Pittsburgh Negative home equity map

[BrianTH]

Originally Posted by airwave09

I noticed that this list pretty much goes in order of average age of housing as well, which isn't a coincidence. Newest construction at the top gradually down to the oldest at the bottom.

I wonder how it would look if you went by $/sqft (older places, in addition to possibly being seriously depreciated, also tend to be smaller).

[robrobrob]

Originally Posted by BrianTH

Apparently not. He is focusing on fundamentally solid places with decent amounts of space, and he does some cosmetic upgrades (apparently granite countertops are a big item on his to-do list). And he's been happy with his tenants so far. I think the key is he isn't trying to work the bottom of the market, and even so he isn't paying much for his places.

That is good idea focusing on the middle to upper market. I am not sure if I would buy a home in Detroit right now if I suddenly had to move there. Sure, I would get a deal but would be worried that I wouldn't be able to sell it if I needed to. So, I would probably rent.

[BrianTH]

Originally Posted by robrobrob

I am not sure if I would buy a home in Detroit right now if I suddenly had to move there. Sure, I would get a deal but would be worried that I wouldn't be able to sell it if I needed to. So, I would probably rent.

I think you nailed it. When no one wants to buy, there is an opportunity for offering rentals, if you can give people what they want at a reasonable cost.

[airwave09]

Originally Posted by BrianTH

I wonder how it would look if you went by $/sqft (older places, in addition to possibly being seriously depreciated, also tend to be smaller).

I'd venture a guess that a few of the zip codes at the bottom of the list with a lot of older properties would move up a couple of notches. FP/Sewickley, Shadyside, USC...

[eschaton]

Originally Posted by airwave09

I noticed that this list pretty much goes in order of average age of housing as well, which isn't a coincidence. Newest construction at the top gradually down to the oldest at the bottom.

I'll never understand why people like brand new houses. Yes, they are much, much bigger than older houses, and they often have a few superficial things (like granite countertops) which make them look high-quality. But they are are inevitably built to a much lower standard than similarly-sized houses in the past. You can't find a solid brick new house constructed in the northern U.S. You can't find ornamental woodwork - you'll be lucky if there's any real wood at all. I wouldn't be surprised if half of them have major structural issues within 30 years.

[zip95]

Originally Posted by airwave09

I was bored and decided to use this map to find the 3 most expensive zip codes by average housing price in the Pittsburgh Metropolitan area using the Zillow home value index.


They are:

1) $409,200 Collier Township 15142 (Allegheny)

2) $319,900 Peters Township 15367 (Washington)

3) $299,200 Adams Township 16046 (Allegheny/Butler)


...and the rest 4-10 (all of which are in Allegheny County except for Cranberry)


4) $275,900 O'hara Township 15238

5) $275,600 McCandless Township 15090

6) $257,800 Bradfordwoods 15805

7) $257,700 Cranberry Township 16066 (Butler Co.)

8) $247,200 Franklin Park 15143

9) $245,300 Upper Saint Clair 15241

10) $244,500 Pittsburgh (Shadyside) 15232


I noticed that this list pretty much goes in order of average age of housing as well, which isn't a coincidence. Newest construction at the top gradually down to the oldest at the bottom.

Travel East young Frodo travel East. There, in the lands of Westmoreland, you will find many new castles for fewer pieces of gold... with highly ranked schools to boot.