Supply Of Under $25k City Properties Dwindling? (Harrisburg, McKeesport: sale, mortgage)

[Q-tip motha]

Originally Posted by JayTwila

While I've only been in Pittsburgh for a few years I have noticed properties in nearly ALL City neighborhoods are up. There are fewer and fewer inhabitable properties under $25,000.00 any more. The days of the under $15,000.00 properties seem to be gone. At least when it comes to Zillow and even Craigs List. Is anyone else noticing the same? Just curious!

Everyone realizes that the reason these properties were under 25k was due to the fact that they needed a lot of work and are the product of decades of low demand due to so much migration from the area...right? 15k for a house isn't a bargain if the place is barely livable.

Any place that is under 50k probably isn't a place that you'd want to own unless you know a significant amount on how to fix the place up, and actually have the interest in doing so. If you can't afford a mortgage payment for a house that costs at or more than that amount (to give you an idea ours is currently at $450/month with 47k left to pay off), you're better off trying to save up until a real steal comes along.

[PreservationPioneer]

Originally Posted by Q-tip motha

Any place that is under 50k probably isn't a place that you'd want to own unless you know a significant amount on how to fix the place up, and actually have the interest in doing so.

There are many, many homes under 50k that are in immaculate condition, based on what I have seen. Most of them are in less desirable areas, river towns, or suburbs. However, many do not retain much of their original character, or are post-War ranches and Colonials in places like Penn Hills, Baldwin, Lincoln Place, and Blackridge.

[Q-tip motha]

Originally Posted by PreservationPioneer

There are many, many homes under 50k that are in immaculate condition, based on what I have seen. Most of them are in less desirable areas, river towns, or suburbs. However, many do not retain much of their original character, or are post-War ranches and Colonials in places like Penn Hills, Baldwin, Lincoln Place, and Blackridge.

Immaculate?

That's a bit of a stretch don't you think?

[PreservationPioneer]

Originally Posted by Q-tip motha

Immaculate?

That's a bit of a stretch don't you think?

No. Here is a sampling of immaculate houses you can find in the $40-50k range in Allegheny County. Many of these are in very safe neighborhoods, too.

Windgap: Sheraden Real Estate - 3431 Harrisburg Street, Sheraden, PA, 15204

Beechview: Beechview Real Estate - 2318 Vodeli Street, Beechview, PA, 15216

Lincoln Place: Lincoln Place Real Estate - 5414 Fredanna, Lincoln Place, PA, 15207

North Side: Perry Hilltop Real Estate - 3103 Tretow Street, Perry Hilltop, PA, 15214

Carrick: Overbrook Real Estate - 431 Ariston Avenue, Overbrook, PA, 15210

Coraopolis: Coraopolis Real Estate - 1025 Vance Avenue, Coraopolis, PA, 15108

Port Vue: Port Vue Real Estate - 501 Manning Avenue, Port Vue, PA, 15133

East McKeesport: East McKeesport Real Estate - 1340 Broadway, East McKeesport, PA, 15035

Chalfant: Chalfant Boro Real Estate - 202 Rossmore Street, Chalfant Boro, PA, 15112

West Mifflin: West Mifflin Real Estate - 319 Oak, West Mifflin, PA, 15122

McKeesport: McKeesport Real Estate - 2803 LAFAYETTE ST, McKeesport, PA, 15132

North Versailles: N Versailles Real Estate - 403 Meadowbrook Dr., N Versailles, PA, 15237

[Caladium]

I like that one on Vodeli Street. What's Beechview like as a place to live? That's an area that doesn't get discussed that much on this forum.

[selltheburgh]

Originally Posted by JayTwila

Yes. Relative to comparative income levels and purchasing power parity. Yes. I know properties under $50,000.00 that are inhabitable can be a total bargain. But it's still a shock to see a house jump from $10,000.00 to $15,000.00 to $20,000.00 in the space of say 5 years.

No it isn't when a roof costs $7,000 and a furnace is $4,000.

Prices don't usually don't double in a few years without improvements unless they are in an area that didn't appreciate for decades like Lawrenceville, East Liberty, or the Southside 15 years ago.

[zman63]

Originally Posted by PreservationPioneer

I would go with Erie. It has one of the lowest crime rates of any city in PA, has a lot of big city amenities, walkable downtown and neighborhoods, sub $20k historic cottages, and PRESQUE ISLE.

Erie is nice, but if you work in pittsburgh a 2.5 hour commute one way is a little too long. Thats why I suggested wv. I would think the job market up there is worse than pgh.

[Moby Hick]

Originally Posted by Q-tip motha

Everyone realizes that the reason these properties were under 25k was due to the fact that they needed a lot of work and are the product of decades of low demand due to so much migration from the area...right?

Exactly. You pretty much need to have long-term depopulation to get a house that cheap because otherwise the cost of existing housing will stay at some relatively high fraction of the cost of building a new house.

The $25,000 house was never going to last. Either demand picks-up and the prices increase or demand stays low for long enough that nobody puts any money in the house and it gets abandoned.

[trackstar13]

Originally Posted by zman63

Erie is nice, but if you work in pittsburgh a 2.5 hour commute one way is a little too long. Thats why I suggested wv. I would think the job market up there is worse than pgh.

Yes the job market in Erie is worse than Pittsburgh, but there are jobs for those with certain qualifications with Erie Insurance and all of the colleges/universities and hospitals. The key is getting a job before you move which is something I would always recommend regardless of where you are planning on moving.

[robrobrob]

Originally Posted by selltheburgh

No it isn't when a roof costs $7,000 and a furnace is $4,000.

Prices don't usually don't double in a few years without improvements unless they are in an area that didn't appreciate for decades like Lawrenceville, East Liberty, or the Southside 15 years ago.

If all you can afford is a 25,000 house I don't think you have any business owning a home. The problems is appliances, roofs, etc. cost the same whether the house is worth 25,000 or 250,000. It is different if you could afford a 100,000 house and made the choice to buy a 25,000 house. Regardless, I would think you would need to save about 500 a month for potential maintenance.

We do fine but it will still be a hit when we have to replace our furnance/ac or our roof.