Buying A Condo in Buffalo? (sales, real estate market, condos)

[drasaro]

I am considering buying a condo in downtown Buffalo. Since condos are rare in Buffalo, I think it would be a good investment. I'll be there for 5 years minimum for a job. If anyone knows anything about the Buffalo market, any advice would be appreciated. They are asking 190,000 for it.

[vicarian]

It would be a risky venture, certainly. Buffalo has been down and out for so long it seems that it will never be able to recover. But then some people hope that maybe Buffalo's losses are finally slowing down, and in places like downtown, there does appear to be the beginnings of a renaissance. Five years from now, we may be seeing Buffalo making a turn around like we've seen in some other eastern cities, or Buffalo may still be a cesspool of decay. It's up in the air at this point.

By the way, while the initial purhase for the condo is cheap relative to other cities, expect some high taxes-it's what NYS is known for.

[xamsx]

My mother wanted to buy one of the lakefront townhouses when they were first built about 20 years ago. They were $80K and my father felt the move was "risky". He felt no one would want to buy when they were ready to sell.

Well, those "risky" townhouses are currently selling for $350K+ depending on the upgrades.

I'm not sure what development you are looking into. Is it waterfront? If so, while no one can predict the real estate market anywhere in five years, you should have a good change at a decent return.

If there is a current association have a good look at their reserves so you aren't socked in the near future by deferred maintenance. Check the taxes - condo taxes are approximately half of SFH taxes of the same value. Check the comps and try and locate a good real estate agent familiar with condo sales. Look for a good real estate attorney familiar with condo sales to go over everything you and the realtor missed.