Property in Niagara Falls (New York, Buffalo: real estate, apartments, rentals)

[peterpuck]

I am contemplating buying investment/rental property in Niagara Falls,and I have a few questions maybe someone could answer. How can those beautiful homes be sooo cheap? Would I have difficulty securing tenants if I buy a nice rental property? What are some of the average rents for a duplex or house,say 2-3 bedrooms? thanks for your help.

[warm heatherette]

My husband and I are also interested in investment property in the Niagara and Orleans County areas. We've actually purchased an old home in Medina, NY - very cheap. We are Canadian, and have lived near Niagara Falls, ON for most of our lives. Since childhood we've watched the sad deterioration of NF,NY, and the complete tacki-ization of NF,ON. The cheap homes you see are due, in part, to a poor economic base. Manufacturing jobs in NF,NY, which were formerly so plentiful, are becoming very scarce, and tourism, tacky or otherwise, hasn't spread to the NY side to the extent it has in Ontario. The casino doesn't seem to be generating enough revenue to give NF the jump-start it needs - yet. I would suggest you do your real estate homework very carefully, as there are many areas you will not want to invest in, regardless of how magnificent the houses seem. Real estate prices are so low, you may not be able to sink the necessary funds into restoring the property without pricing yourself out of the market. The market seems to be quite slow, which has been forecasted. Property taxes are high - very high. Rents are low. 2 & 3 bedroom apartments can be as low as $350.00, and $550.00 is getting rather high, even in desirable areas.

All this being said, we love the history and potential of this part of NY. The area from Buffalo to Rochester is somewhat wounded, but is lovely and deserves revitalization and investment dollars. We've met many good Americans devoted to that purpose, and joint efforts between historical societies in Canada & the U.S. are slowly drawing attention to the rich heritage this area has to offer. We hope to see good things happen in the upcoming years. Good luck to you.

[peterpuck]

Thank you for your honest response. The properties I'm looking into are south of the falls and Niagara proper. They sit on a road that runs parallel to the river. I was just up there this past summer visiting relations and I believe we took this same lightly traveled highway straight to the casino from Buffalo and the homes blew me away. I'm familiar with high property taxes, I live in Austin,Tx, but we don't have the state taxes that New York has,so I'll have to take that into consideration. You are absolutely right about that whole area; it's a national treasure that BOTH countries need to invest in and market. I hope to get back there again real soon, it's great to escape the heat here for a while. Thank you for your time.

[jaecamp]

I think one of the main problems you would have with owning a rental home in Niagra Falls/ Buffalo NY area is that people don't move there. I moved there for a few years and during that time I met very few other people who did not grow up there. Most of those people who moved there had to for school (and lived in dorms), then moved out right after. Also while I was there I noticed that there seemed to be very few people who rented, maybe because it is so cheap top buy a home.

I wouldn't suggest buying the home there for renting, only if you have your heart set on living in it- then never selling it.

[shwallace717]

I think that Niagara Falls NY is a beautiful place to live, but it's very true about the economy. The economy has really gone down, but I think having a home there is a huge plus. Many people work in Buffalo and commute. Due to a career change, 2 years ago my husband and I were forced to move South. We've been back and forth, living in 2 places, but we need to sell it. We have a beautiful ranch home in a nice area of Niagara Falls, but have had a really tough time selling it. People are buying there, so I don't know why. I think NF is ideal for someone wanting to have a vacation home, retire, or use it as a rental because it's only 10 min's from "The Falls". I also think it's a great house and area for someone to buy and live in. Many investors buy and rent there. That's how we sold most of our other properties. I find a lot of ads with people looking to rent, especially those who come to NF for school or pursing a profession. My husband had many rental properties in NF, but we have sold them all. We're no longer interested in managing rentals, so we've decided to put our primary house on the market as well. Moderator cut: advertising Good luck!

[buffalopc]

FYI, NF has a history (Love Canal) that makes it less than desirable, despite the architecture. I had a friend who sold life insurance and was "encouraged" not to sell to anyone living in that area, due to higher than average incidences of several illnesses.

[jfkIII]

Originally Posted by peterpuck

I am contemplating buying investment/rental property in Niagara Falls,and I have a few questions maybe someone could answer. How can those beautiful homes be sooo cheap?

I wonder if it's due to flooding problems? There's an awful lot of water there!

[warm heatherette]

Love Canal is a small pocket of homes in south-east Niagara Falls, close to the chemical/industrial area. Many of the houses have been torn down, and many of the industries have been closed (leaving decaying brownlands) The two schools built in the Love Canal area I believe have also been closed. Certainly if you chose to live in the Falls, there are many other areas to choose from that are no where near Love Canal. I would suggest north Niagara Falls and the river area heading toward and into Lewiston and Youngstown.

[Dr Funky]

move into either Lasalle or Devoux

[Topcat1979]

Hi

Does anyone know of any good property managers who deal in the Niagara Falls area? I am looking at buying a property near the University and a property in the La Salle area of NF, but would like to speak with a PM first.

Any recommendations would be gratefully recieved.

Regards

Bob