Friday, December 30, 2011

More Pittsburgh real estate trends

Lest we forget some of the bigger stories in all of this. The other day I played with the housing data  for the trends across metro areas since 1991.  I have renormalized the data to show changes over just the last 5 years.  Just fun with numbers, but this is what you get:

So we can quibble over what the Pittsburgh time series means in itself, but clearly some awful awful times in a lot of, if not most, other real estate markets over what is now a half of a decade. So we are not merely talking about a bad month, quarter or even year. Some markets out there are stabilizing, but not all are and most opining I see projects more pain elsewhere at least in the near term.

Anecdotal I know it is.. but if this is not a sign of something weird in local real estate markets I don't know what is.  It is almost done, but there is not one, but THREE  new townhomes being squeezed onto this triangle plot of land (below) in Lawrenceville that I thought for sure was undevelopable.It really is kind of remarkable. Henry George would be cheering.

(ED NOTE: I've taken down the google street view embed that was here becasue it was interacting strangely with the blog.  You can still get to the view I was referenencing here)

I honestly had imagined a drill of some kind going in on that site. A bit too small I know.  Just so Wiz does not feel forgotten: Look at those parcels. Lawrenceville was one of the first parts of the city where the Landmen started to buy up leasing rights for Marcellus shale production within the city of Pittsburgh. By all acounts they have given up for now on city development, but why they started with the densist part of the city is just a bit confusing.


Anonymous The Wiz said...

I appreciate your concern but I am not worried about being forgotten. Bet most of those parcels leased were signed by speculators hoping to flip the lease. And they are probably within two miles of a brownfield or a heavy industrial site that can accommodate a drilling sight.(Before the city tried to make it illegal, too)

Still say they should use the Civic Arena as an enclosed drilling site to access the entire city since they can go lateral up to 2 miles. Imagine the revenue to the city for royalties on all of its property. Especially since they can drill for both Utica and Marcellus from the same well pads inside the Arena.

As for those townhouses, the rental market is doing quite well because many people that lost homes to foreclosure have found good jobs but their credit is now so bad they can't afford to buy. But they can afford a fairly high rent.
Some are renting in the $1000-$2000/month range because the have bad credit and/or no money for a down payment. Plus they like the flexibility to move quickly should a new opportunity arise instead of waiting for a house to sell.

PS the word verification for this post was raverogi...sounds like a cross between a ravioli and a peirogi! They are similar anyway.

Friday, December 30, 2011 10:09:00 PM  
Anonymous MH said...

I'm not familiar with those specific townhouses, but most of the new townhouses in the trendy parts of Lawrenceville are not rentals.

Friday, December 30, 2011 10:40:00 PM  
Anonymous roofer Aledo TX said...

In a buyers' market, for instance, it won't be too easy for sellers to get the upper hand; but while it may not be easy, it is definitely not impossible. You may still be able to put your home for sale at a premium price and find somebody who wants to buy it. This depends on the type of home that you are selling, your asking price, the local market, and of course, your ability to find a suitable buyer.

Monday, January 02, 2012 4:53:00 AM  
Anonymous Anonymous said...

Wiz - Wouldn't it make more sense to access the gas from low ground, rather than up on The Hill?

Tuesday, January 03, 2012 10:38:00 AM  
Anonymous The Wiz said...

Anon, look around at drilling sites, almost all are on hilltops. The subterranean layers usually follow the same contours of the surface with domes of rock under hills. And gas and oil rises and concentrates to the tops of these domes.

Tuesday, January 03, 2012 10:56:00 AM  
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