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Thread: Home values rise 15% in neighborhoods

  1. #1
    Member steven's Avatar
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    Home values rise 15% in neighborhoods

    BUFFALO, N.Y. (WIVB) - Are you shopping around for a new home? You may be surprised to see the selling prices in some Buffalo neighborhoods. Some homes have nearly doubled in value in just a few years.


    This all revolves around the growing medical corridor that is drawing more professionals downtown.


    The biggest impact has been in areas off Delaware and Richmond avenues.


    Taking a look at 7 properties that have sold twice within the last two years -- their value jumped significantly in just that short amount of time. What do they have in common? They are all near the Buffalo medical corridor.


    A house on Dorchester Road in Buffalo just sold for about $350,000 -- nearly double what it sold for seven years ago. And there was no major renovation. The reason for the spike in value, according to real estate agents, is its proximity to the growing Buffalo medical corridor.


    Who is buying these houses?


    "The downtown professionals, the research people, the physicians, the medical staff," said Joel Calabrese of Hunt Real Estate.


    That's just one example of many recent sales in these neighborhoods off of Elmwood, Richmond and Delaware avenues.


    Those areas have seen between a 15 percent increase in value in the last two years and 25 percent in the last five years. That's compared to a 3 to 5 percent increase for most of Western New York. And agents say the houses aren't staying on the market for long.


    "In one day, you can have several offers," said Judy Ralabate of Hunt Real Estate.


    Michael Culeton from hunt reality says he's seeing a lot of younger families, ages 35 and younger, moving in near the medical corridor. Many of them rent at the high-end loft apartments going up near Main Street. Others are buying. Right now buying mostly within a two mile radius of the campus, and soon could be buying even closer.

    http://www.wivb.com/dpp/news/local/h...-neighborhoods
    People who wonder if the glass is half empty or full miss the point. The glass is refillable.

  2. #2
    Member nogods's Avatar
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    A house that sells in one day was way under priced. The owners should should sue their real estate agent.

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    Looking to see how the 1st ring burbs' property values will decline...oh wait, that's already happening because this area of the country isn't growing so we're just robbing peter to pay paul...glad to see that the ancient and obsolete realty business is still intact. 20 years from now they'll just move people back out to the burbs.

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    How does a realtor move people to and fro? Don't the people have a say in that?
    I guess my realtor sucked because he let me dictate where I moved. I wonder if the people that bought my home were told to move there...

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    Nah, they use arguments like "property values" and "schools". So as suburban schools and property values decline and people move they make a choice. The realtor "advises" them where schools are "good" and/or where property values are "rising", etc. People get scared so they move. The "news" will scare them the other direction in 20 years. Meanwhile realtors clean up on both sides of the transaction.

  6. #6
    Member nogods's Avatar
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    It's amazing how much misplaced trust people put in a real estate agent, especially because all an agent is doing is marketing a product. The only benefit to the parties to the transaction is that the agent wants to get as high a price as possible (advantage to seller) as quickly as possible (advantage to buyer).

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