Pittsburgh real estate update (Liberty, Penn: apartment complexes, estimated, office)

[gg]

Originally Posted by SteelCityRising

Yes. The Strip District is booming. Even the anti-city alarmists on here would have to concede that. Take a walk down Railroad Street or Smallman Street and tell me otherwise.

I agree. It is connecting to Lawrenceville and is indeed booming. I am now visiting often.

[Copanut]

Originally Posted by jea6321

Yes, there was a lawsuit filed against the county in 2021 and finalized a few months ago. They were proved to have been using incorrect sales data to calculate the CLR relative to 2012. The CLR is now .64. Even if a school district would appeal, its by right that any property owner can not be assessed more than .64 of current fair market value. So a settlement statement showing what was paid or a recent appraisal is the most often used way to determine fair market value. You are going to see a lot less appeals going forward as its just diminishing returns and no longer a low hanging fruit tax grab for schools. The suit was originally arguing for retroactive payments to all property owners for the years 2020 and 2021 which was eventually removed. This was more of a spite move in my opinion, and the group who filed knew it would never happen. The schools wouldn't have had the funds to make the payments and would have bankrupt 90+% of districts in the county.

Im assuming you understand what a common level ratio is and how its applied? See here if not. https://www.pghfirm.com/blog/breakin...property-taxes

Here's another good link.

https://alleghenycontroller.com/prop...imate/#answers

[BUILD PENN SQUARE]

thank god - someone is finally planning to build some new apartments in pittsburgh

Walnut Capital turns to the South Side for its next development after years in the East End

https://www.post-gazette.com/busines...s/202303220054

"The same developer that turned the former Nabisco bakery in Larimer into a high-tech office and entertainment destination now has its eye on the old South Side Hospital for a possible conversion.

Walnut Capital is planning to demolish the hospital, which has been largely vacant for the past five years, and use the site for a new residential development featuring apartments and perhaps for-sale townhouses."

[eschaton]

Originally Posted by BUILD PENN SQUARE

thank god - someone is finally planning to build some new apartments in pittsburgh

Walnut Capital turns to the South Side for its next development after years in the East End

https://www.post-gazette.com/busines...s/202303220054

"The same developer that turned the former Nabisco bakery in Larimer into a high-tech office and entertainment destination now has its eye on the old South Side Hospital for a possible conversion.

Walnut Capital is planning to demolish the hospital, which has been largely vacant for the past five years, and use the site for a new residential development featuring apartments and perhaps for-sale townhouses."

This really belongs in the development thread, not here.

Regardless, apartments continue to rent quite well in the South Side. Whatever issues it's having commercially, it's not negatively impacting the neighborhood residentially.

[jea6321]

Originally Posted by eschaton

Regardless, apartments continue to rent quite well in the South Side. Whatever issues it's having commercially, it's not negatively impacting the neighborhood residentially.

Its actually quite amazing how well residential has held up in south side with the past 2 years of negative press and a decade plus of poor planning decisions. I for one and extremely in favor of this proposal. You have an empty building with no real easy reuse, yet there is plenty of demand for new/updated housing in the area. Get the property back on the tax rolls, and bring in more density to the immediate area. More people with means living in the area gives the best chance for more businesses to be viable.

Perhaps this is the catalyst for the 2nd wave of growth for the neighborhood after a 15 year+ boom in the east end. If they do incorporate for sale townhouses as a component, I assume they will go with something similar to what they did in Bakery Living. Meaning the price point will probably be setting new highs for the immediate area.

[wpipkins2]

Originally Posted by SteelCityRising

My North Side home is now worth nearly double what we paid for it two years ago. If that is a sign of the city "failing", then so be it.

My mothers home increased to 5X what she paid. My house in the “hood” tripled in just 20 years. I never thought I would sell it until recent events. Both home are located in the East End of Pittsburgh.

[erieguy]

Originally Posted by wpipkins2

My mothers home increased to 5X what she paid. My house in the “hood” tripled in just 20 years. I never thought I would sell it until recent events. Both home are located in the East End of Pittsburgh.

What are they worth?

[wpipkins2]

Originally Posted by erieguy

What are they worth?

None of your MF’n business

[erieguy]

Originally Posted by wpipkins2

None of your MF’n business

So the increases weren’t so significant.

[eschaton]

Originally Posted by erieguy

So the increases weren’t so significant.

What is your house worth then?