Even though downtown working and living is on the rise, finding creative home ownership options in the city center of Buffalo can be rather daunting and limited. Especially for real estate agents trying to satisfy eager buyers. A perfect example is Larry Bartolomei, Licensed Agent for Nothnagle whose office is on Franklin. He represents several clients of varying income levels, needs and wants who are seeking urban living options and home ownership Uptown, Downtown, Allentown, Westside, North and South Buffalo. One of his clients, looking to be a homeowner, is currently renting and living downtown, and wants to be in the epicenter of growth and excitement.
Larry's client's goal is to continue to be a city dweller, to have access to parks, shopping, dining, arts, entertainment, and nightlife, while living in downtown in a unique urban space, a non-traditional abode. Living with a middle income, like so many of us has its challenges. Meaning that the 200 Delaware Avenue- Avant or City Center at 600 Main Street are cost prohibitive for many. What's an urban homeowner "wannabe" to do?
Thanks to the forward thinking Developer Eran Epstein from E Square Capital LLC, who has turned a historic downtown building, located at 504 Washington Street, into three two-family, townhouse units. The Washington Townhomes offers the perfect solution, and the concept should be replicated to accommodate additional homeowners in Downtown Buffalo.
Bartolomei's client is purchasing one of the 5,000 square foot, double, townhomes. A very cool, two-story loft style space transformed into a modern and stylish dwelling.
The now restored building, framed by cast iron columns that were manufactured locally by the Washington Iron Works, was designed and built for the plumbing firm Irlbacker & Davis which was founded in 1861 (moved into the building in 1883).
The brick building, located in the Main-Genesee Historic District, has been converted into three individual townhomes. (Not condos so there are no association meetings or association fees!) Each townhome is has its own unique character as doubles, comprised of two units and each unit is two stories. A concept that even Bartolomei found interesting and different. The lower two-floor units are about 1,500 square feet and the upper two-level units are about 3,500 square feet. The tandem two car garage, included with each townhome, could even be converted into commercial space for a live/work scenario. Plus, there is abundant on street parking at meters, as well as off street parking available at reasonable monthly rates.
His client is purchasing 508 Washington and will live in the smaller unit and lease the larger one. The rent will help with the monthly outlay making the housing expenses affordable - a really sweet deal and a great investment for the future.
Each unit features beautiful wood floors, exposed brick walls and soaring ceilings. They're finished with modern amenities, high end finishes and industrial design elements making for a wonderful old world meets modern industrial-chic ambiance. The lower units have wonderful patios for outdoor living in the summer.
These amazing townhomes are located directly behind the exciting "up-and-coming" 500 block of Main Street. Downtown is at the doorstep and the medical corridor is a quick and easy ride on the light rail line. Walking to the theatres, galleries and restaurants in this area bursting with new life will be a joy. The beautiful new Hotel@Lafayette is one block south and the Electric Tower is one block north. BRO writer Mike Puma featured 504 Washington Street when the townhouses first came onto the market - see article and photos here.
There's an opportunity right now to live large in the heart of downtown Buffalo. The upper townhome is available and will make a unique rental. The townhome at 508 Washington Street is available for lease October 1. This 3,600 square foot, two-level unit features 2 bedrooms, 2.5 baths, a huge "family" room (for lack of a better term) and a bonus room that could be an office, bedroom, or a large walk-in closet. The kitchen features black granite counters and brand new kitchen appliances. The master bath has a two-headed walk-in shower with glass block and glass tile detailing. Rent is $1,995 per month, plus utilities and if wanted a 24-hour parking space is available in the secure lot across the street! For more leasing information please call 716-548-9107.
As for the other two townhomes, 504 Washington is listed at $379K with both units currently rented at $1,495 and $1,995 respectively. The townhome at 506 Washington (still under construction) is under contract, and may have a unit available for lease in the near future.
We hope to see more of these creative and affordable options for downtown home buyers developed as quickly as possible. The demand is there and downtown Buffalo is ripe for a fresh, healthy and diverse mix of homeowners.
Get Connected - Call Larry Bartolomei, Licensed Real Estate Agent, Nothnagle Property Centre, at 716.525.3141 or email agentlarryb@gmail.com. Article: Queenseyes and Larry Bartolomei
If you have an interesting listings in the city or downtown Buffalo, consider sending it to newell@buffalorising.com.
Is this an ad? How much help can BR give them through exposure, this has to be about the 5th story on these. I think what Eran has done is fantastic, there needs to be more ownership options in the core of the city. However the 350k price tag should just indicate that the target demographic that wants to own downtown isn't being hit. 100-250k will be a winner, if someone can figure out how to make it successful.
"Living with a middle income, like so many of us has its challenges"
I'd love to face the challenges of these 'middle income' folks who can afford a 350k mortgage.
Yeah $350k isn't exactly chump change. That will buy most any home in the EV, North Buff or even the waterfront condos.
I'd rather live in North Buffalo or Elmwood anyday before living downtown. You'd get more for your money and live in an area where you won't be outnumbered by bums 3:1. Plus there are some fairly nice condos too for the house adverse
Don't you realize that by people moving down there it will raise that bull headed ration of yours.. its easy to bitch about the ratio and not do anything to counter it. It's just going to have to be the younger generations who are not AS jaded as the older to move in and clean up the years of neglect and negative attitudes.. rust belt revival yalls, rust belt revivals.
Yes...350k buys a lot of house but EV, North Buffalo, waterfront and downtown housing stock and market couldn't be different. Each has their own unique characteristics...it's just one of the many reasons to love Buffalo and all that it offers.
I wasn't knocking the price of these particular townhomes or the location, and I live downtown too so I get it. I was merely pointing out that $350k is not a typical middle class price point. This article makes it sound as if spending that kind of scratch is no big deal for middle class income folks and that this is a great deal for anyone home searching downtown.
Looks like I have been priced out of another zip code. But they are nice looking. Someone will buy them.
The worst part is that Eran Epstein is a major d-bag, which also happens to have bear feces in it.
This is a pretty crappy build for the price.
- No back splash. Come on. It's like 4 sq feet.
- The fridge overlaps the door.
- The ductwork has no trim.
- The ductwork runs randomly across the ceiling when a soffit would have been better.
- Glass block tile in the shower? Is this 1993?
This looks like a Home Depot special.
Here's the arithmetic (or how a middle income person can afford this purchase):
Home price: $350,000
Down payment: $12,250 (3.5% - FHA 30 year loan)
Interest rate: 3.5%
Principal and interest: $1,517/mo
Property taxes: $328/mo (estimated)
Homeowners insurance: $67/mo (estimated)
Mortgage insurance: $276/mo (estimated)
Total Monthly Payment: $2,187
If the rent is 1500 (smaller unit) the owner's share is $687 per month. If the rent is 2000 (larger unit) it's only $187.
Rent both units and the owner clears $1313 (minus some minimal operating expenses) per month positive cash flow - a very good investment and likely to build equity as well!