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Old 05-09-2011, 08:02 AM
 
20,273 posts, read 30,771,023 times
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Here is the article:

East Liberty housing now pays big dividends

On the affordable side, they have developed a lot of housing units reserved for lower-income households, which have long waiting lists. But on the market rate side, the local CDC, East Liberty Development Inc. (ELDI), has succeeded in buying up distressed or vacant properties, doing basic prep work, and then selling them off to waiting private buyers. The result is that average housing prices within the ELDI footprint (so far they have been focusing on the area between Penn Circle and Stanton/Negley and Highland) are way up, and some homes are even selling in the 300s. Not covered in the article, but something I know from other sources, is that they have also developed some projects which are a mix of affordable and market-rate housing, which have rented out immediately.

Obviously this is all great news for East Liberty. And hopefully it will also provide a roadmap for other core areas as they revitalize (e.g., as a resident of Wilkinsburg, I am very interested in how things are going in East Liberty and what we can learn from their successes).
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Old 05-09-2011, 08:44 AM
 
Location: ɥbɹnqsʇʇıd
4,601 posts, read 6,221,342 times
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Good for them, I'm happy that the area is turning around.

At the same time, I still think it's insane to buy a house there for over $300k.
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Old 05-09-2011, 08:52 AM
 
20,273 posts, read 30,771,023 times
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Quote:
Originally Posted by Aqua Teen Carl View Post
At the same time, I still think it's insane to buy a house there for over $300k.
Obviously there is some speculation involved. But part of me thinks in 20 years, tales of buying nice homes in East Liberty for much less than that will strike people as equivalent to tales of 25-cent gallons of gasoline.
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Old 05-09-2011, 01:24 PM
gg
 
Location: Pittsburgh
23,129 posts, read 21,921,790 times
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Quote:
Originally Posted by Aqua Teen Carl View Post
Good for them, I'm happy that the area is turning around.

At the same time, I still think it's insane to buy a house there for over $300k.
It is good some deep pockets stepped in and built the place up a bit and tore down piles of low income places. I will have to look at what properties sold for that kind of money. They must have been huge and maybe could be broken up into apartments? If they keep tearing the place down and building it up, maybe someday the place will be something. Thankfully big money stepped in to bail that place out.
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Old 05-09-2011, 02:11 PM
 
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If I am recalling correctly, the $315,000 place might have been a custom-build. I wonder if it is the same with these $340,000 places.

There was also a place at 720 N. Euclid that recently sold for $270,000. The ELDI picked it up for under $28,000 in 2007, in what looks like a foreclosure sale (since they bought it from a mortgage company). It is a pretty normal-looking 2000 sqft Pittsburgh house:

http://www2.county.allegheny.pa.us/R...&SearchParcel=

Edit: Here is the 2009 Annual Report on the ELDI, in case anyone is interested in learning more about them:

http://eastlibertypost.com/postpic/2009_Annual_Report_Final-Draft.pdf (broken link)

In a nutshell, they are a Community Development Corporation, a non-profit that was established by the community in 1979.

Last edited by BrianTH; 05-09-2011 at 02:22 PM..
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Old 05-09-2011, 04:20 PM
 
Location: Mt Washington
92 posts, read 135,969 times
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I'm just glad to see Diana Jones Nelson writing an article thats NOT about the northside i.e her neighborhood.
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Old 05-09-2011, 05:38 PM
gg
 
Location: Pittsburgh
23,129 posts, read 21,921,790 times
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Quote:
Originally Posted by BrianTH View Post
There was also a place at 720 N. Euclid that recently sold for $270,000. The ELDI picked it up for under $28,000 in 2007, in what looks like a foreclosure sale (since they bought it from a mortgage company). It is a pretty normal-looking 2000 sqft Pittsburgh house:

Allegheny County Assessment
I am lost on that one. Says they paid $270K, it is assessed at $85ish and the compatibles are a bunch of cheap properties. That is one crazy sale. I can't even imagine something selling for a price like that and I know that area extremely well since I used to live less than two blocks from that place.

Most homes in East Liberty sell for under $60K. I was looking for the really expensive stuff and nothing at all came up on the WPML. Guess they don't used the MLS system in that area?
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Old 05-09-2011, 06:15 PM
 
Location: Pittsburgh, PA
524 posts, read 959,814 times
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None of this is news to me up in my corner of East Liberty. Those of us who have been investing and living in this area are on it, believe me.

People are snapping up gorgeous homes in the Black/Chislett/Negey/Stanton square and taking them back to single family homes, or renovating the apartments to appeal to medical professionals, visiting scholars, etc.

Granted, these sales are over the past few years, but that's all the more encouraging, imo. Here are some of the more significant sales in this area of East Liberty over the last couple of years:

$250,000
Allegheny County Assessment

$310,000
Allegheny County Assessment

$270,000
Allegheny County Assessment

$178,000
Allegheny County Assessment
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Old 05-09-2011, 06:55 PM
gg
 
Location: Pittsburgh
23,129 posts, read 21,921,790 times
Reputation: 15135
Quote:
Originally Posted by onwardandupward View Post
None of this is news to me up in my corner of East Liberty. Those of us who have been investing and living in this area are on it, believe me.

People are snapping up gorgeous homes in the Black/Chislett/Negey/Stanton square and taking them back to single family homes, or renovating the apartments to appeal to medical professionals, visiting scholars, etc.

Granted, these sales are over the past few years, but that's all the more encouraging, imo. Here are some of the more significant sales in this area of East Liberty over the last couple of years:

$250,000
Allegheny County Assessment

$310,000
Allegheny County Assessment

$270,000
Allegheny County Assessment

$178,000
Allegheny County Assessment
Thanks for those links. It is amazing that people can pay that much money all in one area of East Liberty and the property values stay so low for taxes. If I bought a home like that in my area and paid that much more than current value, the school district would have me in court so fast it would make your head spin. Guess they don't do that in the city. I would hate to be them if the taxes get reassessed. I can't imagine the tax bill if they were assessed at purchase price on those. Probably something like $16K a year or something like that. Yahoo!

Great to see that little pocket do well though. That is right next to Highland Park and to be honest, not my favorite area. I will have to ride my bike through that street. Lots of crime right around there all the time. Hope it keeps cleaning itself up.

East Liberty some day might be a really nice place if they can rid the area of the drugs and such. Hope it continues on a more high end track and it becomes too expensive for the litter bugs. One can only hope.
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Old 05-09-2011, 09:03 PM
 
20,273 posts, read 30,771,023 times
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Here is a link to a few more SFHs that have sold in the 200s recently in East Liberty.

http://www.zillow.com/homes/recently...98_rect/13_zm/
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