Pittsburgh Greenhouse

The City/URA have begun to sell lots through a new program and new address outside of the normal channels. http://www.buyintheburgh.com/ lists the properties by ward; examine Ward 6. This week, I will reach out to PNC about new construction loans, and/or property acquisition loans (to avoid property buy up by slum lords, etc.). A quick cost/benefit analysis of the properties is discouraging, based on the industry standard $125/sqft infill construction costs. If construction-to-permanent loan cost transition is 1:1 at maturity, property build in PH may be valued below cost of construction and/or the cost of property+construction mortgage is out of the cost range of the average demographic based on the 1/3rd monthly income rule.