Rent or Buy Condo (Buffalo, Amherst: sales, real estate market, apartments)

[drqu1981]

Hey guys,
I've been living in Buffalo for 4 years now, rented of course in amherst and williamsville, and have signed up for 4 more years in buffalo. I was wondering what you guys' opinions on renting vs buying now in the area.

I was thinking of moving towards downtown at a loft apt, where rent will be around 1100+/month to be closer to where I will be working. At the same time since I know i will be here for 4 more years, I was also thinking of buying. The upside I suppose is that it is "a buyer's market", though I dont think buffalo has been hit as hard vs other areas of the country with the real estate market problems. If I did buy I would be thinking of less than 125k range.

I was looking at some sites like realtyusa.com etc to see how it is here. Since i've lived in Williamsville the past 4 years I've grown accustomed to going to the super walmart/malls etc..so I would rather buy a house in this area since it is probably easier to sell in the future. My concern is if it is worth it buying in Buffalo right now and also if the Condo market is okay. I don't think I will be living in Buffalo past 2012-2013. And kids are not an issue so I don't care about schools etc..

Any help? opinons are appreciated..

[askmeaboutwesternny]

In my experience, condos in the Amherst, Williamsville area are in demand.

The nice ones turn over rather quickly. Some reasons are: students in the area invest in them (or their parents do), People that are downsizing typically will go to a condo, some people don't want to deal with maintenance, condos are great for first time buyers, some companies buy them for their employees to use when they travel to the area for business. The Amherst, Williamsville area, as you know, is very convenient to everything.

You are right. Our real estate market has not been hit as hard as the national picture. Our market has been stable, and as a matter of fact, sales are picking up with spring coming.

[CAugust]

I have to agreee with askme on this one, especially in the market you are speaking of. Williamsville is usually in higher demand, if the condo that you purchase is in decent shape. It's all about what your interests are. I would say to invest rather than rent, why give away your money?

It's not a bad market in Buffalo right now at all, but it's not out of control either.

Good Luck!!!!!

Colleen

[drqu1981]

thanks for the advice...the only thing i was concerned with was the property tax around here too..I don't know how bad they are with condos or townhouses but with some of the houses around here that are in the price range I was looking at had property taxes of around 4000 or more per year which can be 300-400/month in addition to mortgage, insurance etc.. which seemed daunting. I will look into condos/townhouses and hopefully it wont be as bad.

[Coraggio]

Originally Posted by drqu1981

thanks for the advice...the only thing i was concerned with was the property tax around here too..I don't know how bad they are with condos or townhouses but with some of the houses around here that are in the price range I was looking at had property taxes of around 4000 or more per year which can be 300-400/month in addition to mortgage, insurance etc.. which seemed daunting. I will look into condos/townhouses and hopefully it wont be as bad.

Yeah, the property taxes are a kick in the butt, unfortunately. I've seen a couple of cute little houses in the Village of Williamsville for $125K or less. The Village, IMO, will always have good resale value. But condos should also re-sell well around here.

I think you're smart to look into buying. I wish I'd done that when I was your age!

[minusach]

I had a follow up question regarding property taxes. I heard from a friend that property taxes in the Williamsville area run about 30,000 / year for a 300-400K home. Is that true..that sounds ridiculous. He also mentioned that not many options are available for houses in Williamsville below 250K? Is that true?
Hope to receive some comments about property taxes and value of houses in the Williamsville area.
thanks,
MS.

[CAugust]

You most certainly can purchase a home in williamsville under 250k!!! Let me give you an example - right now on the market listed between 80 - 175K with at least 3 bedrooms and 1 1/2 baths there are 29 homes on the market, take out the 1/2 bath and that number goes up to 44

Now lets go the other scope here, homes priced between 250 - 500k in williamsville right now with the same criteria, there are 19 available in that price range.

soooooo actually based on the facts above, there are MORE homes priced under 200k than in the higher end

Your friend might be talking about East Amherst which is also in the Williamsville School District, but those homes are usually higher priced.

taxes are another story, lets take a home assessed at approximately 275k, the estimated taxes for that are approximately $9,268.

I hope this has helped some

Colleen

Originally Posted by minusach

I had a follow up question regarding property taxes. I heard from a friend that property taxes in the Williamsville area run about 30,000 / year for a 300-400K home. Is that true..that sounds ridiculous. He also mentioned that not many options are available for houses in Williamsville below 250K? Is that true?
Hope to receive some comments about property taxes and value of houses in the Williamsville area.
thanks,
MS.

[minusach]

Hi, thanks a lot, that helps a lot. I am renting at the moment and am thinking of buying a house next year..so just trying to get feel of things. So you mentioned $9268 taxes, is that per year for a 275K home? Sorry for sounding stupid..but I will be first time home buyer.
Does anyone have any idea how much houses are in the area around transit/sheridan/youngs road near country club manor apartments/wegmans/BJ's/walmart/AAA?

[CAugust]

Originally Posted by minusach

Hi, thanks a lot, that helps a lot. I am renting at the moment and am thinking of buying a house next year..so just trying to get feel of things. So you mentioned $9268 taxes, is that per year for a 275K home? Sorry for sounding stupid..but I will be first time home buyer.
Does anyone have any idea how much houses are in the area around transit/sheridan/youngs road near country club manor apartments/wegmans/BJ's/walmart/AAA?

those taxes of 9k are for a home valued at almost 300k

walmart is clarence

the other areas really do vary.....

[Coraggio]

Originally Posted by minusach

Hi, thanks a lot, that helps a lot. I am renting at the moment and am thinking of buying a house next year..so just trying to get feel of things. So you mentioned $9268 taxes, is that per year for a 275K home? Sorry for sounding stupid..but I will be first time home buyer.
Does anyone have any idea how much houses are in the area around transit/sheridan/youngs road near country club manor apartments/wegmans/BJ's/walmart/AAA?

You can get a house over there for under $200K, definitely, using Maple/Sheridan and Youngs/Transit as your boundaries. They'd most likely be smaller, older homes, under 2000 s.f., but still perfectly nice.