Investing in Pittsburgh RE (Carnegie, Manor: middle-class, real estate, leasing)

[carlnasc]

I'm thinking about buying a 2 br condo (around 15213) for renting.
Is it a safe area? How is the current RE market?
I'm from NYC and would like one of my kids to attend one of the Pittsburgh colleges in the future.
Any insights are greatly appreciated!

Thanks!

[ferraris]

Zip codes aren't every useful in Pittsburgh real estate. I'm guessing that's a unit in one of the larger condo buildings in North Oakland or Shadyside? Yes it's a safe area and very convenient to the universities.

[carlnasc]

Originally Posted by ferraris

Zip codes aren't every useful in Pittsburgh real estate. I'm guessing that's a unit in one of the larger condo buildings in North Oakland or Shadyside? Yes it's a safe area and very convenient to the universities.

Oh OK, got it. In fact it is North Oakland. Thanks for the info!

[Geeo]

It's a great area right at the edge of the university/medical center district. There are some grad students living in the neighborhood, but also many professionals who work in Oakland, empty-nesters who have moved back from the suburbs, and senior citizens. It's a nice mix. The area is very walkable, has restaurants, bars and a couple of small Indian grocery stores. Walkable to the main library, Carnegie Museums, three universities, and Schenley Park. Good transit service, too.

[gladhands]

Originally Posted by Geeo

It's a great area right at the edge of the university/medical center district. There are some grad students living in the neighborhood, but also many professionals who work in Oakland, empty-nesters who have moved back from the suburbs, and senior citizens. It's a nice mix. The area is very walkable, has restaurants, bars and a couple of small Indian grocery stores. Walkable to the main library, Carnegie Museums, three universities, and Schenley Park. Good transit service, too.

There's also a lot of Carnegie Mellon undergrads with the rich parents in those buildings. It's probably a very good investment as a rental. In terms of resale, this probably less room to appreciate than other nearby areas.

[Moby Hick]

Originally Posted by Geeo

It's a great area right at the edge of the university/medical center district. There are some grad students living in the neighborhood, but also many professionals who work in Oakland, empty-nesters who have moved back from the suburbs, and senior citizens. It's a nice mix.

Yes. I'm thinking of moving to this area once I'm retired. I'll get a Segway and tool around.

To the OP: When you look, be sure to look at all the costs (fees and property taxes - which may be in the fees). These are likely to be high. And buildings with lots of old people probably won't tolerate the noise of a college party (which may be what you want as a parent).

[Geeo]

I know a few retired couples and singles who moved to this area from the suburbs. They love it because they're active and can walk to the park, library, museums, take classes, have a good meal, meet with like-minded people through clubs, and not be car-dependent.

[Moby Hick]

Originally Posted by Geeo

I know a few retired couples and singles who moved to this area from the suburbs. They love it because they're active and can walk to the park, library, museums, take classes, have a good meal, meet with like-minded people through clubs, and not be car-dependent.

All that plus, I work there now and figure when I'm old I won't want to get used to new things and I want to be close to Presby in case I need a angioplasty STAT.

[Geeo]

That's right! World-class hospitals right down the street.

[SteelCityRising]

I think North Oakland is truly one of the city's premier neighborhoods. It is just expensive enough to price out most of the rowdy undergraduates (with the exception it seems of the block of North Dithridge Street between Bayard and Centre). It is still cheap enough, though, that many middle-class senior citizens can afford to rent there without much financial strain.

The bigger buildings like Hampton Hall (166 North Dithridge), Dithridge Towers (144 North Dithridge), Dithridge House (220 North Dithridge), King Edward (4601 Bayard), King Edward (4609 Bayard), Sherwood Towers (230 North Craig), and Bayard Manor (4600 Bayard) are a nice mixture of empty-nesters, retirees, respectful graduate students (largely Asian-American), and some middle-aged DINK professional types. In my opinion most of these buildings are overpriced relative to the last time they were renovated in 1956; however, their vacancy rates remain low due to their excellent location. Why renovate if you have no trouble leasing with your units as-is? I feel like as the newer ultra-modern complexes are finished in Oakland, especially the big SkyVue complex near Carlow University's campus, demand may wane in these buildings, and management companies may have to reduce rent or renovate to remain competitive.