Thursday, December 22, 2011

More Pittsburgh Real Estate Boom

South Florida be illing and young talent is leaving in droves. On the other hand, Pittsburgh is booming. The numbers from Zillow:

South Florida homes and condominiums are expected to lose an astonishing $6.5 billion in value this year, real estate website said Thursday. ...

... Just nine of 128 markets showed gains in home values during 2011, Zillow said. Metro New Orleans led the way with $3.5 billion in gains. Pittsburgh was second ($2.7 billion).

Let's review. Pittsburgh is one of five metros out of 100 sporting peak employment for the last decade. Urban Pittsburgh is one of the most vibrant commercial real estate markets in the entire country. Pittsburgh's 25-34 demographic is growing and is among the top metros for educational attainment. And now we see Pittsburgh as one of nine out of 128 residential real estate markets gaining value for 2011. But all that matters is decades of shrinking population. The recent run of good news must be a mirage.

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