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Old 10-21-2008, 12:30 PM
 
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I'm a real estate investor looking to network with other investors in the area. I'm wondering if anyone is an investor themselves and knows the best places to go?
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Old 10-22-2008, 10:53 AM
 
Location: Rockport Texas from El Paso
2,601 posts, read 7,270,512 times
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Most of them have gone belly up ! There are a couple of buildings I might be interested in - partly because of their architecture, however whatever is for sale today will be cheaper tomorrow- so I'll watch and wait.
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Old 10-24-2008, 05:02 AM
 
Location: WNY
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Originally Posted by ocean2026 View Post
Most of them have gone belly up ! There are a couple of buildings I might be interested in - partly because of their architecture, however whatever is for sale today will be cheaper tomorrow- so I'll watch and wait.
Not here, thankfully our market never saw that huge housing bubble.
Investors still buy in this area, lot of people rent and it's rare to see a good apartment at a reasonable cost go unrented.
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Old 10-24-2008, 12:35 PM
 
Location: Rockport Texas from El Paso
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HMM Mr August what do you think of all the churches and rectorys for sale? I love the pictures but they probably aren't practical. Population continues to move away and the ONLY chance would be some sort of conversion.

Specifically do you know about the 4 buildings on 11th and south in Niagara Falls and the church & rect for sale on Lewis st as well as 1000 block of lovejoy both in Buffalo 06 zip?
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Old 10-25-2008, 09:35 PM
 
Location: WNY
1,049 posts, read 3,400,029 times
Reputation: 266
Quote:
Originally Posted by ocean2026 View Post
HMM Mr August what do you think of all the churches and rectorys for sale? I love the pictures but they probably aren't practical. Population continues to move away and the ONLY chance would be some sort of conversion.

Specifically do you know about the 4 buildings on 11th and south in Niagara Falls and the church & rect for sale on Lewis st as well as 1000 block of lovejoy both in Buffalo 06 zip?
Churches and rectories, while the architecture is magnificent - hold no real value. IMHO the church population is decling, if Buffalo doesnt do something soon with its valuable waterfront, the city wont see increased population.

I have not looked at the properties you are mentioning, but if you were to purchase them, what would you do with them? specifically the church and rectory? I can look into them though and give you some feedback..
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Old 10-27-2008, 10:13 PM
 
Location: Rockport Texas from El Paso
2,601 posts, read 7,270,512 times
Reputation: 1567
Mr August - why do you have to destroy a fanciful fantasy with a reasonable and practical question?

With the church -rectory - the rectories might make a nice summer home. I was hoping for a windfall where I would have a 1031 and need to find properties. The 11th st properties in NF have a really nice rock convent ( at least from the pictures) however if you see the thread 11th st NF, the area sounds horrible.

As for the two church properties in 14206 Buffalo ( near Hennepin Park), I will assume that there is no market value for the church and thought that while these properties sit on the market, I might get them for the value of the rectory. The Diocese will be dumping more churches on the market, in the near future, further pressuring the market. I read the story last week in the Buffalo News of the church that looked great but only a group in Georgia was interested.

I live in Texas and although I love my coastal town, we have nothing architecturally like Buffalo. We also have hot summers.

My favorite street in Buffalo is actually Niagara St, I know most locals are negative on it. It, like many other Buffalo sts is a throwback to another time and I love the river view. A few years ago I came close to making an offer on 960 Busti, but the $23000 a year in taxes scared me off. Caminelli didn't seem to want to lower the price- result - the bldg got pillaged of all its copper- they had to sell it for way less.

If the taxation dept was smart ( and they aren't) they would find some way to protect nice buildings from destruction ( churches come to mind) and have a special low tax for them.

What makes Buffalo special is NOT the weather - not the economy - not the location but the great old buildings.
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