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More Home Price Growth Coming to the WNY

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Buffalo Next

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Prepare for stronger home sales locally as the Buffalo metro area is expected to see one of the strongest home price appreciations and sales growth this year.

According to a new ranking by Realtor.com of the nation’s top housing markets for this new year, the Buffalo-Cheektowaga area is ranked No. 5 in the nation not only for anticipated combined growth in home sales and property prices. registration, but also affordability, as it has seen lower price increases so far compared to many major cities.

It sits in the middle of a group of the top 10 that is mostly concentrated east of the Mississippi River, in mid-sized markets whose economies are dominated by manufacturing, education, health care health and government.

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Buffalo came in behind Hartford-West Hartford, Connecticut; El Paso, TX; Louisville, Kentucky; and Worcester, Massachusetts, in that order. But that was in front of Augusta, Ga.; Grand Rapids, Michigan, Columbia, South Carolina; Chattanooga, TN; and Toledo, Ohio.

According to the ranking and the Buffalo Niagara Association of Realtors, the Buffalo market reported a median home price of $240,000 in November 2022, but is expected to see a 6% increase in projected 2023 home prices and a 6% increase in .3% of home sales this year.

“The Western New York market continues to buck the national trend,” said BNAR President Joel HusVar. rising but still affordable. Also, as interest rates stabilize, this will bode well for buyers and sellers.

Want to know more? Three stories to catch up with you:

• As interest rates rise, home buyers start thinking cheaper

• Home sales slow nationwide, but not in Buffalo

• Pickup in WNY housing inventory means more opportunities and time for buyers

Welcome to Buffalo Next. This newsletter from The Buffalo News will bring you the latest coverage on the changing economy of Buffalo Niagara – from real estate to healthcare to startups. Learn more at BuffaloNext.com.

OFFERS, OFFERS, OFFERS

Big Island: Haven 100 Project – a group led by Michael Conroe, founder of Elev8 Architecture, and Justin B. Earl of Springville, Utah – purchased the six-story former Radisson Hotel Niagara Falls-Grand Island from McSam Hotel Group’s Grandsam Island LLC for $6.15 million.

Developers plan to spend $25 million to convert the gated 268-room hotel at 100 Whitehaven Road into an apartment complex with 132 market-priced units for long and short-term rentals, as well as a 8,310 square foot restaurant, 18,305 square foot banquet center and public fitness center.

It would include nine studios, 90 one-bedroom units and 33 two-bedroom units, as well as an outdoor patio, dock, decks, pavilion and open lawn.

Under a community benefits agreement with the city, the project will also include a waterfront park on a slim 2-acre strip of land along the Niagara River in front of the property. A public boat launch is also proposed at the north end.

Cheektowaga: Frank Chinnici’s Legacy Development has completed its $2.1 million purchase of a 6.1-acre site at 100 McKesson Parkway and Union Road behind the Walden Galleria from Syracuse-based mall owner Pyramid Management .

The developer plans to build a pair of tall apartment buildings with 340 units in a $100 million project that will include two five-story buildings, an interior courtyard and 340 on-site parking spaces.

WHAT HAPPENS WITH…

A development team led by CB-Emmanuel Realty and Community Hope Builders CDC Inc. has completed the $20.3 million construction of the new Mount Aaron Village affordable and supportive housing development in East Buffalo, adding 59 apartments for people low income and homeless.

The project at 695 Genesee St., sponsored by Mount Aaron Baptist Church, includes a three-story building with 43 units and 43,000 square feet of retail space, as well as three townhouse-style buildings with 16 apartments. It was built on 2 acres of vacant land that the church’s development arm acquired from Buffalo Economic Renaissance Corp.

“We believe this is a positive addition to this growing and emerging neighborhood, which will only be enhanced by future phases of construction planned on surrounding sites,” said Ben Upshaw, Director of CB- Immanuel.

Eighteen apartments are set aside to help homeless people, with rental subsidies and support services funded by the Empire State Supportive Housing Initiative. These benefits are administered by the New York State Office of Addiction Services and Supports. The remaining 41 units are designated as affordable for households with an income at or below 60% of the region’s median income.

“This development continues our block-by-block approach to rebuilding this historic area of ​​the city of Buffalo,” said Pastor Dwayne Jones of Mt. Aaron Baptist Church and Community Hope Builders.

Support services will be provided by BestSelf Behavioral Health and will include case management, behavioral health, educational resources, counselling, mental health services, primary care, crisis intervention, support by peers and home care. BestSelf will lease the commercial space to provide the services to residents and the surrounding community, through a community health clinic.

The Buffalo Next team gives you insight into the economic revitalization of the region. Buy a building? Refurbish a property? do you have a tip? Contact real estate and development reporter Jonathan D. Epstein at 716-849-4478 or email him at jepstein@buffnews.com.

THE LAST

Keep up to date with the latest economic news from Buffalo Niagara:

The John R. Oishei Children’s Hospital in Buffalo won a designation which she believes will play a big role in stabilizing her finances.

United Way of Buffalo and Erie County set up an emergency fund to help non-profit organizations helping community members affected by last month’s blizzard.

Spectrum Health and Human Services has a new CEOand he’s a familiar face.

Efforts to strengthen the region’s workforce receive a $1 million boost in new state funding.

Father Sam’s Bakery is looking to expand its East Buffalo bakeryand he wants tax breaks to help him pay.

A proposed smoking lounge on Elmwood Avenue across from a new luxury condominium building faces strong opposition.

Throughout Western New York, healthcare workers have many stories to tell on how they weathered the blizzard while on the job.

Legal marijuana sales launched in the state on Thursdaybut not in Western New York, due to a lawsuit that led to an injunction suspending sales here.

World Central Kitchen is back help feed the East Side of Buffalo in response to the blizzard which paralyzed the city for nearly a week.

Wells Enterprises to cut 183 jobs at its Dunkirk factoryfewer than the 319 employees the company previously planned to lay off.

A concluded three-year agreement guarantees Highmark members will continue to have access to the network to receive care at Catholic Health facilities.

Athenex closes its Newstead production plant and lay off all 92 employees effective March 17.

First efforts are underway to prepare for the third phase of the Northland complex redevelopment project in Buffalo.

The state is looking for ideas to redevelop a prison that closed last year in Gowanda.

Federal funding needed to launch a technology hub program was included in a year-end spending bill before Congress.

Cost vs Benefits: This is the compromise at the center of the state’s proposed climate change plan.

A development agency recruits a consultant to propose ways to improve the infrastructure connecting Canalside and the redesigned Centennial Park.

Slow hiring in the Buffalo Niagara region is due to a shortage of workersand local officials are beginning to look for ways to alleviate the crisis.

Big changes are coming to state energy markets after a plan to reduce harmful emissions has been approved by an advisory committee.

ICYMI

Five reads from Buffalo Next:

1. Bounce Back for Buffalo Niagara’s Economy: The value of all goods and services produced in the region, which had fallen by 3.4% during the pandemic, came back strong last year, with a gain of 5.3%.

2. The bills make me want to shop: How Buffalo Bills merchandise is soaring this season.

3. How Higher Education Institutions in Western New York Recovering from Covid-19? Enrollment in some local schools is holding up, but others are struggling to attract students.

4. New life for old stones: How a Buffalo company is finding new uses for old bricks and stones in construction projects.

5. Big changes are proposed for state energy marketsand it could change the way residents heat their homes and cook their food for years to come.

Email tips to buffalonext@buffnews.com.

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