Friday, April 30, 2010

Scroll down

CNN has a neat graphic and interactive chart of the latest metrics on foreclosures by metro in the US

Scroll down.... way down.

Speaking of Pittsburgh real estate... the NYT highlights what $275K buys you in the Pittsburgh real estate market. You know.. folks in NY really can't understand most Pittsburgh real estate pricing.Even what seems incredibly expensive to us is still awfully cheap to anyone owning anything in Manhattan or environs.  When I moved back to Pittsburgh from Manhattan many years ago (and long before the uber inflation in NY real estate prices).. I was looking at apartments and when folks would tell me prices I once seriously almost asked if they were quoting me a price 'per room'.  and I imagine the price disparity between Pittsburgh and NYC real estate has only gotten a lot wider in the intervening years.

How long ago was that?  I remember wanting to research local rents before coming in one weekend and I remember having to find a newstand off of Times Square that sold the Sunday PG to find classified ads. 

Still... looking at the NYT piece I really wonder who in Pittsburgh pays $275K for that?   I checked the ebay listing I mentioned recently, but the ebay ad itself has expired.  The winning bid was around $3K I believe. That's about the amount you tip the doorman in some buildings in Midtown isn't it?


Blogger JRoth said...

I don't have a firm handle on what people pay, either, but here are some thoughts:

1. That's a plum location, if it's where I think it is. I'm not sure whether people are willing to buy in to Lawenceville at that price, but if they are, that's where they'll be going - flat, near the boutiques, at the Strip/Downtown end of things, and isolated from the (ahem) less-gentrified parts of the neighborhood.
2. That's a very nice renovation. Obviously, the big question is whether anyone will really pay for it, but there's no aspect of that that isn't at least as nice as what people would expect from a $350k house.
3. The nicer blocks of Lawrenceville haven't been cheap for a very long time. I was shopping in 2001, and a serious fixer-upper on Fisk was going for $120k. On 44th I looked at a house that was, literally, a shell - the guy had removed all finishes and all nonbearing walls - for $40k. Point being, it's been a long time since you could buy a nice, ready-to-move-in house for 5 figures (on the more desirable blocks).

All that said, I agree that it's bracing, and I'm sure you're right that NYers are probably having the exact opposite reaction to that house that Pittsburghers are.

Friday, April 30, 2010 2:46:00 PM  
Blogger JRoth said...

OK, more data:

1. My wife and I looked at this house in 2001 (or late 2000); she thinks it was offered for ~$50k, I think it was a bit higher. It had been lived in by an old man since the '50s (presumably he was not old that entire time). Dropped ceilings, paneling, the whole bit. $50-75k away from being decent, much less as nice as it appears to be.

2. Friends of our put an offer on this house a few weeks ago; the owners already knew it was going in the Times, and they're not budging on that price. Also, they're divorcing, so they need to get cash out of it (this last part explains a lot, btw; these renovations were not what you'd see on a "flip", and I'm sure the couple thought they'd have another 5-10 years for the market to appreciate, insofar as they were thinking about getting money back out at all).

3. It's on 43rd, which is a nice street, but is not especially close to the hottest area of boutiques (although it's very close to the bowling alley; de gustibus, etc).

4. Our friends researched before making an offer. Three houses have sold for over $200k in L'ville: $280k on Fisk St. (which is the nicest street in the neighborhood, but someone overpaid), $213k, and $208k. The only way these people get $275k is if this article draws enough interest to skew things. But nearly $250k is certainly possible.

PS My wife says that shell on 44th was going for $25k, which sounds right; I was misremembering, but that's still a lot for a shell in L'ville in 2000.

Sunday, May 02, 2010 4:28:00 PM  
Anonymous Anonymous said...

I say Coldwell Banker and the pending divorce will exert enough pressure for them to go for a just over $200K number. It would be another matter if the house were closer to the universities, where an incoming researcher or professor might not blink at the price tag, but Lawrenceville?

Monday, May 03, 2010 12:15:00 PM  

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