I'm no fan of Pundit, but I don't think he's being a ridiculous downer here. He's just shedding some light on the subject, which I think is valuable to the discussion.

I think there are some real positives to being in what is a very stable real estate market. In places like the Elmwood Village, real estate has skyrocketed, and continues to do so. I recently inquired about a nice little 1.5 story on Breckenridge, excited that this house was available, expecting it to be in my $115k-140k price range. Turns out the house was listed at $250k and sold for closer to 300k. Lovely little house, but its a LITTLE house. Holy crap.

oh, i agree with pundit too. I don't think that's such a negative thing to say, just making note of the reality. Buffalo never had the economic growth that could produce a housing spike. I think that is how most people will view these rankings.

and where is that photo taken from? I like it. it looks like a nice place to retire. maybe if the housing were cheap...

I agree- I think the picture is ok. I bet there are people all over that had no clue boating is a big thing in Buffalo I'm happy they didn't show someone shoveling their sidewalk.

Ike

What the Pundit was saying is absolutely true the reason we are in the top 10 is because most of the country which experienced an explosion in property values for the last 5-8 years is now experiencing a correction in those values, which means negative growth in value.

Look at the growth numbers themselves 1.6% increase last year, 2.4% projected growth this year... those aren't very good numbers- they don't even cover inflation... who would want to invest in property at that level when they can get 3% in a money market account and have complete liquidity?

Hate to break it to all but there hasn't been a significant change in the Buffalo market, there has been a change in the other markets relative to Buffalo.

It's called a market correction. Think about it: five years ago interest rates were very low, which means buyers could afford more house and therefore the sellers responded with higher prices and sales inched higher. That's the simple answer and research would support it. Basically, housing here was under valued and the low rates allowed for the correction.

Also, growth is also measured in new housing starts, which WNY has been and continues to be static. WHY? We continue to lose population, last year to the tune of 5000 people.

I would argue that the increase and growth was good, but data won't show that going forward and with population and job loss, the poor local economy and the regulatory climate in NYS (and the feds to a lesser extent) that has so many disincetnvies to growth and development (see: stupid birds stopping a bridge).

What kind of crappy picture is that... Where the hell even in that taken from? What a wasted opportunity to put a nice image in the national spotlight. What to go guys... way to go... Every single other of the 10 show off some nice architecture, the skyline, or the new real estate that is helping the numbers. We get what looks like the Bayou tour in Louisiana...

who knew that all it would take for Buffalo to be a national leader in a positive statistic was for the rest of the nation to go down the toilet!

pundit, you're right...we'd be much better off if our real estate market was in a free-fall like much of the rest of the country

jeez

palease, i am all for growing real estate, but Buffalo was on a downturn for decades and finally caught up, This shows a spike, lets see if it is on the list next year, and if it is which ten...top or bottom?

I like the picture, it does show Buffalo in a different light. What would you prefer, a picture of Main Street in front of the Hyatt?

they didnt mention anything abou the taxes

Let's hope the city doesn't use this as an excuse to raise our property taxes again.

Notice the photo is from the Niagara Tourism and Convention Bureau...

I thought is was a good picture

well that pictures while anti-normal buffalo just doesn't show much information. I looked at it and saw greenish brown water with a dingy boat and a hodge podge of docks. The buildings in the background I didn't even notice until someone else mentioned and when i looked at them closer you can't see any details. I am not saying that it had to be in the city or not but it is just a poorly composed and pictures.

As for the bubble vs inching forward I would take a slow steady growth more than great amazing prosperity, false hopes and then loosing my house to. Living life at a slower steady pace, you know, one where you can actually enjoy it.

I agree with a part of what Meathead said, homes should be about community, lifestyle and family. Thinking about homes as purely investments is a part of what pulled people out of older neighborhoods all over the city leaving them to crash and burn.

I would still rather take slow steady growth than a roller coaster. If I am happy with my community, have room for a family and can live a life I enjoy why would I care if my property increases 50% or not. I am there to live my life not to make a profit. that's why I go to work.

I like the picture. Not everything has to be of the city.

So much inconsistency in what's celebrated. When Buffalo's real estate price growth was near bottom of the rankings all those years, that was widely celebrated for making housing here more affordable. Then when it's near top of the rankings, people say that's good too. As Pundit wrote, whether it's positive is totally subjective.

Well, when they show houses for sale in each of the markets, for Buffalo they show a non-descript generic 60's rambler in Amherst. For other upstate cities they show homes with character.

good news, horrible pic!

Meathead... I apologize being late to the party- but I was not complaining at all. Just saying that we shouldn't be interpreting this "news" to mean something that it does not at all mean.