How will Westinghouse really affect Cranberry? (Pittsburgh, Lancaster: for sale, real estate market, 2010)

[AngC]

I know, there are no crystal balls, but how do you all think the new Westinghouse complex will affect Cranberry, esp. regarding housing prices? We've been here for 3 yrs. We always planned on moving before the kids started jr high, which will be in 2 yrs. I've started looking at houses and lots in Quaker Valley SD, but DH thinks we'd be silly to move right now. Houses have been appreciating 3-5% annually and sell in less than 30 days during the summer months. He's figuring a large jump in prices in 2009/2010 as the complex opens.
Is he right?

[londonbarcelona]

Originally Posted by AngC

I know, there are no crystal balls, but how do you all think the new Westinghouse complex will affect Cranberry, esp. regarding housing prices? We've been here for 3 yrs. We always planned on moving before the kids started jr high, which will be in 2 yrs. I've started looking at houses and lots in Quaker Valley SD, but DH thinks we'd be silly to move right now. Houses have been appreciating 3-5% annually and sell in less than 30 days during the summer months. He's figuring a large jump in prices in 2009/2010 as the complex opens.
Is he right?

From what I've read, Cranberry, Wexford and Peter's Township are the "hot" areas to move to.

[guylocke]

Houses have been appreciating 3-5% annually and sell in less than 30 days during the summer months. He's figuring a large jump in prices in 2009/2010 as the complex opens.
Is he right?

The housing market in Pittsburgh between the 500k and 1 million dollar mark is very strong right now with large growth expected to continue. If you are planning on buying in that price range, and in the North suburbs, I wouldn't wait much longer, it'll just get more expensive.

A co-worker of mine just sold his home in Cranberry (to build ANOTHER home in Cranberry) in less than 3 days.

[globalburgh]

Will the ~2000 employees currently based in Monroeville relocate in order to get closer to Cranberry? IMO, that's the big question concerning the impact on real estate prices in and around Cranberry. Regardless, I figure school district reputation will inform most of the population gain in that area.

So, if you currently live in a school district with a great reputation, I think DH is right.

[Katiana]

Originally Posted by globalburgh

Will the ~2000 employees currently based in Monroeville relocate in order to get closer to Cranberry? IMO, that's the big question concerning the impact on real estate prices in and around Cranberry. Regardless, I figure school district reputation will inform most of the population gain in that area.

Who knows? In Denver, generally not. I don't know how that works in Pittsburgh. Do people stay in their present homes when their job relocates? My parents did, but I don't know if that's the norm. I would imagine new hires would seek to live close by.

[Geeo]

I would expect a bump in that area, but it may not just be in Cranberry. Drive further north on 79 and you can see it getting more built up from Jackson and Lancaster Townships through Zelienople to Portersville. Believe it or not, there is a traffic backup exiting at New Castle in the afternoon now. So I would imagine that a percentage of people may move to Cranberry when Westinhouse moves in, but another percentage may opt to live further out to avoid the Cranberry congestion and zip down 79 to the Cranberry exit without having to live there. I'll bet a lot of the established employees may stay in the eastern suburbs, since it's only a 20 mile commute on the turnpike. New employees coming from other cities will probably move to areas closer to Westinghouse.

[RockLobster]

The multiplier effect with Westinghouse growing in Cranberry has been anywhere from 8,000 to 13,000 new jobs over the upcoming 10 years. If that pans out, who knows. But allready land values are rising both for commercial and residential in the entire northern burb's. Closer to Cranberry-Wexford the rise is greatest. In Sewickley the residential listing of homes and estates in the over 1 million category is pretty high. There are numerous estates for sale. Actually many in the 2 to 3.8 million range. Much of this is due to downsizing and not out migration. And I have been told they are moving pretty well despite how many are on the market right now. My uncle owns 50 acres in Sewickley Heights and he just sold two parcels that will be both built on by multi million dollar homes. Of course Sewickley has always held it's own as a favorite upsclae community. Now with large sclae development not that far to the north some additional market rise is being felt in the village and Sewickley Heights. Pine Richland is feeling the growth of Westinghouse as several hundred new students are making their way into the school district as wee chat. I think the Westinghouse campus will give southern Butler County a huge development spurt that will really change the landscape of the north. Look for a continuation of growth there and really one of the few hot spots in all of Western PA as development goes. In fact if you were just dropped in the middle of the Cranberry area you might thik you were outside of Charlotte.

[globalburgh]

Originally Posted by pittnurse70

Who knows? In Denver, generally not. I don't know how that works in Pittsburgh. Do people stay in their present homes when their job relocates? My parents did, but I don't know if that's the norm. I would imagine new hires would seek to live close by.

My guess is that the new hires will be lion's share of the impact on real estate prices. Uprooting kids from school and perhaps venturing into a more formidible real estate market (along with the costs associated with moving) are likely prohibitive for most of the Monroeville workers.

[gswpa]

Seneca Valley has already started planning to build a new elementary school off 19 between Zelie and Portersville. They are expecting a huge growth in population north of Cranberry. The new Catholic High School and Elementary schools will help with the growth in Cranberry. From what I heard Pine Richland is expecting 300 new students within the next 2 years. Housing prices have skyrocketed in Southern Butler county. Like previous posts, I know people who are starting to look at the Lawrence County/New Castle area to commute to Cranberry.

[gswpa]

Houses on an acre of land in my area start at $270,000. And they are older homes that need work.