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TheGerbil

And people said there wasn't a market...

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Shadyside developer Walnut Capital hasn't even broken ground on The Metropolitan Shadyside, the latest in its complement of upscale East End properties, yet it already has sold a third of the units.

The high number of so-called pre-sales come on the heels of similar results at developer Ralph Falbo's 151 First Side condominium project, Downtown. The $26 million, 18-story high-rise that will overlook the Monongahela River already has 30 of 82 units -- ranging in price from $200,000 to $1 million -- under contract even though it will be 15 to 18 months before the first units will be completed.

Other higher-end housing ventures are experiencing healthy volumes of pre-sale activity, as well

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Gerbil,

please leave a comment when quoting, it's bad to set an example of quick cuts and pastes :) just a friendly reminder.

That is good news for the east side and I LOVE the fact that they are going to go 18 floors high! All this northshore, southshore, southside, and oakland (biolab, Technology Center etc.) construction but all 6 floors or less (max 10 floors). I am glad to see someone is being bold enough to give the eastend it's tallest (how big is that old office tower in the middle of E. Liberty?) building now!

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More great news. More condo developement means even higher density.

One commont on the pricing for the codos: $499,000 and up. That shows there is plenty of money to be spent in the city. I would like to see more condos build to be sold in the $200,000's so they don't price out the 'young professionals'. However, it seems like most of the condo development downtown is priced more to that crowd.

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Good point, PB

I sometimes subscribe to the ole "trickle down" economics on this one. If we do get some of the big spenders in that area that will put down the infrastructure for greater and more affordable housing nearby. Just like you said the "young professionals" all those managers need middle managers, doctors, lawyers, accountants, brokers etc. etc. They probably don't want to drive downtown or to Monroeville to get them either, I would imagine there are some developers already licking their chops seeing what the market needs are gonna be for that many rich folk going forward, middle-income housing, shops etc.

I'd like to know what role O'Connor or Murphy played (if any) behind all this. Could tell us a lot about the future of things to come!

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Gerbil,

please leave a comment when quoting, it's bad to set an example of quick cuts and pastes :) just a friendly reminder.

Don't quote the whole article. Leave a comment. Picky picky! ;)

I'm just kidding. I'll try to remember. I am at work (shh!) and try to be quick about posting sometimes :P

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