Will you become a victim of Pittsburgh's housing boom? (Wilkinsburg: rentals, loan)

[selltheburgh]

Originally Posted by eccotecc

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.

I've been involved in over 30 bidding wars just in 2012. These were in: Highland Park (lots), Lawrenceville (many), Friendship (2), Bloomfield (2), Squirrel Hill (3), Point Breeze (3) Murdoch Farms (2), Greenfield (1), Edgewood (2), Regent Square (1) morningside (1) and East Liberty (1).

This market is crazy. There's less on the market every year and we have to wait for unfortunate circumstances for houses to become available (death, relocation, divorce).

The interest rates being around 3% aren't helping the inventory problem.

[ferraris]

Originally Posted by selltheburgh

I've been involved in over 30 bidding wars just in 2012. These were in: Highland Park (lots), Lawrenceville (many), Friendship (2), Bloomfield (2), Squirrel Hill (3), Point Breeze (3) Murdoch Farms (2), Greenfield (1), Edgewood (2), Regent Square (1) morningside (1) and East Liberty (1).

This market is crazy. There's less on the market every year and we have to wait for unfortunate circumstances for houses to become available (death, relocation, divorce).

The interest rates being around 3% aren't helping the inventory problem.

How many of those were anything other than "best and highest"?

[selltheburgh]

Originally Posted by ferrarisnowday

How many of those were anything other than "best and highest"?

almost all were. I think a couple were just "the most recent offer is cash so we aren't even considering yours."

[eccotecc]

Originally Posted by selltheburgh

I've been involved in over 30 bidding wars just in 2012. These were in: Highland Park (lots), Lawrenceville (many), Friendship (2), Bloomfield (2), Squirrel Hill (3), Point Breeze (3) Murdoch Farms (2), Greenfield (1), Edgewood (2), Regent Square (1) morningside (1) and East Liberty (1).

This market is crazy. There's less on the market every year and we have to wait for unfortunate circumstances for houses to become available (death, relocation, divorce).

The interest rates being around 3% aren't helping the inventory problem.

It would be interesting to see, if any contributors to this forum, are feeling priced out of the housing boom.

Another unfortunate aspect of this housing boom is, since Pittsburgh was unscathed by the last housing cycle, there aren't the number of foreclosures available that there are in other parts of the country.

Also,as has already been mentioned is, people moving to the area are coming with lots of money from the sale of their homes where prices hadn't fallen. Many were insulated from the housing collapse.

[ferraris]

Originally Posted by selltheburgh

almost all were. I think a couple were just "the most recent offer is cash so we aren't even considering yours."

Almost all were best and highest? Or almost all were something other than best and highest?

[selltheburgh]

Originally Posted by ferrarisnowday

Almost all were best and highest? Or almost all were something other than best and highest?

almost all were highest and best. That's the most fair way to handle it and how I did it every time I was the listing agent.

[Goodjules]

Not feeling priced out yet. When crappy studio condos outside the city go for close to $200k then I'll feel priced out.

[Goinback2011]

Condos and townhouses in the near suburbs can be had very cheaply, as Pittsburghers like yards, even the elderly.

Some of the condos come with hefty monthly fees though.

In many of these near suburbs, these are the only residences built from 1975 onward. The SFHs are in the 1900-1960 timeframe.

I decided I'm done with mowing grass and shovelling a lot of snow, and I have NO desire to rehab an old house, so I'm doing the townhouse route.

There is a very interesting coop of mostly townhomes and a few condos on Mt. Washington that I looked at. They were built in the 1930's (at the height of the depression) as some sort of affordable housing experiment. They were a little too small and old for me, but the grounds are spectacular (there are walking trails and whoever maintains the grounds is some expert gardener) and the monthly coop fee was very cheap: Chatham Village - Home Page

It's the best kept secret in the City of Pittsburgh.

Nestled on a 46-acre site, Chatham Village’s 197 townhouses and 19 apartments provide a quiet retreat from the bustle of city life. Trees, green lawns, gardens, parks and nearly 30 acres of natural woodland create an idyllic setting located only minutes from downtown Pittsburgh, Pennsylvania. Private roadways circle the Village so interior courts and gardens are free from traffic and noise.

https://maps.google.com/maps?q=655+P...ed=0CAgQ8gEwAA

[stburr91]

Row houses and duplexes can be had very cheap in the first ring suburbs. Many are nice older homes, with good bones, and can be rehabbed pretty inexpensively. There are still some very good deals to be had in decent locations, if someone is willing to consider this option. They could be a good starter home, and could later be used as a rental.

[szug-bot]

Originally Posted by Goinback2011

There is a very interesting coop of mostly townhomes and a few condos on Mt. Washington that I looked at. They were built in the 1930's (at the height of the depression) as some sort of affordable housing experiment. They were a little too small and old for me, but the grounds are spectacular (there are walking trails and whoever maintains the grounds is some expert gardener) and the monthly coop fee was very cheap: Chatham Village - Home Page

It's the best kept secret in the City of Pittsburgh.

Goinback, why not go out to Forbes and Smithfield and scream this!!!!!!!!!
i am a native pittsburgher (moved, came back, moved, returned again, etc.) and NEVER heard of chatham village until the PG ran a story on it last year. it IS an amazing 'secret', as are the streets around it and Olyympia Park, as tidy, CLEAN, and well-kept as they are compard to Mt. Washington in general.

i was going to post about Chatham Village in another thread about pittsburgh's hidden, or "odd" places, but its being a great SECRET and all...!

i never thought i would WANT to buy, actually, until less than a year ago. i guess w/ middle age, you get a different sense of values. i am nowhere near ready to consider buying. i admit my heart is beating faster as i read these posts and learn that the super value pittsburgh may have once been is no secret any more. shucks.