For only $869K, you can live on Mexican War Streets

[Sean Miller Fan]

Buying Here: 'Glenna's House' in the Mexican War Streets listed for $869,000

Glenna’s House at 1301 Sherman Ave. in the Mexican War Streets would not be recognized by the woman it was named for — especially on the...

www.post-gazette.com

These housing prices are outrageous and they arent coming down. I guess that's not a bad thing since so many people are paying these prices.

 

[HailtoPitt]

The bubble will burst. There's just limited supply which keeps prices high.

We really need more reasonably priced housing for people. There just isn't enough of it.

 

[jtownknowitall]

People just need to start working harder.

 

[Upg bobcat]

Is affordable housing really that big of a problem in Pittsburgh? I'd have to think there are a plenty of neighborhoods within the city limits that have decent size homes that are priced in an affordable range.

 

[HailToPitt725]

I can see the appeal to urbanites who wish to live in the city. I’m sure the biking/walking scores are high, you’re near a park, and you’re relatively close to downtown/North Shore/the T.

I just think that if we were going to make a move like that (we wouldn’t), I’d prefer the Shadyside/Squirrel Hill/Bloomfield area because there’s a few more amenities nearby (e.g., public schools, groceries). I think the lots might be a little bit bigger as well. I guess it comes down to what you value in a home and how much you’re willing to pay for it.

 

[HailToPitt725]

Is affordable housing really that big of a problem in Pittsburgh? I'd have to think there are a plenty of neighborhoods within the city limits that have decent size homes that are priced in an affordable range.

I’m shocked Dormont hasn’t blown up/gentrified yet. It’s been about a decade now since we moved so correct me if things have changed, but I’d hop on Zillow and see the same type of houses you’d find in Mt. Lebo for a fraction of the cost. Plus, you’re right along the T and I don’t believe you’re part of the Pgh Public Schools system.

 

[King Of All Message Boards]

I’m shocked Dormont hasn’t blown up/gentrified yet. It’s been about a decade now since we moved so correct me if things have changed, but I’d hop on Zillow and see the same type of houses you’d find in Mt. Lebo for a fraction of the cost. Plus, you’re right along the T and I don’t believe you’re part of the Pgh Public Schools system.

It’s not. Dormont is Keystone Oaks SD.

 

[TempleBAPittMPA]

Buying Here: 'Glenna's House' in the Mexican War Streets listed for $869,000

Glenna’s House at 1301 Sherman Ave. in the Mexican War Streets would not be recognized by the woman it was named for — especially on the...

www.post-gazette.com

These housing prices are outrageous

Seems like the asking price is outrageous. Neighboring houses sold for what?

 

[Joe Magarac]

If you think the house is expensive…..
Wait till you get a load of the newly assessed property tax bills.

 

[HailtoPitt]

If you think the house is expensive…..
Wait till you get a load of the newly assessed property tax bills.

When I still lived in Pittsburgh, that was a big reason why I didn't buy a house in the Wilkinsburgh part of Regent Square. Their property tax rate was astoundingly high, so if you fixed up a property and it was reassessed, then you are screwed and it wasn't even not even worth considering.

Shame that the schools are tied into the local taxes in PA. I think it hurts some areas from improving.

 

[NatronaHeightsPanther]

Is affordable housing really that big of a problem in Pittsburgh? I'd have to think there are a plenty of neighborhoods within the city limits that have decent size homes that are priced in an affordable range.

I guess that depends on what you call affordable. With mortgage rates in the 8’s, young people are sprinting to rent. The Fed and high taxes have ended dreams of home ownership.

 

[Las Panteras]

There is new construction in East Liberty going for $800K

East Liberty.......

Google is there, and professionals from Seattle among other places think they are getting a steal.

As another poster has stated,

That bubble will burst

 

[Sean Miller Fan]

There is new construction in East Liberty going for $800K

East Liberty.......

Google is there, and professionals from Seattle among other places think they are getting a steal.

As another poster has stated,

That bubble will burst

New construction 800K in East Liberty, they have to be tiny "city houses."

 

[Pitt2006]

People just need to start working harder.

There was a meme I saw the other day so it must be true, but it said $7 an hour in a Boomer’s working time is equivalent to $19 an hour now. Housing prices have far outpaced rises in income and more than just a people need to start working harder. The jobs reports actually would suggest a fake jobs boom, as it’s more likely the same people are taking on more jobs to make ends meet. We then got scared of 6-7 percent mortgage rates even though historically these aren’t anything out of the ordinary. With all the remote work, commercial real estate should go boom first. Not sure what to do about affordable housing. Not every one wants a mansion and not everyone is a bum either.

