Reliable Sources other than CMA for real estate value in unfamiliar markets.

Iam looking to buy some multi unit apartments in Pittsburgh. I reside in Lehigh Valley. Price per unit for Pittsburgh portfolio that Iam looking at is $ 17-20K. Rents run anywhere from $450-550(studio to 2 bedrooms). I have a dual agent realtor putting the deal together. Depending on the broker or mortgage agent I speak to, I have been getting mixed feelings. Any one out there investing in Pittsburgh apartments? What's the market like? Pockets like Dusquene, Wilksburgh and North Versailles what are some of the positives and negatives? Value, taxes and unfriendly local ordinances are driving investors out of the Lehigh valley.
In Market Conditions - Asked by Edmund O. - Aug 27, 2009
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Answer(s)

Kennon H.
Owner/Investor
Columbus, OH

I'd poll a couple different realtors who service the areas you listed. Make at least five calls so you will have enough information to make a decision. Dual agency is a red flag. Who is the agent loyal to? Any other questions you can contact me at kennon.hughes@ahdcompanies.com Good luck.

Aug 28, 2009
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Davide P.
Broker/Agent
Pinole, CA

I would disagree with Kennon up to a point. Dual agency isn't a red flag. Agents who just want to get paid - regardless of who they represent - is a red flag. I've had dual agency deals before and had repeat buyers and sellers from it with no issues. Without knowing the area myself, I would agree on contacting a few agents in the area to see if they find anything better. Just be sure to tell them what's going on and that they can represent you if another better property is found.

Aug 28, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

Contact some local brokers. They often are more accurate than CMA's.
http://www.gregorygarver.com

Sep 1, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

Hire an appraiser or your own broker. Dual agency is a very tricky situation and in my opinion the dual agent always represents the first one in better. In other words if he had the proeprty listed, then he is the seller's agent.

Jan 22, 2010
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