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Thread: Buffalo Real Estate Article in USA Today

  1. #1
    Member 300miles's Avatar
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    Buffalo Real Estate Article in USA Today

    Close to Home: In Buffalo, sales are bouncing back
    By Christine Dugas, USA TODAY

    Buffalo has endured tough economic times, but its housing market dodged the worst of the housing bubble. It recently earned accolades, too.

    In December, the Local Market Monitor, a North Carolina-based real estate research firm, named the county seat of Erie County one of the top 10 large housing markets because of its stability and growth potential.

    Buffalo also received national attention when the TV show Extreme Makeover: Home Edition aired a special two-hour episode last month about a west-side neighborhood. More than 5,000 volunteers helped build a home, improve the exteriors of other homes and plant community gardens.

    Last month, the state-sponsored Sustainable Neighborhoods Project picked Buffalo as the place to revitalize 23,000 vacant housing units.

    "The city is coming back," says Phil Aquila, president of the Western New York MLS.

    • Sales status. Positive news has not equated to steady sales. In December, Erie County home sales were 10.3% lower than in December 2008.

    New, tighter lending rules and more complicated home appraisals can be blamed, says Bobbie Kagle, president of Buffalo Niagara Association of Realtors. Many first-time home buyers rushed to buy a home before the federal tax credit's original deadline in November, which slowed year-end sales.

    • Price points. Buffalo never experienced a surge in foreclosures, and its market has remained relatively stable. In December, Erie County's median sales price increased 10.7% from a year earlier. But the price was nearly the same as it had been in November.

    • Local economy. The Buffalo-Niagara Falls unemployment rate was 8.5% in December, lower than the state's and the nation's. And it has had nominal job gains in the education and health services and professional and business sectors, according to Local Market Monitor.

    Buffalo hasn't fully recovered from the 2001 recession, says George Palumbo, economics professor at Canisius College. And employment growth has been in the lower-paid service sector.

    • Hot 'hoods. Elmwood Village attracts many first-time home buyers. The neighborhood features many boutiques, restaurants and cafes, and has a farmers' market. It is also one of Buffalo's oldest residential areas.

    Prices can be less than $100,000. One such home, built in 1827, is priced at $64,900 and is described as an updated charming Victorian cottage.


    http://www.usatoday.com/money/econom...-buffalo_N.htm

  2. #2
    Member leftWNYbecauseofBS's Avatar
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    Here is the full link...

    If WNY can just stop getting in the way of itself, the area could have a serious boom.

  3. #3
    Member 300miles's Avatar
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    thanks for fixing the link!

  4. #4
    Member Save Us's Avatar
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    We have had the most affordable housing for as long as I can remember.

    It hasn't brought jobs,, usually the jobs are created first then supporting infrastructure houses, schools etc.

    but that and fresh water make me feel a little better about living here

  5. #5
    Member 300miles's Avatar
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    The Buffalo-Niagara Falls unemployment rate was 8.5% in December, lower than the state's and the nation's.
    Good to keep in mind...

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    Member zanna vaida's Avatar
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    Thumbs up

    People buy and sell real estate for different reasons and economy has a huge influence on it.
    For latest housing statistics visit Buffalo-Niagara Association of Realtors-BNAR website: http://www.bnar.org/index.php?src=ge...y=MLSMLXchange

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    Member nickelcityhomes's Avatar
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    Listing inventory in the suburban markets is lower than I can ever remember. If it doesn't sell within 30 DOM, it's probably not going to sell at all.

    Stuff that is priced right will sell within 30 days, but the savvy buyers are sitting on the sidelines, knowing they still have plenty of time to grab their $8,000 scratch-off ticket.

    Buffalo never experienced a surge in foreclosures
    This is a misleading statement. The banks are under the gun to attempt bogus loan mods due to the fed's posturing. They know that borrower is 90% likely to miss payments within one year of the modification. It's a smoke screen which is hiding the true market conditions. The article also doesn't address shadow inventory. If the banks released all of the foreclosures at once the market would take a dump due to the increased inventory. Instead, they are sitting on them for an excessive period of time (2+ years in some cases). My business, which is directly tied to pre-foreclosures and REO, has never been better. It would be in the gutter if conditions were as rosy as USA Today paints them.

    It will be interesting to see how many agents are eliminated from the ranks of BNAR on February 28th when the next agent subscription fee is due.

    The bright side is that demand does exist for properties in good condition that are accurately priced.
    Most of all I like bulldozers and dirt

  8. #8
    Member zanna vaida's Avatar
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    Thumbs up

    Quote Originally Posted by nickelcityhomes View Post
    The bright side is that demand does exist for properties in good condition that are accurately priced.
    The demand exit and supply is limited for properties in move-in-ready that are priced right. Houses under 200K sells faster and 100-140 are hot cakes in some neighborhoods.

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