Pittsburgh wasn’t always a great place to invest in residential real estate. Before the housing bubble burst, that market was basically flat, due to a significant population loss after the steel mills closed in the 80s and a tendency for residents to stay in their homes for decades. Ironically, it was the housing bubble that created a crisis for other states nationwide and fostered an opportunity for investors like me. I bought up houses in Historic Deutschtown and other ailing neighborhoods and brought them back to life with a thoughtful renovation.
This was a good investment move because, while the Pittsburgh market has seen healthy appreciation in values, generally, some neighborhoods brought me double-digit price gains in the last decade. With the City of Bridges recently reinventing itself as an east coast tech hub full of new growth, I’m seeing an opportunity to again place my bets on some of Pittsburgh’s up and coming neighborhoods.
Up and Coming Pittsburgh Neighborhoods Worth Investigating
With older neighborhoods getting some much needed TLC and new hotspots cropping up around the metro, it’s never been a better time to find deals with good potential returns in Pittsburgh’s real estate market. If you’re looking for a boost in your real estate investment portfolio, there are a handful of up and coming Pittsburgh neighborhoods that you should keep an eye on.
However, certain neighborhoods (not to name names, but Squirrel Hill North and Point Breeze, this applies to you) fall more in the “luxury” range, plenty of the most desirable boroughs throughout Pittsburgh are attracting homebuyers, especially Millennials, with asking prices that are well in range of their local tech salaries. If you have leads in these neighborhoods, your real estate investing business is likely to be in good stead this year. Here’s a few that I am focused on right now.
If the idea of investing in property on the riverfront piques your interest, Lawrenceville is the place to be. It’s one of Pittsburgh’s largest neighborhoods, located just a ways northeast of the downtown sector. The median home value in Lawrenceville keeps growing as a result of the neighborhood’s “Robotics Row” nickname. With numerous tech jobs, in addition to all the trendy eateries and pubs emerging, Lawrenceville is a hotspot for Millennials—but it’s also been attracting new residents from around the nation. We can expect housing prices to continue its upward trajectory so, if you can find an off-market property here, there’s plenty of upside to investing in this neighborhood.
Located across the Monongahela River from Downtown Pittsburgh, South Side is commonly portioned off into two neighborhoods: South Side Flats and South Side Slopes. This area is characterized by its higher-than-average building density and narrow streets, which means that the neighborhood is incredibly walkable. However, the median home value is still very affordable compared to local tech salaries and there’s easy access to downtown. Residents are increasingly coming to see homeownership in South Side as more desirable than renting, which makes the neighborhood a no-brainer for buying, rehabbing and selling houses here.
If the name alone doesn’t sell you on the benefits of living in Friendship, who knows what will? Friendship is a Pittsburgh neighborhood that truly prides itself on an ingrained sense of community. It’s the ideal purchasing spot if you are interested in taking advantage of an in-demand neighborhood. Situated on the east end of the city, Friendship is replete with historical Victorian-style houses just begging for a fix-up. Due to increasing demands, home values in Friendship are trending upwards and some projections have the demand for one of the city’s most rapidly growing districts increasing over the next few years. If you can get leads in this neighborhood, buy now.
Family-oriented investors need apply. Brookline is driven by community and togetherness. The neighborhood is easily walkable, full of parks and playgrounds for the young ones. Brookline is also becoming increasingly diverse with residents of all walks of life. After a recent investment of more than $5 million towards the renovation of historic Brookline Boulevard, the neighborhood has only been gaining popularity. The median home value in the area is fairly low. which means it’s an excellent time for you to get in on the ground floor of a rapidly developing neighborhood.
Finding Leads for Pittsburgh Investment Opportunities
Pittsburgh has several up and coming neighborhoods that all have promising potential for returns. But, to find off-market properties with the best potential for ROI, you will need solid leads. Thankfully, that’s not something I worry about because, as an independently owned and operated HomeVestors® franchisee, I have access to some of the most qualified leads and best marketing tools for investors. The nationally-known and trusted “We Buy Ugly Houses®” advertising campaign, in particular, takes a lot of the groundwork off of my plate. Distressed homeowners in neighborhoods across Pittsburgh who need to sell their homes can call me first. These tools and resources drove my professional real estate investing business forward after the housing crash and continue to position me ahead of the competition as our City of Bridges grows into becoming a tech leader.
If you’re ready to find the perfect Pittsburgh investment opportunities in up and coming neighborhoods, contact HomeVestors to gain access to some of the best qualified leads available.
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