New 'Gold Rush' in Pittsburgh: Luxury Housing

The context for what the article deems the "Gold Rush" in Pittsburgh: "The Steel City's shift from a manufacturing base to well-paying jobs in education, medicine and technology over the past decade has created a shortage of luxury homes. A few upscale condo developments are in the works, but they tend to be smaller projects. That leaves many affluent buyers with two options: build or a gut-renovate a home, or move out to the suburbs."

Some examples of the milieu that's drawing people to the city: "[Culinary] and cultural attractions help lure the city's newest residents—average age 33—from across the country. Three years ago, Google and other tech businesses moved into offices in Bakery Square, a 6-acre redevelopment in the city's East End near Carnegie Mellon. Last year, the Great Allegheny Passage, a biking trail that starts in the city and ends in Cumberland, Md., officially opened."

The article also includes a series of anecdotes about the difficulty that many wealthy residents have found while on the market for a new home.