Former Saks site development - condos (Pittsburgh, Lawrenceville: homes, neighborhood, buying)

[Copanut]

I can't imagine growing up in a high rise. I'll take the 'burbs or country.

[PreservationPioneer]

Who is buying all of these million dollar condos in the city?

[bmust71]

Originally Posted by PreservationPioneer

Who is buying all of these million dollar condos in the city?

My guess is investors who then lease them out

[PreservationPioneer]

Originally Posted by Copanut

I can't imagine growing up in a high rise. I'll take the 'burbs or country.

It's nice to have the option for those who want a city high rise experience. That's what is nice about Pittsburgh. There is variety. Our downtown is stacked high, we have a few dense, historic core urban neighborhoods, we have leafy streetcar suburbs, some mid century suburbs, and we have the soulless exurbs.

[pittsburghaccuweather]

Originally Posted by _Buster

The idea for apartments above the new garage was scrapped, now it's planned to be condos on an additional 9 story structure above the garage. I wonder if they are going with a similar look as the former renderings. Some of the condos are projected to be in the 2 million range. One person involved commented that they want to see it begin contruction in a few weeks. That would be nice but seems way too optimistic.


https://triblive.com/local/allegheny...igh-end-condos

It seems these are targeted to empty nester folks. Hard to imagine a huge influx of young people purchasing these condos especially when migration of younger people to the suburbs when it’s family time. Or the other few city neighborhoods with a walkable Main Street with more options. Mill craft did the whole condo thing around 10 years ago near market square. It took a few years before they all sold. This would be better served as apartments I believe. They probably get more money or something for making them condos vs apartments.

[pittsburghaccuweather]

Originally Posted by PreservationPioneer

Who is buying all of these million dollar condos in the city?

Good question. Somebody, but not soon I bet. It takes a while to sell those and most are purchased by empty nesters or folks with a thick wallet that live here part of the time. Not many people are in the market to shell out that dough to live in downtown Pittsburgh.

[xdv8]

Originally Posted by pittsburghaccuweather

It seems these are targeted to empty nester folks. Hard to imagine a huge influx of young people purchasing these condos especially when migration of younger people to the suburbs when it’s family time. Or the other few city neighborhoods with a walkable Main Street with more options. Mill craft did the whole condo thing around 10 years ago near market square. It took a few years before they all sold. This would be better served as apartments I believe. They probably get more money or something for making them condos vs apartments.

They needed to pre-sell 30% of the units to get financing, so they at least selling at that rate. I'm not familiar with those types of financing deals so I can't compare to other condo developments. I don't think it will take long for them to sell.

[PghYinzer]

All but one, the penthouse, of the $1MM+ condos are sold.

As for who is buying them...

“We have couples — old and young — empty nesters, professionals, tech workers who work for Google and other tech companies,” he said. “We’ve got people with children coming. We’ve got families, too, which is great for Downtown.”

https://triblive.com/local/allegheny...y-condo-market

[bmust71]

if you go on the project website it looks like 35 of the 86 condos are sold

[Goinback2011]

If one of these projects is announced and they sell out immediately - then you'll know Amazon is coming.