Interesting article about apts versus condos Downtown (Pittsburgh, Liberty: section 8, real estate)

[BrianTH]

Here it is:

Downtown: Apartments surge, condo market fades

In a nutshell, because demand for apartments is much deeper right now, and apartment developments are currently easier to finance, most of the residential projects in the Downtown pipeline are now apartments.

As briefly touched on in the article, however, ultimately apartments can be switched to condos, and vice-versa. So really, to me the news is that despite the softness in the condo market, residential developments of some sort are still moving ahead.

[Blackbeauty212]

Haven't we been saying this - Downtown need more Middle/Working Class affordable residences...I feel that while downtown has been able to increase population, to make an even stronger growth we need residential that attacts more than the Upper Affluent....

Slow Down on the Condo's for the Elite and focus more on what Pittsburgh is at its core, Middle, Working class Affluent. Downtown would explode with available rents in the neighborhood of 850-1200 a month for a 1 bedroom. I see no problem with the Rivervue(State Office bldg) and the Verizon Apts filling up in no time.

[Copanut]

I agree, any new housing in downtown will be a minimum of 200K plus, and that may be a stretch. Only the elite will live Downtown.

[Craziaskowboi]

Space as at a premium downtown, so $200K is likely the price floor.

[I_Like_Spam]

Originally Posted by Blackbeauty212

Haven't we been saying this - Downtown need more Middle/Working Class affordable residences..

I don't think that's very practical, due to the cost of real estate in town.

Even the higher priced apartments and condos in town have received tax deferment and priority in parking authority garages to make them a reality.

And I don't know how appealing living right in downtown would be for a regular joe who doesn't like entertainment that requires the patrons to wear tuxedos.

[Blackbeauty212]

The Rivervue and Verizon Apts are to serve that exact market...it can be done, the market is starving for it....Just developers were more so chasing the Elite Condo Dollar more so than the rental market...

Not saying downtown needs to attract Section 8's.....But a healthy Middle Market (850-1200$ mth 1br rent) it definitely needs....Downtown cannot be success catering only to the Elites this is not Manhattan.

[BrianTH]

I agree it is a good thing if the entry-level price for new rentals in Downtown is under $1000/month. I don't know how long that will last, but for now I am glad to see more units like that in the pipeline.

[gg]

Originally Posted by BrianTH

I agree it is a good thing if the entry-level price for new rentals in Downtown is under $1000/month. I don't know how long that will last, but for now I am glad to see more units like that in the pipeline.

It would make lots of sense to have sub $1000 a mont rentals downtown. I think they would go pretty well and for the young person that works downtown, I think it would be perfect. You don't have to deal with the very poor public transportation we have. Walk to work and enjoy.

Now is it possible? Can you build and rent for that? I do think it is a winner.

[Blackbeauty212]

The Sub 1000$ mth market doesnt even need to be full 1brs, it can be served nicely with Studio's and Jr 1brs. I think full 1brs can still attract a healthy middle market for 1000$ - 1300$ a month.

[gg]

Originally Posted by Blackbeauty212

The Sub 1000$ mth market doesnt even need to be full 1brs, it can be served nicely with Studio's and Jr 1brs. I think full 1brs can still attract a healthy middle market for 1000$ - 1300$ a month.

I think the reason you don't see it happening is because for the young professionals that work downtown there isn't enough to do there in the evening hours. In other words it isn't hopping.

It is an interesting puzzel. Where does that young professional shop for groceries if they live downtown? Sure there are bars that are cool to go in the city at night, but places like the South Side have everything you need and it is very close to the city. Even the North Shore has more than downtown for living.

I think if they were going to build something like that, it needs to be on the Strip Districts side of the downtown. That way the people living down there have access to some shopping. Of course the Strip closes so early that when people living there get off work they can't buy groceries.

Maybe the best thing to do is throw in the towel. Pittsburgh hasn't been a place to live for the masses for so long that it may never really happen.

On the other hand, I feel I could live downtown. It seems to peaceful and quiet at night as long as you aren't around the bus stop on Liberty Ave. If you are away from that, it would be pretty cool to live down there. Sure groceries are a bit of a pain, but you can plan for that.