 

[recruitsreadtheseboards]

Fayette County is OPEN for business!!!

 

[Fk_Pitt]

Fayette County is OPEN for business!!!

Man, 90% of that whole county is depressing. But you see that picture X 1000000 in Spring Hill, Millvale, Sharpsburg, Polish Hill, etc, etc. With City housing going up, makes one wonder how they do it.

 

[pbrad]

Buying Here: 'Glenna's House' in the Mexican War Streets listed for $869,000

Glenna’s House at 1301 Sherman Ave. in the Mexican War Streets would not be recognized by the woman it was named for — especially on the...

www.post-gazette.com

These housing prices are outrageous and they arent coming down. I guess that's not a bad thing since so many people are paying these prices.

That same house in Brooklyn would be $2 mil. Everything is relative.

 

[OH Pete]

I think private companies that have employees living in other areas of the country buying homes in urban areas where they have locations is becoming more common since the pandemic and the advent of working remotely. More accurately, owners of companies' private LLCs buy them. Then when they bring visitors to town, they have a place to stay. Especially when someone visits for a week or more. Then the owner of the home can charge his company rent that is equivalent to the going market rate for a comparable AirBNB instead of paying for a hotel. The owner's LLC basically gets the home's mortgage paid for and grows his/her net worth. Pays himself instead of Hilton. It is a legal way to siphon money out of their other company. Companies do it with cars too. They have a few company cars (usually a couple of years old that were formerly owned by the company owner or their family or one of the other execs). Their LLC "rents" the car to the main company at whatever the going rate is for a rental car per day then uses that money to pay for their brand new car. Just think - if a company has someone in town for about 15 days per month and charges $300 (or in many cases, much more) per night at their house or condo, that is probably enough to pay for the mortgage of the house. And $70 per day for the car more than covers at least the payment for one brand new car.

These are the ways that the rich get richer. I don't begrudge them for it, I'm just explaining how it is done. More power to them. I know many employees prefer to stay in a nice home instead of a hotel. I know when I travel to my company's other location, it is awesome to stay in a nice home in a gated community with a private pool and hot tub and drive a 2 year old loaded Yukon instead of driving a Corolla and staying in a Hampton like I do when I travel to other cities. And if it helps our owner make more $, great. He deserves it for taking the risks that he does in business.

 

[OH Pete]

There was a meme I saw the other day so it must be true, but it said $7 an hour in a Boomer’s working time is equivalent to $19 an hour now. Housing prices have far outpaced rises in income and more than just a people need to start working harder. The jobs reports actually would suggest a fake jobs boom, as it’s more likely the same people are taking on more jobs to make ends meet. We then got scared of 6-7 percent mortgage rates even though historically these aren’t anything out of the ordinary. With all the remote work, commercial real estate should go boom first. Not sure what to do about affordable housing. Not every one wants a mansion and not everyone is a bum either.

Real estate is being gobbled up by the rich. That is what is driving the real estate market. Yes, we could be in a bubble right now, but overall, real estate is probably the safest of all investments.

 

[pittdan77]

A friend of mine just bought a home in the region. Only took six months of having one offer after another get outbid. He and his wife do pretty well and they just couldn't get anything near the city.

 

[Sean Miller Fan]

A friend of mine just bought a home in the region. Only took six months of having one offer after another get outbid. He and his wife do pretty well and they just couldn't get anything near the city.

Its kind of a weird "problem" to have. All these people can afford these 800K, 900K, million dollar homes because the economy is so great and everyone is rich now. 10 years ago, these were 300K, 400K, 500K houses. But people can afford this, so I dont see this as a bubble. Now, if the economy tanks, then yes, home prices will come down a little as that takes some people out of the market.

 

[pittdan77]

Its kind of a weird "problem" to have. All these people can afford these 800K, 900K, million dollar homes because the economy is so great and everyone is rich now. 10 years ago, these were 300K, 400K, 500K houses. But people can afford this, so I dont see this as a bubble. Now, if the economy tanks, then yes, home prices will come down a little as that takes some people out of the market.

The real estate market is infinitely more complicated than that. There are a lot of speculative investments that are messing with the market. There are some areas where properties are sitting vacant, waiting for the right price.

 

[Sean Miller Fan]

The real estate market is infinitely more complicated than that. There are a lot of speculative investments that are messing with the market. There are some areas where properties are sitting vacant, waiting for the right price.

In areas where there are a lot of investment properties (FL, CA, Vegas, etc), yes. But there was no bubble in Pgh during the Great Recession and there wont be this time. Someone who bought a house for 800K last week isnt going to sell it for 600K or 700K when they move in 5 years. Pittsburgh and areas like it are immune to an extent. These prices are the prices.

