$379,900 in Amherst

[WNYresident]

More power to them but doesn't this seem pricey?

$379,900A-ACTIVE

99 Lord Byron Lane
Amherst, NY 14221




3 beds, 2.5 baths | Condo/Townhouse
2,174 sq ft; lot: 0.138 acres - MLS# B1132485

$379,900

https://www.newyorkstaterealty.com/-...herst-NY-14221

[leftWNYbecauseofBS]

This appears to be the combination of a stupid seller and a bad agent. 379 is after a price after a 20k drop from the initial list. Not a single update has been done on that house since it was built. It should go for 350 tops.

[WNYresident]

I think $350,000 is even too much.

[Genoobie]

I think $350,000 is even too much.

Meh, it's the private sector. It's whatever the market will bear. Value is only what people think it is. If there's some sucker that'll pay it, then there will be a real estate bubble. Eventually it will correct and some unfortunate soul will be left holding the bag. Unless, of course, it's a real estate hedge fund that's left holding the bag. Then they'll just ask for a bailout.

[WNYresident]

Totally agree but this isn't anything to do with private sector versus public sector. I don't think many of the houses we see selling for $250k+ are worth it. That's a lot of money per square foot. No bail outs. If you over pay or over spend that was a choice the buyer made.

If you want to make it about private versus public sector..... A house would be 1/2 that size selling for twice as much while "government" gives the buyer our tax money to afford the purchase.

[grump]

Meh, it's the private sector. It's whatever the market will bear. Value is only what people think it is. If there's some sucker that'll pay it, then there will be a real estate bubble. Eventually it will correct and some unfortunate soul will be left holding the bag. Unless, of course, it's a real estate hedge fund that's left holding the bag. Then they'll just ask for a bailout.

There already is a real estate bubble. As a rule of thumb, when any investment vehicle, be it stocks, silver, gold, real estate, whatever, starts getting front page coverage in backwater newspapers like the shoe shine rag it’s time to head for the hills. If the hedge fund asks for a bailout they should get the Bear, Stearns treatment. People have inquired about why no one was prosecuted after the 2008 mortgage debacle. It’s because Obama knew that the first witnesses to be subpoenaed by the defense would’ve been Barney Frank, Chris Dodd, Andrew Cuomo and likely himself for turning the Community Reinvestment Act into a real estate giveaway program for ninja borrowers.

[Genoobie]

It's not really a private sector versus public sector thing to the extent that the housing market is essentially based on what the market will bear. But if the you don't like the way there are booms and busts in the private sector (minus the bailout factor) then that sounds like *gasp*, regulation. If someone wants to pay $379K for a over-valued house and thereby create another bubble and tank American faith in an ever-increasing housing price market then that's none of our business, is it?
Time to invest in derivatives again before the bubble bursts, or maybe you could get into short-selling real-estate hedge funds. Lots of ways to capitalize on people's naivete and stupidity.

[Member 2358]

I dunno... seems like it's in the ballpark for that place in that place at this time. One doesn't get, if one doesn't ask. It only takes one buyer.

[leftWNYbecauseofBS]

It's not really a private sector versus public sector thing to the extent that the housing market is essentially based on what the market will bear. But if you don't like the way there are booms and busts in the private sector (minus the bailout factor) then that sounds like *gasp*, regulation. If someone wants to pay $379K for a over-valued house and thereby create another bubble and tank American faith in an ever-increasing housing price market then that's none of our business, is it?
Time to invest in derivatives again before the bubble bursts, or maybe you could get into short-selling real-estate hedge funds. Lots of ways to capitalize on people's naivete and stupidity.

No. The reason we have bubbles and busts is due to 'regulation'. The value of real estate consistently went up for close to a century when the government stayed out of the process. It wasn't until they decided to 'regulate' the banks and force loans to unworthy and unqualified buyers that bubbles and busts happened.

One of the main reasons this home is listed for $379k is because there is a $199k home in Kenmore and a $150k home on the West Side. Are these the true market values? No. But when NYS puts out program after program to help buyers with down payment and qualification assistance, you flood the market with unqualified buyers and all ships rise with the tide. A buyer who can't come up with $4,500 should not be purchasing a home. A new A/C system, a new roof, a foundation issue are just some of the costs owners need to be concerned with and if a buyer can't save up to $4,500 how in the hell are they going to come up with that ammount with zero notice?

[grump]

It's not really a private sector versus public sector thing to the extent that the housing market is essentially based on what the market will bear. But if the you don't like the way there are booms and busts in the private sector (minus the bailout factor) then that sounds like *gasp*, regulation. If someone wants to pay $379K for a over-valued house and thereby create another bubble and tank American faith in an ever-increasing housing price market then that's none of our business, is it?
Time to invest in derivatives again before the bubble bursts, or maybe you could get into short-selling real-estate hedge funds. Lots of ways to capitalize on people's naivete and stupidity.

