Friday, April 24, 2009

Real estate again

Caught by Jim R. is the latest counter-indicator of the local real estate market. Basically it's bad everywhere except Pittsburgh according to this AP story. Number of sales went down, but only in Pittsburgh did prices go up. Why sales down? Maybe all those people who would normally be leaving are not doing so. Maybe the people who would be moving here can't sell there homes where they are. It all fits with the news stories of late that overall migration trends are down which hits real estate obviously.

Also making the rounds is the news data from Realtytrac on foreclosures by region for the 1st quarter of 2009. No sign of Pittsburgh in their top 25 list.

maybe a vacation real estate story: NYT covers Somerset County: Think Poconos, on the Other Side of Pennsylvania.

and related: WSJ discusses the PNC/Nat City acquisition: Regulators Fell One Bank, Spare a Rival

also related... was this in any local news? AP has a story pointing out how a local firm Home Loan Services has a chunk of bailout related business from the Treasury Dept. to handle foreclosure mitigation.

Finally, on the value of North Shore real estate. Forbes has released its annual valuation of professional baseball teams. Not withstanding a few wins the Pirates are ranked 2nd from last among all franchises at $288 million. If you adjust for inflation PNC Park cost how much? Mentioned earlier, but some fun stats in the 2009 Major League Baseball Fan Cost Index recently out as well.


Anonymous Anonymous said...

1. PNC Park cost $216 about a decade ago... so adjusted for inflation... that's pretty close to the value of the Pirates franchise... which is pathetic. I expected them to be near the bottom... but less than the Royals? A's? Rays??? Man, this franchise has squandered every opportunity.

2. The Laurel Highlands article is nice... but ends on a weird note when the author notes one of the Cons is that there is apparently rusting farm equipment littering the countryside out there.

Friday, April 24, 2009 10:00:00 AM  
Anonymous johnnyg said...

1. I don't understand the reference to the cost of PNC Park. I mean, according to this chart, the Yankees are worth $1.5 billion. The new Yankee Stadium cost $1.3 billion. Similarly, the Mets are worth $912 million and Citifield just cost $860 million to build (not counting the estimated $50 to 80 million the NY transit authority spent to upgrade the stations near both stadiums).

2. The Royals draw fans from Columbia across Kansas, and from Oklahoma City to Omaha. That's a lot more people (and TV viewers) than we've got in Southwestern PA. Unfortunately, the Pirates have a pretty circumscribed, and until lately shrinking, market.THe As are in a bigger market and regularly contend for the playoffs. The Rays, you might recall, made the World Series, falling to the glorious Phillies in 5.

3. I've said it before and I'll say it again. We don't market our proximity to unbelievable outdoor opportunities well enough. Nice to see that the NYT ran this story.

Saturday, April 25, 2009 4:12:00 PM  

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