information about Buffalo (Florida: real estate, rental market, buying a house)
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Hey all. I would like some information about Buffalo: mainly cost and weather.
I'm still rather young but i am thinking about retirement. I live in California but I am thinking about selling my home and purchasing one in Arizona. And when I am retired, I would like to escape Arizona when summer time hits. I've read reports that Buffalo isn't too hot during the summer time so that interests me. But what really baffles me is why are home prices so damn cheap? I'm talking Detroit level cheap! If Bufffalo is a "hidden jewel", then I would want to pounce on a good deal right away and pay for a house within the next ten years. (assuming that prices won't inflate too much) It would be really "cool" to buy a house and rent it out but I am not too sure about the rental market in Buffalo. Any information would be helpful.
Housing prices in Buffalo are cheap, though not as cheap as a few years ago. You can get some bargains in the city but you have to be careful which area. Prices are cheap because the property taxes are some of the highest in the nation and the economy, although improving, still trails the national average. For example I paid 180k for a house 11 years ago in one of the nicest suburbs of Buffalo, I put at least 50k into it (kitchen, siding, insulation etc) and I sold it last year for 240k after sitting on the market for 9 months. I got some ridiculous low-ball offers and someone finally bought it. The taxes this year are $7600. Is investing in Buffalo a good idea? You decide.
Homes in desirable neighborhoods sell almost immediately, and have recently been selling for greater than asking price with multiple offers. There are many homes in less desirable neighborhoods that list for low prices, and these are generally in only fair to poor condition, may not have been updated in decades, are small and old structures, or are in areas which have been affected most by the depopulation of the 60s-70s-80s (empty lots, etc). The better ones sell almost immediately. A look at a recent satellite view of an area can show you which neighborhoods and blocks have missing houses, and these areas are not expected to improve much in the next decade except possibly along their edges as gentrification takes place or in specific areas. I recommend to leave it to those that know the area well to take the risks of purchasing in those neighborhoods with missing/boarded up houses.
The lack of population growth has meant that there are fewer new homes in the area driving the stratospheric prices seen in other cities.
Many absentee landlords continue the cycle of neglect and decay in the less expensive neighborhoods, and prevent many from showing the improvements in properties and prices seen in the better neighborhoods. That said, a good landlord with a decent property in most areas can find tenants, as rental prices have been climbing faster than home prices. Finding good tenants is always an issue, however, and some landlords are less selective than other, which can keep an entire neighborhood down.
Homes in desirable neighborhoods sell almost immediately, and have recently been selling for greater than asking price with multiple offers. There are many homes in less desirable neighborhoods that list for low prices, and these are generally in only fair to poor condition, may not have been updated in decades, are small and old structures, or are in areas which have been affected most by the depopulation of the 60s-70s-80s (empty lots, etc). The better ones sell almost immediately. A look at a recent satellite view of an area can show you which neighborhoods and blocks have missing houses, and these areas are not expected to improve much in the next decade except possibly along their edges as gentrification takes place or in specific areas. I recommend to leave it to those that know the area well to take the risks of purchasing in those neighborhoods with missing/boarded up houses.
The lack of population growth has meant that there are fewer new homes in the area driving the stratospheric prices seen in other cities.
Many absentee landlords continue the cycle of neglect and decay in the less expensive neighborhoods, and prevent many from showing the improvements in properties and prices seen in the better neighborhoods. That said, a good landlord with a decent property in most areas can find tenants, as rental prices have been climbing faster than home prices. Finding good tenants is always an issue, however, and some landlords are less selective than other, which can keep an entire neighborhood down.
That was what I heard before I put my house on the market and it languished there for 9 months. People in Buffalo are for the most part CHEAP. If you list it in a desirable market and are willing to give it away it will sell almost immediately, if you want a decent price it won't. Some of the offers I got were a joke, 30-40k below asking. I am so happy I sold it and have nothing more to do with Real Estate in Buffalo. There are so many other better places to invest, why would you want to come here. The taxes are a killer and will never go down. In Florida there is a save my home amendment where your taxes can only increase 3%/year. In Buffalo they reappraise every few years your taxes will most certainly increase. If you fix up your house, guess what, your taxes will go up. Its a reverse incentive.
Taxes are much less in the City, sometimes significantly due to lower tax rates and assessments. More house per the dollar in many city areas. Buying a house as an investment is not a good plan in this market, but buying a house as a long term home is excellent for the money spent.
As much as I complain about issues here, I gladly admit our summers are awesome. The biggest problem is they aren't longer
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