Evidence of Pittsburgh's Rapidly Appreciating Housing Market

[eschaton]

Originally Posted by ferrarisnowday

It's a strange phenomenon, but you're completely right about that. They don't even want to spend the time working with a realtor since nobody would be interested. I haven't sold a home before, is it all contingency or are there fees to the seller just for keeping it listed on the MLS? Of course many of these homes will also have tax liens on them, also.

I ran into one that actually did get listed on the MLS eventually in Deutschtown and the owners had been living in Australia for 30 years and hadn't been to the place in over a dozen. Selling it was just completely off their radar and would be a big hassle due to the time zone differences and being unable to meet in person or check on the property at all (if I remember right, I think their son in the US badgered them about it and got it listed on their behalf). There's probably more situations like that than one would think.

Yeah, there's basically a few scenarios this sort thing happens in:

1. Someone dies, and no next-of-kin is found. House sits vacant until the city declares it a tax scofflaw, and it gets put on sale or demolished.

2. Elderly homeowner goes into nursing home, or moves in with children. Children do not sell the house - either because they don't have power of attorney, or because they live somewhere outside the region, and think it's too much of a pain to deal with. Often these people will pay the property tax, and show up 1-2 times per year to do minimal maintenance, but otherwise it's basically abandoned.

3. Someone moves away, as you noted. This can be particularly bad, because they're usually so out of the loop they don't even know if a neighborhood has turned around.

4. Sometimes, people still live there, but don't sell because they are old-timers who are very out of touch with what today's homeowners want. I have a neighbor who talks about moving, but she is worried she won't be able to sell because of the condition of a common yard which we both share (long story). She told me before she tried to sell the house once in the past, and the real estate agent said with the yard in its condition, it was unsalable. I asked her when she was told this. She said 1993. Remember, I live in Lawrenceville.

[ferraris]

Originally Posted by eschaton

3. Someone moves away, as you noted. This can be particularly bad, because they're usually so out of the loop they don't even know if a neighborhood has turned around.

4. Sometimes, people still live there, but don't sell because they are old-timers who are very out of touch with what today's homeowners want. I have a neighbor who talks about moving, but she is worried she won't be able to sell because of the condition of a common yard which we both share (long story). She told me before she tried to sell the house once in the past, and the real estate agent said with the yard in its condition, it was unsalable. I asked her when she was told this. She said 1993. Remember, I live in Lawrenceville.

Yes I think this is what happened in the Deutschtown case. It was actually a home right on Cedar and their son informed them that these days they could make a tidy profit on the home, even in its untended state.

[selltheburgh]

There are no fees unless the realtors sell the house & close the deal.

[Goodjules]

Someone else may have already posted this, but in case you haven't seen it:

Bill would create land bank for Pittsburgh vacant property - Pittsburgh Post-Gazette

[I_Like_Spam]

Originally Posted by SteelCityRising

Just to add a little bit of credence to my comments about there being a "housing crisis" in the East End I thought I'd provide a few examples to offset the cynicism that selltheburgh and others have lodged towards me. My partner, who currently lives with me, used to live at 5976 Alder Street in Shadyside. Currently both homes on either side of this property are on the market.

The "housing crisis" and prices would even be rising more, if suggestions for a new commuter tax were actually going to take effect.

At least right now, workers are able to move to Shaler and Ross to escape both the high city wage taxation as well as rising taxes.

Policies that would force workers into the city, or face rising taxes, would cause many to decide to move into the city and make city real estate prices rise- Economics 101 raises its head again.