Why is Pittsburgh so cheap? (California: foreclosure, universities, taxes)

[juliegt]

Originally Posted by pittsteelerfan

But when you start talking about the nicer homes, and nicer nabes, like in the East end, or even the Southside, the price starts to shoot up and becomes comparible with other more expensive cities. Again, especially if you include 30 years of expensive property taxes on top of that. And let's not forget about the 3% wage tax that most cities don't have. Philly and NYC are the only other two I know of that do. Maybe there are others?

I live in a neighborhood in the SF Bay Area that has been very hard hit by foreclosures. My 2 bdr, 1 ba 760 sq ft home in bad condition appraises today for $342,000 - down from a high appraisal of $650,000 in 2005. I know I could buy a very nice home in a good neighborhood in Pittsburgh for what my home would sell for today. I can't do it because I owe more than what it is worth and I'm trying to hang on for a few more years in hopes that it will regain some of its value. Even with the high taxes Pittsburgh real estate is cheap compared to much of the country. Another good thing is that Pittsburgh hasn't seen the wild fluctuation in value that we've had in CA, Florida, Arizona to name a few.

[Copanut]

Originally Posted by juliegt

I live in a neighborhood in the SF Bay Area that has been very hard hit by foreclosures. My 2 bdr, 1 ba 760 sq ft home in bad condition appraises today for $342,000 - down from a high appraisal of $650,000 in 2005.

I'd be tempted to jump off a bridge, can't imagine that kind of loss. My house contains roughly 3200 sf and I'd be lucky to get 342K for it.

Good luck.

[creepsinc]

Originally Posted by COPANUT

Name a good hospital in the suburbs? Passaway comes to mind. All the cultural events are downtown, unless you consider the Comtra Theater a great place to watch a play. Although you could argue that the Pirates really aren't a pro team, I'd hate to drive to Cleveland to see a game. Add the Zoo, the museums, and all the sporting events and it would be a big gap in my lifestyle if Pgh were to go the way of Detroit.

my .02

This is sort of off topic and I'm not even the world's biggest sports fan, but I have to comment. The Pirates are most certainly a pro team, one of the oldest and most storied. It's kind of sad how they've been abandoned, even with the record-setting losing streak. If I didn't live here, I'd think it would be funny if they came back eventually, gave the finger to the fairweather Pittsburgh fans, moved to Charlotte or something and won the World Series (again). Chicago never gave up on the Cubs. Get a grip, they have the best ballpark in the league. They'll be back one day.

P.S. I really don't care about baseball.

[Copanut]

Originally Posted by creepsinc

It's kind of sad how they've been abandoned, even with the record-setting losing streak. If I didn't live here, I'd think it would be funny if they came back eventually, gave the finger to the fairweather Pittsburgh fans, moved to Charlotte or something and won the World Series (again). Chicago never gave up on the Cubs. Get a grip, they have the best ballpark in the league. They'll be back one day.

.

Fair weather fan? I've been a season ticket holder for over 25 years, but there comes a point when you have to see improvement. The Nuttings don't care about the team they put on the field, only the profit they make EVERY year. Last year they had the best outfield in the major leagues, what did they do, they traded Nady and Bay and got zilch in return.

They don't want fans, they want customers to spend money. Until there is a change in ownership nothing will happen.

[creepsinc]

Originally Posted by COPANUT

Fair weather fan? I've been a season ticket holder for over 25 years, but there comes a point when you have to see improvement. The Nuttings don't care about the team they put on the field, only the profit they make EVERY year. Last year they had the best outfield in the major leagues, what did they do, they traded Nady and Bay and got zilch in return.

They don't want fans, they want customers to spend money. Until there is a change in ownership nothing will happen.

I didn't mean to say you were a fairweather fan. I guess it's just a Pittsburgh thing (for the last 15 years or so) to bash the Pirates. Nobody sucks forever. They might not be good again in our lifetimes, but they'll come back.

