Will you become a victim of Pittsburgh's housing boom? (Fox Chapel: insurance, mortgage)

[eccotecc]

h_curtis, Hopes,

I just did a Google on Marcellus shale jobs in Pittsburgh and quite a few popped up.

[BrianTH]

Originally Posted by selltheburgh

There's enough abandoned or under utilized property in this city that we could have a population boom and probably still not see all of it full.

Given that a lot of those properties probably are not in marketable shape at the moment, I think the questions you still have to ask are:

(1) At what price points could those properties be brought to market; and

(2) What sort of annual capacity do we have locally for bringing such properties to market?

[alise007]

I don't see the tech jobs or the healthcare jobs salaries increasing....if anything I would pay more for housing, more for activities and make LESS than those same jobs advertised in other metro areas (I have been looking at Charlotte, Columbus specifically but I also get nationwide job alerts). Don't get me wrong--they pay well but compared to other metro areas they pay less and it costs just as much to live in Pittsburgh.

Housing is cheaper in those two cities I mentioned with more choices. Yes--they prob overbuilt and there are more foreclosures which may explain that part! BUT 20K in salary more for the husband and a $3-5/hour in pay for me in in the allied health field is hard to ignore. We would have to give up a lot of extras moving back-the reasons we want to move back--sports, museums, shows, dining out to afford the pay cuts.

I can't even afford my old house in Robinson and would have to take a big step backwards when it comes to size, amenities and location.

[BrianTH]

Originally Posted by eccotecc

I can list many other examples but natural gas production is only one area that'll promote growth but not the only one.

I'd specifically note that natural gas drilling is not even close to one of our top sources of job growth. The annual percentage increases are high, but the sector itself is so small that the total numbers are nowhere close to what we are getting with approximately 2-4% growth in finance, eds and meds, business and professional services, and so on. Of course some of those jobs may be directly or indirectly related to the energy sector, but still, the story about increasing jobs in the Pittsburgh area is about WAY, way more than just natural gas.

[gg]

Originally Posted by eccotecc

h_curtis, Hopes,

I just did a Google on Marcellus shale jobs in Pittsburgh and quite a few popped up.

They are most all outside Pittsburgh except a little branch of a company here called AECOM a big global company with a US headquarters in CA. The branch is downtown. Most are outside the city for obvious reasons. Doing a search with Pittsburgh will net you all around the region because Pittsburgh is the only big city around. This industry is a plus for our region as far as economy, but not sure about the rest of it. It probably contributes a little on the positive side for real estate in our area for now. Lets just hope they don't come here make a mess and leave. Hard to say how all this will play out.

[UKyank]

Originally Posted by eccotecc

h_curtis,

The gas employees I'd see living in the city would be more administrative in nature. I'm referring to engineers, accountants, lawyers, and administrative support staff. There are a large number of players in the industry. I've been studying the Marcellus shale players looking for potential investment opportunities. BTW...Consol isn't on my radar.

I dont see the gas industry having much of an effect on pittsburgh itself, other areas such as Washington county yes. Most of the administrative positions for the companies themselves are at their headquarters & branch offices which are not in the city itself. The other supporting professionals such as lawyers & accountants are either in house (ie at those headquarters) or farmed out to existing firms that while they are probably located in the city, the city has a glut of these professionals that I wouldn't expect any rash of new hiring necessary to meet the new demands of the gas companies.

[eccotecc]

UKyank,

I agree with you. As was previously mentioned it is just one of many facets contributing to growth. It will have a trickle down influence on growth.

Here's an example. Numerous support employees are living in local motels. These employees are from all over the country. They spend the evenings having tailgate dinners and unwinding from their day. They are buying food and adult beverages from local purveyors. So what does this mean to the local economy? This is just one very small example.

[Aqua Teen Carl]

Originally Posted by alise007

I don't see the tech jobs or the healthcare jobs salaries increasing....if anything I would pay more for housing, more for activities and make LESS than those same jobs advertised in other metro areas (I have been looking at Charlotte, Columbus specifically but I also get nationwide job alerts). Don't get me wrong--they pay well but compared to other metro areas they pay less and it costs just as much to live in Pittsburgh.

Housing is cheaper in those two cities I mentioned with more choices. Yes--they prob overbuilt and there are more foreclosures which may explain that part! BUT 20K in salary more for the husband and a $3-5/hour in pay for me in in the allied health field is hard to ignore. We would have to give up a lot of extras moving back-the reasons we want to move back--sports, museums, shows, dining out to afford the pay cuts.

I can't even afford my old house in Robinson and would have to take a big step backwards when it comes to size, amenities and location.

I visited Columbus recently and I was shocked as to how cheap housing and rent were there. In most cases they were cheaper than Pittsburgh's in the most desirable neighborhoods.

[selltheburgh]

What is everybody's (especially the OP's) definition of "not affordable" or "priced out" in regards to housing in neighborhoods? I'm curious to hear numbers

[glowrock]

Just figured I'd let you guys (especially YOU, h_curtis!) that not everyone who works in the oil and gas business lives outside of Pittsburgh. I live in the Southside Slopes, work in Southpointe, and don't mind the commute one damn bit. So please, spare me the garbage, would you? Not everyone wants to live in the suburbs. Not everyone has kids and cares about the schools. There ARE people in my business who choose to live in the city, who choose to have the urban amenities. Besides, as I know all of us are aware besides you, the entire freaking universe doesn't revolve around Fox Chapel!

One other point: Property taxes are LOWER in Pittsburgh than other, surrounding areas. Yes there's the 3% income tax, fine. But rents are still reasonable, home costs are still reasonable, and cost of living is reasonable.

Just my $.02, but I think the overall pessimism expressed by so many people here is hugely detrimental to Pittsburgh. Just what this place needs, more detractors. More people railing against the city, more people complaining about everything from the infrastructure to the housing stock to the weather to nearly everything else. Enough already!

Oh, for those who say that Columbus and Charlotte are cheaper? It's true, of course, but it's also true that they have virtually unlimited swaths of land to swallow up in suburbia. Nothing to get in the way like our enormously challenging topography. And yes, they're much, much newer cities in general, meaning the homes are newer and more modern. But no way, no way in hell can you get such amazing views as you can get in Pittsburgh!