M. Murf, Other/Just Looking in NJ shore

I am from NJ and have visit several times up in the Rochester NY area, how come your home prices are so low

Asked by M. Murf, NJ shore Thu Oct 18, 2007

in compair to other part on the NE.
Been thinking of relocating up there but what is keeping the prices low. It can't be such a good area to make investments in real estate if home prices don't seem to go up. Get back with me on my questions.

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Lisa Brodsky’s answer
Rochester is my home town! I love it for many reasons. I live NOW in the Hudson Valley about an hour from Manhattan and have been here close to 10 years now. It took me a long time to get over "STICKER SHOCK" coming in this direction! It wasnt that long ago that Rochester crossed the $100k mark as a median. Rochester IS a great place to live, raise a family, HOWEVER, it is cold, winters are longer and harsher than else where in the state, a number of big compies that once provided good income and job no longer do, for one reason r another..either they have left completely, or down sized. It is KODAK country up there...Kodak has taken a beating along the technology leaps and bounds! Baush and Lomb has its world headquarter there also, but it has also been laying off due to declining profits ( more competition maybe?), The cost of living in general is much lower there than many other places in the state but there are still NY state taxes to pay...when I think of the house I could have there for what I recently paid for the here...but I wouldnt be able to earn a decent living there....lower home prices, would mean lower commissions. I DID practice real estate there thorough out most of the 80's and in part of the 90's..but that was before I had 3 mouths to feed, other than my own! I have thought of investing there, and Buffalo too actually, BECAUSE it is so low...if you have the income to do it and your career pays well, then I'd say GO FOR IT, the market is good for buying right now.
It IS a beautiful city...great schools ...active communities...lilac festival, corn hill arts festival, plenty of art and theatre...amazing lakes, and very close to Canada too!

Good luck...
1 vote Thank Flag Link Sat Nov 10, 2007
Rochester, NY is great place to live! Born and raised here I understand the market very well. My father started in Real Estate 25 years ago and has a vast knowledge of the market as well. The cost of living in Rochester, NY is lower therefore the housing prices are lower. You should definitely visit Rochester again and get a better feel for the neighborhoods you may want to live in. You can also give us a call with any questions!
For more buying information and to view the homes we have for sale in Rochester, NY please visit, http://www.RochesterHomeLocator.com

Salafia Sold Team
585-279-8210
http://www.RochesterHomeLocator.com
http://www.FindRochester.com
0 votes Thank Flag Link Thu Jan 13, 2011
I can't tell you how many emails I get from across the country asking why we have "such great deals" on real estate. It's true. When you look at our inventory of homes for sale and compare it to any other city across the U.S., Rochester and the surrounding areas have some great deals. However, when you factor in the taxes we pay for the services we get (road maint, emergency services, DSS, ect), it's almost a wash.

For example. In assisting a client moving from Rochester to the McLean, VA area, the house they wanted was almost 300% more than what they would pay in Rochester. But the taxes were 1/3 of what they were paying here. When we did their estimated per month Principle, Interest, Taxes and Insurance (PITI) for both houses and compared, they were only a few hundred dollars apart.

Rochester is a GREAT place to live and the quality of life is unlimited. IF you are looking to live in this area, do as many of my other clients have. Come spend two hours with me and I'll show you why Rochester is worth it.

