As more and more people move back to Buffalo, they are looking for places to purchase. Over the years we have written countless posts on the shortage of housing in the city. Many potential homeowners do not want to fix up a run down house – they would rather move right in to a home that is ready to go. I spoke to a real estate person recently who told me that people are looking for available nice single homes in the city, but they are few and far between, which is preventing a lot of people from relocating. When something does come on the market, it’s usually pricey, warrants a bidding war, and cash offers are king.
One person that I spoke to still has a condo in NYC that he is looking to sell, but he doesn’t know what he can pick up in Downtown Buffalo, if anything. He doesn’t want to lease… he wants to buy. And the condos that do occasionally come up in Buffalo are expensive, no matter where one is coming from. As far as options go, one can buy a vacant lot and build a house, or wait for developers to transition more loft developments into condos (something that is not happening fast enough).
Developers using tax credits (most of them are) are relegated to building leasable apartments. After five years they can then convert the rentals into condos, but as we have seen, that rarely happens.
One BRO reader sent along the following email just this morning.
Condos, transit, parking, oh yea and condos. There are a-lot of people moving back to the area who left in the 80’s and 90’s – some like myself – moving back because there s no better place than Buffalo and WNY.
Downtown (as bleak as it seems at times) is amazing and people need a place to live. I want to buy a condo downtown or a flat downtown. Problem is there is only City Centre (and a couple more on the waterfront), but there are others like me who are all looking to buy. Downtown buffalo is on the verge of exploding in the next 5-10 years and I can’t wait to be apart of it.
If you want to attract people (not familiar with the area) to live and work in downtown Buffalo, then you have to have cool (and affordable) places to live, along with transit and grocery stores. Oh and of course more Tim Hortons! Ok you get the point.
If (and when) you build it, they will come!