Sycamore (SICKamore?) Village selling fast

[Rhiannon]

That is not what Jesus would do

Jesus was a Nomad...

[Linda_D]

As long as the city and local governments base elections on a popularity contest you will have not so bright people elected.

Elections have always been popularity contests. What alternative would you propose? A dictatorship by Carl Paladino? Maybe an oligarchy led by the Buffalo Niagara Enterprise Council?

[WNYresident]

Elections have always been popularity contests. What alternative would you propose? A dictatorship by Carl Paladino? Maybe an oligarchy led by the Buffalo Niagara Enterprise Council?

I don't know.

[WNYresident]

Jesus was a Nomad...

Nomad or not I still don't think he would do it

[Rhiannon]

Nomad or not I still don't think he would do it

probably not... he lived off the land and his sheep herd. Didnt need to worry about these things...

[Linda_D]

My question has always been, why would people spend nearly $200,000 to live on Sycamore? The real estate adage is that it's all about "location, location, location", and these homes just don't have it. When you look to buy a home, a lot of neighborhoods that are okay to rent in are NOT okay to buy in.

It seems to me, from the article, that these people wanted to be "urban pioneers" without all the effort that that implies. Instead of buying existing houses for a few thousand each and fixing them up, they simply went out and bought brand new houses for lots of $$$. Now they're unhappy with their choices.

Moreover, these folks need a serious dose of reality about the state of the economy. In the midst of an severe recession brought on in significant part by the collapse in home construction industry in several states and a huge credit crunch, the city is not going to build more houses in the development because it will have no hope of selling them. DOH.

[Jerry A]

Today a deed was filed for sale #13 of 15-house "Phase I" at highly controversial "Sycamore Village".

Once again, although the actual cost of the houses approaches $400K each, today's sale of "15 Sydni" was for $193,072, minus a $28,072 BURA subsidy ($165K net price).

The assessed value of the 1738 sq ft house (4 BR, 2 baths, full basement) & 484 sq ft garage is a modest $160K, but there are no property taxes for 7 years.

The purchasers, 'B & A Hawkins', have not owned before in Bflo, but apparently are from the city, as are all buyers to date but one.

No word yet as to whether "Phase II" of this costly disaster are moving forward.

Where else in Buffalo can you buy a house for ie 31 Sydni Ln (don’t know where the city came up with that name, but that is where these house are) pay $206,963.00 and have it assessed $160,000.00???????????????? Assessment is supposed to be what the home or other similar property in the are was purchased for.

[Linda_D]

Where else in Buffalo can you buy a house for ie 31 Sydni Ln (don’t know where the city came up with that name, but that is where these house are) pay $206,963.00 and have it assessed $160,000.00???????????????? Assessment is supposed to be what the home or other similar property in the are was purchased for.

Don't get me started on assessment in B-lo, especially for pricey new-builds with all their "tax incentives" for the wealthy and politically connected. You probably pay more in taxes on your Riverside "mansion" than those dudes in the townhouses at Waterfront Village that sell for half a million dollars.

[kernwatch]

Last week 33 Lyth was the latest newbuild to sell in foreclosure.

It sold for $96.3K (less a $25K BNRC subsidy) when newly built in 6/4/02 by Burke Builders, but is now assessed at $73.2K.

Assessing newbuilds at "one fourth off" has been a longstanding pattern.

However, the city may be on to something, and actually assessing them 'honestly'. The current sale of 33 Lyth at $25K is merely 26% if its 'new' price of $96K about 8 1/2 years ago.

(BTW: Sydni Lane at Sycamore Village is apparently named after former Development Commissioner Tim Wanamaker's daughter.