In Search of the Missing $60,000

Where did the money go? The Buffalo News prints the sale price of real estate transactions for property that sells above the $5000.00 mark each week. On Monday the Buffalo News printed two sales on Glenwood Avenue two blocks away from the future $28,000,000 home of Performing Arts High School.

159 and 214 Glenwood (click for maps) are less than a block apart yet something happened to all the equity that was there just a few years ago. Both of these houses were built by Rocco Termini's Gal-Van Development. He's the same guy who is building the "Mc-Lofts" on Ellicot Street.

159 Glenwood....... .......214 Glenwood

According to city of Buffalo records:
  • 159 Glenwood was built in 1995 and is assesed at $53,000. It was sold two weeks ago for $30,000.
  • 214 Glenwood was built in 2000 as was just forclosed on by the bank for $63,000.
I'll be watching 159 Glenwood and will report back about the sale.

I received an e-mail from Dick Kern yesterday about the sale of a property at 340 Masten Avenue, just around the corner from this block of Glenwood. That house was built in 1993 and HUD forclosed on the property in January 2004 for $59, 202. It was sold in April 2005 for $25, 150.

Two houses sell for less half their original (tax payer or HUD subsidized inflated) price! What a deal for developers...and so it goes.

1 comment:

Anonymous said...

It is amazing how these properties are built and sold for $80-$100,000+ and are foreclosed and resold for just a fraction of the original sales price. I don't know if any have been vandalized, but I think its just a sign of the declining property values on the east side. FYI- 159 is a James Mngt. new build, 214 is MJ Peterson. Termini wasn't involved in either and I don't think he was ever involved with Gal Van. Termini is Burke Bros. Construction.