CNNMoney.com- Real Estate Market Strong in Upstate New York!! (Buffalo: for sale, foreclosures)

[friedzone]

CNNMoney.com- Real Estate Market Strong in Upstate New York!!
Amidst all of the negative national media on the condition of the real estate market, we've been reinforcing that the real estate market in Upstate New York is still strong. The national media has also picked up on this as noted in an article on CNNMoney.com. Rochester ranked number two on the top ten list of fastest growing real estate markets, followed by Syracuse at number four and Buffalo/Niagara at number five.

Rochester

12-month forecast: 2.7%

Median home price: $121,000

One year price change: 3.4%

Five year price change: 20.1%

Change in foreclosure rate: 5%



Syracuse

12-month forecast: 2.6%

Median home price: $126,000

One year price change: 0.8%

Five year price change: 29.5%

Change in foreclosure rate: 27%



Buffalo

12-month forecast: 2.4%


Median home price: $105,000

One year price change: 1.6%

Five year price change: 24.5%

Change in foreclosure rate: 14%

May 9 2008

[gold dust]

NY rules! That's all there is to it!

[faithfulFrank]

Excellent. I sell in 3 years.

Frank D.

[rubygreta]

No boom, no bust! The real estate market in upstate NY is in much better shape than cities like Cleveland, which is buried in subprime foreclosures. For some reason, subprime never made it big in upstate NY.

[BuffaloTransplant]

Originally Posted by rubygreta

No boom, no bust! The real estate market in upstate NY is in much better shape than cities like Cleveland, which is buried in subprime foreclosures. For some reason, subprime never made it big in upstate NY.

Aren't you glad it didn't? My kids had no trouble finding nice homes -- one renting cheaply and one bought.

[momix5]

great news!

[gold dust]

Originally Posted by rubygreta

No boom, no bust! The real estate market in upstate NY is in much better shape than cities like Cleveland, which is buried in subprime foreclosures. For some reason, subprime never made it big in upstate NY.

That certainly seems to be the case and I am so proud of it. Yea for New York!

[rubygreta]

Originally Posted by BuffaloTransplant

Aren't you glad it didn't? My kids had no trouble finding nice homes -- one renting cheaply and one bought.

I live in Westchester County, where the median price of a home is something like $650,000, with taxes over $10,000.

I would love for my kids to go to college in upstate New York and settle there. Seems like you can buy a nice starter home in a safe neighborhood for under $150,000. People don't have to commute 90 minutes each way to work. Plenty of culture and great outdoor activities nearby. Pace of life is much more normal. It's cold, but a lot of places are a lot colder (think Milwaukee, Minneapolis, Vermont, New Hampshire) or just as cold. Only real downside I see is the grey winter.

[looking4home]

How have home prices been affected in the Southern Tier or Hudson Valley? I'm just wondering because during the boom, there were a lot of second/vacation homes bought in these areas, perhaps using sub-primes, I don't know.

[Tioga]

Home prices in the southern tier you ask? Well, due to the slow economy in the 90's, there were almost no "spec" homes built. So there isin't some big surplus of new homes for sale as in some parts of the U.S. Also, it seems(esp since 9/11) that we've see a small but steady influx of homesteaders from NYC, LI, NJ. Add to that the economy has picked up in this area over the last 5 years........so....the market here isin't too bad for buyers or sellers.