About Pittsburgh's North Side

I just love posting good news about Pittsburgh and our real estate market. This time it's about our commercial market. According to Moody's Investors Service Pittsburgh is the nation's top commercial real estate market, for the second straight year. Pittsburgh was judged on multi-family housing, Downtown office vacancies, and full and limited service hotels' occupancy rates. That's not the only good news, Kiplinger.com recently named Pittsburgh one of its six Safe Havens in Real Estate. Read the entire story in the Pittsburgh Tribune Review. And if you are looking for a great commercial investment I have several properties available:

	A Historic Redevelopment Opportunity in Allegheny West. 836 W. North Avenue Pittsburgh, PA $325,000 More Information
	Live, Work, Invest. Commercial Space and Luxury Residence. 1105 E. Carson Street Pittsburgh, PA 15203 $643,000 More Information
	Building, Cafe and 2 Bedroom Apartment For Sale. Perfect for the aspiring restaurateur. 1100 Galveston Avenue Pittsburgh, PA 15233 $120,000 More Information

Looking to buy or sell in Pittsburgh, PA? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.bestpittsburghhomes.com.

With all the white stuff on the ground summer may seem like a long way off but the Carnegie Science Center is offering a special admission price on June 21st, the Summer Solstice, if you show up with a snowball. The special event will benefit the Science Center’s youth programs in the “STEM” areas: science, technology, engineering and math. When you bring your snowball you will be able to name your own price of admission with all proceeds going towards the program. So go out and scoop up some of that fluffy stuff in your yard and save it for summer.

Buying or Selling a home in the Pittsburgh area? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.bestpittsburghhomes.com.

I've been taking pictures around the Allegheny West streets lately and I put together this tour. Enjoy!

Interested in a buying or selling home in Allegheny West? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.bestpittsburghhomes.com.

The North Side is the term Pittsburghers use to collectively describe the 18 neighborhoods that wrap around the northern banks of the Allegheny and Ohio Rivers and climb up the adjacent hillsides.

This area of Pittsburgh was at one time an independent community known as Allegheny City, established as such in 1840. Before its annexation to the City of Pittsburgh in 1907, Allegheny City grew with solid representations of the wealthy and the working class. Reflections of that economic diversity remain today, as do the traditions of those who settled here in its early days, including British, Scotch-Irish, German, Croatian, Czech, Serbian, Carpatho-Rusyns, and African-Americans.

Although the North Side is comprised of many neighborhoods, several are designated as historic districts and stand out as destinations for visitors in search of a glimpse into the city's heritage. , one of the earliest settlements, was developed in the 1780s by a British population who claimed land from the Lenape (Delaware) and Shawnee tribes. Manchester "grew up" in the late 1800s, with development spurred by the installation of a streetcar network that connected the community to the cities of Allegheny and Pittsburgh. It soon became a middle-class suburb with its own riverfront industrial base and commercial district. Examples of homes built during this period are still visible today, including representation from the Italianate, Queen Anne, and French Second Empire.

• Manchester, one of the earliest settlements, was developed in the 1780s by a British population who claimed land from the Lenape (Delaware) and Shawnee tribes. Manchester "grew up" in the late 1800s, with development spurred by the installation of a streetcar network that connected the community to the cities of Allegheny and Pittsburgh. It soon became a middle-class suburb with its own riverfront industrial base and commercial district. Examples of homes built during this period are still visible today, including representation from the Italianate, Queen Anne, and French Second Empire.
  
  
• The Mexican War Streets were laid out in 1848 by General William Robinson, Jr., who had just returned from service in the Mexican-American War. The community's streets carry the names of notable generals and battles such as Resaca, Palo Alto, Buena Vista, and Monterey. Like Manchester, the arrival of streetcar lines prompted this neighborhood's growth. These quiet streets are lined with Victorian brick rowhouses and abundant trees, making it a desirable neighborhood for preservationists.
  
• Allegheny West, developed in the mid-1800s, was once home to more millionaires than any other neighborhood in the world. A stroll on Brighton Road, Ridge Avenue, and Lincoln Avenue will introduce you to the grand mansions that are now private residences. The Calvary United Methodist Church anchors the neighborhood at the corner of Allegheny and Beech Avenues. Built in 1892, this High Victorian Gothic structure features stained glass windows created by Louis Comfort Tiffany.
  
• Allegheny East, also known as Deutschtown, developed in the mid-1800s as Allegheny City expanded. German immigrants were the first to populate the community, as indicated by the neighborhood's name. In addition to a thriving business district on East Ohio Street, Deutchtown is also home to finely preserved Victorian row houses.

Most visitors trek to the North Side to experience Pittsburgh's newest and most celebrated cultural and entertainment destinations, including The Andy Warhol Museum, Heinz Field, Manchester Craftsmen's Guild, The Mattress Factory Art Museum, PNC Park, Pittsburgh Children's Museum, and the Carnegie Science Center.

