Tuesday, April 03, 2007
Hot here; cold there
Compared to other parts of the state, the real estate market in Southeastern Pennsylvania is red hot. I was in Pittsburgh for a funeral last month and was shocked to learn how little a relative's house was worth.
He has a beautiful home, about 3300 square feet, four bedrooms, 2.5 baths, nice lot on about one-third of an acre. They are planning to move soon, and he said he would be happy if he was able to get $280,000 for the property. I was incredulous. I told him that in Bucks and Montgomery counties, he could probably get between $550,000 and $600,000 for a similar property. Also, there appear to be a ton of homes for sale.
But that's the way the housing market is in Pittsburgh. I don't know why that is. I suspect it might have something to do with the scarcity of good jobs and cost of living, Whatever the reason, the housing market in the western part of the state is certainly a lot different than here.
He has a beautiful home, about 3300 square feet, four bedrooms, 2.5 baths, nice lot on about one-third of an acre. They are planning to move soon, and he said he would be happy if he was able to get $280,000 for the property. I was incredulous. I told him that in Bucks and Montgomery counties, he could probably get between $550,000 and $600,000 for a similar property. Also, there appear to be a ton of homes for sale.
But that's the way the housing market is in Pittsburgh. I don't know why that is. I suspect it might have something to do with the scarcity of good jobs and cost of living, Whatever the reason, the housing market in the western part of the state is certainly a lot different than here.
