Buffalo Housing Woes NON EXISTENT!

[crabapples]

Hey Vegas Dude, for all that crap you babble about Buffalo's housing stock sucking and how everyother place in the U.S. is better, you may want to read the Buffalo News article today!

http://www.buffalonews.com/home/story/293309.html

Here is a little breakdown for those who will choose not to read the article (i.e. VegasDude):

2007 Foreclosure Rates:

3rd: LAS VEGAS 4.23%
82nd: BUFFALO 0.43%

Last year housing prices in Buffalo rose 4%.....

What say you VegasDude?

[run4it]

Hey Vegas Dude, for all that crap you babble about Buffalo's housing stock sucking and how everyother place in the U.S. is better, you may want to read the Buffalo News article today!

http://www.buffalonews.com/home/story/293309.html

Here is a little breakdown for those who will choose not to read the article (i.e. VegasDude):

2007 Foreclosure Rates:

3rd: LAS VEGAS 4.23%
82nd: BUFFALO 0.43%

Last year housing prices in Buffalo rose 4%.....

What say you VegasDude?

PalmDue/VegasTree says:

YOU CAN STILL BUY A PREFAB CARDBOARD HOUSE 2 HOURS FROM ANY MAJOR SOUTHWEST URBAN CENTER FOR ONLY SLIGHTLY MORE THAN YOU'D BUY A SOLID BRICK AND MORTAR IN BUFFALO!!

(of course I"m only paraphrasing)

[cookie]

FWIW:
4th quarter 2007 Phoenix
Median existing home value $204,355
Median NEW home value $315,300

4th quarter 2006 Phoenix
Median existing home value $223,500
Median NEW home value $327,995

cheap huh?
(looks like a little bit of a housing bust going on there- from 223.5k down to 204.3k)

source:http://phoenix.about.com/library/blhomepricesQ42007.htm

[raoul duke]

Hey Vegas Dude, for all that crap you babble about Buffalo's housing stock sucking and how everyother place in the U.S. is better, you may want to read the Buffalo News article today!

http://www.buffalonews.com/home/story/293309.html

Here is a little breakdown for those who will choose not to read the article (i.e. VegasDude):

2007 Foreclosure Rates:

3rd: LAS VEGAS 4.23%
82nd: BUFFALO 0.43%

Last year housing prices in Buffalo rose 4%.....

What say you VegasDude?

Well, theres this:

Buffalo still has one of the highest vacancy rates in the nation — studies have put the number of vacant properties in the city at more than 14,000 and maybe as high as 20,000 — and it continues to see thousands of tax foreclosures each year.

Last year the City of Buffalo (just the city, not the county), foreclosed on over 3000 properties. You can go look at the list in the county clerk's office, if you like. Bring your reading glasses and your time, because it's three volumes long.

House prices rising 4%, while commendable, must be kept in the proper context. Where were they before they "rose?"

[leftWNYbecauseofBS]

Last year the City of Buffalo (just the city, not the county), foreclosed on over 3000 properties. You can go look at the list in the county clerk's office, if you like. Bring your reading glasses and your time, because it's three volumes long.

House prices rising 4%, while commendable, must be kept in the proper context. Where were they before they "rose?"

Great point!

[crabapples]

The point of the article was that Buffalo has, for the most part, avoided the subprime housing problem and subsequent real estate fall out.

In 2007, Buffalo saw housing prices increase 4%. The national rate was 3.2%.

The City of Buffalo may have 14,000 to 20,000 vacant properties on the books (this has been the culmination of years of people leaving the city for the burbs and other parts of the country), but look at places like Cleveland, where they have seen 27,000 foreclosures in the past 2 years. Whereas Cleveland saw nearly a 3 percent foreclosure rate in the Metro area, the Buffalo metro area saw less than 0.5 percent foreclosures.

My argument here is that Buffalo/WNY is not nearly as bad a place in terms of living and housing as people like VegasDude make it seem.

[leftWNYbecauseofBS]

The point of the article was that Buffalo has, for the most part, avoided the subprime housing problem and subsequent real estate fall out.

In 2007, Buffalo saw housing prices increase 4%. The national rate was 3.2%.

The City of Buffalo may have 14,000 to 20,000 vacant properties on the books (this has been the culmination of years of people leaving the city for the burbs and other parts of the country), but look at places like Cleveland, where they have seen 27,000 foreclosures in the past 2 years. Whereas Cleveland saw nearly a 3 percent foreclosure rate in the Metro area, the Buffalo metro area saw less than 0.5 percent foreclosures.

My argument here is that Buffalo/WNY is not nearly as bad a place in terms of living and housing as people like VegasDude make it seem.

Crab,

There was a huge thread on this already.

Buffalo did not avoid anything. It already had the problems. It already had the homes with windows of wood.

By all accounts Buffalo has something like 15k - 20k vacant homes. In the articles it says Cleveland is climbing to 10k. Just because Cleveland is getting more currently does not mean Buffalo is better off.

[crabapples]

Crab,

There was a huge thread on this already.

Buffalo did not avoid anything. It already had the problems. It already had the homes with windows of wood.

By all accounts Buffalo has something like 15k - 20k vacant homes. In the articles it says Cleveland is climbing to 10k. Just because Cleveland is getting more currently does not mean Buffalo is better off.

After reading the article again, I think you are mistaken by the numbers. The recent mortgage crisis has resulted in 10,000 abandoned homes. This is on top of whatever their original number was.

