All Topics / General Property / Buffalo, N.Y., Housing Market Continues Hot Pace

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  • Profile photo of muppetmuppet
    Member
    @muppet
    Join Date: 2003
    Post Count: 900

    Hi Guys

    Here is an article about how hot the Buffalo market has got:

    Buffalo, N.Y., Housing Market Continues Hot Pace

    RISMEDIA, Oct. 20, 2005 — (KRT) — Home sales in Buffalo Niagara in September increased 5 percent from a year ago, as the housing market showed strength beyond the peak summer sales season.

    The Buffalo Niagara Association of Realtors (BNAR) reported 866 homes were sold last month, the best for any September in BNAR data going back to 1994.

    Another key indicator, median sale price, increased 10 percent from a year ago, to $99,000. That means half the homes sold for more than that amount, and half sold for less.

    Buffalo area homes remain a relative bargain — the national median price is $220,000, according to the National Association of Realtors.

    The average sale price in Buffalo Niagara last month was $127,386, up 16 percent from a year ago, according to BNAR data. Forty-eight homes sold for $300,000 or more in September; a year ago, only 22 reached that threshold.

    Pete Peterson, president of the BNAR, said he believes home buyers are moving quickly to make deals before expected increases in interest rates, a buying trend he also saw unfolding in August.

    The 866 homes sold in September was the third-lowest monthly total in 2005. But sales totals routinely drop after August, and regain strength in the following spring.

    The number of homes on the market continued to rise. A total of 5,372 homes were listed for sale, up 8 percent from a year ago. And though the total was down only slightly from August, it broke a string of eight straight monthly increases in the number of homes on the market.

    The higher inventory seems to have contributed to fewer multiple offers on a property, though multiple offers are still happening on hot properties, Peterson said. And with more properties available, the number of them selling in 30 days or less has cooled off. “There’s always a supply and demand factor to that,” he said.

    Through September, the BNAR reported the region’s home sales total was 3 percent ahead of last year’s nine-month total, which ended up a full-year record.

    That reflects a national trend. The National Association of Realtors (NAR) has revised its projections upward, to a 4.2 percent full-year increase in existing-home sales in 2005.
    At the start of 2005, the NAR had forecast existing-home sales would fall 2.5 percent this year, but would still generate the second-highest total on record.

    News source:
    http://www.rismedia.com/index.php/article/articleview/12206/1/1/

    Regards

    Join us at http://www.propertytalk.com

    Profile photo of kiwiduvetkiwiduvet
    Member
    @kiwiduvet
    Join Date: 2004
    Post Count: 92

    Yeay

    Capital growth now as well, actually this has been evident with the change in asking prices for comparable properties over the last 9 Months.

    when the going gets weird the weird turn pro

    Profile photo of Nigel Kibel

    This price has more to do with silly Australian inveswtors shelling out there money to buy in a slum. If prices have not moved much in 40 years, then suddenly investors are pushing up the market.
    Sounds familar.

    Nigel Kibel

    http://www.propertyknowhow.com.au

    Australian and New Zealand Property Researcher and education
    One Day property investment research workshop just $290 Melb 26 November

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    http://propertyknowhow.com.au
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    Profile photo of Brisbane 04

    Yeah Nigel,
    Because we all know how great it is to invest in the NZ and Australian market right now.
    Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Rikky

    I agree with Nigel,
    If prices only move becauce of investors this can be a bad thing if the propertys are not good solid investments.

    Kind regards Rick

    Monopoly, my favourite game

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Nigel,

    If you remember people said the same thing about the regional NZ property market in 2003 AND 2004.

    Look what has happened![buz2]

    Del [biggrin]

    http://www.nzpropertytogo.com

    Profile photo of Rikky

    Yes exactly,
    look what has happened, over priced propertys in Aus NZ and little one horse towns all over the place pulling astronomical prices for property. Just waiting for a correction in the market and people will be losing all that they have because of poor investments.Propertys that are just holding it together finacially because they are slightly +cash flow. But when a correction in the market comes and it will come its just a matter when , you will see property investors fleaing from the market and markets will crash particually bad in theses places leaving genuine home owners devisated as they watch there life savings dissapear before there eyes, as to property investors that don’t know what they are doing.

    Buy good solid investments in good under valued areas with strong ecconomics , not cheap propertys in shakey neighbour hoods or one horse towns. What sort of investment would that be.

