Friday, April 06, 2012

Truly Something

Didn't get to this with the population/migration data released yesterday, but clearly related to those trends.  New data from Trulia on regional real estate markets has some ever more remarkable numbers for Pittsburgh and a reported 9+% annual increase in the asking prices of real estate here.  Not the highest in the nation, but close. I'm not so clear on how much research has been done on real estate asking prices vs. actual sales prices, but they are claiming asking prices are a leading indicator of real estate markets.  Whether that bears out  or not it still is a curious time for local real estate.  In real (i.e. inflation adjusted) prices, there just has not been a period of such rapid real estate appreciation here in a very very long time.  Certainly elsewhere there have been periods when real estate jumped like this, but just not here in any relevant recent history.  If you really want to quibble, it all seems to be supported by what the local real estate folks are saying (via the West Penn Multi-list folks) about the current state of the Pittsburgh real estate market.

Speaking of real estate in general.. PG is catching up to the story that US Steel may move out of the US Steel Building..  Still some remarkable images from US Steel's history here that I posted last month. It's not like US Steel has not threatened to leave in the past. That ad I had there was a full page in both the PG and the Pittsburgh Press at the time.  Ironic as well that US Steel might be moving out of the city just as Gulf might be moving back in.

oh.. and the number of real estate assessment appeals are in, and the headline is the number is way way down from previous experiences.  Imagine how many fewer appeals there might have been if say the public discourse over it all had not been so bombastic.  Note also that the ratio of appeals heard to the number cancelled due to lack of someone showing up is nearly equal. Makes me infer that the number of truly serious appeals is a lot lower than the number of appeals filed. 

BTW.. some Pittsburgh love from KeystoneEdge on Adaptive reuse of real estate here. Still a big part of our story since Pittsburgh will long have one of the oldest real estate stocks in the nation. That won't change overnight, or for a long time really. 

Back to the Trulia data.....  You can see how  much we stand out in their national map. If you want to compare us to parts of Florida which appear to be appreciating like we are, you really have to consider than in their case it is barely beginning to recoup what they lost in recent years.  Florida real estate markets have plummeted from previous bubble levels, whereas our gains our on top of pretty stable prices over the same period.  Just means I don't think the trends in the two regions are all that comparable in their 'green-ness' in this map. 

But is a bit more remarkable when you look at the just the greater Cleveburgh area.  Sort of what we saw with the pattern of foreclosures.  It's like poles on a magnet (to connect it all to the migration data of yesterday):


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