There are always ways to play a market. Be a mini Goldman Sachs and take positions contrary to the positions you’ve helped your clients establish at the same time they’re paying you to help them. That’s my favorite...but organizations continue to retain them despite their track record of such antics. One of the issues with real estate is that it serves different purposes for different people, for some it’s simply buying a place to live but others view it as an investment. These aren’t necessarily consistent objectives. I guess they’re back to lowering credit standards again, NINJA loans and all the rest. It’ll come undone again. Part of the run up is people trying to lock in lower rates and that’s driving unrealistic purchase offers. I was talking with a friend the other day and he’s in a quandary. Jump in now, while his current place is at max value, or wait til the correction and buy cheaper but get less for his place. Decisions, decisions, decisions!

[Genoobie]

No. The reason we have bubbles and busts is due to 'regulation'. The value of real estate consistently went up for close to a century when the government stayed out of the process. It wasn't until they decided to 'regulate' the banks and force loans to unworthy and unqualified buyers that bubbles and busts happened.

One of the main reasons this home is listed for $379k is because there is a $199k home in Kenmore and a $150k home on the West Side. Are these the true market values? No. But when NYS puts out program after program to help buyers with down payment and qualification assistance, you flood the market with unqualified buyers and all ships rise with the tide. A buyer who can't come up with $4,500 should not be purchasing a home. A new A/C system, a new roof, a foundation issue are just some of the costs owners need to be concerned with and if a buyer can't save up to $4,500 how in the hell are they going to come up with that ammount with zero notice?

You're always right! You're so smart! There was nothing about repacking mortgages and reselling them that caused the fallout. Greedy private investors took advantage of a market that increased and capitalized on it further. Some people were made very rich by the housing market collapse of 2008. Nothing about the governmental regulations said you *had* to be greedy now did they? Are you suggesting that the government regulate the risk of loaning people money? Wow that's awfully socialist of you.
If people bought houses they couldn't afford then they should've gone down with the ship. But the banks threatened complete economic meltdown if they "failed" so nothing fundamentally changed with banking and housing. Those poor banks, they were just trying to do right by people and the government tied their hands. You're right, it's all the gubment's fault. I'm glad you have such a clearly reasoned argument.

[WNYresident]

Banks and brokers took advantage of a lot of people when it comes to home ownership but the fault also is on the "home owner's" side to. I agree with Genoobie that people who over bought should have gone down with the ship. You have to draw the line somewhere with bail outs.

I remember someone who started a business and within a couple of months spent like 170k on a home. This was about 18 years ago. I couldn't believe it. No track record with the business yet took that payment on. One excuse was it will force him to go out and work hard. I remember checking it out and it was an empty large home for 2 people. No furniture except for the absolute basics. He ended up losing the house. When we purchased our home the bank continually pushed for us to take a higher mortgage. "Use it to remodel and expand!!!". We were like nope. We are only borrowing what we need at the shortest term we can swing.

[WNYresident]

52 Charlestown Road

Amherst, NY 14226

3 beds, 1.5 baths | Single Family Home

1,468 sq ft; lot: 0.135 acres - MLS# B1137114

$199,900

https://www.newyorkstaterealty.com/-...herst-NY-14226


I see this and can see a possible $199,900 but not $300k+ on the first home.

[grump]

Genoobie, there was repacking and pedaling crappy mortgage packages.The fundamental problem was that Freddie Mac and Fannie Mae (and other federal agencies) grossly underreported the number of “non traditional” mortgage they carried on their books until well after things had gone in the dumper. They hid it from the Fed, SEC and anyone else who could’ve stepped in.

[leftWNYbecauseofBS]

You're always right! You're so smart!

Thanks. I didn't go to Buffalo Public Schools!!!!

There was nothing about repacking mortgages and reselling them that caused the fallout. Greedy private investors took advantage of a market that increased and capitalized on it further. Some people were made very rich by the housing market collapse of 2008. Nothing about the governmental regulations said you *had* to be greedy now, did they? Are you suggesting that the government regulate the risk of loaning people money? Wow, that's awfully socialist of you.

Oh, so you have your portfolio managed by the guy who takes just enough profit and heads home for the day? No wonder you pitch about your paycheck. The market was flooded with garbage it didn't want, but that doesn't mean the market won't find a way to processes that garbage for a profit. Sh*it in > Sh*t out. As a BPS 'educator' I thought you would understand this.

If people bought houses they couldn't afford then they should've gone down with the ship. But the banks threatened complete economic meltdown if they "failed" so nothing fundamentally changed with banking and housing. Those poor banks, they were just trying to do right by people, and the government tied their hands. You're right, it's all the gubment's fault. I'm glad you have such a clearly reasoned argument.

The time to tell people they couldn't afford the home was before they were given a loan not after.

The reason the government didn't go after the banks is that they were in bed with the banks via 'regulations' and didn't want to be exposed to the fallout. If the government stayed out of the housing business, or at least didn't force feed sh*tty buyers into it, they would have been able to watch the banks adjust from the sidelines. But the truth is there would not have been a bubble to begin with.