Community Groups Indicate Interest in Don Allen Site Compromise
January 28, 2009
The Pittsburgh Post-Gazette reported today that community groups which opposed the development of Baum-Liberty back in December have extended an offer indicating their interest in compromising with the developer to put the project back on track. Back in December, DOC-ECONOMOU, the developer of the site, withdrew their proposal for zoning variances after negotiations with local residents failed to gain the support of local residents. The proposed Baum-Liberty project is a mixed use development involving townhouses, condos, office and retail space, and a hotel in the Bloomfield and Shadyside area at the site of the former Don Allen Auto City on the corner of Baum and Liberty Avenues.
Squirrel Hill Condos Planned for 5637 Forbes
January 26, 2009
The Pittsburgh Business Times reported that a local developer is seeking approval for a five story condominium project on the 5600 Block of Forbes Avenue in Squirrel Hill. The current plan, according to the paper, is for four homes to be demolished and replaced with up to 25 condos.
Read more in the Pittsburgh Business Times.
Buyers expected to go smaller and greener in 2009
January 8, 2009
A few news articles recently have discussed the idea that prices on “green” properties are holding up better in today’s real estate market. As the current economic climate encourages home buyers to look deeper into their finances before buying a property, they are choosing to go with smaller homes and condos that don’t exceed their needs. They are also willing to spend extra on an energy efficient property, knowing that their choice will save them money over time.
Another trend that is expected to grow in 2009 is the migration from the suburbs back into cities. Last summer, the New York Times wrote an article about the economics of living in the city versus living in the suburbs, given the high price of gas. Although the financial incentives are not so strongly aligned now that gas prices have fallen, it still seems likely that young professionals will choose urban living and the downtown culture over long commute times.
Read more about these trends:
Nashville Business Journal: Builders go lean, green as buyers seek less space.
Philadelphia Business Journal: Green condos are still attracting buyers at listing price.
Fifth Forbes Corridor Poised To Turn Corner in 2009
January 8, 2009
The Post-Gazette had an article earlier this week suggesting that the long planned redevelopment of the Fifth and Forbes corridor may be “poised to turn the corner” in 2009. It also discusses the plans of a number of the other property owners in the area for their buildings. Among the condo projects discussed are Piatt Place, Three PNC Plaza, and Market Square.
Here is a summary of the relevant condo news:
Residents will begin to move into luxury condos at the Piatt Place in February. Thirty four out of the 58 condominiums have been sold.
The first new skyscraper in downtown Pittsburgh since 1987 will open this year when Three PNC Plaza is completed. Three PNC Plaza will have 28 condos, some of which have already sold.
Home Design for 2009
January 7, 2009
It’s only a few days into the new year and already newspaper columnists and real estate professionals are predicting what will be hot and what’s not in home design for 2009. While some of these home decorating trends are more relevant to houses rather than condos, there’s still much to learn for condo owners and buyers.
The Arizona Republic article predicts that navy blue and charcoal will be popular colors, (some) wallpaper will find its way back onto walls, you’ll find bamboo as a wall covering in addition to a floor covering, and dark kitchen cabinets will make a comeback.
Examiner.com predicts that eco-friendly, environmentally conscious products and rooms will be hot, wall murals will be big, and color schemes will grow beyond mere neutral colors.
Newsday went with a different spin on the story, instead creating a photo slideshow of the bad design trends they hope will die in 2009. I don’t know if I agree with all of their choices, but you are free to make up your own mind. Here is the link.
Pittsburgh = Best place in PA to raise kids
January 6, 2009
Business Week published its 2nd Annual “Best Places in America to Raise Kids” in November of 2008. This year they decided to chose the top place in all 50 states and our hometown, Pittsburgh, was the champion in Pennsylvania.
Criteria included: affordability, diversity, school performance, job growth, crime rate and air quality.
Business Week touted Pittsburgh’s transition from steel town to Healthcare and financial services. It also cited the city’s 28 colleges and universities, the National Aviary, The Pittsburgh Zoo and PPG Aquarium - and its more that 200 museums and art galleries.
As an aunt, I know my nephews love coming down to the city. The Children’s Museum and Gus’s IceBall Stand are their favorites.
To learn more click here.
Housing market is not the stock market
January 4, 2009
With all the turbulence and losses in stocks and bad economic news in the headlines lately, you can easily lose perspective on what’s really going on in the real estate sector.
For example, new mortgage applications increased last week by 12 percent, according to the Mortgage Bankers Association. Applications from people looking to buy houses with FHA loans were up by 15.3 percent, while applications from purchasers seeking conventional mortgages rose by six and a half percent.
How could that be, with all the grim economic news? Well, remember that there is a huge pent-up demand simmering away out there for housing — especially from first-time buyers who want to scoop up low-priced deals.
When fixed interest rates drop — and last week they were down by a quarter of a percentage point — those buyers start doing the math and getting into the market with offers.
So here’s the key point to keep in mind as you try to make sense of the headlines: The stock market is NOT the housing market. It’s on a whole different set of tracks. And it’s been in a highly volatile state for more than a month.
Housing, on the other hand, has already endured its painful correction for two and a half years … is now pretty much stabilized … and is slowing moving toward its cyclical recovery.
REALTY TIMES - 11/18/08