City September 17, 2009 6:20 PM

Cool Buffalo Real Estate Listing of the Week

Cool Buffalo Real Estate Listing of the Week
Timothy Hobin
Timothy Hobin 14

Auctions can be cool, due in no small part to the fact that they provide steep discounts on expensive things. 

The house at 567 Richmond Avenue, owned by the state, is going to be auctioned on October 28th according to the New York State Office of General Services. There is a chance that someone could score this place for a reasonable sum, so let's try to make that person a local someone.  The former NYS Evening Reporting Center was closed by Governor Paterson due to underutilization.

The house is situated a mere three blocks from the heart of the Elmwood shopping district. It is walking distance to the Lexington Co-op, Spot Coffee, Brodo, Globe Market and all of the other incredible places on the strip. It is also just a short stroll over to Bidwell Parkway, which is just a nice spot to retreat to sometimes.

I would also like to add that The Buffalo News reported today that there has been a 10% increase in Buffalo Niagara home sales recently, so why not be a part of this great new trend?

Also worth mentioning is a story about a financial boost for the Genesee Gateway project, which involves rehabbing a few treasures that had become eyesores at Oak and Genesee Streets. 

A great thing to be sure, but I want to point out a quote by Peter Hunt of Hunt Commercial, who in describing the project to The Buffalo News said, "So I think there's going to be a coolness factor. And don't ever underestimate that factor."

This is all I've been saying.

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Mike Puma
September 17, 2009 9:08 PM
Mike Puma

Wow that is a pretty nice location, a great find for sure.

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O'Brien
September 17, 2009 10:46 PM
O'Brien

This was a Group Home and check-in for kids, I didn't know they closed it.

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shakeman
September 18, 2009 8:04 AM
shakeman

Where are the details of this auction listed?

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benfranklin
September 18, 2009 9:36 AM
benfranklin

It's not clear from the website that the building is being auctioned, perhaps the sign on the building gives more information.

On the topic of auctions, I see Grace Manor Nursing Home will be sold by Cash Cunningham on the 10/31.

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Blackrocklifer
September 18, 2009 9:58 AM
Blackrocklifer

Will be interesting to see if Grace Manor is considered for housing, the low reimbursement for nursing home beds makes it not feasible to reopen as a long term care facility.

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benfranklin
September 18, 2009 10:16 AM
benfranklin

It would be much easier to do reasonably priced apartments. I've run craigslist ads for small apartments in that area that draw over 50 responses. Fifteen years ago I had trouble interesting people in the place, now it's a bigger concern about how to be fair in showing/screening/taking a security deposit. The area around the medical campus, at least on the Allentown side has changed (for the better) quite a bit.

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Blackrocklifer
September 18, 2009 10:26 AM
Blackrocklifer

Agree- I work on North St. and have seen steady progress in this neighborhood and also more interest on the edges just to the west. When I lived in this neighborhood in the late 70's this was not the case.

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benfranklin
September 18, 2009 10:23 AM
benfranklin

On the subject of reimbursement rates... it's too bad that the focus of Obama's health care reform is really more about health insurance. The provider's of services are being strangled by low payments from insurance companies.

I'm aware of a local hospital that over the last twelve years has seen an increase in what they pay to a local insurance company go up over 350 percent (to insure hospital employees), while what they receive for an average procedure has gone up, during the same time, something like 35 percent.

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Blackrocklifer
September 18, 2009 10:44 AM
Blackrocklifer

I work in healthcare in facilities and engineering and have seen a stratification in long term care as private pay clients have been cherry picked by the for profit homes leaving only medicaid clients for the not for profits. We continue to operate at a loss since medicaid does not pay enough to cover the cost of our residents. The only reason the homes stay open is to move patients out of our more costly hospital beds. Healthcare should not be an area for profit taking, the private sector is not more efficent nor do they provide better quality care.

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Timothy Hobin
September 18, 2009 10:16 AM
Timothy Hobin

Shakeman and benfranklin the phone number is for the NYS Office of General Services. I was told that the house will be auctioned on Oct. 28.
As far as the OGS Web site is concerned it is a bit labrythine, but in asking specifics about the house I was repeatedly given the site to refer to.
I was also told that 1406 Lovejoy Street will be auctioned as well. The Lovejoy St. building looks like a mid-size commercial space, which could be pretty useful if one were so inclined.http://maps.google.com/maps?hl=en&rlz=1T4SUNA_enUS266US266&resnum=0&q=1406+Lovejoy+buffalo+NY&um=1&ie=UTF-8&hq=&hnear=1406+Lovejoy+St,+Buffalo,+NY+14212&gl=us&ei=mpqzSpWJBYvLlAeGx530Dg&sa=X&oi=geocode_result&ct=title&resnum=1

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brownteeth
September 18, 2009 10:25 AM
brownteeth

Timothy Hobin, I've mentioned it before but what are the chances of doing spotlights on inexpensive fixer-uppers that are for sale in the city? I'm referring to those with at least some architectural signifigance. Perhaps cool listings under $50K? And I hope someone from of town moving here buys it before a local, we need to add population not move it around.

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donnybagadonuts
September 18, 2009 11:22 AM
donnybagadonuts

what's the under/over on the sale price? any guesses?

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benfranklin
September 18, 2009 12:22 PM
benfranklin

...I'll play along. Couple issues...not much information available about the building, or how much it was altered to be a group home.

At full value as a nice residence, let's say it's worth $275,000. To get it to there from a group home...let's say 125,000. Put the market value then at around 150,000. Factor in the issues of financing, which you'll need in place before bidding (or at least a plan), and the fact that not everything will be fully known about the property... and I'd say... you could own this property for around $85,000.

If they open it up a few times pre-auction, make some allotment for finding financing post sale, the amount goes up. If they say balance in 5 days, price comes down.

If they don't do any more marketing than a sign on the front step, again, the price could be considerably less.

More than likely it goes as a multiple occupancy apartment building. It's listed that way with the city already. If no one steps up to make it a home, I'd think it would go slightly lower, maybe $65,000, and be turned into apartments.

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RhodeIslandBoy2
September 18, 2009 12:55 PM
RhodeIslandBoy2

This auction was listed in Sunday's Buffalo News real estate listings, and I think the minimum bid is in excess of $150,000.

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