Many people across the country have found Pittsburgh to be a great value in housing. The reason for this is quite simply, where else can you find a single family house for under 20k?
Well folks, the market is heating up, and has been heating up for the past two years. Two years ago, or even six months ago, it was easy to find a 20k property, even in some of the more desirable neighborhoods in "Da Burgh."
On a daily basis, I am on the MLS, searching comparable properties for comparison against the bank's REO properties. I am beginning to see a trend, and my clients are beginning to experience an anoying reality. Good REO properties are being snatched up quicker and quicker. Foe example, this time last year, there were multiple properties in this price range in areas, such as Lawrenceville, and Bloomfield. Currently, there is not one property under 20k in these two areas. Of course, much of this has been the result of the buzz about these areas, but frankly, it's even difficult to find many properties in this price range in neighborhoods like Penn Hills, where last year, there were buckets of properties under 20k.
If you are an investor, and you are dilly dallying around, waiting for the inventory in this price range to increase, you may only be fooling yourself. My advice is to keep a solid eye on the market, and when you see what appears to be a good deal, BITE!
With the G 20 coming, many more International buyers will be seeing the potential of our fine city, and they won't hesitate to make the move.
So what are the areas that look good for long term investment, with a cheap buy in? Penn Hills, Stanton Heights, Lawrenceville, Bloomfield, Morningside, East Liberty, and many say the Hill district with all that is going on as far as re-development there.
The usual suspects, such as Squirrel Hill, Regent Square, Highland Park, Shadyside, Friendship, and Oakland are always great buys, but you have to pay more, as these are areas in great demand. And as mentioned, the word is already out about Morningside, Lawrenceville, and Bloomfield.
Currently, I am developing an investor list for people who want to be on the pulse of the REO inventory as it hits the streets. if you are at all interested in being on that list, as many throughout the country seem to be, feel free to respond to this blog with your particulars, such as number of units, areas, bedrooms, and baths, and price point. When something becomes available, I will notify you, and if it looks like you are truly interested, I will go out to the property, preview it, and e-mail you pictures of the property. All I ask as that you be serious about your intentions, and my time. When you see a good deal in Pittsburgh, anymore you have to jump on it!
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