east liberty station: realizing the potential - City of Pittsburgh

construction exist in primarily built up
and stable Shadyside. The focus on rental
housing in East Liberty has somewhat
detracted from the development of for sale
units where the market demand has only
recently picked up.
Sales prices of new in-fill homes in East
Liberty have grown: a 2,000-square foot
house that sold for $100,000 before 2002
now commands $170,000 or greater.
Average sales price of a single-family home
in that East Liberty climbed from $75,000
in 2008 to $146,000 in 2010. This included
a recorded sale of $315,000 by ELDI.
Affordability of the Pittsburgh region as
compared to major metropolitan areas
extends into the for sale market of the
study area as well. The market remains
steady without either rapid growth or
major cases of foreclosure. Over the last 9
months, 34 for sale transactions have been
reported with another 34 units currently
listed as available. In light of peripheral
costs such as transportation, urban infill
redevelopment remains strong. Attached
homes and condos within mixed-use
buildings are expected to become even
more favored.
The principles TOD are expected to
drive real estate market activity across
all segments. Twenty-something echo
boomers want to experience more vibrant
urban areas, and their aging baby boomer
parents look for greater convenience
in downscaled lifestyles. Driving costs
and lost time make outer suburbs less
economical, while the big-house and office
park wave dissipates in a rough economic
climate. To echo the popular theory of
the ‘creative class,’ those places where
educated, energetic, creative young
people want to be, complete with 24-hour
attributes, will continue to succeed. New
commercial and residential development is
expected to continue over the next decade
assuming infrastructure improvements,
such as restoring the street grid, allow for
transportation mode shifts and increased
density with a mix of uses.
Median Sale Price (2008): 4
• East Liberty - $46,334
• Friendship - $172,000
• Larimer - $10,000
• Shadyside - $285,000
4. PGHSNAP Neighborhood Profiles
59
Current Market Summary Units Lease Range / Sale Price
For Sale Single Family Residential 34 Listings Current
34 Recently Sold
Rental Residential
20 Units of Various
sizes available
$4,500-599,000
$23,000-640,000
$775-1,965 per month
Retail 163,221 SF Available $13.58-28 per SF/Year
Office 82,056 SF Available $11-29 per SF/Year
Mixed-Use Commercial 56,575 SF Available $14-18 per SF/Year
Industrial/Warehouse 82,859 SF Available $3-12 per SF/Year
For-Sale Commercial/Industrial
2 Industrial Buildings
& 2 Commercial Sites
available
$80-90 per SF n/a