Is Rochester NY appreciating?

Question

Jason M. · Answer

Well, in the past three weeks I’ve purchased a four family on Ridgeway, 2 Family on canary, 2 Family on driving Park,a two family on Fulton, in the single in the 19th ward. Do any of those ring a bell?

Larry Turowski · Answer

I can only guess, but 1) a better economy.  There are more people looking to buy their own home and more people investing.  2) Interest rates creeping up.  They're still low, but there has been a sense that they'll only be going up.  And 3) Rochester has been pretty stagnant for a long time.  We are probably making up for a number of year with appreciation that didn't even keep up with inflation.

But the biggest thing is the economy.  The market is hot all over the country.

Larry Turowski · Answer

@Janel F. I don't have official data, but I'm definitely seeing it across the board.  I'd say anywhere from 5% to maybe 20% from a year ago.

My neighborhood has jumped maybe 10%-15%.  The south wedge, which had doubled the past 10 years or so has jumped as much as 20%.

Adam McQuiston · Answer

Rochester is in growth and there is still some more to come. It did jump about 20% on city properties. Lots of investors came in because of people like BiggerPockets and other souces acknowledgement of it being number one in in investing return. There was also an increase across the nation that bumped it. Rochester itself has also acquired federal funds and its own for developmental purposes. Some areas had been undergoing research for the last six years for development for the next six. Be prepared to see some better neighborhood amenities and whatever they decide on. They are putting the plans together now.

Matt Harris · Answer

Congrats on your growth. Best of luck

Janel F. · Answer

First they had to evict a tenant after we were in contract and asked if we were ok with taking it without a tenant. We were fine with that. Then they asked if we wanted them to place a new tenant because they had an applicant. We asked to see the application, never heard back and all of a sudden it was rented and apparently this tenant has a pet. Then they pushed back closing because they didn't want to credit us rent before they received it. It's nothing major, I just thought I'd have options if I walked away. I'm finding that is not the case.

I wonder if you're the person buying up all the property I'm interested in. Lol. I'm coming up this wknd and had a list of properties I wanted to see. Half were in contract within 2 days!

Jason M. · Answer

Quite a few actually. What is the seller trying to pull?

Janel F. · Answer

How many have you purchased so far? I'm in contract on 2. Was going to let one go because the seller is being a jerk - but now I see why.

Jason M. · Answer

I have been aggressively buying cash flow properties in Rochester over the past 2.5 months. I am definitely finding it more difficult to find good deals as time goes on.

Is Rochester NY appreciating?

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