Will you become a victim of Pittsburgh's housing boom? (Washington: apartments, foreclosure)

[BrianTH]

Originally Posted by Goinback2011

.People are currently taxed at rates about double those of places like Florida. Higher valuations would make those rates onerous for most residents.

PA's anti-windfall laws prevent assessed value increases from triggering revenue increases (of course jurisdictions can still increase revenues, with some limits on annual school district increases, but they can do that with or without assessed value increases).

That said, I agree that rapidly increasing housing prices can often be a bad thing. However, more modest increases in housing prices, particularly to the extent they are more or less is just keeping up with local income increases, are more likely to be unproblematic.

[Goodjules]

Originally Posted by Q-tip motha

Its one thing to watched 'do it yourself' shows or flip houses for a living from 9 to 5, and a completely different experience to live IN the construction.

That's why I want to rent a small house. I'd live there while I was looking for a fixer and getting to know the city. Ideally, I'd stay in the rental during the initial phases of the renovation and move in when the heavy construction was finished. My question is that I have five,yes five, pets. Two dogs and three cats. Will I be able to find anyone who will rent to me? I've actually considered buying a tiny cheap place instead of renting and then keeping it as a rental when I move into the fixer. But, I'm not made of money so I'd have to find something very cheap and still habitable.

I'd also like to hear from anyone who has moved across country with pets. It seems difficult and chaotic and expensive at best. Advice?

Thanks! Hope I didn't stray too far off topic.

[SammyKhalifa]

Well, this winter someone bought the house I lived in and kicked everyone out.

Most of the other places I looked at in the short time I had were either too expensive or too much of a "fixer upper" for my talent or desire. So partly against my will, I got an apartment closer to work out of the city.

The most annoying thing to me is that the new owners are likely just sitting on it until that Grandview apartment gets put up hoping that values in the area skyrocket.

[eccotecc]

Originally Posted by juliegt

That's why I want to rent a small house. I'd live there while I was looking for a fixer and getting to know the city. Ideally, I'd stay in the rental during the initial phases of the renovation and move in when the heavy construction was finished. My question is that I have five,yes five, pets. Two dogs and three cats. Will I be able to find anyone who will rent to me? I've actually considered buying a tiny cheap place instead of renting and then keeping it as a rental when I move into the fixer. But, I'm not made of money so I'd have to find something very cheap and still habitable.

I'd also like to hear from anyone who has moved across country with pets. It seems difficult and chaotic and expensive at best. Advice?

Thanks! Hope I didn't stray too far off topic.

juliegt,

Because of the age of many of the homes, they inherently have quirks that can't normally be anticipated in a regular rehab. I would strongly suggest finding a reputable contractor that specializes in these types of rehabs. In the long run it would be money well spent.

[Goodjules]

Originally Posted by eccotecc

juliegt,

Because of the age of many of the homes, they inherently have quirks that can't normally be anticipated in a regular rehab. I would strongly suggest finding a reputable contractor that specializes in these types of rehabs. In the long run it would be money well spent.

Absolutely. I work for a remodeling company now so I'm well aware of the pitfalls of older homes.

[wyoh]

Anecdotally, we've been shopping for a house in the East End for about 4 months. There seem to be a lot of people ready to jump in when good properties come on the market. I haven't heard much about bidding wars but the decent houses are disappearing the week they're listed for the most part. That might always be the case with houses that are priced accurately though, regardless of the market.

As to our particular circumstances, we moved here from D.C. after renting for years. I could see a boom happening if Pittsburgh starts getting a lot more transplants from the East coast cities. The difference in housing prices is so stark that those transplants will readily pay 300-400k for a house that they really want.

[ferraris]

Originally Posted by wyoh

Anecdotally, we've been shopping for a house in the East End for about 4 months. There seem to be a lot of people ready to jump in when good properties come on the market. I haven't heard much about bidding wars but the decent houses are disappearing the week they're listed for the most part. That might always be the case with houses that are priced accurately though, regardless of the market.

As to our particular circumstances, we moved here from D.C. after renting for years. I could see a boom happening if Pittsburgh starts getting a lot more transplants from the East coast cities. The difference in housing prices is so stark that those transplants will readily pay 300-400k for a house that they really want.

Bidding wars don't happen in the traditional sense in the desirable neighborhoods. Well priced homes attract multiple offers, then the seller comes back and asks for your "best and highest offer". Of course, you may have already been the best and highest offer, but you don't know that! And you don't know what anybody else bid either! It's terrible from the buyer's point of view, but it probably is fairly effective at squeezing out every last drop from a buyer.

I don't like the practice at all.

[eccotecc]

Originally Posted by wyoh

Anecdotally, we've been shopping for a house in the East End for about 4 months. There seem to be a lot of people ready to jump in when good properties come on the market. I haven't heard much about bidding wars but the decent houses are disappearing the week they're listed for the most part. That might always be the case with houses that are priced accurately though, regardless of the market.

As to our particular circumstances, we moved here from D.C. after renting for years. I could see a boom happening if Pittsburgh starts getting a lot more transplants from the East coast cities. The difference in housing prices is so stark that those transplants will readily pay 300-400k for a house that they really want.

wyoh,

To piggyback on what your saying, I've been following the market on realtor.com. A new property is listed as active and the next day its status is contingent. That would indicate a very active market. For this reason, several threads have been started in response to Pittsburgh's active housing market.

[trackstar13]

Not all of Pittsburgh is having a housing boom, many areas currently have houses sitting that have been available for many months or even years now. The market is very local and some areas, i.e. the North Hills are hot right now, but others like Braddock not so much.

[eccotecc]

Originally Posted by track2514

Not all of Pittsburgh is having a housing boom, many areas currently have houses sitting that have been available for many months or even years now. The market is very local and some areas, i.e. the North Hills are hot right now, but others like Braddock not so much.

track,

I agree with you about Braddock. Many of the Mon Valley communities, adjacent to Pittsburgh, are experiencing the same identity crisis. The only possible solution is to form a coalition of governments to see where they may be able to combine services to reduce cost and provide incentives that would entice investment that could possibly have a positive impact on their shrinking tax base.

I think trying to retain individual identities will further exacerbate the situation and lead to further decline.

There is no quick fix solution for these communities.