After many years of economic decline, is the Buffalo real estate market on the rise? You might think so when you hear that a property on Nottingham Terrace is being sold for $1.39 million. Yes, that is a lot of zeros.
It seems while many cities are dealing with home foreclosures, Buffalo’s housing market has been enjoying a steady increase. The home being sold by Jeremy Jacobs Jr. and his wife Alice is a French estate home. The features include his-and-her bathrooms, a wine cellar, a three-car heated garage, a sauna on the third floor, a study, master suite with a sitting room and fireplace, a slate terrace overlooking the English gardens, and did I mention the home is gated? It is only sitting on a half an acre, but with six bedrooms and 6,800 square feet it is no surprise that this home is going for such a high price.
Though this home – excuse me, estate – remains an example of some of the high-quality homes Buffalo produces, the real reason the real estate market in Buffalo has not suffered is that there are many homes that remain incredibly affordable for families looking to move in. With the economy seeming to slowly be regaining lost ground, those homes and failed neighborhoods can be seen growing – albeit slowly.
For a city with a rich architectural history and a retinue of beautiful houses of every style, is anyone surprised that the housing market is one of the few businesses in Buffalo that has not suffered?