 

[pittdan77]

In areas where there are a lot of investment properties (FL, CA, Vegas, etc), yes. But there was no bubble in Pgh during the Great Recession and there wont be this time. Someone who bought a house for 800K last week isnt going to sell it for 600K or 700K when they move in 5 years. Pittsburgh and areas like it are immune to an extent. These prices are the prices.

The two situations couldn't be any more different. And this isn't the typical investment property market. This current market is being driven by a host of different factors.

 

[Sean Miller Fan]

The two situations couldn't be any more different. And this isn't the typical investment property market. This current market is being driven by a host of different factors.

This is a traditional housing market. It is exempt from most factors you are thinking of. Its driven by traditional homeowners. Not commercial or investment property. These prices arent going down to any considerable degree. They are trying 7% mortgage rates and people still cant stop buying million dollar homes in the burbs that were 600K in 2016

 

[WillyDavis33]

Given the location I feel the investment is still sound. I do think the city should invest in the commons parks and the restaurant scene can upgrade to ensure the livability but again, you can't build location and the north side has that.

 

[Sean Miller Fan]

Fayette County is OPEN for business!!!

As for places like Fayette County, yes, there is plenty of "affordable" housing. So I hate when I hear people say there is an affordable housing shortage or the dream of home ownership is dead. If you want to live in the city or the suburbs, yes, there is an affordable housing problem. People want to live in these places. People dont want to live in Fayette County, Greene County, etc. I dont shed any tears for people who can't find affordable housing in Wexford or Upper St. Clair. Its like there is this entitlement that these people feel like they deserve to live there and raise their families there but cant now because its too expensive. Its basic supply and demand. There is great demand for city/suburb living and its driving prices sky high. If you go further out, there is affordable housing as far as the eye can see. And with remote work now, do you need to be 30 minutes from downtown? Some say schools are an issue the further you get from the city but send them to private then with all your savings.

 

[Zeldas Open Roof]

As for places like Fayette County, yes, there is plenty of "affordable" housing. So I hate when I hear people say there is an affordable housing shortage or the dream of home ownership is dead. If you want to live in the city or the suburbs, yes, there is an affordable housing problem. People want to live in these places. People dont want to live in Fayette County, Greene County, etc. I dont shed any tears for people who can't find affordable housing in Wexford or Upper St. Clair. Its like there is this entitlement that these people feel like they deserve to live there and raise their families there but cant now because its too expensive. Get a nice home in Fayette County. I'm not being sarcastic.

there is a ton of less expensive land all over the area and not far from pittsburgh. i am from south hills but golfed a beautiful course out in greensburg called totter ridge. dont get out to the hempfield/greensburg area very often but on the drive out, took the back roads (dont ask why) and just couldnt get over how much land there was and we were only 20-30 minutes outside of the city. and i know westmoreland county real estate is not expensive..

the western pa housing market is pretty reasonable. and you dont have to move that far out in the sticks to get it. to each his own but i cant understand for the life of me why anyone over the age of 25 wants to live in the city. but again, to each his own i guess.

 

[Sean Miller Fan]

there is a ton of less expensive land all over the area and not far from pittsburgh. i am from south hills but golfed a beautiful course out in greensburg called totter ridge. dont get out to the hempfield/greensburg area very often but on the drive out, took the back roads (dont ask why) and just couldnt get over how much land there was and we were only 20-30 minutes outside of the city. and i know westmoreland county real estate is not expensive..

the western pa housing market is pretty reasonable. and you dont have to move that far out in the sticks to get it. to each his own but i cant understand for the life of me why anyone over the age of 25 wants to live in the city. but again, to each his own i guess.

Right. And I am sure its that way in most metro areas. Go 25-40 miles out and you can have your "American Dream" super affordable. But no, I guess the American Dream is living in a ritzy suburban subdivision.

 

[pittdan77]

This is a traditional housing market. It is exempt from most factors you are thinking of. Its driven by traditional homeowners. Not commercial or investment property. These prices arent going down to any considerable degree. They are trying 7% mortgage rates and people still cant stop buying million dollar homes in the burbs that were 600K in 2016

Yeah, you're not going to admit you have no idea what you're talking about so it's fine.

 

[Sean Miller Fan]

Yeah, you're not going to admit you have no idea what you're talking about so it's fine.

So all this investment property in Upper St. Clair is driving up the prices there, right?

 

[pittdan77]

So all this investment property in Upper St. Clair is driving up the prices there, right?

Yeah, let's just carve it down to one neighborhood and use that to make broad sweeping statements about the entire region. Like there isn't any cause and effect throughout the entire region. Just let it go.

