Wayne, Those are fairly typical City of Rochester home prices. Incredible, right? Prices are low because the region has experienced a two decade longterm economic slide and corresponding population loss--a recession from which it is only now recovering. Rochester has tremendous assets--colleges, high tech sector, health services, the arts--which have always been world-class and are serving as an engine for the area's rebirth. The area's past troubles, however, offer today's investors terriffic opportunities, including low purchase prices WITH appreciating values! The City government--I know the commissioner of community development--has an aggressive plan for encouraging urban living, including targeted public investments in select areas. Email me at if I can be of further help. GerryV... more
Marisol, I was raised there and have family and friends in and around the City. I'd be happy to share what I know based on personal experience and research. Call me (631.338.7392) or email me (firstname.lastname@example.org). Gerry Vazquez... more
Depending upon the market trend, anywhere you purchase for two years might be a loss or might be a terrific gain; no one can predict. I believe prices are at a real low and mortgage rates are as well; it's a perfect time to purchase.
In two years, no one knows where they will be in their lives or if their needs will be the same. Purchasing a home is more than a purchase price; it is closing costs, moving costs, fix-up costs, etc. Selling is transfer tax, professional fees (legal, real estate, etc.).
If you are going to be somewhere for such a short period of time, certainly comparing the costs of buying and selling to a 2-year rental is a worthwhile investment of your time and efforts.... more
The answer to your question is - It Depends. - On the type of investment property that you are interested in investing in and the amount of money that you are willing to invest. There are various properties and strategies that make sense and can be either profitable short or long term.
More detail can be had Via direct e-mail and more specific questions and answers.
Contact me ant anytime and I can help shed some light on the subject.
Returns and ratios vary like any other RE market.
You should be able to attain $300 / door / month in cash flow after backing 35% off the gross for PM, Capital account, Vacancy, and Repair as well as operating costs.... more
Since your home is on the MLS it is also on Homsteadnet, so it is viewable to the public. I don't know what search engines you have tried, but an engine such as Google or Yahoo won't necessarily find an individual house. You may want to try listing your home on craigslist.com or on googlebase.com The real estate sections on both of these are more apt to get a hit from a search engine.
I hope that helps!
It depends on what exactly you want the attorney to do for you. If it is a standard closing, their fees are usually quiet reasonable (a few hundred dollars is what the attorney we use charges).
There are other fees involved in closing costs outside of your attorney fees, though (mortgage, title, etc.). Your real estate agent can help you locate a good attorney and also a mortgage broker if you need one (who will also have fees). I would then recommend you to contact an attorney and a mortgage broker and have them explain their costs to you. It will depend on the property you are purchasing as well. As you are from overseas, there may be other factors involved.... more
Rochester and Buffalo look appealing to many because of pricing. Niagara is also an inexpensive area of New York but, don't be quick to jump in the market there. There is a reason why those properties are so inexpensive. There is little industry in the area and, although both areas are looking for ways to get their respective economies moving, they have yet to have measurable success. If you are getting into the rental business, industry has to be present if you are looking for long term gain. Barring that, you will have to look to section 8 as your only source for renters. This is not necessarily a bad thing as everyone needs a good place to live. Contact a local housing authority and look into rules and regulations as they relate to subsidized housing. Use those facts to calculate the potential for investment in the area as that will be your main source of tenants for many years to come. One aspect of the area that many do not consider is the temperature extremes that will increase maintenance and other operating expenses. I am not a Realtor in the area but, my niece went to college in the area and we contemplated investing there for some time before deciding that it just would not pencil out for our situation.... more
Hi Linda, If the city you called is anything like the towns and cities in my area, their offices are typically not very helpful. That being said, why would you let some clerk that is having a bad day ruin your opportunity to own a home that you really love? If I were the realtor who has that home listed, I would be happy to get a survey map to you. My suggestion would be get ahold of that realtor and ask them to get it from their homeowners. Take it to the city and get your answer. If you really love this home, it could very well be worth the extra effort. Good luck to you, Cynthia... more
The cost to rebuild is irrelevant to what homes are selling for. Your selling price should be based on what others sold for. Get your Realtor to run you such a report so you understand and can clearly see what is actually selling.... more
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.
Rochester home market . . . that is a complicated question. Depends on what market you are talking about. I represent a home builder, and we have been having a good year, building smaller patio homes. But the exisiting homes market . . . our home sales in Monroe county (which covers most of the Rochester area) is down 1.0% since last year. The city of Rochester is down 1.3% from 2006. Closings were down 2.2% since last year. (All of these stats were thru August of 2007). So all in all, we are not as bad off as many of the areas around the country. The real estate industry is staying positive that an upward swing is in the near future.
I hope this helped!