I think Hazelwood was brought up in this thread. The place is a dump. However, I was driving through there a few weeks ago and noticed an extremely old (early 1900s I'd think) large school being remodeled into apartments. I hope to God these are Section 8 or other affordable apartments because if this developer is doing "luxury apartments" in friggin Hazelwood, we are all doomed. People will spend ANYTHING on housing. I should rent out a tent in my backyard for $5000/month.
For only $869K, you can live on Mexican War Streets
- Thread starter Sean Miller Fan
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I think Hazelwood was brought up in this thread. The place is a dump. However, I was driving through there a few weeks ago and noticed an extremely old (early 1900s I'd think) large school being remodeled into apartments. I hope to God these are Section 8 or other affordable apartments because if this developer is doing "luxury apartments" in friggin Hazelwood, we are all doomed. People will spend ANYTHING on housing. I should rent out a tent in my backyard for $5000/month.
@Sean Miller Fan
2 more.
The Mr. Smalls recording studio on W North is being converted into 2 homes. Roughly 4500 sq/ft $1.1 mil and $1.3 mil.
2 more.
The Mr. Smalls recording studio on W North is being converted into 2 homes. Roughly 4500 sq/ft $1.1 mil and $1.3 mil.
You're drastically oversimplifying things. I'm no genius, but I used to write economic analysis reports for the trading desk of the biggest bank in Pittsburgh. I like being a landlord way, way better.
I'm not talking about the everyday folks like us who got a few checks in the mail. You're not understanding the kind of money I'm talking about. I'm talking about people who got unheard of money from ppp loans, EIDL loans, etc. Heck, even I got a $25,000 EIDL loan for my business.
That money hit the streets in the hood in 2020 and drove up hood housing prices immediately to levels not seen before. I saw a guy who almost lost his house at sheriff sale all of a sudden start up a school transportation business and buy at least 50 vehicles, a transmission shop with a huge parking lot he used for vehicle storage and make tons of home improvements. Funny part was he had some vans with no inspection stickers transporting Pittsburgh public school students. When some neighbors told this to PPS, they were brushed off.
The houses did increase in price that fast. I watched it happen. That's not normal.
I'm in a transitional hood that is now safe and I'm able to draw such tenants as CMU grad students, a Pitt professor, young professionals, etc. Most recently an environmental engineer and a UPMC resident doctor filled my last 2 vacancies. I do high end stuff for rents that are half of, or maybe up to 75% of, what you'd pay in Shadyside for a more beat up place that too many people are fighting over anyway. There's a big market for that. I enjoy it and it gives me freedom. I am very hands on and do a ton of work myself. I also have my real estate license. I just help family and friends at this point. It's good side money.
There's also the massive increase in large corporate home buyers - Blackrock, Vanguard, etc have taken large stakes in single family homes in a short period of time, mostly the last 10 years. They have wreaked havoc on the low end of the market by gobbling up starter homes for rentals.
I'll leave it at that. I could ramble on Zeppelin style with many more points, but I have enough to do.
Hazelwood is indeed a dump. But, if you drive through, stop at the Woods House. I know one of the owners. They dumped a fortune into that building and lot. https://woodshousepgh.com/
I hate when I hear there is no affordable housing. Yes, there is no affordable housing in popular places to live. You might have to suck it up and get a place like this in Clairton for $1. Or slightly more. Save up some money and then move. Its not your divine right to get a 4000 square foot house in a ritzy suburb for 350K like its 2010.
If I were looking to be by the city on a budget, Greenfield would be a good option.
I have a good friend who lives there , it’s a lovely place .
I think Morningside is another of those hidden gems , along with Friendship
If we didn’t have a pre-school aged kid when we moved back , we’d have probably got a cool place in Lawrenceville . But we wanted a yard so we found a house in highland park that checked all of the boxes
But - it did cost more than our new construction home
We built and sold in North Carolina .
So we at least put a good sized down payment and held a chunk for unexpected expenses or an over 100 year old house .
Agree with you about Friendship. Cool neighborhood. I lived there for a couple of years. Plenty of large old homes too for the right kind of guy who appreciates that sort of history and commitment (sounds like you do). I ended up in a similar type of home in the East end.
Greenfield is also a hidden gem. Right on the parkway, close to downtown and Oakland, easy access to a pool, parks and bike trails, but absolutely it's own neighborhood and identity. I lived there too for a couple of years and really liked it. It doesn't have the grand old housing stock like other neighborhoods but a great place to start out, especially with kids.
I'd be fine with banning those large corporate buyers from gobbling up single family homes. They shouldn't be allowed to do that. Especially if they can get better loan rates then an average family.
So you don't want big companies buying homes?? How about cities? Can THEY buy them?
It's not capitalism if a big corp giant can get a favorable rate and makes it harder for everyone else to buy home.
How isnt it? I'm not saying I'm in favor of it or not but why should a corporation be prevented from buying houses to rent? Its a free market. The funny thing is I saw a Charlie Kirk interview and he was very much against these companies buying houses, which floored me. Why should the government interfere with corporate greed?
The government pretty much IS corporate greed at this point.
It’s by definition capitalism.
Supply and demand .
If you can’t afford a home , just rent . Buy a trailer.
It’s that simple .
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