A little less than three years ago, the Canadian government purchased the house at 196 Soldiers Place to serve as the home of the Consulate General. Attorney Herb Siegel sold the house to the Canadians for $1.39M which is one of the highest priced single family home transactions in Buffalo history.
After purchasing the house, the Canadians invested approximately $200,000 to upgrade the home. So, in total, they invested approximately $1.6M into the property.
Then, in May of last year, the Canadian government decided to close the Buffalo consulate and sell their properties.
Not surprisingly, 196 Soldiers Place was then listed for sale in September 2012. The asking price? $1,399,900. No takers. Just six weeks later, the price of the house was slashed to $1,100,000. Still, no bidders. Two months later, the price was cut again: this time to $999,900. Still, no takers.
Now, the price has been reduced yet again and it can be yours for just $899,900. In other words, you can now buy a house that the Canadians put approximately $1.6M into for 44% less than that. Remember when the American dollar was strong and the Canadian dollar was weak and the joke was the country of Canada was like a giant half-off sale? Well, it’s kind of like that (but in reverse).
Some photos of the home via BuffaloNiagaraHomes.com.
Hunt Real Estate