The article also states that Cleveland generally processes a couple thousand foreclosures a year, but in the last two it has skyrocketed to 27,000 foreclosures. Comparatively, Buffalo saw only 3,000.

Finally, the article says that Buffalo was hit hard when a similar thing occurred in the early 1990s. At the time, the City took action that has prevented sub-prime lending and other contributing factors that have marred most of the U.S.

So I would say that for the most part we dodged the proverbial bullet.

[leftWNYbecauseofBS]

So I would say that for the most part we dodged the proverbial bullet.

Come on Crab. Have you driven through the East Side or parts of the West side after dark. Buffalo did not dodge anything.

I mean what does it say about Buffalo when banks, who would lend to people who could hardly afford a new tv enough money to buy a house, passed on investing in Buffalo.

[raoul duke]

Buffalo did not dodge anything.

In fact, one could argue it got shot and left for dead back when "sub-prime" lenders were referred to as "B and C" lenders.

The article also states that Cleveland generally processes a couple thousand foreclosures a year, but in the last two it has skyrocketed to 27,000 foreclosures. Comparatively, Buffalo saw only 3,000.

You're comparing 27,000 foreclosures that, I assume, are mostly bank foreclosures, to 3000 In Rem (or Tax) Foreclosures. In other words, that's just what the City of Buffalo is foreclosing for tax liens. I'll bet the Cleveland foreclosures have a considerably better chance of being sold and returned to the tax role, as opposed to 3000 In Rem'd lots, a disturbing portion of which are complete dumps and total losses as far improvements go.

[crabapples]

The article said there are houses for sale online for as low as $3,000.... I mean come on, who in their right mind is going to buy a house for $3,000.


Lefty,

I am not arguing that Buffalo doesnt have crappy housing on the East side, and throughout most of the city. I was pointing out that we are no longer alone and in fact, over the past couple of years, Buffalo has been better off compared to the rest of the country, in terms of NEW vacancies.

I just got sick of VagesDude bitching about Buffalos housing and saying everywhere else is great, when that isnt the case.

[leftWNYbecauseofBS]

The article said there are houses for sale online for as low as $3,000.... I mean come on, who in their right mind is going to buy a house for $3,000.


Lefty,

I am not arguing that Buffalo doesnt have crappy housing on the East side, and throughout most of the city. I was pointing out that we are no longer alone and in fact, over the past couple of years, Buffalo has been better off compared to the rest of the country, in terms of NEW vacancies.

I just got sick of VagesDude bitching about Buffalo's housing and saying everywhere else is great, when that isn't the case.

Trust me VDude is a tool we all know it.

My whole point is there have been several posts claiming that something good came out of this. When in fact Buffalo, in terms of real estate, has sucked for the last 30 years. Just because other areas are starting to suck just as bad is not cause for celebration or claims of glad we missed out on that.

What people do not realize is this dump is a market correction. Who knows how long it lasts but it will not last forever. It make take 2 years, 5 years or 10 years but it will correct itself. When it does, Buffalo will miss out AGAIN on any benefit.

What people do not see is the conditions are so bad in Buffalo that it is going to miss out on EVERYTHING. Good and bad.

[VegasDude]

FWIW:
4th quarter 2007 Phoenix
Median existing home value $204,355
Median NEW home value $315,300

4th quarter 2006 Phoenix
Median existing home value $223,500
Median NEW home value $327,995

cheap huh?
(looks like a little bit of a housing bust going on there- from 223.5k down to 204.3k)

source:http://phoenix.about.com/library/blhomepricesQ42007.htm

Here's how they come up with the avegage value of houses

Buffalo, Cheektowaga, Sloan, Lackawanna are loaded with vacant houses and old houses that need major remodeling and lot's & lot's ghettor neighborhoods and the low price houses in the city bring down the average home prices, What does a nice house cost in Orchard Park, Lancaster, or Clarence, West Seneca etc..

Phoenix area has mix of homes, Their's alot of expensive homes and their's
a lot of affortable homes as well. that's why the average medium price is higher in the "Valley of the Sun"

PS For what a person is paying for property taxes in a 3 bedroom 1 bath
cape cod worth $67,000 in Harlem & dingens area of CheektoWarsaw and their are paying 4,200 a year property taxes
They could be living in a million dollar house in Scottsdale AZ on a Golf Course with lighted tennis court and the property taxes still wouldn't even be $4,000

[cookie]

Here's how they come up with the avegage value of houses

Buffalo, Cheektowaga, Sloan, Lackawanna are loaded with vacant houses and old houses that need major remodeling and lot's & lot's ghettor neighborhoods and the low price houses in the city bring down the average home prices, What does a nice house cost in Orchard Park, Lancaster, or Clarence, West Seneca etc..

Phoenix area has mix of homes, Their's alot of expensive homes and their's
a lot of affortable homes as well. that's why the average medium price is higher in the "Valley of the Sun"

PS For what a person is paying for property taxes in a 3 bedroom 1 bath
cape cod worth $67,000 in Harlem & dingens area of CheektoWarsaw and their are paying 4,200 a year property taxes
They could be living in a million dollar house in Scottsdale AZ on a Golf Course with lighted tennis court and the property taxes still wouldn't even be $4,000

Those were not average prices, they were median prices.

[300miles]

Don't try to explain Math to vegasdudd... no matter how simple you may think it is...