Downtown Pittsburgh offers plenty of condos, but apartments prove more popular
Friday, May 13, 2011 at 01:00PMPittsburgh Business Times - May 13, 2011
By Tim Schooley
With new restaurants in the Cultural District, a revitalized Market Square and office space going fast, one thing doesn’t appear to be selling quickly in Downtown Pittsburgh: condos.
Plenty are still available at properties such as the The Encore on 7th, the new Three PNC Plaza building and Gateway Towers, even as apartment properties Downtown boast waiting lists and rent levels unheard of not much more than 10 years ago.
Al Barone has been a close observer of the pivot in the residential market Downtown as a resident in Gateway Towers and as a principal in Barone & Sons Inc., of which has appraised a number of condo projects Downtown.
“There’s still an oversupply of stuff available for sale,” Barone said, noting there are approximately 32 condos available in Gateway Towers.
