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Updated about 8 years ago on . Most recent reply
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outbid for properties in Wilkinsburg
Although I keep hearing how 'bad' Wilkinsburg is, I've chosen to invest in the area. I see potential and want to help revitalize the community. I've made 4 offers on rental properties in Wilkinburg (all very close to asking price), and I've been outbid every time. I am moving to the area within the next year, so although I'm learning about the real estate market in Pittsburg, apparently, I have a lot to learn.
I have a few questions for you Pittsburgh pros....If Wilkinsburg is so 'bad' why are people jumping at homes there? And, is it a strategy for real estate agents in Pittsburgh to list homes at lower prices to encourage bidding wars? I actually countered several thousand above list for two of these homes and was still outbid. Any advice for making offers particularly in Wilkinsburg?
Thanks guys!!
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I've lived in this area for 11 years and a lot of the online buzz does not equate to the reality of the area. Every area has its strengths and weaknesses. There are parts of Wilkinsburg that area considered 'Regent Square' those properties are highly sought after and also highly desired place for grad students or city of Pittsburgh employees to live. A lot of the areas marketed as the next big thing that aren't going to change anytime soon. These areas also seem to be the areas that Allegheny county and the city of Pittsburgh throw money at with no big changes and no lowering of crime. You might make some money on a flip or a large apartment complex but most small investors will get stuck with the leftovers that are problematic.
Pittsburgh metro area has a strong rental market. The good rental properties get snapped up quick between the out of town and in town investors. There is still money to be made, but you might have to start in a less competitive area. Since you are moving here, I suggest you wait until you move here to invest.
One note on revitalization: there are a lot of depressed areas within the Pittsburgh Metro area desperate to revitalized. They can't all be saved and most are not ready to be saved. They've been trying to revitalize Homewood, The Hill district and parts of Wilkinsburg for as long as I've lived in the area (11 years).
Prior to moving here I fixated on moving to a part of town that once I got here, I realized was totally unsuitable. I've never been so wrong! I lived in four states and two countries prior to here. This is one town that you really need feet on the ground to fully comprehend what you're getting into.