    Monopoly, my favourite game

    Profile photo of Nigel Kibel

    I think that America is a great place to invest. Iam going there in a week. But not Buffalo. It is a slum. What is second rate will remain so. In the comments on New Zealand I agree with Rick. People have made money out of one horse towns but not now. You always need to look at an area for what it is. In a city like Christchurch you an buy great property and although the returns are not as strong as they were a year ago they can and will still be great long term investments. I think that there are great opportunities in the USA. However it is important to research a market before you foolishly through your money away as so many people in property seem happy to do.

    Nigel Kibel

    http://www.propertyknowhow.com.au

    Australian and New Zealand Property Researcher and education
    One Day property investment research workshop just $290 Melb 26 November

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of Brisbane 04

    Hi Nigel and Rikky,
    I know Rikky hasnt been to Buffalo but have you? Every city has its bad areas no doubting that but you are classifying a whole city as slum. Buffalo has a population of approximately 290000 in the Buffalo-Niagara Falls Metro Area the population is approx 1,170,111 making it the 43 rd largest United States Metro Area. For you to make a generalisedstaement about a city that is this big makes me concerned for all those silly enough to invest in one day investment worksops with you. To write off a city so easily is ludicrous. To believe that a number of Australian Investors can effect the capital growth of such a large city is also nonsense. Investors no doubt can effect change in property values just look at what Steve McKnightdid for a number of towns here in Australia and New Zealand. But surely you’re not suggesting he can do it in a city the size of Buffalo? Again have you been there?Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Nigel Kibel

    I work with a small group of researchers and investors. Two of my colleges have been there and spent a great deal of time studying the market. They have decided that there are much better areas in the United States in Invest in. Based on my research I agree. I will be travelling to New Zealand at the end of the week. I wil then be travelling to the United states to have a close look at the market.

    If people decide to invest in places like Buffalo and they have travelled there and seen it for themselves then that is there decision. The problem is that many people appear to be purchasing property there without doing an of there own research. My role is to do the research and teach people who to research a market I do not tell them where to invest. It is better to learn how to do there own research than take questionable advise from people who think they know what they are talking about, and who may be charging high fees for that advice

    Nigel Kibel

    http://www.propertyknowhow.com.au

    Australian and New Zealand Property Researcher and education
    One Day property investment research workshop just $290 Melb 26 November

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of bardon_2

    Some of the -ve responses on this thread with respect to investing in WNY particularly Buffalo are an important reminder that anyone can say anything on here for free and it doesn’t have to based on facts just ill informed, knee jerk gross generalization is a good enough qualification to post your feelings.

    So the value derived by readers to those feelings should be equivalent to the cost of making them zilch, it is just pub talk.

    So the pub talk is fine but as Brisbane 04 says if this pub talk is being offered as paid advice at workshops then that is a concern. At least this forum will serve as a warning not to have a blind faith in what property experts tell you especially if you are paying for it.

    Profile photo of Nigel Kibel

    Firstly clearly it is easy to talk about what I do without knowing. I do not tell people at a workshop what they should do but rather show them how to carry out the research so that they can make an informed decision. The fact that I believe that there are better places to invest than Buffalo is my personal view and those of a number of other people who have looked at but in the end decided not to go there. My issue is that too many people blindly invest without looking at the facts. Could there be good areas to invest in Buffalo, I am sure there may be however there are much betters ares to invest in when you consider the high taxes that you will pay, and there are a lot of slum areas there. My personal view is that it is better to take a concervative view when investing. Go to areas that are easy to rent out where finance is not an issue and you can readily get a good property manager to look after your interests. If you are interested do not buy there without doing your research. If you do that and decide to buy as I said you are at least making an informed decision

    Nigel Kibel

    http://www.propertyknowhow.com.au

    Australian and New Zealand Property Researcher and education
    One Day property investment research workshop just $290 Melb 26 November

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of Rikky

    Brisbane 04

    The problem is that people from all over the world are investing in Buffalo and near by areas not just a few aussies and the hype is the high returns, how much research did you do yourself? or did you just talk to people who talk about the high returns. I could be wrong but did you spend a fews days there resently with a group? if so you would have also visited another area in the USA that I have done heaps of research on.
    The problem is that the world is a lot smaller these days due to how easy it is to research areas and I feel that property investing is going to be as risky as shares in the near future due to the fact that so many people follow trends, so there for you will have blue chip propertys and you will have property that are as risky as .com shares.
    Don’t get me wrong a lot of people will make a lot of money out of up state new york , I just peronally feel that it is not for me.There are so many blue chip property that are under valued in the USA , it just takes a bit of research.
    Me and you have spoke on the phone a few times and also meet up , I would like to talk to you again to hear your veiws on what your saw on your trip just out of interest.

