When Philadelphia developer Jack Benoff was first shown Otto back in 2007 he told his agent that he’d “have to be crazy to buy this place”.  Well, it’s a good thing Jack had the vision, perseverance and a little bit of crazy in him, because otherwise we wouldn't be talking about Pittsburgh’s best selling downtown condominiums today. This 144 year old building is poised to rise from the ashes like the phoenix on the side of the building, an architectural holdover from its original use as the Phoenix Brewery. By next spring over 56 new residents will be moving into their new homes in the Strip District.

With all the bad national news about real estate these days, it’s refreshing to learn about the brisk pre-construction sales activity currently experienced by the Otto Milk Building project in the city’s Strip District.  “When we officially started preconstruction sales back in October 2008, no one knew quite what to expect, but now, with the building over 35% sold in under four months, there is no way to not be enthusiastic.” gushes Otto Milk’s RE/MAX Select site team member Christa Ross. “The location is ideal, the building is amazing inside, with high ceilings and huge windows and it is such a unique project for the city. Our biggest problem is that I have to keep telling people that the unit they wanted got sold!” So why has Otto been selling so well? When asked, team members list several reasons that have buyers competing for units:

The Right Place.

Located at 25th and Smallman, the historically significant site is just two blocks from the successful Cork Factory project. Cork’s 297 apartments are 100% filled, with a waiting list. In fact, many of Otto’s buyers are renters that love the location but now want to own. Just across the street, Right by Nature organic grocery store opened its doors in November 2008 with the goal of providing organic and natural foods at reasonable prices. Around the corner a new wine bar and cafe join an existing yoga studio, with even more development planned for the area between 21st and 25th streets. Of course, the real draw is just a block up on Penn. The Strip’s 22-by-four-block area has evolved into a regional marketplace that attracts thousands of visitors with a wide selection of foods, flowers, dry goods, restaurants, bars, nightclubs, studios and shops. And Otto is sitting in the middle of it all.

The Right Time.

For years Pittsburgh lacked a real downtown neighborhood, but now, as young people are flocking to the medical, legal and high-tech jobs that Pittsburgh has to offer, they are turning their backs on a suburban lifestyle. Instead, they want to ride their bikes to work and later walk down the street to meet friends at a club. That same attitude finds empty-nest Otto buyers trading their suburban homes for a simpler, sophisticated city lifestyle, sans commute and parking hassles. Living downtown also fulfills the need of buyers who want to chart their own path by rejecting cookie-cutter homes and embracing a movement that encourages both a building and a neighborhood to be reborn.

Affordable Prices.

One problem with downtown living has been that for many of the most interest buyers, the prices have simply been too high. Otto, on the other hand, has made an effort to bring those buyers into the fold with starting prices for a one bedroom at just $183,000. “One buyer was amazed when I told him he could get a 2 bedroom unit at Otto, with 2 parking spaces, for under $300,000” says Ross. While the 6th floor and Penthouse are a bit pricier, offering high-end amenities like stainless appliances, granite countertops and hardwood floors, most units range between $200,000 and $400,000. Even at those prices, Otto will be a unique, high-style home. Standard features include sealed concrete and tile floors, maple cabinets in 5 finishes, private terraces and balconies and operable windows.

Big Tax Breaks.

If the affordable prices weren't enough, the city is helping out with its tax abatement program. The program will provide buyers at Otto Milk Condominiums ten years of tax breaks on up to a total assessed property value of $250,000. “In practice, most Otto buyers will save over $6,000 a year for 10 years.” Ross goes on to say that the tax break attaches to the unit, meaning if a buyer decides to move in 5 years, the next buyer will get the remaining 5 years of abatement. “That will be a real selling point to our buyer’s buyers downstream.”

Have buyer who might be interested in Otto? The site team makes it easy. Our website has most of the information you will need, including floorplans and prices. Better yet, give us a call and we can talk about the project and schedule an appointment for you and your buyer. Contact Christa Ross at 412-288-2566 or email us at info@ottomilkcondos.com.