What's this city coming to? (Pittsburgh, Highland Park: rentals, condos, second mortgage)

[charisb]

Originally Posted by aw_now_what

People can ask whatever they like for property, but the only meaningful number is what it sells for. I'm gonna say $230,000. Twenty years ago in perfect shape it would've sold for more like $60k.

Yep. People can ask for any amount they want to. Getting it is a completely different matter. That house is going to be on the market for a loooong time.

[theta_sigma]

Originally Posted by SteelCityRising

Cue the East End liberals chiming in with "Ain't no thing as an East End Housing Crisis, son" in 3...2...1.

Developers aren't keeping pace with residential demand in this city these days, which has caused median rents to mushroom much more quickly than the national average over the past several years while incomes have remained relatively stagnant.

$375,000 for such an eyesore in an otherwise historic rowhouse neighborhood is a sin. I'd buy this, tear it down, and have to spend hundreds of thousands to build a two-story brick rowhouse that would better reflect the neighborhood's character.

No one is required to live in Lawrenceville. You could live like two miles away for a third of the price: http://www.realtor.com/realestateand...7-70875?row=15

[Rocket88]

Originally Posted by aw_now_what

People can ask whatever they like for property, but the only meaningful number is what it sells for. I'm gonna say $230,000. Twenty years ago in perfect shape it would've sold for more like $60k.

Probably so. I was being generous at $90,000 circa 1994. $90.000 was based on speculation very early in the game. That would be like speculating speculation. That is usually done by large real estate developers buying up chunks of property for investment in decrepid areas that they feel may one day be revitalized and not by small property owners.

[SteelCityRising]

Originally Posted by charisb

Yep. People can ask for any amount they want to. Getting it is a completely different matter. That house is going to be on the market for a loooong time.

The fact that people in Lawrenceville think ugly houses are worth $375,000 in and of itself is indicative of the neighborhood entering a housing bubble.

[SteelCityRising]

Originally Posted by theta_sigma

No one is required to live in Lawrenceville. You could live like two miles away for a third of the price: http://www.realtor.com/realestateand...7-70875?row=15

Stanton Heights is the exception---not the rule---for this part of town these days, though, and to be quite frank I don't know why it's still so affordable. Is it because the architecture is so dated overall? Is it because Pittsburghers don't want to walk more than 1/2-mile for anything?

[fat lou]

Originally Posted by aw_now_what

People can ask whatever they like for property, but the only meaningful number is what it sells for. I'm gonna say $230,000. Twenty years ago in perfect shape it would've sold for more like $60k.

TEN years ago. Hell, five years ago no one would have dreamed of asking for more than 150. No way, no day.

[I_Like_Spam]

Originally Posted by SteelCityRising

$375,000 for such an eyesore in an otherwise historic rowhouse neighborhood is a sin. I'd buy this, tear it down, and have to spend hundreds of thousands to build a two-story brick rowhouse that would better reflect the neighborhood's character.

The house in question is more than 50 years old, built in 1960.

I wouldn't call it an "eyesore" at all, it is reflective of the confidence of the builders to erect a home in a declining neighborhood- which L'ville was back in that era.

A lot like the split level home on Brereton St., it shows the historical attachment that Pittsburghers have had to the city, even when it was on a downward trajectory.

$375,000 is far too much, however.

[theta_sigma]

Tack on an extra $20 grand and you can buy in Morningside. For way less you can be in the flats of Garfield. I mean, yeah, it's the most expensive part of town within the city limits because it has the most amenities and the easiest commutes to the places most people work--and a lot of the people who work in those places make a lot of money. I've lived in this part of town literally my entire life and we're priced out of most of it now. It would be completely nuts if that were not the case because obviously the demand is high and the supply is pretty much fixed.

[jea6321]

I dont see it going for anywhere near asking price, but I have said that about a lot of places in lawrenceville lately and some have sold.

complete gut job buildings are now selling for over 100k on a regular basis. So i guess anything is possible.

[bradjl2009]

Originally Posted by Rocket88

What is Pittsburgh? An unreal city? Anyway, the seller may think a doctor may snatch it as an extra home up since it like two minutes from Children's Hospital. That house looks to be worth about $250,000.00. Twenty years ago, even in perfect shape, it may have snatched $90,000 in that locale.

As a Lawrenceville resident even $90,000 is generous. It would have sold for $50,000 IMO. It's insane how much home prices have gone up in the neighborhood the past 5 years.