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I think cities in general are going to lose population...
I posted this in early June. The media is finally realizing what is going on. Some want to blame COVID and that has some implications, but of course the media doesn't want to mention the elephant in the room. People don't want to live around rioters and crazy idiots yelling at them in restaurants. The media won't dare say that, but we all know reality. You look back in history at "white flight" and of course white people are bad. Then you look at recent history of "gentrification", white people bad. Yep, you gotta love the left, they think all white people are always bad no matter where we live.
Anyway, at the end of the day, I feel people are going to flee if Peduto keeps his style going. He flat out said, he doesn't want downtown to the the playground for the rich. Try paying the city's bills there Bill. Good luck to you getting money from those protesters you so love. Sure. Fantasy land seems to be the norm for democrats. Where do you get the money from? Print it? Nope, you can't do that. You can get on your knees and beg the white house for it I guess. What his tiny brain fails to see is you have wealthier people eating out and going to a show downtown and from that you have a lot of people making a living. So you take the wealthier people out of that equation, what are you left with? Boarded up places all over the city now not paying any taxes. Real estate falling, people moving out to green pastures and so on. He really must not have any idea about economies at all. Seems to be a BIG weakness with the lefties.
My colleague just competed against eight other offers for a home in the city and lost. It went well above asking price, which was just $100,000. We had competing bids for our home in the city when we bought it in March. It was listed at $54,900. Our sellers sold another home at the same time in Brighton Heights that sold over asking with multiple bids.
This may have less to do with "people fleeing the city in droves" and more to do with the fact that there's immense demand for housing priced appropriately for the working-class in this city while not as much demand for housing in this city priced for the upper-middle-class.
I have a hard time feeling sorry for someone who may have bought their home for $300,000 in 2015 in Lawrenceville and are now mad they can't sell it for $450,000 in 2020. If they dropped their price to $350,000? It would fly.
I realize this sub-forum skews upper-middle-class, but there are PLENTY of people in this city earning $25,000-$50,000/year who can't afford to buy a $450,000 home in Lawrenceville. They still want to buy a house, though.
Why do people want to stay if they make between 25-50K and cannot find acceptable housing? That is the part I don’t understand. There are 50 states, thousands of cities and towns paying the same, why stay for low wages and ramshackle housing?
Pittsburgh wages are below average. Many other places pay at least the same or more and have housing that is in better shape.
Quote:
Originally Posted by jea6321
What I find interesting is the first couple highlighted stayed in the city and purchased in Highland park. A quick search shows that the home they purchased had multiple offers opening weekend and they paid 75k over list price ( 740k list, 815k purchase). Clearly they were eager to stay in the city. With that budget they could have picked anywhere in our region with ease and even went new construction McMansion if thats what they wanted
But they are also an outlier. People are leaving those neighborhoods for the suburbs. As now people want to live in the shalers and mt Lebanon’s opposed to the city (stated in the article). They wanted more space and somehow found it while wanting to stay in the city. The article highlighted their desire to ditch the density of Lawrenceville. Highland park was not named as a hot area.
I posted this in early June. The media is finally realizing what is going on. Some want to blame COVID and that has some implications, but of course the media doesn't want to mention the elephant in the room. People don't want to live around rioters and crazy idiots yelling at them in restaurants. The media won't dare say that, but we all know reality. You look back in history at "white flight" and of course white people are bad. Then you look at recent history of "gentrification", white people bad. Yep, you gotta love the left, they think all white people are always bad no matter where we live.
Anyway, at the end of the day, I feel people are going to flee if Peduto keeps his style going. He flat out said, he doesn't want downtown to the the playground for the rich. Try paying the city's bills there Bill. Good luck to you getting money from those protesters you so love. Sure. Fantasy land seems to be the norm for democrats. Where do you get the money from? Print it? Nope, you can't do that. You can get on your knees and beg the white house for it I guess. What his tiny brain fails to see is you have wealthier people eating out and going to a show downtown and from that you have a lot of people making a living. So you take the wealthier people out of that equation, what are you left with? Boarded up places all over the city now not paying any taxes. Real estate falling, people moving out to green pastures and so on. He really must not have any idea about economies at all. Seems to be a BIG weakness with the lefties.
The Democratic Party needs to get back to the middle as much as the Republican Party needs too. Joe Biden represents what the old party stood for, middle of the road and for working people. There were no other candidates in that same realm or they would’ve gotten the nomination. The minorities are the heart and soul of the Democratic Party. They are the ones that propelled Biden to the nomination. Nobody else came close. A reason why Biden is doing so well against trump in the polls. He is a boring candidate, middle of the road and doesn’t carry the stigma of Hillary Clinton.
Black people are generally middle of the road, pretty religious and against gay marriage. None of the extreme left white liberals that have taken over the party understand that. They have taken black and minority votes for granted. Blacks don’t want socialism or something this side of bernie sanders or AOC. If they did we would be talking about warren or sanders as the nominee and not Biden.
Peduto is the worst mayor in the history of the city. It is headed directly down the tubes and is in a worse position today than when it went act 47 back in 2003.
