Whats up with the recent insane appreciation of East End houses? (Liberty: sales, to rent)

[Moby Hick]

Originally Posted by bluecarebear

It would be a better choice to rent than invest.

Certainly is you know you are not going to stay in the area, owning is risky. But if you are here for a while and rent, you have no control over your cost of living. Rents are up quite a bit over even the last five years.

https://www.rentjungle.com/average-r...h-rent-trends/

And while some of neighborhood popularity is just fashion, plenty of it is based on relatively fixed factors like location and infrastructure. Certainly Squirrel Hill real estate doesn't have the potential upside of San Francisco, but it also has never plummeted in value to the degree SF did in the last recession.

[jea6321]

the east end has been very steady for the past 5 years. Lawrenceville is the only area that has seen a year with double digit increase in appreciation. it has not been a 20% balloon increase in the matter of a few months. Unless something drastic changes with the market, I dont see prices slowing down or decreasing. one option would be to buy a fixer upper with a renovation loan as you do still find them on occasion in said neighborhoods. The numbers typically work very well and you would end up with a fairly nice amount of equity if done right.

on the other hand, If you can find a really nice rental for 1k in squirrel hill, I suggest jumping all over it.

[Geeo]

While I think the appreciation and bidding wars are pretty common in parts of the city like the East End, I think the overall market is more sedate. The East End has always been an in-demand area because of location and they aren't building many more houses because it's pretty full. So whatever is available will sell, often at a premium. It's just that in the last few years there are more people coming to live here from other cities and they see the prices as pretty reasonable.

[eschaton]

Maybe the OP could mention their price point? We might have some outside-the-box ideas for them.

[gladhands]

Before we bought our house in Shadyside, four years ago, we put another house under contract, but backed out after the inspection. A few weeks later, it's sold for roughly the same price as our offer. That house just sold last month, with no visible updates, for 100k more than its last sale.

[Restinari]

Originally Posted by eschaton

Maybe the OP could mention their price point? We might have some outside-the-box ideas for them.

Our purchase price is at an upper limit of 450k.

[eschaton]

Originally Posted by Restinari

Our purchase price is at an upper limit of 450k.

That seems like a fair amount. I thought you were looking for a sub-$300,000 house or something, which would be really difficult in the East End.

For whatever reason Realtor won't load on my work computer anymore, but looking on Zillow/Trulia, there are 80+ houses in the $250-$450 range in Squirrel Hill, Shadyside, Point Breeze, Regent Square, Friendship, East Liberty, Highland Park, and Morningside. Are you looking for something special - like a lot of bedrooms, historic charm, a garage, etc?

[Paul2421]

Originally Posted by Moby Hick

Certainly is you know you are not going to stay in the area, owning is risky. But if you are here for a while and rent, you have no control over your cost of living. Rents are up quite a bit over even the last five years.

https://www.rentjungle.com/average-r...h-rent-trends/

And while some of neighborhood popularity is just fashion, plenty of it is based on relatively fixed factors like location and infrastructure. Certainly Squirrel Hill real estate doesn't have the potential upside of San Francisco, but it also has never plummeted in value to the degree SF did in the last recession.

i am a little skeptical on the statistics they are pulling but can't really deny the increase since 2010. that is quite significant. from like 600 to 1000 for a one bedroom.

[jea6321]

Originally Posted by Restinari

Our purchase price is at an upper limit of 450k.

there are lots of homes in your price range available. Not as much in shadyside but sq hill, regent square, friendship, highland park, east liberty etc.

have you considered a renovation project? at your price point it could be a very viable option.

[zipman]

I'm sure you get Zillow updates:

7549 Graymore


I'd be surprised if that house sold for anything less than the asking price - I'd expect it to go for more. Homes under $500k are pretty difficult in the East End. Good luck finding anything updated with much of a yard for under $600.