I read these short articles regarding a redevelopment project in Niagara Falls, NY by Niagara Global Tourism Institute:
I know extremely little about Niagara Falls except the Seneca casino and some tourism spots, which is a huge contrast compare to the Canadian side. The main street (Pine Ave) and the surrounding neighborhood of the casino, where the building in the article locates, appear to be run down and dangerous.
I attended quite a few open houses across Kenmore, North Buffalo and Westside last weekend and feel that the housing market in Buffalo, NY is still very hot. Is Niagara Falls a good alternative given there is some signs of redevelopment lead big player?
I will greatly appreciate it if you can share your thoughts. Thank you.
I have a single family house on 17th St. thats been overrun by crackheads if youre interested, lol. I wish I was joking!
We have not bought property in NF yet. We have also not advised our clients to do so.
I will admit that I am not as plugged into Niagara falls as I should be, its about an hour away. I wish I had heard something with promise because there are plenty on the MLS that are affordable, which is contrary to the areas around it. Personally Im not comfortable putting my money in. Now if I had a client interested, thats an area you can still lowball. There are 60 under 100k out of the total 81 houses in Niagara City.
Just my 2 cents. Let me know if you see information with some promise on it
It’s a viable option if you’re willing to be a pioneer investor. You’d likely have to get involved in task force initiatives, block clubs, community groups, get police involvement etc. At the very least, you must be willing to aggressively manage your properties and you’d be wise to be well versed in all the problem categories of being a landlord.
If you have no such ambitions or experience, steer clear. Reevaluate every 3 to 5 years.
ever watch Flint Town? Call this Flint Town 20 ... when Thursday 5pm rush hour is 10 cars ... avoid!
It is starting to turn...slowly, lots of business activity and commercial property going up and being renovated which with time will trickle over into the residential. I personally wouldnt touch it yet but depends on your game plan for how long you want to hold and wait.
Does anyone have any properties in that area?
Hi Guys, Niagara falls is an interesting area. I know that the city is planning on doing some commercial developments to try and bring it up to the same standards as the Canadian side. One of my business partners develops hotels and they are receiving excellent deals for developing the area. Could indicate future growth?
Niagara Falls prices have been edging up to be sure but there are still many deals to be had. You have to be careful about all the usual issues of course but you can cash flow in no time. It's not really a dangerous city at all. I think it will be another 10-15 years easily before Niagara Falls gets fully back on its feet but it is getting there slowly. If you invest now you stand to grow with the city.
That said you do have to be careful when you are buying the property. Check the electric, check the mechanicals, be absolutely sure you're not buying something that will cost as much to renovate as you paid for it. There are a ton of gems in the city you can get for a song but there are many money pits as well.
The city has been cracking down on the absentee landlords that caused many of the issues in the city. People would buy a house, get it rented for next to nothing ($300 rents were common) and let it ride. Now the city has the "Landlord Rental & Property Owner Registration Ordinance" that is supposed to keep track of non-owner occupied rentals and prevent properties from being abandoned while being rented or being occupied while the landlord lists them as vacant. Things have improved since the law went into effect.