Want To Know More About Property: Ask The Property Expert
With the Covid pandemic among us, in your opinion, what does the future look like for the downtown Pittsburgh market?
Pandemic’s come and go from historical data. Given the uncertainty of the situation we were dealt with, being able to pivot is imperative to secure the foundation of homeownership in a community. If we encourage the community to keep safe Covid policies in place, we can continue the tourism, visitors and new residents to welcome them back to the city. The city is already seeing a turnaround and 2022 will bring perspective with a new Mayoral Elect to office.
What are the benefits of purchasing a condo compared to renting an apartment downtown?
The decision to purchase a condo vs renting is building wealth & equity. To dish out funds on an apartment for 2 to 5 years is a loss. To gain equity and value, purchasing a home for a longer-term residency is ideal. I lived downtown for nine years. I have paid per year an average of $24,000 x 9 years= $216,000 with no ownership. That scenario has since changed and I am purchasing my first condo in the Strip District.
How many condo buildings are in downtown Pittsburgh?
There are now 11 condo buildings in the CBD, there are 2 condo buildings in the Lower Hill District, and there are 5 condo buildings in the Strip District all of which are considered to be Downtown Pittsburgh. This is not including the townhome developments; Market Street Townhomes, BrownStones, 2500 Smallman and Washington’s Landing.
What are HOA fees and why are they high in some buildings and not others? What do they cover, and do I have to pay them every month?
HOA stands for homeowner association. These are fees that maintain the building’s reserves and pay for common area costs on a monthly basis. The costs are allocated per residence based on the percentage of ownership which comes from the square footage of your condo. Those costs can cover a multitude of items; utilities, staff, common area maintenance, elevator maintenance and insurance, building insurance, landscaping, snow removal, repairs, fitness center, bike storage, residence lounge, building Internet and cable, bi-annual window cleaning, exterior maintenance. When you first purchase a condo, at closing, there is a one-time contribution to the HOA and it can be anywhere from two months up to six months.