My contact info; 585-414-0855 (Eastern Time) Monday - Saturday, 7 a.m. to 9 p.m. Sundays 11 a.m. to 7 p.m.
Tod. A. Myers is a Lic Real Estate Sales Agent in the state of New York for CENTURY 21 Capital and is owner of the “MyGroup” of websites; MyRochesterRealtor.com /MyRochesterAgent.com, “MyLakefrontHomes.com” and "MyAgent" - the FIRST true iPhone home search application for the Rochester NY MLS. Each CENTURY 21 Office is independently owned and operated.
0 votes Thank Flag Link Mon Jan 10, 2011
I grew up in Rochester and now live in NYC. Rochester has had low housing prices for the past 40 years at least. It has nothing to do with taxes. In NY we have enormous taxes in Ny and Sky high real estate.
Rochester is inexpensive to live across the board, but that also means you get paid less and jobs are more scarce.
Also, do not expect to see the Sun for all of February. And dont expect to see the ground from Jan-March. And, worst of all, if you are a fan of the only true NY team, the Buffalo Bills, you cant see them on local TV. They will only play the new Jersey Jets and Giants. That is probably the main reason why housing is so cheap.
0 votes Thank Flag Link Fri Jan 7, 2011
prices are low- Our taxes are high- balances out- And it depends on the parts of the city you are choosing- East side is more expensive than the west side. What parts of the city are you looking into. Certain suburbs have much higher taxes. My nephew just built a 2600 sq ft house in Spencerport and his taxes are 12,000.00 a year.. My daughter lives in Pittsford- east side- where the cost of houses are always going up- never down-. Now is a good time to buy- What parts of the city ar you looking into?. Henrietta- suburb- has the lowest taxes.
0 votes Thank Flag Link Tue May 5, 2009
It's interesting that everyone mentions the downsizing of Kodak, B&L, etc. I love Rochester! We have Newer Large Businesses in the area that offer employment to many...Paychex, Wegman's and I believe the UofR is our largest employer currently... This is a great city to invest in....with low property values there are good Cash Flow properties available..check this out:
http://www.nuwireinvestor.com/articles/top-10-cashflow-prope…
Gail Smith
0 votes Thank Flag Link Sat Apr 25, 2009
The reason our prices are lower than the metro NY area or Albany is due to our Property tax. We pay an enormous amount of money to the Town,County and School district but we receive many benefits in return. Stable home prices that increase with inflation but do not bust like the rest of the country. a public school system that everybody will use. We have private schools however we are not forced to use them. Great parks, 4 seasons, safe suburbs and a true mid western attitude in the East. You can also but a tremendous home for little money. If you are ever up in this area i would be glad to give you a tour to show you what this area has to offer.
0 votes Thank Flag Link Tue Nov 27, 2007
I am Boston transplant and have been here for 16 years. Overall the upstate NY economy has been depressed due to a decline in manufacturing depleting our local industries and the high NY state taxes keeping new businesses out. Having said that, I thought I was just passing through Rochester when we moved here and now I really love it and would not want to live anywhere else. I have a beautiful old house with interesting architecture right in the city, the woods are accessible everywhere you go, we have cross-country ski trail all over the county, and we have a very lively arts and restaurant scene. I run into friends wherever I go, yet this place is big enough that I am always meeting new people. Plus, Toronto is one of my favorite cities and I canI get there in under three hours. I could never afford an equivalent lifestyle in Boston.
0 votes Thank Flag Link Sat Nov 10, 2007
Housing prices are low because of:
- cold winters (maybe this will change with global warming)
- short hot summers (high utilities bills for heat in winter and AC in summer)
- few decent jobs (big employers like Kodak and Bausch & Lombe have been laying people off in the region)
- crime in some inner city neighborhoods

I think Rochester has alot of potential though. Syracuse is another city I would put into this category.
The eastern most cities of the rust belt.
0 votes Thank Flag Link Wed Oct 24, 2007
I don't know if I can easily answer that. The market here is fairly steady. We have quite a transient population, with many big corporate headquarters located here. Our cost of living is reasonable, in comparison to other cities. Our low cost of living is a big reason why so many relocate to the Rochester area. I did some comparison from NY to NJ and there is quite a difference. Utilities and transportation in Rochester cost more, but other things like health care and housing are significantly cheaper in the Rochester area. But we do have NYS taxes to content with!
Right now the real estate market is hurting in some parts of the US - we are staying fairly stable.
Investment property here can be very lucrative–depending on where you do it and what you want to do with it.
I hope this helps. I'll look for some more information for you and pass it along.
Keli
0 votes Thank Flag Link Fri Oct 19, 2007
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