This tradition of building big and bold is nothing new to the North Side. When you venture off-the-beaten-path to the community's residential neighborhoods and business districts, you'll experience the grandeur of an earlier century. Along charming tree-lined streets, you'll see finely preserved homes from the Victorian era, rich with architectural detail that reflects the wealth of a city on the rise. In the midst of these neighborhoods, you'll find restaurants and taverns that carry on the ethnic traditions of the North Side's earliest settlers.

If you are looking for a great value on a home in the city, consider a URA-sponsored house. If you are not familiar with the URA (Urban Redevelopment Authority), it is the City of Pittsburgh's economic development agency. Its goals are to create jobs, increase the city's tax base, and improve the vitality of businesses, neighborhoods, and the City's livability as a whole.

One of their more popular programs is the Neighborhood Housing Program, which sponsors the construction or rehabilitation of single family homes and then supplies interest-free, deferred, second mortgage financing to qualified buyers. The homes are built in neighborhoods all around the city including the Northside, East Liberty, Lawrenceville and others. Many of these homes also offer 3-year or 10-year tax abatements from the city. For buyers these incentives mean BIG savings on a very nice new home.

For example, I am selling three URA-sponsored homes in Fineview called the Nunnery Hill Overlook Homes. The homes start at $180,000. These brand new, ENERGY STAR, 3 bed, 1.5 bath, single garage homes are within walking distance of Downtown Pittsburgh and the North Shore attractions. The homes are located in a quiet hilltop neighborhood with amazing views of the city. It would be almost impossible to buy a brand new home of this size and quality anywhere in the area for the same price, but the real value is when you start to add up what you will save from the incentives.

The second mortgage from the URA is based on your income. For the Nunnery Hill Overlook Homes, if you are a single person and make less than $43,750 you may qualify for a $35,000 second mortgage from the URA. If you make between $43,750 and $71,900, you may qualify for a $25,000 second mortgage.(Qualification is based on verified income and an application process through the URA. Complete information and the application are available on the URA website.)

On these second mortgages you make no payments, pay no interest and will not have to pay back the second mortgage amount until you sell the property. If you live in the home at least 5 years, repayment begins after you have paid off your first mortgage, have recovered your downpayment and the money spent on payments while living in the home. Then, any additional proceeds are divided 75% to the URA payback and 25% in your pocket until the outstanding balance on the second mortgage is paid back, or there are no proceeds left, at which point the remaining balance is forgiven.

The Fineview homes have a 10-year tax abatement on city and school taxes and a 3-year tax abatement on county taxes. In the first year, the tax on the homes is estimated at only $227 a year. That compares to the $5,294 that would be due on a comparable home without the tax abatement. Since taxes are collected as a portion of your mortgage payment, the savings is equal to a reduction of $422 a month over a similar home without the abatement.

When you factor in a $35,000 second mortgage and the 10-year tax abatement on a 30 year mortgage at 5.5% interest with a 10% downpayment, you end up with a monthly mortgage payment of about $858. That’s almost the same as buying a home priced under $100,000 without these incentives – and there is no way you’ll get a comparable brand new home for under $100,000.

Another benefit these homes offer is their energy efficiency. The Nunnery Hill Overlook Homes are ENERGY STAR qualified homes. They are built to have lower utility bills by incorporating high-efficiency heating, cooling, tankless water heaters and state-of-the art insulation techniques. The total utility bills are estimated to be only $151/month, on average. An average comparable home would run you $195/month or more. That’s a savings of $528 a year, good news for your wallet and the environment.

So, let’s see how much money you can save in just 5 years by buying one of the Nunnery Hill Overlook Homes in Fineview vs. another home, without the incentives, elsewhere in the city:*

Of course, the numbers above are what you save while living in the home. It is also helpful to look at what would happen should you decide to sell your home. Let’s say you sell the home, after 5 years, for the exact same price of $180,000 that you bought it for.

You still need to pay back the URA second mortgage at this point, but not before you get your downpayment and equity from payments back. There is no such guarantee on a comparable home, so even if the real estate market is seeing little or no growth, you still can profit. With the comparable home, your downpayment and equity are pretty much gone.

When you add it up, you saved $39,540 on your payments and got back $29,311 at the time of sale for a grand total of $68,851 – and lived in a very nice home for 5 years.

Add on the $8,000 tax credit for first time homebuyers under contract by April 2010 (or $6,500 for those that owned for at least 3 of the last 5 years) and the total savings climbs to $76,851, even without considering the other financial benefits to owning a home.

Want to find out more about how the Nunnery Hill Overlook Homes can be a great place to call home and a terrific investment? Contact Christa Ross, RE/MAX Select Realty at (724) 933-6300 x214 or direct at (724) 779-1437. Email me at christa@greenhomespgh.com or visit www.fineviewhomes.com.

THE DISCLAIMER: The details presented in this story are based on the Nunnery Hill Overlook Homes in Fineview, represented by Christa Ross, RE/MAX Select Realty. All figures presented are estimates. Details on other URA-sponsored homes may vary; speak to your real estate agent for exact details on any home you may be considering.