Why do people want to stay if they make between 25-50K and cannot find acceptable housing? That is the part I don’t understand. There are 50 states, thousands of cities and towns paying the same, why stay for low wages and ramshackle housing?
Pittsburgh wages are below average. Many other places pay at least the same or more and have housing that is in better shape.
But they are also an outlier. People are leaving those neighborhoods for the suburbs. As now people want to live in the shalers and mt Lebanon’s opposed to the city (stated in the article). They wanted more space and somehow found it while wanting to stay in the city. The article highlighted their desire to ditch the density of Lawrenceville. Highland park was not named as a hot area.
I’m pretty sure the article got a lot wrong about the couple and their situation, and chose a really bad example to make their point regarding real estate trends, which are factual and real. The author would have been wise to ditch the human interest portion. Less than 30 days on market and moved within city, and likely would’ve never moved outside of it...
I’m pretty sure the article got a lot wrong about the couple and their situation, and chose a really bad example to make their point regarding real estate trends, which are factual and real. The author would have been wise to ditch the human interest portion. Less than 30 days on market and moved within city, and likely would’ve never moved outside of it...
the article used 3 sets of people as examples.
first couple stayed in the city
2nd couple are staying in lawrenceville after considering moving but decided they love living in the area.
3rd guy doesn't live in the city and is just selling a house he inherited from his mom.
for an article showing how people are fleeing the city, not a single real example was shown. Also, prices in the city are up substantially from 12 months ago. You don't see increasing prices in bleeding out locations.
"Neighborhood stats
Home values in Central Lawrenceville have risen 5.5 % (↑) over the past 12 months.
Zillow predicts the home values in Central Lawrenceville will rise 8.9% (↑) in the next year."
first couple stayed in the city
2nd couple are staying in lawrenceville after considering moving but decided they love living in the area.
3rd guy doesn't live in the city and is just selling a house he inherited from his mom.
for an article showing how people are fleeing the city, not a single real example was shown. Also, prices in the city are up substantially from 12 months ago. You don't see increasing prices in bleeding out locations.
"Neighborhood stats
Home values in Central Lawrenceville have risen 5.5 % (↑) over the past 12 months.
Zillow predicts the home values in Central Lawrenceville will rise 8.9% (↑) in the next year."
Yep. Bought our house in March 2020 for $54,900. That was the list price. That was also exactly what the appraisal came in at. It is now estimated to be worth around $56,000 despite 40 gunshots going off on the block last week. The city's real estate market is still strong overall. Lawrenceville just has the issue that it is now almost exclusively catering to affluent buyers, and there's only so many of those buyers to go around in general, which is why some of these houses are now sitting over a month.
I can completely understand not wanting to be cooped up in an apartment/condo unit during the pandemic. Or even a 12 to 16-foot wide rowhouse with a concrete backyard. But there's not really that much of a difference between some outdoor green space and the stereotypical suburban quarter acre lot.
Yep. Bought our house in March 2020 for $54,900. That was the list price. That was also exactly what the appraisal came in at. It is now estimated to be worth around $56,000 despite 40 gunshots going off on the block last week. The city's real estate market is still strong overall. Lawrenceville just has the issue that it is now almost exclusively catering to affluent buyers, and there's only so many of those buyers to go around in general, which is why some of these houses are now sitting over a month.
I remember looking up your house when it was listed. Id estimate that with a few weeks of sweat equity on just basic cleaning it up and paint, etc. you could be in the upper 60's to mid 70's in value. Typically the appraisal coming in at contract price is just a standard lazy appraiser. They say, "yup its selling for 54,900, I guess its worth 54,900" then they find a couple data points and comps to justify it.
I remember looking up your house when it was listed. Id estimate that with a few weeks of sweat equity on just basic cleaning it up and paint, etc. you could be in the upper 60's to mid 70's in value. Typically the appraisal coming in at contract price is just a standard lazy appraiser. They say, "yup its selling for 54,900, I guess its worth 54,900" then they find a couple data points and comps to justify it.
Agreed. I think they have been under tremendous pressure not to overvalue properties since the 2009 financial crisis - which was a HUGE component in the collapse of the derivatives markets based on aggressive/unrealistic asset valuation.
Yeah sometimes they come in higher but I think often they just want to make sure the sale price makes sense. We had a closing last year near regent square, appraisal came in 20k over the sale price and 2 years ago we had one in Bellevue come in 20k under. SCR I expect Jea6321 estimate to be much more realistic, move in ready homes that can actually qualify for FHA go pretty quick still. If you are looking at the zillow increases they arent very accurate and actually you can go in and change the facts yourself to change the value shown.
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What his tiny brain fails to see is you have wealthier people eating out and going to a show downtown and from that you have a lot of people making a living. So you take the wealthier people out of that equation, what are you left with? Boarded up places all over the city now not paying any taxes. Real estate falling, people moving out to green pastures and so on. He really must not have any idea about economies at all. Seems to be a BIG weakness with the lefties.
