We Featured Them — What Happened Next with These “Hot Properties?”
Columnist Rosa Colucci takes a look at what’s selling in the region — and why you may have to tweak your dream home list thanks to a lack of housing inventory.
Any property that you purchase this year is definitely a Hot Property. As we enter summer, housing inventory around the region continues to be scarce — and that’s a trend that won’t be changing anytime soon.
The National Association of Realtors Housing Report in March showed just 2.8 months of inventory on hand. Listings are down 19.8% from the same period last year; homes for sale for $500,000 or less are down more than 5% from last year.
New home construction also is lagging as years of under-building continue to dog the industry; only 10% of new homes built nationally were listed at less than $300,000. All in all, if you are willing to get creative and think outside the box, now is the time to tweak that list of amenities for your dream home — it may be the only way to get your foot in the door.
Here’s a look at how some of our featured Hot Properties from over the last few months fared.
2124 Westcott Lane, South Fayette
Maintenance-Free Living for All
The owners of this customized, two-year-old townhouse thought they were ready to enjoy a carefree lifestyle but soon discovered their gardening days weren’t over yet. After deciding to find a fixer-upper to keep them busy, they listed the three-bedroom townhouse in the Charter Homes’ Hastings community for $389,000 near the end of March. Featuring more than 1,700 square feet of living space, the three-story home’s open floor plan includes a custom coffee bar. It’s also within walking distance to the neighborhood’s business district, which includes Recon Brewing, a yoga studio and a veterinarian. The home’s listing was removed near the end of May.
897 Field Club Road, O’Hara
A Living Art Installation
One of Pittsburgh’s most unusual properties, “The Mirror House” earned its nickname when artist and educator Martin Prekop clad each and every exterior brick with hand-cut mirrors. Over the years, Prekop also installed 22 skylights and several additions, as well as rooms focused on music, art and entertaining, to the three-bedroom home. He even added a gallery that could host private exhibitions of other artists’ work besides his own. Listed in April for $899,000, the house is still on the market.
128 Bertha St., Mount Washington
A Pittsburgh Colonial Full of History
Situated on a triple lot just steps from Grandview Avenue, this 4,600-square-foot center-hall Colonial, built 150 years ago, has been meticulously restored. Custom floors, restored trim and touches of modern design come together in the four-bedroom, four-bathroom house, which includes a home office on the lower level that’s hidden behind a secret door. Built by one of the founders of the law firm Reed Smith, it was later owned by a local librarian who left more than 5,000 books around the home. Listed in January for $1.275 million, the price was lowered to $1.26 million in June.
Hot Property offers an inside look into unique and historic homes on the market. As part of the Nest newsletter, Hot Property also goes behind the For Sale sign each week to share the story of a special Pittsburgh area home. Four times a year, Hot Property gives an in-depth look at the region’s real estate market in Pittsburgh Magazine HOME, tracks housing prices and sales and details where hot properties can be found. Rosa can be reached at: firstname.lastname@example.org