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"Real estate listings in August on Realtor.com in the Pittsburgh real estate market experienced a dramatic year-over-year 75.2 percent increase in search activity," said Move Inc., California-based company that runs the Web site.
The increase made Pittsburgh "one of the nation's markets where search activity by potential home buyers has grown the fastest," the report said.
The local market ranked 49th out of the 208 metropolitan areas included in the report, just behind the Middlesex-Somerset-Hunterdon, N.J., area, which had a 75.4 percent increase, and ahead of Columbus, Ohio, which had a 75 percent gain.
The top tier of the interest list was dominated by areas that have been hardest hit by the housing/mortgage industry crisis.
No. 1 was Stockton-Lodi, Calif., 250.9 percent, followed by Las Vegas and nearby areas of Arizona, 194.3 percent; Riverside-San Bernardino, Calif., 168.9 percent, and Oakland, Calif., 161.4.
Rounding out the top 10 were San Jose, Calif., 142.2 percent; Fort Myers-Cape Coral, Fla., 139.2; Sacramento, Calif., 136.8 percent; Miami, 134.7 percent, and Naples, Fla., 133.6 percent.
The lowest increases were in Salt Lake City-Ogden, Utah, 31.2 percent, and Charlotte-Gastonia-Rock Hill in North and South Carolina, 24.9 percent.
According to the Internet site, 84 percent of home buyers search for real estate online. That may be one reason why online viewing was up on all 208 markets, with the average up 76.2 percent, said George Hackett, president of Western Pennsylvania Multi-List.
Multi-List's statistics show that the number of listings here dropped from 4,000 in August 2007 to 3,500 for the same month this year.
"Many people think that there are too many homes in the market, but that doesn't appear to be the case here," said Hackett, who is president of Coldwell Banker Real Estate.
Because of a steady stream of bad news concerning real estate, many people may be holding off putting their homes up for sale, he theorized.
For the first eight months of 2008, homes sales here dropped from 21,454 to 17,758, a decline of 17.6 percent, according to RealStats, a South Side company that tracks sales in Allegheny, Beaver, Butler, Washington and Westmoreland counties.
Real estate notes:
--The Ronald McDonald House in Shadyside has been purchased by Shadyside Properties Inc. for $2 million, according to a deed filed in Allegheny County. Caroline West of Shadyside Properties said the goal is to continue the use of the 512 Shady Ave. building as an apartment with about 10 units, and to convert the 500 Shady Ave. house into the same number of units. Ronald McDonald House is relocating into seven floors of a 13-story building, formerly known as St. Francis Plaza, near the new Children's Hospital in Lawrenceville after the first of the year. It will offer 60 apartments and four common rooms.
--A $290 million permit by Holdings Acquisition Co. LP for the interior fitout for Majestic Star Casino, 955 North Shore Dr., was the reason August had a value of $307.27 million for 205 permits issued by the city of Pittsburgh. That brought total permit value to $738.9 million, about 20 percent higher all of 2007, according to the Bureau of Building Inspection. Through August, permits for 98 single-family houses have been issued compared to 67 for all of 2007. However, only two permits for duplexes have been issued this year compared to 48 last year.
-- The Fineview Citizens Council will receive $575,000 in loans and grants following approval from the Pittsburgh Urban Redevelopment Authority for the acquisition of property at 1609-11 and 1911-15 Meadville St., in the city's Fineview area, for construction of four single-family houses. They will have three bedrooms and 1 1/2 baths with integral garages, priced between $180,000 and $190,000. Deferred second mortgage loans up to $120,000 are available for qualified buyers. To date, 25 new houses and three rehabilitated homes have been developed in the neighborhood.
--Palate Bistro, which opened 15 months ago at 212 Sixth St., Downtown, is expanding. The restaurant will add a New York-style lounge -- enclosed and soundproofed -- and a first-floor bar and larger dining area. That will increase seating capacity from 66 to 100. Recently, Palate Bistro added outdoor seating.
--A request to place a vinyl banner wall sign on the west facade of the five-story Y Lofts in East Liberty will be reviewed by the city's Zoning Board of Adjustment on Thursday. There are 40 loft units in the building, the former YMCA at 120 S. Whitfield St., being converted by East Liberty Development, Meiz Development Co. of Denver and Whitfield Street LP. The Pittsburgh Public Parking Authority will seek approval for signs at the Grant Street Transportation Center, 55 11th St., Downtown.
--Tarentum, Whitaker and Wilkins have been approved for participation in Allegheny County's Vacant Property Recovery Program, joining 18 other communities. The program acquires delinquent properties and sells them.
Transactions:
--The Jane Holmes Residence, established in 1895 as a nursing home known as the Home For Aged Protestants, has been sold to Residential Resources Inc. for $1.7 million, according to a deed filed in Allegheny County. Lynne M. Downs, president of the board of managers, signed for Jane Holmes; John Jeffrey Lengel, president and chief executive officer, signed for Residential Resources. The property is on Rebecca Avenue, Wilkinsburg.
Real estate gallery:
--Tina Zanotto received a Pennsylvania real estate license and joined Prudential Preferred Realty in Murrysville.
--Howard Hanna Real Estate Services hired sales associates Maureen Fullerton and Pat Whigham in Cranberry; Michelle Fielding and Sharon Stahlsmith, Fox Chapel; Julie Archer, Franklin Park/Wexford; Jean Bowen, Butler; John Woloshyn, North Hills; Emily Ann Dorrian and Ronald Wiles, New Homes Southwest at Nevillewood; Danielle Deering, Jacqueline Shermenti, Kathleen O'Boyle and John Marecic, Murrysville; Erica Honick, Upper St. Clair; Amy Pack, Kiski Valley; Ethel Bonder, Allegheny Valley; Jeanne Pantalone, Shadyside; M.J. Junejo, Oakland; Dawn Tocci, Seven Fields; Marisa Anthony, Beaver; Arlene O'Toole, Allison Park; Maria McCloskey, Mid-Mon Valley; Wendy Weaver, Mt. Lebanon; Sid Lawecki, Freeport; and Tara Milkovich, South Hills.
Contributors: Sam Spatter and Laura L. Lenk
Ron DaParma is the Tribune-Review's real estate writer. He can be reached at rdaparma@tribweb.com or 412-320-7907.
To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper, go to http://www.pittsburghlive.com/x/pittsburghtrib/. Copyright (c) 2008, The Pittsburgh Tribune-Review Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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