Pittsburgh Neighborhoods - Lawrenceville/Millvale

[Nick Cooley]

Hey BP! Taking an initial look at some properties in the Lawrenceville/Millvale areas of Pittsburgh. What's the take on the ground for those of you who are local? 

Some of the top priorities we look for in a neighborhood are:

1. Top 30% rental demand for the MSA

2. Top 30% rent price for the MSA

3. Opportunity for strong appreciation over long term hold

Am I looking in the right area or am I way off base? Thanks! 

[David Lee Hall, III]

1 and 2 are strong. But on #3 I feel LV is in the last 25% of development and generally will be overpriced and and more prone to corrections or lower appreciation as the market cools off. LV has been in top 10 appreciating markets in the last 10-12 years, at this point, unless you happen to get something off market, it is mostly spent and left for hedge funds and those types. Personally when I have bid on places there in the last few years I have been outbid by $50-60k. IMO that gives you a good idea where crazy money is going. Sure, if you can find a non-competition deal, pull the trucker, otherwise, I look elsewhere.