Business

‘Economic optimism’ likely to positively affect housing market

The Metropolitan on the corner of Atherton and College Avenue in State College is leasing for fall 2017.
The Metropolitan on the corner of Atherton and College Avenue in State College is leasing for fall 2017. adrey@centredaily.com

Editor’s note: This column is part of the CDT’s Business Matters special section.

Some local real estate agents are optimistic about the housing market in the State College area in the next several years.

There’s so much “economic optimism” for businesses and people since the election, and that will affect the housing market, said Mark Bigatel, managing broker and partner at Kissinger, Bigatel & Brower.

“Since the Trump bump in the stock market, everyone’s 401(k)s, their retirement, is doing better. And that makes people feel more secure, and they can make a decision about some of the big purchases they may have put off, such as cars and housing. So we’re optimistic about the future of the housing market,” he said.

When people feel more secure in their jobs, they’ll be more likely to move to a bigger house, said Liz Piazza, associate broker and manager at KBB.

A lot of developments came online in the past few years that will continue build for the next several years, Bigatel said, such as Rocky Ridge — a single-family residential housing development — and Springfield Commons in Boalsburg.

By 2020, it might be the case that the Harner Farm land for sale in Ferguson Township will be rezoned for residential housing, he said.

In downtown State College, high-rises are getting built all over, it seems.

The Fraser Centre — which is occupied already by Target and H&M and soon to be occupied by restaurant Federal Taphouse and Hyatt Place Hotel — will also boast 26 condos, including four penthouse suites, according to its website.

The condos will be on levels nine through 12, with options of one-, two- or three-bedroom units, according to the website. Anticipated completion is spring.

In addition, The Metropolitan — located at the corner of Atherton Street and West College Avenue — is leasing for fall. The luxury apartments for undergraduate and graduate students, along with professionals, range from studio to five bedrooms, according to its website.

Rise at State College, under construction at 532 E. College Ave., formerly the home of Kildare’s, is planned to have 575 beds, as previously reported. And a seven-story building in the space previously occupied by Canyon Pizza on East Beaver Avenue is expected to have 40 four-bedroom units.

Sarah Rafacz: 814-231-4619, @SarahRafacz

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