: 146
I think it would be pretty neat if I had that much money to throw at a living space.. and in comparison to the housing markets in NYC or San Fran, you are getting quite a bit more.
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Old 09-06-2011, 12:19 PM
 
802 posts, read 1,321,364 times
Reputation: 509
Quote:
Originally Posted by tranceFusion View Post
I think it would be pretty neat if I had that much money to throw at a living space.. and in comparison to the housing markets in NYC or San Fran, you are getting quite a bit more.
I would definitely buy one if I had the money.
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Old 09-06-2011, 01:20 PM
 
Location: Saint Petersburg
632 posts, read 1,740,037 times
Reputation: 319
I think that's awesome, and I would totally consider buying one if I had the money.

It's been a dream of mine for some time to buy an old church or firestation and turn it into an elaborate single family residence.
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Old 09-06-2011, 01:25 PM
 
Location: Troy Hill, The Pitt
1,174 posts, read 1,586,446 times
Reputation: 1081
I guess it just blows my mind how much of that space is wasted in the $1.5 million condo. You're getting 3 bedrooms (lets be honest one of those is not a bedroom, but a loft) and some really high ceilings. $8,000 a month is a pretty steep mortgage, but imagine what the utilities on it will run to heat and cool it. Crazy. $1.5 million would buy you your own farm (400+ acres) somewhere with a sizeable house in the middle of it. Not to mention $850k for the basement condo? I can't imagine that the sellers will get anywhere near their asking price on this one.
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Old 09-06-2011, 01:55 PM
 
472 posts, read 626,604 times
Reputation: 231
This would be an awesome place to live. But it would definately be better as some sort of functional space. ex. Church Brew works, Union Project. I would love to own it and make it the sweetest gallery concert venue space. Someone with a lot of money invest in my idea I will do all the leg work.
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Old 09-06-2011, 01:56 PM
 
472 posts, read 626,604 times
Reputation: 231
Mr. Smalls esque recording studio on site.
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Old 09-06-2011, 02:12 PM
 
9,855 posts, read 15,204,453 times
Reputation: 5481
I think it is a cool building, I am not sure why they split it into only three units though. If you look on the county website, the whole building has roughly 12,000 sqft of living space. Why not divide it into a 12 unit condo building and sell them as 12 separate 1-2 bedroom condos? I think listing a 1000 sqft condo in a great building for $300k would be easier to sell than a 5000 sqft condo for $1.5m.

That is just my opinion...but I think whoever owns that building needed to think a bit more about it before rehabbing and selling it.
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