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Old 05-07-2019, 08:15 AM
 
1,952 posts, read 1,131,490 times
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Quote:
Originally Posted by PghYinzer View Post
Personally, I would sell for a very nice profit if I could but where do I go? Do I sink every cent of that profit into a house that is just as nice as my current one? Most likely I would have to take on a larger payment for that to happen, or move into something not as nice. My brother is in the same situation as me.

That is the exact point. I hear that all the time, I could make a fortune selling my house now but then what? People in Pittsburgh don't seem to move away much so relocating within Pittsburgh only really makes sense if someone had a large change in their personal situation. Great new job that affords them to move up a level of home or something. Or maybe older couple looking to downsize for health reasons like my mom. Not a lot of scenarios I can see as a reason for people to sell that want to stay in the area.
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Old 05-07-2019, 08:26 AM
gg gg started this thread
 
Location: Pittsburgh
26,137 posts, read 25,977,619 times
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Quote:
Originally Posted by eschaton View Post
The thing is, with high demand, why is supply so low right now?

My hypothesis is that a large number of units were snatched up by investors and are being managed as rentals. Rental properties typically do not end up on the open market again, as they are sold as part of investment packages than as individual parcels of real estate.

Alternatively, it could be that we're actually seeing a population influx that the census is somehow missing.
I think there is an influx. The estimated census isn't accurate IMHO. I just think our region is growing.

There are places being left out, but I think they will at some point go up in value. Parts of the North Side are really ripe for the picking IMHO. Observatory Hill and Perry Hilltop come to mind. Those places are very close to downtown and have some great architecture. How long can they sit there?

People are buying in Penn Hills as well because it is one of the last cheap areas that really doesn't have much crime unless you are a targeted drug dealer. Penn Hills is close to the East End and I think the values will at least be stable. Then you have Verona that can still be cheap, but for how long?

My area in the Fox Chapel district is nuts right now. If I sold I would have to move to Tarentum or something.
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Old 05-07-2019, 08:31 AM
gg gg started this thread
 
Location: Pittsburgh
26,137 posts, read 25,977,619 times
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Quote:
Originally Posted by eschaton View Post
I've noticed this too. When we bought our house in Morningside back in 2014, it was the top of the market in our neighborhood at around $240,000 (which was affordable for us because we were cashing out in Lawrenceville). In the last 12 months, 25 homes have sold for more than that - some for over $100,000 more. And nothing fundamentally has changed about the neighborhood over that period. Same schools, same bus routes, same crappy business district.

Flippers are now trying to sell the home two houses down from us - which is actually a "twin" of our own house - for $550,000 now. I don't think they'll get it, but it will be interesting to see what they do get.
Morningside is off the hook right now. I am kicking myself for not buying there when I was looking around. Wow! Anything around the East End business areas are super expensive. Heck even Sharpsburg is enjoying the rise in values. It used to be so cheap.
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Old 05-07-2019, 08:49 AM
 
Location: Etna, PA
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Quote:
Originally Posted by gg View Post
Heck even Sharpsburg is enjoying the rise in values. It used to be so cheap.
Etna too. I bought for less than $50k five years ago, and my homes value is now estimated at over $80k.
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Old 05-07-2019, 09:25 AM
 
Location: Pittsburgh, PA (Morningside)
14,353 posts, read 17,030,476 times
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Quote:
Originally Posted by PghYinzer View Post
Personally, I would sell for a very nice profit if I could but where do I go? Do I sink every cent of that profit into a house that is just as nice as my current one? Most likely I would have to take on a larger payment for that to happen, or move into something not as nice. My brother is in the same situation as me.
Appreciation in South Side Flats has actually been pretty minimal overall. I mean, I know you want to move back into a more walkable area. As long as you're willing to sacrifice the outdoor space and the off-street parking, you can find plenty of nice, livable homes in the $150,000-$300,000 range.
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Old 05-07-2019, 10:09 AM
 
Location: Manchester
3,110 posts, read 2,917,912 times
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Quote:
Originally Posted by eschaton View Post
Appreciation in South Side Flats has actually been pretty minimal overall. I mean, I know you want to move back into a more walkable area. As long as you're willing to sacrifice the outdoor space and the off-street parking, you can find plenty of nice, livable homes in the $150,000-$300,000 range.
Yeah but anything in that range is a drop in quality from my current house. Not knocking it, as I have lived there, but South Side is pretty far down in my list of places I would live again. The only walkabilty to be gained for me there is work, as I don't particularly frequent anything down there.
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Old 05-07-2019, 10:14 AM
 
Location: O'Hara Twp.
4,359 posts, read 7,530,984 times
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Quote:
Originally Posted by gg View Post
No, I was looking under $700K and seeing homes that I thought were over $100K over and they are under agreement. There are homes under agreement that were around $150K a couple years ago and now are over $250K and in the same condition, yet now they sold.

It is a seller's market for sure, at least for our region. Maybe things will keep going up? It seems hard to believe in a way.

I kind of follow this price point. We debate about moving. Our possible budget is around 500,000. Wilmar used to be under 500,000 for a basic relatively updated house and is now over 500,000. Last year there were a few total fixers for low 400,000. But you really needed to sink over 100,000 into them. West Chapel Ridge and Easton are pretty much the same. The Forest used to have houses in the low 500,000


In O'Hara, you almost have to pay 500,000 to get into Crofton. Same goes for Pill Hill and Falconhurst.
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Old 05-07-2019, 10:34 AM
 
8,090 posts, read 6,964,197 times
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Quote:
Originally Posted by Knepper3 View Post
That is the exact point. I hear that all the time, I could make a fortune selling my house now but then what? People in Pittsburgh don't seem to move away much so relocating within Pittsburgh only really makes sense if someone had a large change in their personal situation. Great new job that affords them to move up a level of home or something. Or maybe older couple looking to downsize for health reasons like my mom. Not a lot of scenarios I can see as a reason for people to sell that want to stay in the area.
This is why I’m afraid to sell. My wife wants a new house, and I’m sure we would make a decent profit on ours, but I fear that we are in a bubble, and I have heat do you think that profit into a Nother house that could lose that value, and then some, in the next couple of years. Well we don’t have plans to leave Pittsburgh, we’re both transplants with aging parents. It’s not inconceivable that we find ourselves packing our bags, and I don’t want to be stuck with an overpriced Pittsburgh property.
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Old 05-07-2019, 11:32 AM
 
1,952 posts, read 1,131,490 times
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Only other reason might be property tax savings. For me we bought because we wanted the SD, both kids are graduated so don't really care about that aspect anymore. Issue is even some of the lessor sought SD taxes aren't enough of a drop to make the hassle of moving and closing costs worth it. I'd like to move out into the country but that just doesnt make sense for my wife as a FT Realtor. Honestly at this point I've already determined to just put more $ into our current home to make improvements that I would be looking for in a new home.
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Old 05-07-2019, 12:09 PM
 
1,524 posts, read 1,312,573 times
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Quote:
Originally Posted by gg View Post
I was just searching around and noticed homes are under agreement that I never dreamt they would ever sell for those prices. I am speechless. I have been following the market for over 30 years and never remember a time like this.

Anyone else have a look around? I don't consider Pittsburgh overly affordable. Certainly not in FC or the East End.
Wildly high compared to what? Where prices used to be in Pittsburgh? Yes, definitely. Compared to the nation on the whole? Not at all.
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