WNY Real Estate

Hey gents,

I’ve been looking a lot, though still just casually, and i am curous if things are going above asking price in WNY right now or no?

I keep seeing very respectable, though smaller or rural, properties for pennies compared to what they would be over here. literally half to 1/3 the price of what we would see around me.

Just some samples from today. Your thoughts?

the outbuildings on that one are crazy. its rural but big. this would be probably 3x - 5x that price up here.

regular family home but that would be 2x up here.

this is one of a couple in Newstead that are neat for the $.

Reason i am looking at this price range is because it wouldnt require me to have to sell any of my canadian properties. i could just buy, hold, rent, or move in to one

you cannot get even a 1 bed condo for $300k around me, let alone a decent family home like this. Is this something that is listed for $309k and goes for $400k though?

A lot of this depends on the areas you are looking in. More in demand areas like Amherst/Williamsville are going to have a much higher chance of over asking selling prices. My co-worker has been looking in Williamsville for a while now. He had an offer in $50k over a couple weeks back and it went for $90k over. That’s not the case every time, lots of little factors play into that as well. I think those homes in the $250k-$350k are the sweet spot for aggressive over bidding. Over $350k the pool of prospective buyers shrinks and there’s not as much competition by comparison, but still expect multiple offers on anything you look at.

1st one is nice, price makes sense based on how far away it is from everything. Not much work or money around there.
2nd one is in the hood. You’d be better off buying something a couple blocks away for <100k and hoping the neighborhood turns.
3rd one I wouldnt touch because it looks like a bunch of bad additions.

In general “good” houses around here are selling in days for well over the asking. Anything you find that has been on the market for any period of time is on the market for a reason.

what’s it like finding private contractors for renos these days in WNY?

It’s impossible up here. I have family that do this work and they are booked out months and months.

Both of the larger contractors here have no quoted an addition we want because theyre booked into 2023.

I had three contractors quote me for a parking pad in concrete, all three said 8-12 months out and they all varied by thousands. One was $2k, the other was $10k.

All these people shooting over asking must have cash piles. Banks will approve of what they say it’s worth. Buddy bid over asking and bank said he would have to come up with the difference because the house wasn’t worth the price.

i dunno if you guys are paying attention to whats happening up here but i’ll pull some screenshots off my phone and post them here.

Check the list/sold spreads.

This is my neighbourhood.

The heck, those are like $150-200K houses in Utica lol

yeah, exactly… it’s messed up

You can buy a similar home in WNY outright for the spread between the list/sold up here…

In October I listed my house for 199k and sold it for 234k. I bought it in 2010 for 118k. If the market was “normal” it would sell for probably 190k.

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My mom sold her ~1250sqft ranch (albeit with a finished basement) late summer for $241 on the east side of Rochester.

omg thats insane.
How is this sustainable? Is the median salary $200k or are the loans bs variable rate?

Not sure how big a pad you want but I just DIY’d a pad and retaining wall for my hot tub for about $500. 4" thick, 10’x10’ and the retaining wall was 18" tall on two sides. Rent a mixer and have the pallet of concrete delivered.

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30%+ of all transactions are not for primary residential purposes (investors, second home, commercial buyers). foreign buyers (Chinese in particular) are also big players but they fit into the former categories usually.

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10 years ago - $100/sq ft was tops.

Now every house is about $150/ft and the desirable areas and renovated houses are doing $200-$225/sq ft.

It’s never going to change, the only thing that will change is the length of time a house will spend on the market.

@Beck !!!


Damn some of those prices