    Kind regards Rick

    Monopoly, my favourite game

    Profile photo of Rikky

    Brisbane04

    Just one other thing , I spent 4 months studying theses areas with 3 other guys, we had weekly meetings to share the work load and teach each other, the 3 of them went there and all came back and said that they would not do any buy and holds in theses areas , however they are fliping property in theses areas . I also have been working closely with another 3 guys that have been there and are not investing there but are investing else were in the USA. There is another Aussie I met over there that went to up state NY and he has propertys there but will not be investing in any more he has also moved his focus in to good blue chip areas in the USA.
    So although I have not been there I feel that I have a good understanding of the market, not to mention that I have been investing in property for over 10 years I didn’t just come into the market in the last boom I was in the market when everbody was saying there is no money in property the middle of the resession was when I started investing and I’m just a little concerned that that people will jump in the deep end without doing there researsh properly.

    Kind regards Rick

    Monopoly, my favourite game

    Profile photo of bardon_2

    A clearer picture emerges the dissenters have decided based on there esteemed research to invest in other parts of the US and so should you……

    and by the way one of the areas that we are not investing in started of as a slum but after going back to there elitist research notes and esteemed colleagues maybe, perhaps, might, could, should some investors especially the ones that they know will do okay in the slum and this is now only a personal opinion not to invest there.

    We dont tell you where to invest (apart from Christchurch) but will tell you where not to invest and in the US it is Buffalo…..

    or you could just cut to the chase and be smarter than the average investor and buy a good long term investment in a great property in Christchurch

    And if you invest where we are suggesting in undervalued blue chip properties (I don’t know what this is but will show my ignorance if I ask so best nod my head to this one), taxes are lower, there are less vacancies better property managers and finance has no issues ………..

    the clever well researched investor is to be found in these areas there are no foolish investors here following .com trends this might be Texas or Florida who knows because it is an insider secret that might be revealed for some consideration but wherever it is it is better investment than Buffalo for you even if we don’t know what you are trying to achieve yet

    …now a new debate has started who has done the most research…and a genuine concern for the financial wellbeing all those poor dumb ass investors that are “foolishly throwing there money away” if only they had access to our research papers which are the best that money can buy then they would be saved

    Maybe we should keep a timesheet of hours spent researching and give out brownie points to those that record the most hours researching and set up a system whereby you must have recorded x hours researching or buy someone else’s research before you buy, yes that is the way that is what I must do, we all know that research is the key

    Maybe even a joint Australian and New Zealand standard for property research should be started by the international standards committee it could have standard definitions for undervalued blue chip properties we could even look at adding a section for investing in the US and include insider secrets on where not to invest and things like conversions of square feet and land size..

    Profile photo of Nigel Kibel

    What a load of Twaddle

    If you spent more time doing research you would know where do buy

    Nigel Kibel

    http://www.propertyknowhow.com.au

    Australian and New Zealand Property Researcher and education
    One Day property investment research workshop just $290 Melb 26 November

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of Rikky

    Bardon LOL ,
    You crack me up!
    Nice to know I can’t give my oppion without someone knockn me . I have not said anything that I don’t belive in.
    Cheers here too property investing all over the world , bring on the frequent flyer points.

    Monopoly, my favourite game

    Profile photo of bardon_2

    No worries as I said it is pub talk and that is not to be forgotten I just thought that your opinion needed to be qualified as I happen to know investors that have done very well in that area so not all of them are half cocked and they have all done whatever research they deem necessary, generalities will always attract criticism

    I also know investors that are doing well in other parts of US and Canada as well
    so each to there own and there is opportunity everywhere as there is loss

    yeh, roll on frequent flyer points, late night phone calls, management by email, tax deductible holidays and even no tax if you come back via the Isle of Man.

    Profile photo of Rikky

    I will drink to that

    Monopoly, my favourite game

    Profile photo of Nigel Kibel

    As I said, If people do the research and make and informed decision that is up to them. We all have investment stratagies and different views. My concern as mentioned is that a lot of people are buying property without doing any research.

    Nigel Kibel

    http://www.propertyknowhow.com.au

    Australian and New Zealand Property Researcher and education
    One Day property investment research workshop just $290 Melb 26 November

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

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