There's a lot of debate in the neighborhood recently about whether or not the market in West Deutschtown will support $200K and above houses. I have also had my doubts, but again and again those doubts are erased by new sales. Five eleven Tripoli Street is a new example. I recently noticed that a sale is in progress. I don't know the details, but the home was listed at $199,900. Likewise 1010 Cedar, a large home that needs renovated, is graced with a sold sign. The listing price was $149,900.
Market examples of homes that sold for more than $200,000 include five sixteen Lockhart which sold for $210,000. Four seventeen Lockhart sold for $254,500 this year as well.
But those are renovations of Victorian homes South of East Ohio Street, an area that is perceived as having fewer rough edges.
The two contingencies I first mentioned are North of East Ohio, and one isn't even renovated. And we still ahve the example of new construction sales north of East Ohio. One thousand two Middle Street sold for $188,000 in 2003. Add five percent a year for inflation and that's more than $205,000 in today's dollars.
There remain the matter of three unsold homes renovated by the East Allegheny Community Council that are also North of East Ohio. A look back shows this neighborhood has frequently been ahead of the market, and while some homes stay on the market for long periods of time, they do eventually sell.
Perhaps I am just in an optimistic mood today, but looking back, I'd guess new homes developed today and listed at $200,000 or more are closer to market reality than $150,000 homes listed in 2002.
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