Pittsburgh condominiums (Lebanon, Washington, Oakland: real estate, apartments, rentals)

[RogersParkTransplant]

This is a sincere question -- I have no agenda beyond curiosity and the hope of learning from those of you who have a good nose for real estate.

My sense is that Pittsburgh just isn't a great place to buy a condo. There doesn't seem to be many units available, and the few I see listed strike me as overpriced compared to houses in similar locations. Beyond that, I am surprised we don't have more large old houses converted to condos, or more apartment buildings becoming condominiums. Granted my perspective is probably skewed because I lived in Chicago, land of the lakefront condo, and I am often in very expensive cities like Boston and DC where buying a condo is often the only feasible option for younger people and families.

I'm especially curious about the North side, because I see a lot of big buildings that strike me as "the sort of thing that would make good condos" but are sitting empty. What am I missing? Why aren't developers flipping more big empty spaces into cool urban lofts, and/or why are all the lofts I happen to know all rentals?

I'm happy to be corrected on all this, of course. I'm mainly curious to know why there aren't more developers renovating old buildings to sell as condo units, but if they are and I am just oblivious, I would love to know where to look. Is it just that everyone wants a house around here? Is it a zoning problem? Or are there condos in the suburbs?

[DaisyDaisy]

I know people who live in condos downtown and Oakland and am pretty sure there are some in Sq. Hill, Mt. Leb, Mt. Washington. I believe there are some buildings on South Side that have been broken into condos. Interesting question about North Side specifically, not sure why there wouldn't be more over there.

The Carlyle is a former bank building downtown. Perhaps buying a condo will become a trend if some of these newer bldg. rents keep going up.

[RogersParkTransplant]

Originally Posted by DaisyDaisy

I know people who live in condos downtown and Oakland and am pretty sure there are some in Sq. Hill, Mt. Leb, Mt. Washington. I believe there are some buildings on South Side that have been broken into condos. Interesting question about North Side specifically, not sure why there wouldn't be more over there.

The Carlyle is a former bank building downtown. Perhaps buying a condo will become a trend if some of these newer bldg. rents keep going up.

Thanks -- that pretty much aligns with my sense of where the condos are, too. I didn't mean that there are none, just less than I would have thought, and not as widely available as I would have imagined. Also the vast majority that I happen to know about are new-ish; I guess what I really miss are the grand old arts and crafts style condos you find in Rogers Park, Andersonville, and Evanston in/near Chicago. It also occurs to me a lot on the Northside, because there are a lot of rather run down apartments and empty warehouses, and I just wish someone would do something pretty with them.

[DaisyDaisy]

Right. Seems like lofts took off many years ago here and were the big trend for a bit. Maybe condos could take off at some point.

Would be nice to have something like that here and it does seem like there's some buildings that could be converted on Northside.

[RogersParkTransplant]

I admit I have been eyeing this quirky red brick building at the corner of Middle and Tripoli...I don't know the status of the building to be honest, but I daydream about it becoming something truly special. Then there's this one over on East Street, which is big and handsome and apparently empty. There are some nice condo buildings on the other side of E Ohio, especially Avery and Lockhart streets, but you would think with all the houses being flipped between North Ave and E Ohio these larger buildings could get some love, too. And then there's E Ohio itself, full of gorgeous Victorian buildings that have nothing going on upstairs...

[bluecarebear]

There is no great growth in population, residents want the perks of the burbs, couples with kids don't want condos, the city is becoming more transient, the economy has to be able to support the expensive condos, cost of the flip, condition of the buildings, and the North Side can be sketchy in certain areas with crime.

[PghYinzer]

I would say it has more to do with financing. It is easier to get financing for apartments than it is for condos.

[Goinback2011]

Shadyside, Mt. Lebanon, Downtown....that's where the listings are on Realtor.com.

[erieguy]

Originally Posted by Goinback2011

Shadyside, Mt. Lebanon, Downtown....that's where the listings are on Realtor.com.

They're more desirable areas. Can't imagine being much of a market for condos in the NorthSide...and if there was, someone would capitalize on it.

[Copanut]

Originally Posted by PghYinzer

I would say it has more to do with financing. It is easier to get financing for apartments than it is for condos.

Apartments can be condos, detached homes can be condos. Apartment is a style, condo is a form of ownership.