Thursday, June 05, 2014

'Pittsburgh Rich' or New York poor?

Two real estate listings that are virtually identical in asking price:

1- Pittsburgh: Conservatively, a home for the magazines.

2- New York City: An exaggeration if described as a pied-à-terre.

Note the former might be sold, from time I started typing this, the listing has been removed.  Dare I mention the current assessed value is less than a third what the asking price is or was. It might be time to start asking (again) if assessed values are out of whack with current markets in Allegheny County.Still times are a changing, and the last sale on that property a decade ago was for a lot less. But maybe... just maybe.. the time of the valid use of "Pittsburgh Rich" describing the impact of housing prices here is coming to an end?

Note the last link there is for some Cleveburgh musings today of Joel Kotkin in Forbes: Shaking Off The Rust: Cleveland Workforce Gets Younger And Smarter.  Also, my best explanation of the whole 'Pittsburgh Rich' concept is encapsulated in some quotes collected by the Toland in the PG (for more see this old post here: The Unbearable Assessment of the Pittsburgh Hipster)


7 Comments:

Anonymous JW said...

Assessed values are definitely jacked, and the PG's "Buying Here" features are a constant reminder of that. I bought my house in 2011 and it's assessed at the purchase price. Similar houses nearby that haven't sold recently are assessed considerably lower. Two houses on my street that sold in 2012 for slightly more than what I paid were assessed 30%+ lower than mine. That means I pay several thousand more in property taxes than they do. Makes my blood boil.

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