Why are the values of homes in the suburbs/urban areas of Pittsburgh the inverse of other cities? (Lebanon: foreclosures, rental) - Pennsylvania (PA) - Page 2 - City-Data Forum

Copanut · 10-19-2009, 02:08 PM

Quote:

Originally Posted by robrobrob

It really depends on where you buy in the city. I think the people who live on the South Side, Shadyside, Squirrel Hill and the other nice areas of the city love their appreciation.

Show me some stats.

BrianTH · 10-19-2009, 02:12 PM

Quote:

Originally Posted by Fiddlehead

I will stick my neck out here and say that West Coast folk from Hollywood to Berkeley to Portland to Seattle will get wind of these values and the ability to live an ecologically-sensible lifestyle and invade...soon. The differences in value for a starting family are just too vast for Pittsburgh to remain undiscovered.

The differences with some nearby East Coast cities are also pretty stark now for young families with what not too many years ago would have been realistic expectations given their household incomes.

That said, I'm not sure if this will be a rapid process, at least initially. Pittsburgh has some pretty strong national branding, much of it negative, that took over a century to develop and may only be slowly unwound over the next couple decades. Or it could burst like a dam in a matter of years . . . I really don't know. I'm just hoping for something on the slower end.

gameguy56 · 10-19-2009, 02:18 PM

Quote:

Originally Posted by Copanut

Show me some stats.

Real estate prices higher in some places Appreciation in the South Side is double that of cranberry

Geeo · 10-19-2009, 02:30 PM

One great thing about the in-town neighborhoods and the streetcar suburbs (some do still have streetcars) is that you save a ton of money on gas cause you don't have to use the car for everything. And whether it's streetcar or bus, there is good public transportation, especially with the busways.

Copanut · 10-19-2009, 02:44 PM

Sure, buy a pos in the slopes for 20K, dump in 100K, sell it for 150K, and it shows an increase. Not buying it.

Fiddlehead · 10-19-2009, 03:20 PM

Quote:

Originally Posted by BrianTH

The differences with some nearby East Coast cities are also pretty stark now for young families with what not too many years ago would have been realistic expectations given their household incomes.

That said, I'm not sure if this will be a rapid process, at least initially. Pittsburgh has some pretty strong national branding, much of it negative, that took over a century to develop and may only be slowly unwound over the next couple decades. Or it could burst like a dam in a matter of years . . . I really don't know. I'm just hoping for something on the slower end.

I am going with the dam bursting. But I suspect that it will be highly spotty. Folks now seem to be very herd-minded with certain areas moving in mass based on common demogaphics. I have seen it out here. All the places that appealed strongly to amenity-seeking Californians (e.g. Bend, Ashland,OR, Boulder, CO, Santa Fe, NM, Jackson Hole, WY) were blasted into the stratosphere in the bubble, but other less high-profile areas (e.g. Salem,LaGrande OR, Pueblo, CO, Cheyenne, Sheridan, WY) had very little bubble up. So, if Pittsburgh gets discovered, the hip neighborhoods will be inundated by NYC, DC, and San Fran refugees and will rise several standard deviations above the surrounding areas. That is what we saw. Not really a good thing in my mind, but perhaps in moderation it would be ok.

zip95 · 10-19-2009, 04:32 PM

Its traffic, or the lack thereof, in Pittsburgh.

In many cities, the most successful do not consider it a privilege to drive 90 mins to work... These issues are smaller in Pittsburgh, but they still exist. Look at Shady Side... easy access to downtown and Oakland for those that can afford the housing and private schools.