Buffalo's $1 homes aren't as cheap as they seem

[steve2470]

http://money.cnn.com/2015/03/03/real_estate/buffalo-1-homes/index.html?sr=fbmoney030315dollarhomes1215story



Paying $1 for a house may seem too good to be true -- and, in many cases, it is.

In Buffalo, New York, the city is selling vacant properties for a buck to those willing to fix them up and live in them for a few years.

Buffalo's Urban Homesteading Program, which has been around for almost four decades now, requires buyers to fix any code violations within 18 months and live in the home for at least three years. In return, the owner can live off just a few hundred dollars in property taxes, insurance and other costs each year.

Yet, as a attractive as it may seem, fewer than 10 buyers close $1 sales each year, according to city officials.

more at link

[Kalidurga]

1. The average price for a small home where I live is

$200,000 maybe a tad less, that would get you a very nice looking move in ready house though. A little less and you are looking at putting in updates, probably buying your own appliances, painting things like that which would bring the total cost of your home up to $200,000 anyway. So, getting a home for a dollar and putting in $50,000 is still a bargain and to sweeten the deal you will have a customized house. Sweat equity is almost always a good thing if you do quality work.

[frazzled]

3. Yeah, but you still ...

... have to live in Buffalo (if you know what I mean).

I say this as someone who did live in Buffalo, for six years (1979-1985). And while I have many fond memories in some regards--the Albright-Knox Art Gallery, the Polish market, fried chicken at Dan Montgomery's with a jukebox that had a two-part version of How High the Moon, incredible buildings by Richardson and Burnham and Wright, beef on weck!--it was a dying city even then, trying to make a comeback. That it is still trying to make a comeback is ... well, I wish them luck.

[Kalidurga]

4. In this area punchline would be

Yeah, but you still live in North Minneapolis. A very crime ridden part of town even gang members are somewhat leery of the area, well maybe I heard stories though. Anywho, it is what people make it. If enough people come in with intentions to make things better things will get better.

[frazzled]

6. Interestingly ...

We used to live in Minneapolis (SW), as well (moved there after Buffalo!). And furthermore, we had friends who bought a house for $1 in North Minneapolis that was moved on a truck. It was a very nice house—a two-flat, and they rented out the bottom, but yeah ... the neighborhood was pretty tough. After their then-young son found a bullet on the sidewalk to play with, they decided they had to move.

On the whole, though, Mpls. is in much better shape than Buffalo has been in many decades. We lived there for 14 years and brought our kids up in Mpls: there is no better place on earth for that, and the public schools, at least then, were superb.

[Kalidurga]

10. I like Minneapolis

I admit North side is rough though. They say the same thing about South Minneapolis, but those reports are greatly exaggerated. On the whole it is a great city. There is a lot to do and that thing they call Minnesota nice really does exist. Yes, and the schools are excellent I have no horror stories about schools like I have seen in threads here.

[SidDithers]

7. Beef on a weck...

my favourite thing about Buffalo.

I can be in Buffalo in about an hour, depending on the traffic at the border. We do lots of our family entertainment in the Buffalo area - usually a couple days at Darien Lake every summer, take in a few Bisons games a year. We frequently fly out of Buffalo airport anytime we travel in the US.

But you're right about the city. It seems like it's been in recovery since forever.

Sid

[FSogol]

8. Beef on a weck and Ted's Hot dogs.

Maybe it is just too close to lunch, but I could use a road trip.

[bullwinkle428]

9. Born and raised there, and lived in Midwest since the late 1980s. My Mom still

lives there, so I'm back in town a good 3 times a year these days. Each visit involves an ABSOLUTE MANDATORY REQUIREMENT of at least one visit to Ted's (or its bastard family spin-off Theodore's ) and Charlie the Butcher!

[SheilaT]

2. 40 grand for a nice house sounds pretty good to me.

I would hope that all those who do this understand what they're getting themselves into.

The picture looks almost exactly like the place we lived in in Minneapolis more than 30 years ago, and that was a rental, downstairs unit, upstairs unit.

[ND-Dem]

5. I imagine the problem is, no jobs. OK if you have independent income except maybe for

a crime problem.

[Liberal_in_LA]

11. of course a One dollar home will need renovations