Buffalo Rising Online

No fair. I thought you were making a play at Buffalo's obscenely cheap real estate. But instead you are showing that it is finally headed in the opposite direction.

Good going Canisius my alma mater. Hope they do something good with the cash.

Would anyone other than real estate agents want to see anyone pay this price for the property?

Would anyone other than the listing real estate agent want to see anyone pay this price for the property?

High prices can also depress a market.

Buffalo needs people who see the astonishing bargains; to relocate; to expect to prosper with less overhead.

This price is silly.

A very great city, but not at this cost. Don't shoot yourself in the foot, Buffalo-- as you have so many times.

Wow, hopefully CHS can get their full asking price. Rumor has it that the money could be used to demolish the old Jesuit residences that now sit vacant at 1180 Delaware adjacent to Cleveland Ave. Then a new gymnasium would be constructed on that site, and the school's current "gymatorium" could be restored to its former grandeur.

It's worth remembering that the school now owns the former Catholic Charities building at 1171 Delaware, along with two adjacent residences on the south side of Cleveland Ave. Also, little to no progress has been made at the former Mecca strawberry farm on Clinton St.

It'll be interesting to see how the school proceeds.

RonR:

Call me a fool if you wish! I have lived in many places. I don't live in Buffalo, but have been involved in real estate for forty plus years. For that reason I can say that this price is absurd. It just ain't worth it. Dream on!

Buffed Out:

You don't think high prices can depress a market? Look around the country right now.

Children post to this site.

why was my post deleted?

Disputing the price of such a property simply because one feels it's 'too high' is silly. The seller wants one business, and only one business, to feel the price is justified. I have been in a number of properties that surround this one, and can tell you they are many times beyond what is constructed now. A law firm, advertising, accounting or architectural firm looking for significant space would do the math...as I'm sure Chris has, and find that it's just about right. At 10% the present value ot the parking spaces (at a reasonable Allentown monthly rate) are worth $300,000. For those living in $300,000 3200 sq. ft. homes in Amherst, I can assure you this place is worth ten times that. Yes, a bit pricey per square foot, but there is some business that will make it up on increased margins, due to the location.

Biniszkiewicz - An accountant told me that the appraised value can't be deducted, only the cost basis of what the donor has invested. I've often wondered what NY Liberty Homes LLC (Scott Wizig, the landlord from Texas who bought hundreds of foreclosed properties) claimed on it's taxes when a large group of properties were donated to The Non-Profit Training Institute Inc. You're supposedly correct in saying that Canisius has to wait 2 years asking the donated value price or the donor could lose part of the deduction.

Then again, my dad was thrown out of Canisius; I went to St. Joe's Collegiate.

This is a beautiful property however it won’t sell for the 3.33 asking price. Similar mansions on Delaware just recently sold for well under 2 million with parking. My bet is it won’t sell until after the two year mark dead-line for the tax write off. I believe that this property is worth it. However, it is simple economics. TAXES ARE THE PROBLEM FOR BUFFALO. At the commercial rate for this property would be well over $100,000 a year. As a business owner you have to take this into account “Can I rent the same or better space for less than $100,000 a year?” The answer is yes…so it doesn’t make sense for the business to invest that much into this property. That doesn’t even include renovations, mortgage, utilities and upkeep. Now it will be interesting to see who in the future will buy this property. Last year the mansion to the south of this property was on the city record as a 9 unit commercial and has been converted back to a residential property. May be we will see more people that instead of moving to Amherst or Orchard Park; will realize the true value of our city’s grand homes.

Ritz, you make some valid points. Two questions come to mind, how many properties like this exist, between Cleveland to the South, Toronto to the north, east to Syracuse, or west to Detroit, that a business can actually rent? Second, you'll find alot of old school business owners that would never rent. You can argue the merits either way, but it's hard to argue against gaining equity in a property like this, vs. increasing a landlord's net worth.

When we take a Buffalo approach, it seems high. When you look at a wider scope (as some forward thinking people seem to be doing) with how it compares regionally, it begins to look like more of a bargain. A good size firm could relocate from any large city, run limousines to the airport to pick up clients, overnight clients at the Mansion up the street, and come out well ahead of the cost of doing business in Toronto/NYC/Boston etc. We need to compete on this basis... and not think of it as some pie in the sky dream.

benfranklin, you may be right. Who knows? Only time will tell what will happen. I am not sure how many properties like this exist outside Buffalo. But this is Buffalo not Toronto, NYC, or Cleveland. I would love to see that property go for 3.33 million. But, I do know as a business owner that has looked into downtown properties, that this is not with 'today's' market. Although the market can change, and will. For most that would buy, I think they would say the same thing. I think the property is worth it...but not with the taxes. One day we can hope that the region will wake up and regionalize getting rid of the layers of several local governments that keep our taxes on the rise…(but that is another story) :)

Doesn't a high price by definition mean that the market is not depressed?

Well right now it would be Canisius if they are not tax exempt. The city assesment is 700K.

Children like you, BuffedOut, only want fairy tales. Sorry.