12/02/2007

Vinyl Foreclosure Sale

A few more 'vinyl victorian' foreclousures crossed my desk this week. Went and took a look at two of them on Saturday afternoon.
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The first one here at 404 Madison is just a block away from the new suburban dreamscape at Sycamore Village. Originally sold in 1994 for $86000. It's currently assesed by the City for 65K and today the asking price is $27,000. Expect it to finally sell in the mid to high teens.
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This 'vinyl victorian' foreclosure is located at 757 Woodlawn Avenue. Place originally sold for $84,500 in 1998 and is currently assesed by the City for 54K and the asking price today is $45,000. Similar homes in this part of Buffalo have been re-selling in the low to mid-thirtes.

If you haven't visited Sycamore Village yet, here's the archive. I've been keeping track of a number of additional 'vinyl victorian' foreclosures in the same area - here and here. I mean why buy a brand new 'vinyl victorian' in Sycamore Village, when you can buy one for about 10% a block or two away?

Anyone see a pattern developing?
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6 comments:

Anonymous said...

someone could buy it and sell it to someone unfamiliar w/ the area on ebay or something for more $$ than its worth. wouldnt really do anyone any good tho

Anonymous said...

TWO PERFECT HOMES FOR MAYOR STEVE CASEY and HIS ASSISTANT BYRON BROWN TO PURCHASE AND RESIDE...THEN WHEN THE NEXT ONE (FORECLOSURE) BECOMES AVAILABLE, WANNAMAKER CAN GRAB THAT ONE...AFTER ALL..LEADING BY EXAMPLE SAYS MUCH FOR CREDIBILITY!!!

MJ said...

Were these mostly originally low income subsidized?

I'll again point to the area bounded by Clinton, Michigan, Pine, and William. It does have being closer to DT going for it, but it is also an entire block dedicated to new builds. I have never seen a forclosure sign, broken window, etc when driving by. It offers a bit of the secure feeling a new "sbudivision" gives while still being fully integrated with surrounding streets.

The initial errors on a lot of these were they were scattered in-fill done on the super-cheap and sold only to low-income families. While a nice gesture, the older surrounding houses will continue their slide to vancancy and decay and the low income families will have better odds of defaulting on the loans after not being able to maintain the home. We are left with is a cheap home in need of $$$ to bring it back up to par surrounded by vacant older houses with nothing really special about the area. Welcome to forclosures and zero value.

The Sycamore Village is a dense entire block of higher quality homes with a semi-urban footprint and with only a few reserved for low income. This will hopefully lead to interested home owners with the funds to maintain their homes next to each other. If the city were smart it would have a larger plan to provide incentives to the nearby existing new builds to get them back in the game and feed of SV. Give people a reason to get in on the cheap with some hope for future returns of investing and upgrading. Focus the knockdown-new build in this area on a street by street (block by block) basis focusing the movement torwards the DT core. Tie it in with infrastructure upgrades to the streets radiating into the core. Create as part of any contracts with the developers to rehab noteable houses as part of the effort. This way some of th echaracter is retained, but all houses will be "new" with no old vacant properties dispersed within.

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I think it's worth buying!it looks good plus the area looks cool and comfortable.

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