942 Humboldt Parkway: bank owned

Last week Zillow claimed that Buffalo, NY had the most stable real estate market in the country, with a zero risk of loss. The Buffalo News picked up and ran (uncritically) with the story, here.

IMG 6942

942 Humboldt (google map) was last sold for $63,000 in 1994. It's a 3000sf single-family home with four bedrooms and two baths and the city currently assesses this property at $37,000. The foreclosure is complete, it's bank-owned (M&T Bank) with an asking price of $12,900.

The real estate record and sales story of 942 Humboldt Parkway is not anecdotal. It's part of a larger trend of disappearing values and mortgage foreclosures that are locked in limbo with other zombie properties that define entire neighborhoods on the city's East Side.

So, what's up with the missing $50,000 in value? The house is located just two blocks away from one of the city's most important museums, schools and an Olmsted Park that has a fabulous and recently renovated splash pad. In addition, Humboldt Parkway has just been striped for bike lanes and one block away on Fillmore Avenue substantial street and sidewalk improvements - including bulb-outs, bike lanes, new granite curbs and tree plantings - are now complete.

So color me confused about the missing $50,000. The Buffalo News repeated Zillow's press release about real estate values in Buffalo, NY and yet the reality seems to be very different and slightly unforgiving.

Perhaps the asking price has something to do with the empty lot one block away where the city spent $18,000 to demolish 2 Girard Place five years ago. Or, maybe the lost $50,000 of value is linked to the Kensington Effect that makes sitting on the front porch nearly impossible.

Here's the Hunt Listing if you're interested in a possible purchase.

Related posts: Fixing the Kensington



Anonymous said...

It looks like Hunt has removed the listing. Perhaps it is sold? I hope so.

Anonymous said...

It seems that the listing has been removed - by Hunt? I hope the house was sold.