Pittsburgh real estate update (Dormont, Liberty: rent, mortgage, house prices)

[jea6321]

Originally Posted by Burghophilia

What is going on with Garfield these days? Years ago, I was (obliquely) aware that some gentrification was pushing north of Penn into Garfield proper, but I haven't heard any updates lately. Yesterday, I was just riding down Penn between East Liberty and Lawrenceville, and while I'm on that stretch several times a year, the extent of the changes between, say, 2009 (when there were, already, a few new business/rehabs) and today, felt pretty striking.

Those in the loop have been watching Garfield quietly ride the coat tails of lawrenceville for over a decade. I remember when the first listing came up over 300k and a lot of people were in disbelief. Then 400k came and 500k and now 550k.

[Burghophilia]

Originally Posted by jea6321

Those in the loop have been watching Garfield quietly ride the coat tails of lawrenceville for over a decade. I remember when the first listing came up over 300k and a lot of people were in disbelief. Then 400k came and 500k and now 550k.

Wow! We were very close to buying a half a double in the 200 block of Gross Street in 2010 (I think for 135k). I guess we were just too used to living in Dormont, and we ended up giving up our "dream" of moving into the city. Very happy to have made a home here in Dormont, but miss the property appreciation we would have experienced with this home, or another we almost bought in the 300 block of Main St.

[bluecarebear]

Originally Posted by svband76

Flippers should be sent to prison for abuse of grey paint, abuse of cheap Home Depot vinyl flooring, gutting historical architecture of old homes, and just overall thinking that their poor, cheap taste justifies a 400% profit.

Bought with cash by a slumlord Corp to be chopped up for rentals.

[erieguy]

Originally Posted by bluecarebear

Bought with cash by a slumlord Corp to be chopped up for rentals.

Make the area more desirable to attract more folks to buy the homes to live in.

[Independentthinking83]

Originally Posted by Tony_Soprano

Prior to the China Virus, Garfield was listed as one of the areas of Pittsburgh that was being gentrified. By the way, Pittsburgh was the eighth most gentrified city in the U.S, at that time. I was expecting Garfield to become the next Lawrenceville, but I haven't kept enough to know if the hipsters invaded Garfield.

What’s the China virus?

[BUILD PENN SQUARE]

more gentrification and luxury apartments

Shadyside Giant Eagle to close in July to make way for new grocery, apartments

https://www.post-gazette.com/busines...s/202206150052

"The Shakespeare Street Giant Eagle in Shadyside will close July 23, signaling the start of a long-sought redevelopment that includes a new grocery and apartment complex at the site.

In a statement, Giant Eagle confirmed the store will close at 6 p.m. that Saturday, adding that the company is taking “numerous steps to provide care” for shoppers while a new supermarket is being built."

[jea6321]

Originally Posted by BUILD PENN SQUARE

more gentrification and luxury apartments

Shadyside Giant Eagle to close in July to make way for new grocery, apartments

https://www.post-gazette.com/busines...s/202206150052

"The Shakespeare Street Giant Eagle in Shadyside will close July 23, signaling the start of a long-sought redevelopment that includes a new grocery and apartment complex at the site.

In a statement, Giant Eagle confirmed the store will close at 6 p.m. that Saturday, adding that the company is taking “numerous steps to provide care” for shoppers while a new supermarket is being built."

this has been in the works for literal years and the plaza is in need of an overhaul. Its not taking away from the area by closing down, there are 3 other full service grocery stores within a 10 min walk from that location.

[eschaton]

Originally Posted by jea6321

this has been in the works for literal years and the plaza is in need of an overhaul. Its not taking away from the area by closing down, there are 3 other full service grocery stores within a 10 min walk from that location.

The NIMBYs in the Village of Shadyside were really, really obnoxious trying to block this development as well, making stupid arguments about their "homes being in shadow" and it "not being in character with the neighborhood." As if an ugly mid-20th century strip mall is appropriately placed next to a major transit center.

It's not gentrification if apartments are being constructed without displacing anyone. Indeed, it cuts down on gentrification, as new market-rate units lower prices for dated units. Not to mention this is in Shadyside anyway.

[Reggiezz]

We're seeing rents rising and home values falling. Interesting times.

https://www.realtor.com/news/trends/...ling-the-most/

[Burghophilia]

Originally Posted by Reggiezz

We're seeing rents rising and home values falling. Interesting times.

https://www.realtor.com/news/trends/...ling-the-most/

That's a bit of a goofy datapoint for Pittsburgh -- seems to be based on "metropolitan areawide" -- would love to see a neighborhood/municipality breakdown. I've seen the national reporting on the slowing of the housing market, but at least on the ground level in Dormont, we haven't observed it. For example, a house listed at 290k recently (like in the last 3 weeks) sold in two days, with 7 offers, and for a price 35k over asking. No doubt rising interest rates will have an effect, but just find this data less than illuminating.