Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As a outsider looking to move to NY, that isn't a good sign. It's what happened to Pittsburgh once it got trendy. A handful of good neighborhoods skyrocketed in price which left the remaining neighborhoods to decline. The thought that millennials would buy old homes and rehab them never materialized. The result is a high COL (with an average economy) and a rich/poor culture. I would be more comfortable if the entire city was seeing an increase in home value.
This actually defies common sense. There's a lot of construction lately, but why? Who's to locate in these properties? Having a larger pool of vacancies does not warrant higher prices. The house prices in Erie county have been rising since long before the "revival" started so I wonder if the realtors and assessors have been artificially boosting prices to boost the coffers.
This actually defies common sense. There's a lot of construction lately, but why? Who's to locate in these properties? Having a larger pool of vacancies does not warrant higher prices. The house prices in Erie county have been rising since long before the "revival" started so I wonder if the realtors and assessors have been artificially boosting prices to boost the coffers.
I think there is a real shortage of upper-end homes that the first ring suburbs can't offer. Most of the existing luxury stock is completely full, and homes in the $250,000 range and up are flying off the market. I would argue we need more higher end housing in Buffalo because many of the people moving here are looking for those higher end homes we just don't have. That being said, vacancies will continue to rise in the 1st ring suburbs, and I'm not sure the best way to alleviate that.
This actually defies common sense. There's a lot of construction lately, but why? Who's to locate in these properties? Having a larger pool of vacancies does not warrant higher prices. The house prices in Erie county have been rising since long before the "revival" started so I wonder if the realtors and assessors have been artificially boosting prices to boost the coffers.
Demand is driving up prices. Houses are getting multiple offers and bidding wars. There is a shortage of housing for sale in many parts of the area that are considered desirable. Not sure how realtors "artificially" boost prices, as the prices are what the people are willing to pay. Other factors:
- the worst of city housing stock has been demolished in the last decade reducing inventory by thousands of homes
- employment has been increasing steadily for the last few years and is at its highest since at least 1990, the population has stabilized, and with growing employment and income people want to upgrade
- even with prices rising due to higher demand there are still relatively few new houses being built
- neighborhoods on the edge of the most desirable areas are seeing buyers unable to purchase or afford in other areas (Black Rock, West Side past Richmond, near East Side, etc) and in turn driving up prices and demand
- more homes are being renovated rather than sold as-is, which are selling for many tens of thousands more than other neighborhood homes (home on 30 York on West Side sold for $38k in 2013, renovated and sold for $175k last week for example)
- growing immigrant and refugee populations are filling many of rental properties which is also driving up the sales and prices of the doubles - according to today's paper the Burmese alone account for over 8000 in less than 10 years
- there has been an increasing number of Bangladeshi and Pakistani people priced out of NYC who have purchased and renovated hundreds of vacant homes on the East Side, and are settling here with their families and relatives.
Demand is driving up prices. Houses are getting multiple offers and bidding wars. There is a shortage of housing for sale in many parts of the area that are considered desirable. Not sure how realtors "artificially" boost prices, as the prices are what the people are willing to pay. Other factors:
- the worst of city housing stock has been demolished in the last decade reducing inventory by thousands of homes
- employment has been increasing steadily for the last few years and is at its highest since at least 1990, the population has stabilized, and with growing employment and income people want to upgrade
- even with prices rising due to higher demand there are still relatively few new houses being built
- neighborhoods on the edge of the most desirable areas are seeing buyers unable to purchase or afford in other areas (Black Rock, West Side past Richmond, near East Side, etc) and in turn driving up prices and demand
- more homes are being renovated rather than sold as-is, which are selling for many tens of thousands more than other neighborhood homes (home on 30 York on West Side sold for $38k in 2013, renovated and sold for $175k last week for example)
- growing immigrant and refugee populations are filling many of rental properties which is also driving up the sales and prices of the doubles - according to today's paper the Burmese alone account for over 8000 in less than 10 years
- there has been an increasing number of Bangladeshi and Pakistani people priced out of NYC who have purchased and renovated hundreds of vacant homes on the East Side, and are settling here with their families and relatives.
Demand is driving up prices. Houses are getting multiple offers and bidding wars. There is a shortage of housing for sale in many parts of the area that are considered desirable. Not sure how realtors "artificially" boost prices, as the prices are what the people are willing to pay. Other factors:
- the worst of city housing stock has been demolished in the last decade reducing inventory by thousands of homes
- employment has been increasing steadily for the last few years and is at its highest since at least 1990, the population has stabilized, and with growing employment and income people want to upgrade
- even with prices rising due to higher demand there are still relatively few new houses being built
- neighborhoods on the edge of the most desirable areas are seeing buyers unable to purchase or afford in other areas (Black Rock, West Side past Richmond, near East Side, etc) and in turn driving up prices and demand
- more homes are being renovated rather than sold as-is, which are selling for many tens of thousands more than other neighborhood homes (home on 30 York on West Side sold for $38k in 2013, renovated and sold for $175k last week for example)
- growing immigrant and refugee populations are filling many of rental properties which is also driving up the sales and prices of the doubles - according to today's paper the Burmese alone account for over 8000 in less than 10 years
- there has been an increasing number of Bangladeshi and Pakistani people priced out of NYC who have purchased and renovated hundreds of vacant homes on the East Side, and are settling here with their families and relatives.
I could not have put it better. I think there will be a building boom soon with all the pent up demand
I hope there isn't a building boom, just means more sprawl and increased segregation.
Or, if Buffalo's leaders are visionary, you can have increased density via attempting to direct as much of the new residential construction inside the city limits as possible. We are excited to vacation soon in Buffalo; however, I get the sense from Google Maps that there are a ton of large empty lots in the city proper yet that could (and SHOULD) be transformed into dense mixed-use projects BEFORE more trees are allowed to be felled on the periphery for more sprawl.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
