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.
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