[pittsteelerfan]

Originally Posted by juliegt

I live in a neighborhood in the SF Bay Area that has been very hard hit by foreclosures. My 2 bdr, 1 ba 760 sq ft home in bad condition appraises today for $342,000 - down from a high appraisal of $650,000 in 2005. I know I could buy a very nice home in a good neighborhood in Pittsburgh for what my home would sell for today. I can't do it because I owe more than what it is worth and I'm trying to hang on for a few more years in hopes that it will regain some of its value. Even with the high taxes Pittsburgh real estate is cheap compared to much of the country. Another good thing is that Pittsburgh hasn't seen the wild fluctuation in value that we've had in CA, Florida, Arizona to name a few.

San Fransico has ALWAYS had one of the MOST expensive realestate markets in the country, second probably only to NYC. In fact, there were years than San Fransico beat NYC as far as 'average' home prices (maybe still does?). Mannhattan of course is higher, but when you factor in the other boroughs, it brings the 'average' price down.

Not to mention the fact that living in San Fransico, professionals have the ability to earn a much higher salary than they would in Pittsburgh.

San Fransico was the first city to start the '40' year mortgage. In fact, maybe it was the only city to even offer it. Not to mention, no offense against my hometown of Pittsburgh, but trying to compare it to San Fransico? I'd say that San Fran wins easily.

When comparing cities, try and be realistic with the comparisons. With the exception of these two cities being hilly, they have nothing else in common. Whether you're comparing jobs, education levels, diversity, etc.

[chloride1]

Originally Posted by juliegt

I live in a neighborhood in the SF Bay Area that has been very hard hit by foreclosures. My 2 bdr, 1 ba 760 sq ft home in bad condition appraises today for $342,000 - down from a high appraisal of $650,000 in 2005. I know I could buy a very nice home in a good neighborhood in Pittsburgh for what my home would sell for today. I can't do it because I owe more than what it is worth and I'm trying to hang on for a few more years in hopes that it will regain some of its value. Even with the high taxes Pittsburgh real estate is cheap compared to much of the country. Another good thing is that Pittsburgh hasn't seen the wild fluctuation in value that we've had in CA, Florida, Arizona to name a few.

I'm sorry to hear about this loss in value of your home! Must be very frustrating.

You could definitely get a nice place in Pittsburgh for $342,000. For example, you could get a much bigger new condo for that price. The property taxes are high (but at least they are tax deductible).

I hope your real estate market picks up, and your home value catches up to your mortgage!

[Tallysmom]

Originally Posted by juliegt

I live in a neighborhood in the SF Bay Area that has been very hard hit by foreclosures. My 2 bdr, 1 ba 760 sq ft home in bad condition appraises today for $342,000 - down from a high appraisal of $650,000 in 2005. I know I could buy a very nice home in a good neighborhood in Pittsburgh for what my home would sell for today. I can't do it because I owe more than what it is worth and I'm trying to hang on for a few more years in hopes that it will regain some of its value. Even with the high taxes Pittsburgh real estate is cheap compared to much of the country. Another good thing is that Pittsburgh hasn't seen the wild fluctuation in value that we've had in CA, Florida, Arizona to name a few.

I second that -- but I live in the second worst zip code in the Bay Area. My 1005 square foot house had a high appraisal of 475000 -- now we're hitting 118K -- a massive 75% loss.

At least we're not upside down.... but I bought my house in 1987 for 72,000.

[Tallysmom]

Originally Posted by Tinare

"There are many local theaters, and I would hardly count downtown Pittsburgh as a thriving theater district. (Especially if you take the university out of it)"

What in the 'burbs compares to the shows at the O'Reilly, Benedum, Heinz Hall or Bynam???

Comtra Playhouse in Cranberry Township and the Red Barn in Fombell...

[fleetiebelle]

They don't want fans, they want customers to spend money.

That's probably true, but the thing with the Pirates is that, unlike with the Steelers, you can actually go to a game. There are tickets for sale to the public, and you can sit in PNC Park on a nice summer evening and have an overpriced beer and a hot dog.