What's this city coming to? (Pittsburgh, Butler: apartment, rent, townhouses)

[steindle]

Quick -- someone inform the Census Bureau (who I believe said that the Flats were one of 5-6 neighborhoods in the city to gain population from 2000-2010) and Carson Street retailers and bars (who appear to be as busy as ever) that urban kingmaker bluecarebear has cast the die, and it is sure to decline sharply.

[UKyank]

Originally Posted by bluecarebear

My prediction is the Southside will decline sharply. Everything good that is on Carson can be found in other neighborhoods without crossing a river to get to it (and dealing with the horrendous traffic). Carson makes for a good tourist stop but for day to day use, Southside isn't where people are wanting to live, eat, or party.

Obviously disagree & looking at numerous recently sold homes likewise disagree

[selltheburgh]

Originally Posted by eschaton

But the house was bought by a flipper, and they have major advantages over homeowners. They buy in cash, meaning they don't have to worry about paying a mortgage while the house is sitting empty. So they don't have the same incentive to quickly drop the price that someone who is moving does. They can wait around for a sucker from out of town.

That's not always the case. I'm in the process of 3 flips right now and I'm paying interest on all 3. One was a "cash purchase" and but it was leveraged from other assets. The other 2 are each on commercial loans for about 80% of the entire purchase and rehab.

[selltheburgh]

Originally Posted by jea6321

Southside has somewhat flat lined in appreciation recently. Homes that were selling for 250-300k are now being listed around 200-230k. It will correct itself eventually and get back to peak prices, but for the short term, south side looks like a good place to find a deal.

I think that Lawrenceville will avoid that if Butler doesn't become the obnoxious party zone that E Carson now is. The mix of gangsters and past present and future frat boys starting fights on the weekends makes the Southside terrible. Most of them commute in from other areas.

Plus Southside was very unique in being a walkable neighborhood that wasn't Shadyside.

I think that a lot of would-be Southside buyers deflected to Lawrenceville instead. Same access to Downtown, closer to the strip, Closer to Bloomfield and Shadyside. Not as much BS on the weekends. It also draws mentally people from the East End because there aren't any bridges to cross.

[selltheburgh]

Also - Southside is a pretty strong market. There are new construction townhouses under contract listed just under 400k.

Comparing single family and condos for the two neighborhoods:

2014 Southside from the MLS
132 houses currently on the market (18 of which are under contract)
155 sold year to date
Highest sale price - $699,000 (Windom Hill Place) great view new construction developed by Sota Construction
Median sales price - - $180,250 (S 15th, 1 BR, 1 Bath condo)


2014 Lawrenceville from MLS
75 houses currently on the market. 12 of them are under contract.
144 sold year to date
Highest sale price - $485,000 (38th St near Penn) new 2 year old house developed by Senko (owner of new buildings where Iron City and Franctuary are).
Median sales price - $164,900 (Home St - 2br, 2.5 bath renovated house).

[bluecarebear]

Originally Posted by selltheburgh

I think that Lawrenceville will avoid that if Butler doesn't become the obnoxious party zone that E Carson now is. The mix of gangsters and past present and future frat boys starting fights on the weekends makes the Southside terrible. Most of them commute in from other areas.

Plus Southside was very unique in being a walkable neighborhood that wasn't Shadyside.

I think that a lot of would-be Southside buyers deflected to Lawrenceville instead. Same access to Downtown, closer to the strip, Closer to Bloomfield and Shadyside. Not as much BS on the weekends. It also draws mentally people from the East End because there aren't any bridges to cross.

It's the Strip and Northside that is hot now. Lawrenceville is kinda not cool any longer. The Southside is being avoided because of the Bro factor. Bros are out.

[ForYourLungsOnly]

jeebus...Larryville ain't THAT exciting.

[bluecarebear]

Originally Posted by steindle

Quick -- someone inform the Census Bureau (who I believe said that the Flats were one of 5-6 neighborhoods in the city to gain population from 2000-2010) and Carson Street retailers and bars (who appear to be as busy as ever) that urban kingmaker bluecarebear has cast the die, and it is sure to decline sharply.

That was 4+ years ago. A LOT has changed in 4+ years. Pittsburgh is revitalized trendy. The twentysomethings and others like myself don't buy houses, they rent. Southside is not "in".

[selltheburgh]

Originally Posted by bluecarebear

That was 4+ years ago. A LOT has changed in 4+ years. Pittsburgh is revitalized trendy. The twentysomethings and others like myself don't buy houses, they rent. Southside is not "in".

That's not true. I know a lot of 20 somethings that have purchased. You are over generalizing. 20 somethings are transient and college debt burdened, but they are still purchasing. I've seen multiple houses over 250k in the city sell from one 20 something to another. The seller was buying up. The buyer was a first time home buyer.

I agree that the Northside is getting hotter. But the sales figures don't compare to Lawrenceville or other East End neighborhoods at this point.

You say the strip is hot. There are a lot of expensive rentals there and some million dollar condos about to be built. There isn't much along the lines of inexpensive housing though. The population is definitely increasing and it is starting to merge with Lawrenceville. 10 more years and they will be pretty well connected.

[UKyank]

Originally Posted by bluecarebear

That was 4+ years ago. A LOT has changed in 4+ years. Pittsburgh is revitalized trendy. The twentysomethings and others like myself don't buy houses, they rent. Southside is not "in".

The ones I know buy houses, including in both the southside & lawrenceville neither of which is looked at as not being 'in'. Whether either area is of your particular taste is purely a personal preference & completely fine, but actual sales statistics show that many other people find both places to their particular liking & are willing do spend a lot of money to live in them; I don't foresee this coming to an end anytime soon. New construction apartments would also suggest that renters find it popular as well.


I personally hope that every neighborhood in pittsburgh becomes an uber-popular 'in' place that people want to live & don't see any reason there should be a competition among any of them.