Buffalo Rising Online

539 sq ft for $86,000? I don't think I'd be too comfortable living in a closet for that kind of price!

Well, if it makes you feel any better, condos like this sell for $1,000/sq.ft. in Manhattan. Maybe a few stunned NYC transplants will buy in.

I was fortunate enough to tour this building with the owner twice last week. The second time was with a group of my buyer clients on Saturday morning, and they came away impressed. The lobby will be completely renovated and quite nice and the rooftop garden may be completed as early as this year. A new garage is also in the plans to offer more covered parking.

Keep in mind that estimated monthly real estate taxes range from $109 - $148 and are in addition to the monthly common charge(association fee). These numbers reflect only the units currently available.

These are the "affordable" condos that everyone has been hoping to see hit the market. While they are not ultra luxury, they offer a premier location, great layouts, and are very bright. Having the option to buy "as is" and customize your own unit is a big plus.

Prices at St. Mary's Square were in the $50's - $60's for roughly 1000 sq. ft. just 6 years ago, and now are in the mid $130's. Anyone looking for reasonably priced condos in the city should check these out soon.

Then a nice cape cod in Cheektowaga is the way to go. Space in the city costs money. $200 per sf is a little high for unrenovated space but only a little.

As an example, in Austin, there are several new high rises going up. They are selling from $350-750 per sf based on the finish out, location and amenities. Overall Austin prices are higher than Buffalo but not double.

I think people in Buffalo are stuck in this time warp where prices are locked in their mind at 1990 levels. Home prices in the prime parts of the city have appreciated considerably since then. More than that the cost for construction materials and labor have also gone way up.

Starter high rise condos in cities tend to be small. It is the only way to keep the price low enough for that market segment. Buffalonians may not be ready to accept that sacrafice in order to own their very own piece of the sky. You could buy this condo with your first job, $30,000 salary, and I'll bet 540 SF is bigger than your bedroom at mom and dad's. Mom won't do your laundry or cook for you but at least she won't complain when you lay around in your underwear all day, locked in the bedroom watching x-tube.

That is why I expect builders to concentrate on the $250k + condos where there is less resistance to size and pricing.

Doing some quick math it seems to me that for that one bedroom somebody was already willing to rent it at $850 so a mortgage with matinence fees and taxes will be more than 850 but not much more and now you own the place building equity that sounds better than renting and owning nothing.

I enjoy this building...and its throwback style to the late 70's design. I am particularly fond of the formica countertops and plush carpeting throughout! Seriously though, I think that these condos provide an reasonable rate for the young professionals that wish to live in the city, yet don't quite make enough to live in teh new lofts downtown...not to mention you are amassing equity in an increasingly growing market. Given teh opportunity to make your own upgrades is a plus as well. I, for one, would have the ability to make those condos look fabulous for cheap as well....by simply utilitzing the tools around me. In fact, I think that I will call up Joe S for a tour of these places...hopefully one that will be very detailed and indepth...it sounds like he really knows what he is talking about and the emerging buffalo market...way to go Joe S...!!

Nice Building, great location, good price. Always liked that building. For comparison in DC the small unit would be 350- 400,000 , the large unit 600,000. Covered Parking spots 40,000 - 60,000, if available.

I bet a few of these units have nice views from the top 2 or 3 floors and location is a good buy I see only appreciation for these units

Great news!

Did someone really say that $86,000 was a lot of money? Yeah, the square footage is small, but it's a studio, and $86k is a decent deal, especially for those who may have an entry level job income. (Hasn't there been quite a few people here on BR practically inciting riots due to the fact that all of the condos for sale were out of their price range? I guess they're waiting for free condos?) Agreeing with ktl2277, the mortgage, association fees and taxes will run you similar to what the rents did, however you will gain equity, AND be able to write off the interest on your taxes, which will most likely make owning this place less than renting. How's that a bad deal? and the best, most expensive 2 bedroom is only $177 a sq/ft? Bargain, I'm telling you.

Furthermore, when many of the future owners remodel (granite countertops, new tile, paint, bathroom fixtures, doors, etc.) these units will significantly appreciate. The location is good, the building looks good, there will be a rooftop terrace, which is certain to have amazing skyline views, and there will be good sized units available.

So yeah, I am guessing that this building will be sold out by the end of the year. In fact, I think I just talked myself into taking a look at one as an investment!

We need more of this!

I like the views of "Millionaires Row". Congratulations Rosemary!

Nice. Any new word on the Uniland Gates Circle Tower?

I just realized that the association fee includes gas electric and water well that is even more of a deal!! So for somthing like $1000 a month you own it and your only other bill is phone and cable, and you get a mortgage tax deduction. these will not last long I'd say end of summer tops. I wonder how many current renters are buying, I'd imagine quite a few.

For $805/month I get a remodeled modern two bedroom, 900 sqf apartment with a huge balcony, new hardwood floors, new kitchen, parking, heat, electric, water, garbage, a safe clean neighborhood in north buffalo (a block from delaware park....or just around the corner from notingham terr, or a block from hertel ave)...safe clean street very family oriented...neighborhood block club. I do not see how a 539 sq ft 1 bedroom with no balcony is a great deal for the price they have posted here. Between the mortgage, association fees and parking I would pay more than what I am paying now...what to own a tiny condo on delaware?...539 sq feet...thats not much bigger than a cubicle. I once lived in an appartment on west ferry near delaware that was 500 sq feet or so and had a balcony and access to a pool and had been remoled just a couple of years back...and it was way cheaper than these condos are....this by the way was back in 2006. For $100k in buffalo you can get a decent house in a decent neighborhood...not a tiny, itsy, bitsy, little cubicle on delaware ave. Besides, who wants to live in a home so small for the price? This is not NYC or London, so its not like the real estate market is so tight here that this is all that is available.

So, you won't be buying?