Surveying the seller's market in Syracuse

[Cerwin Haynes]

Hey folks. I have a 2-unit property in Syracuse I've held for 6 and a half years. I've been monitoring the market for the past 9 months, and I wanted to see if anyone on here has recently sold any 'Cuse properties in the last 3-6 months and what folks have been seeing with this current seller's market. I'm seeing properties in so-so neighborhoods go for way over what they normally would be (40-60K). Also, I'm hearing some pretty incredible things - multiple offers over asking price, buyers agreeing to waive inspections. I'm looking to explore my options.

[Ronald Rohde]

Quote from @Cerwin Haynes:

My understanding is lack of supply, and the deep desire for single-family homes. There's been some seeping gentrification in a few pockets of the city, and I believe some COVID telecommuters have come up from the NYC area.

Just got off the phone w/my contractor. He says even rehab/Syracuse Land Bank-level properties are being snatched up unless it's a complete disaster.

Makes sense. I went to school in Ithaca, so pretty familiar with Syracuse since then as well. Good buys if they cashflow!