 

[Sean Miller Fan]

Yeah, let's just carve it down to one neighborhood and use that to make broad sweeping statements about the entire region. Like there isn't any cause and effect throughout the entire region. Just let it go.

SWPA has to have about the least amount of investment property in the US. I promise you that SWPA commercial and investment property is having very close to 0 influence on SWPA suburban home prices.

 

[pittdan77]

SWPA has to have about the least amount of investment property in the US. I promise you that SWPA commercial and investment property is having very close to 0 influence on SWPA suburban home prices.

If you say so. I mean, it doesn't make much sense that the number of listings has dropped off a cliff and claim nobody is just holding onto those properties. Nobody is turning homes into rental properties or just letting them sit empty. It's fine.

 

[King Of All Message Boards]

there is a ton of less expensive land all over the area and not far from pittsburgh. i am from south hills but golfed a beautiful course out in greensburg called totter ridge. dont get out to the hempfield/greensburg area very often but on the drive out, took the back roads (dont ask why) and just couldnt get over how much land there was and we were only 20-30 minutes outside of the city. and i know westmoreland county real estate is not expensive..

the western pa housing market is pretty reasonable. and you dont have to move that far out in the sticks to get it. to each his own but i cant understand for the life of me why anyone over the age of 25 wants to live in the city. but again, to each his own i guess.

They had grand plans for Totteridge but when that was being developed the golf bubble at the time started to burst. It came to a pretty abrupt halt.

That course was originally private but wasn't for long. And since then a few private courses went public and one (Churchill) is gone altogether.

There’s another place up that way whose name escapes me that was halted after 9 holes.

 

[Zeldas Open Roof]

They had grand plans for Totteridge but when that was being developed the golf bubble at the time started to burst. It came to a pretty abrupt halt.

That course was originally private but wasn't for long. And since then a few private courses went public and one (Churchill) is gone altogether.

dont want to hijack this thread but first time i played that course and man, i love it. i usually play crappy courses around me so this was a pleasant surprise too. was cheap as well. 57 bucks. i played mid week though, i am sure weekends are much more..

yeah, the homes on the course are really really nice. i was just referencing the homes outside of the area, going up in that part of westmoreland. obviously the homes lining the fairways are multi million dollar homes.

 

[Sean Miller Fan]

If you say so. I mean, it doesn't make much sense that the number of listings has dropped off a cliff and claim nobody is just holding onto those properties. Nobody is turning homes into rental properties or just letting them sit empty. It's fine.

Can you clarify? Are yoy saying that these investors are just letting their suburban investment homes sit empty and its driving up suburban prices in Pgh? What you are saying doesnt make sense but I want to at least try to understand what you are talking about so please explain in more detail.

 

[Joe the Panther Fan]

Can you clarify? Are yoy saying that these investors are just letting their suburban investment homes sit empty and its driving up suburban prices in Pgh? What you are saying doesnt make sense but I want to at least try to understand what you are talking about so please explain in more detail.

I'm pretty sure he's mocking your lack of knowledge, but I understand why you wouldn't get that.

 

[TitoBeagle]

When I still lived in Pittsburgh, that was a big reason why I didn't buy a house in the Wilkinsburgh part of Regent Square. Their property tax rate was astoundingly high, so if you fixed up a property and it was reassessed, then you are screwed and it wasn't even not even worth considering.

Shame that the schools are tied into the local taxes in PA. I think it hurts some areas from improving.

I bought my house out in Central PA in 2005 for 162K. Was 3 years old when i bought it 1900 square feet. I finished the basement an additional Bathroom and 600 square feet. Small Lot small 2 car garage. Paid it off in 2017. Anyhow i would like to buy a bigger house but I will be GD’d if im gonna pay 8 to 10 k in taxes a year after it is paid off. And I know that is cheap for you guys. I thought all the Casino revenue was going to get rid and or lower property taxes? Kinda like the .32 a gallon gas tax was going to fix all the highways. It’s ridiculous how much money the government takes and pisses away. We are still paying the Johnstown Flood tax for Christ sake.

 

[Millerton24]

Its kind of a weird "problem" to have. All these people can afford these 800K, 900K, million dollar homes because the economy is so great and everyone is rich now. 10 years ago, these were 300K, 400K, 500K houses. But people can afford this, so I dont see this as a bubble. Now, if the economy tanks, then yes, home prices will come down a little as that takes some people out of the market.

Real income is down from 4yrs ago. Feds have raised rates 11 times under biden. That helps to hide inflation which is still high. Credit card debt at highest since I think 2009. Economy is not in good shape. There's a bubble.