Downtown Penthouses Topping $1 Million

The Pittsburgh Business Times is reporting that new downtown penthouse condos are reaching prices of over $1.8 million. In addition, these condos are being purchased at a brisk pace.
This reinforces my belief that there is tremendous pent-up demand for downtown living. These expensive penthouse units have the smallest pool of buyers to choose from, and they are being sold at a pace that even the developers didn't expect.

My prediction:
Within two years, downtown will develop into a full fledged neighborhood, with traditional neighborhood serving businesses like movie theaters, grocery stores, corner deli's etc. Downtown will become an 18 hour neighborhood, retaining much of it's daytime vibrancy into the evening hours.
More extensive taxi service will allow residents to eat in the South Side, watch a game on the North Side, and return home to their Downtown loft.

Last year at this time, this scenario would have been nothing more than a day-dream.
Today it is looking like a distinct possibility.

Read More at The Pittsburgh Business Times
Photo: Pittsburgh Regional Alliance