Real Estate June 16, 2009 4:25 PM

Whoa Canada!

WCPerspective 15

Attorney Herbert M. Siegel has sold out to the Canadians. Siegel sold a century-old, 5,000 sq.ft., two-story residence at 196 Soldiers Place to the Canadian government for a whopping $1,390,000. Mr. Siegel founded law firm Siegel, Kelleher & Kahn in 1972.

Two weeks ago, the Canadian government purchased 205 Cleveland Avenue for $320,000. From the Buffalo News story covering that transaction:

"We have Canadian foreign service who come into town on regular rotations," she said. "They come to live in what would be considered Crown properties. This is a new acquisition for that purpose."

Besides the new property, the consulate and Canada also own 235 Lakefront Blvd. and 207 Portside Dr. in Buffalo, as well as 19 Fox Chase Court and 71 South Rockingham Way in Amherst. Several other properties were sold in recent years.

According to one source, the Consulate General will reside in the Soldiers Circle home.

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Comments

15 Comments Leave a comment

sin|ill

June 16, 2009 4:49 PM

Didn't they just rent out some of the HSBC tower as well?

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Andrew

June 16, 2009 5:57 PM

They have the 30th floor of hsbc tower for the actual consulate. These properties are for the staff to live in while they work there

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townline

June 16, 2009 4:55 PM

Awesome house. This was on EVA's Tour of Kitchens last year.

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STEEL

June 16, 2009 5:55 PM

So I guess the city does not get any property tax on the deal.

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c4h5n2o

June 18, 2009 10:58 AM

It is an opportunity cost. We might lose $10,000 in property taxes, but gain greater economic benefit from whomever will be working and living as a result of this development. Assuming that each employee earns and speds $100,000.00 per year, we will be reaping greater benefit from sales taxes and general revenue from the sales of goods and services. I think the math is quite beneficial.

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300miles

June 18, 2009 11:22 PM

I'd have to disagree. For one, it's not $10,000.. it's $40,000 in lost tax revenue. And that's only for one property.

Secondly - someone who can afford these houses (for example, the previous owners) would most likely make a good salary to begin with. So whereas before a local buffalonian owned the home AND had a good salary AND paid taxes. On top of that, the canadians would most likely spend some of their time and money back home in Canada, not 100% in Buffalo. However you break it down, the city is still at a net loss with the Canadians not paying taxes.

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300miles

June 16, 2009 6:11 PM

"They come to live in what would be considered Crown properties."

I guess this shows that the Canadians are just as adept at wasting taxpayer money as we are! At least Buffalo is getting the benefit from it...

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Cardiff Giant

June 16, 2009 6:26 PM

This, I think, is one of the 3 most expensive residential transaction in the history of the city. And this house may have the best backyard in Buffalo.

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whynot

June 16, 2009 7:48 PM

Do you think they could buy Niagara Falls from us? We aren't doing anything worthwhile with it.

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sonyactivision

June 16, 2009 9:40 PM

Well, they could use more parking...

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Black Rock Advocate

June 16, 2009 10:46 PM

no the Indians already own it.

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Sean Brodfuehrer

June 17, 2009 9:49 AM

I think this is good for the city. There isn't any reason why we wouldn't be getting property taxes from this lot. They are not the US government or a a religious institution. Then again maybe we shouldn't tax them anything because I can't help but think that this is a very stabilizing factor for any neighborhood. You know they are going to take immaculate care of this property.

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300miles

June 18, 2009 10:24 AM

According the the Buffalo News - the property will not be taxed now. So I guess we do lose out after all.

"If it were marked at the full purchase price, its taxes would total about $40,000. Under state law, however, that will now come off the tax rolls, since the home is now owned by a sovereign government."

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sonyactivision

June 18, 2009 11:56 PM

Let's swing by and tell them they can have their geese back.

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KarlMalone

June 22, 2009 10:51 PM

300miles: Does your economic analysis take into consideration all the employees they have on the books here (us citizens included) in Buffalo at the Consulate, or how much they give to the community in terms of donations and actively participating. Hell their headcount along generates significant revenue.

I think your arguements falls apart when you assume there a lot of people who can purchase these types of properties. There are not.

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