Wednesday, October 03, 2007

Motley Fool on the Burgh

The Motley Fool has an article about "investing in your own backyard", with a focus on Pittsburgh. Worth a read, and you may be interested in checking out the Bloomberg Pittsburgh Index as well.

At some point I will compose my related thoughts on what I keep hearing about more and more, namely speculative type investment from people elsewhere coming in and investing in local real estate. We have all heard about some high profile investments like that, in particular Holly B's story about coming back to Pittsburgh and rehabbing the Grantite Building. Most have seen it of course, but you can read her related article on the subject in the New York Times last week: Where Everybody knows your team. Ironically, the Trib reported the same day that sales of Granite Bldg condos were not going so well. What I am more curious about is not the high profile investment, but people from NYC and elsewhere I hear about who are buying, sometimes sight unseen, multi units in some of our more depressed neighborhoods and municipalities. I am not sure if this is fact or fiction to the degree it can really be documented.

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and just a note... with the news of the (penultimate?) collapse of USAirways here, there is already discussion on subject at USAToday's Today in the Sky Blog. Why "penultimate"? The ultimate collapse would be if they pull out completely, although what is the real difference between 90% pullback and 100%?

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and speaking of Pittsburgh in the national news, or international news in this case. I knew our inclines were really called verniculars elsewhere, but the Voice of America actually describes them as "wooden cable cars" in its short piece: Pittsburgh's Wooden Cable Cars Recall Yesteryear.

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