Sunday, June 21, 2009

How To Make Money In Buffalo Real Estate: Sell to the Canadian Government

A lot of people think that Buffalo is a shithole. The images most Canadians receive from television signals out of Western New York are of fires in Tonawonda, Bills losses, shyster lawyers and crime. It is the provider of jokes, cheap shopping, cheap flights, cheap NHL games and wings.

If you dig under the surface Buffalo has many hidden gems. In the early 20th century Buffalo was one of the richest cities in America and it still has many of the benefits. It has a park system by the designer of New York’s Central Park. There are homes designed by Frank Lloyd Wright and other great American architects. One of the best art galleries in the world is located in what many people think is the armpit of America. While businesses and people fled south there are many grand homes and boulevards left standing.

Well if you are selling real estate in Buffalo you are lucky that the Canadian Government shares my positive view of Buffalo. Along with the consulate offices in Downtown Buffalo, the Canadian Government, in the name of “Her Majesty the Queen In Right of Canada”, own 5 homes totaling $1.6 million US. At current exchange rates that’s about 1.8 million in canuck bucks.

The Consul General of Canada in Buffalo still needed a home befitting such a coveted role. The government has obliged with the purchase of a $1.39 million dollar home in Buffalo’s Mansion Row. This 5038 Square foot home at 196 Soldiers Place, with six bedrooms and 4.5 bathrooms is located 6 minutes from the Peace Bridge and Canadian soil, where homes in Fort Erie range in price from $1 to $50000.

This is a great bargain considering that during the last time the home was sold was in 2004 during the housing bubble for $540,000. It is assessed by the city of Buffalo at $625,000. Incredibly the house has increased $850,000 in five years during the midst of a recession caused by the crash in the value of homes. Homes in the area range from $200000 to a million while homes in the rest of the city continue to get demolished to avoid becoming crack dens.

It must be a hard gig being Buffalo Consul General for Stephen Brereton. His colleagues in other parts of the world deal with refugees or Canadian tried by dictatorships. The concerns in Buffalo range from drunken Canadians at Bills games, Wing related food poisoning and giving directions to the Peace Bridge. He has been a godsend for the dormant Buffalo real estate market and the previous owner of the home who could not be reached for comment. He was too busy laughing all the way to the bank.
Image taken from the Buffalo News

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