Pittsburgh Neighborhoods - Lawrenceville/Millvale
Real Estate Broker · Denver, CO · Member since 2017 · 59 posts · 40 votes
Pittsburgh Neighborhoods - Lawrenceville/Millvale
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Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes
4y1 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.
9 Replies
- Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes4y
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.
- Real Estate Broker · Denver, CO · Member since 2017 · 59 posts · 40 votes4y
Originally posted by @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.
Thanks David. From some of the conversations I have had in the past few weeks, I think we are just seeing the beginning of hedge funds moving into the single family space. Yield is the most precious commodity right now for those with capital.
Appreciate your input!
- Investor · Pittsburgh, PA · Member since 2020 · 36 posts · 10 votes4y
Millvale isn't the worst place to invest but it isn't the greatest.
Pros:
1. Good school district
2. Growing gastropub and microbreweries
3. More investors moving into the area so homes are slowly starting to appreciate in value
Cons:
1. A lot of drug use
2. Hilly and horrible parking
3. Flood zone
Hope this provides a little insight. I live in Millvale as well.
I have to concur with @David Lee Hall, III's assessment. What Lawrenceville's done is largely over, whatever exceptional long-term appreciation there was to be wrung from the place has already occurred in the last ten years. What you see now is stability in the appreciation in a neighborhood successfully reclaimed from the urban blight that came before.
In the same way, @Anthony Martin has also made a great point which is not understood well by out-of-towners. On a 2D map, Millvale looks like it should have a lot more promise than it does. But in the 3D world, it's hard to get in and out of Millvale to the south through that dinky 40th Street bridge and the place is built on very poor ground. Existing housing stock is both elderly and was mostly low-quality to begin with.
- Real Estate Broker · Denver, CO · Member since 2017 · 59 posts · 40 votes4y
Originally posted by @Anthony Martin:
Millvale isn't the worst place to invest but it isn't the greatest.
Pros:
1. Good school district
2. Growing gastropub and microbreweries
3. More investors moving into the area so homes are slowly starting to appreciate in value
Cons:
1. A lot of drug use
2. Hilly and horrible parking
3. Flood zone
Hope this provides a little insight. I live in Millvale as well.
Thanks Anthony. Would you consider Millvale to be a B neighborhood or C?
- Real Estate Broker · Denver, CO · Member since 2017 · 59 posts · 40 votes4y
Originally posted by @Jim K.:
I have to concur with @David Lee Hall, III's assessment. What Lawrenceville's done is largely over, whatever exceptional long-term appreciation there was to be wrung from the place has already occurred in the last ten years. What you see now is stability in the appreciation in a neighborhood successfully reclaimed from the urban blight that came before.
In the same way, @Anthony Martin has also made a great point which is not understood well by out-of-towners. On a 2D map, Millvale looks like it should have a lot more promise than it does. But in the 3D world, it's hard to get in and out of Millvale to the south through that dinky 40th Street bridge and the place is built on very poor ground. Existing housing stock is both elderly and was mostly low-quality to begin with.
Thanks Jim! Really appreciate you weighing in. This is exactly the kind of feedback I was hoping for from yins... I'm used to saying y'all. Did I use that correctly?! haha
- Investor · Pittsburgh, PA · Member since 2020 · 36 posts · 10 votes4y
Nick, I think it's right on the cusp of turning into a B neighborhood as more money from investors starts flowing in. One recent flip/new construction is currently listed at $499,000. Way over priced for right now but I could see it potentially appreciating to that value in a few years.
- 4yJeremy TaggartBusiness MemberReal Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
@Nick Cooley Lawrenceville is more of an owner occupant destination nowadays, attracting your high salary professionals like doctors, attorneys, and tech. It's mostly all gentrified/tapped out on the investor side if you are trying to make money there buying properties as long term rentals. Airbnb is really the only thing that makes sense investment wise there anymore unless you have more money than you know what to do with and just want somewhere to park it with no regards to cash flow. Obviously it's a strong rental market as well but rents haven't kept up with prices there. Will continue to appreciate the same as the other A class areas in Pittsburgh now that it has "made it".
MIllvale is still on the up and up. Has shown a lot of signs of hitting that next level and becoming attractive to more young professionals that don't want to pay high Lawrenceville rents but still want to be close to everything. The bike trail connects Millvale to downtown and a couple popular breweries/concert venue located in the neighborhood that attract people from other neighborhoods. Has the makings of a neighborhood that can continue to keep that momentum. Still a little gritty overall but have been seeing more investment in the neighborhood with people starting to renovate properties since the buy in is still pretty low for how close is it to town. A lot of the houses are dumpy looking and the business district is in a flood zone so I think those are two things that has been somewhat holding it back thus far from getting to that next level, but I believe it will eventually get there if Pittsburgh continues to develop as a whole.
DHRE- The Jeremy Taggart Team590 Reviews - Real Estate Broker · Denver, CO · Member since 2017 · 59 posts · 40 votes4y
Quote from @Jeremy Taggart:
@Nick Cooley Lawrenceville is more of an owner occupant destination nowadays, attracting your high salary professionals like doctors, attorneys, and tech. It's mostly all gentrified/tapped out on the investor side if you are trying to make money there buying properties as long term rentals. Airbnb is really the only thing that makes sense investment wise there anymore unless you have more money than you know what to do with and just want somewhere to park it with no regards to cash flow. Obviously it's a strong rental market as well but rents haven't kept up with prices there. Will continue to appreciate the same as the other A class areas in Pittsburgh now that it has "made it".
MIllvale is still on the up and up. Has shown a lot of signs of hitting that next level and becoming attractive to more young professionals that don't want to pay high Lawrenceville rents but still want to be close to everything. The bike trail connects Millvale to downtown and a couple popular breweries/concert venue located in the neighborhood that attract people from other neighborhoods. Has the makings of a neighborhood that can continue to keep that momentum. Still a little gritty overall but have been seeing more investment in the neighborhood with people starting to renovate properties since the buy in is still pretty low for how close is it to town. A lot of the houses are dumpy looking and the business district is in a flood zone so I think those are two things that has been somewhat holding it back thus far from getting to that next level, but I believe it will eventually get there if Pittsburgh continues to develop as a whole.
Thanks Jeremy. This is exactly the kind of feedback I was hoping for.
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