Luxury apartment listings in Pittsburgh have always been a sought after market for real estate investors and homebuyers. Luxury apartments can usually be purchased by individuals, families or groups for short-term occupancy purposes, bought as rentals or as investment properties. In recent years, the highest sale price ever for luxury apartments was $74.5 million. Two luxury apartments at that amount sold in 2021. The listing price of one such apartment is considered an investment, because the price will not be likely to appreciate more than the market price in any given year.
If you want to buy luxury living space in Pittsburgh, the best neighborhoods to look at are those with the highest populations of population. In these areas, you may be able to get the best deal on the type of property you choose. In fact, some of the best luxury market areas in Pittsburgh are located along the scenic North coast, including the charming village of West End, the scenic neighborhood of Highland Park and the historic district of Van Buren. In addition, two neighborhoods in Pittsburgh that are popular among commuters, are the Mechanicsville and South Shore. South Shore features quiet streets, gated neighborhoods, parks and public transportation, while Mechanicsville offers easy access to the entire city of Pittsburgh, as well as the historic and art collecting areas of Homestead, Bloomfield and Steel City.
There are also neighborhoods that are considered to be part of the luxury market in Pittsburgh. These include the Shadlake area of northeast downtown, which is considered to be the heart of Pittsburgh’s entertainment and arts communities, and parts of the northeast region of the city. Also included in this area are parts of the Bloomfield and south downtown areas. The neighborhoods of East Pittsburgh, Maplewood and Southwood are also considered to be luxury market areas in Pittsburgh. The list of areas that fall under the luxury market umbrella in Pittsburgh continues to grow, with suburbs like Ardmore, Cedar Point, Fox Valley and Monroevia all having become favorite destinations for those who prefer to live in a more urban environment.
Some of the more popular cities that feature luxury dwelling options include Pittsburgh’s historic Downtown, which has been designated as a historical landmark. Other areas include Hazelwood, Homestead, Mechanicsville, Moon Township and parts of east Pittsburgh. The list of neighborhoods that have been added to the list of Pittsburgh’s most popular destinations for loft conversions, mid-rises and lofts include Harbor, Washington Park and the neighborhoods of West End and North Side. The list of neighborhoods that have recently seen an increase in popularity includes those like Hazelwood, South End, Maplewood and parts of the city of Man Rooney. This includes the areas that have seen an increase in property values, making them perfect destinations for homeowners looking to make the most of their investment dollars.
Pittsburgh’s West Village, once considered a hopeless proposition for loft conversions, has seen an influx of investment dollars, which is starting to pay off with a surge in new construction and luxury homes that are being built on commercial and residential properties. The neighborhoods around West End and North Side are seeing an influx of investment dollars as well. Many of these investments are coming from people who are looking for a luxurious lifestyle, which includes a large number of amenities that are only available in the best urban environments. One example of such amenities is the loft conversion of an old warehouse in Hazelwood. This project will convert an old industrial space into lofts that will feature all the modern conveniences of a full service office building but are located in an established business district in Pittsburgh.
For those who want to live the urban lifestyle, but don’t have the financial resources to purchase a home in Pittsburgh’s urban core, there is still a luxury market available in the city’s northwest. The neighborhoods of Southwest boroughs of Pittsburgh contain some of the nation’s best single family homes for purchase at bargain rates. Several of these neighborhoods are undergoing renovation efforts that are adding value and appeal to the property. Many of these neighborhoods are primed for prime real estate investment. These areas are also home to professional baseball, football and basketball teams. All of this adds to the sense of affluence in the area that could make it the perfect choice for individuals who want to purchase a home in a prime location with an excellent school system, but cannot afford the price.
In addition to areas in southwest Pennsylvania that are seeing a surge of luxury development, there is also a luxury market in the heart of Pittsburgh’s west village. West Village, which is just north of Pittsburgh’s downtown area, is experiencing some of the same luxury activity that has been seen in the rest of the city. This part of Pittsburgh is centered around the Penn Square Garage. This enormous commercial building is home to a collection of businesses including the iconic Steelers Super Block. This area is one of the hottest neighborhoods in the city and is experiencing a huge influx of investment dollars. Many people who live here hope that this trend will continue as the market recovers.
The Luxury apartment sale in Pittsburgh, including the downtown area and its suburbs, is expected to continue throughout the year on a steady basis. Many areas have seen a notable increase in luxury apartments during the past year or so. The best places to search for luxury deals in Pittsburgh include the internet, targeted yellow pages and via referrals from friends and family. This is also the most convenient way to find and compare luxury apartment rentals in Pittsburgh. With a strong economy and a low unemployment rate, there is no doubt that we are on the road to recovery.