Bengal News West Reporters
The
sun sets on Elmwood Avenue on an early spring day, behind the budding trees
bustling sidewalks. Many can be attracted to the city’s West Side, with its 19th
century homes, vibrant neighborhoods and diverse
shopping areas.
But
for some like 31-year old Ryan Cox, who is looking for investment property on
the West Side, buying property can be frustrating. Prices are increasing, and
inventory is low.
“It’s
not going well,” Cox said.
“I’ve
been ushered away from the West Side. People are coming in with huge offers –
big cash offers – raising the prices.”
The
Elmwood Village and Allentown districts are in demand for homes right now and
with the summer months fast approaching, the market will only get busier and
make home buying difficult.
“What
we’re finding right now is a lot of people want to be in the Elmwood Village.
It’s an appealing area right now for buyers,” said William Abels, HUNT licensed real estate salesman.
Abels
has been handling real estate with the West Side for five years now.
“There’s
a lack of inventory and high demand. Prices are increasing on the West Side of
Buffalo and people are starting to look for the next closest options. It’s like
a train stop – Elmwood – Black Rock – Riverside,” Abels said.
The
main problem for the West Side’s low home ownership, seems to be those lack of
homes opening up on the market. According to the Census Bureau's Housing Vacancies and Homeownership
report , the Buffalo-Niagara region’s homeownership rate fell
to its second-lowest total in 25 years in 2017.
As
a result, prices are increasing for potential homeowners. The West Side is
experiencing this as well, said Mark DiGiampaola, MJ Peterson licensed real
estate agent.
“Prices
are escalating into areas we never thought we would see.
It’s making it tough on first
time buyers over there,” DiGiampaola said.
DiGiampaola, on homeownership:
Buffalo
had a 39.6 percent decrease of overall home inventory since February of last
year, according to Business InSider,
which detailed the fall of home ownership rates elsewhere across the country.
With
the city witnessing a growth in retail and restaurants, the West Side is more
attractive to live. However, to live in the city’s West Side, will come at a
cost to a potential homeowner’s pockets.
The
high demand for property in the area is taking its toll on those people looking
for places to rent, too.
 |
| Khalid Ahmed looking for an apartment |
“Yes,
honestly the places I’ve been looking at on the West Side aren’t worth the
price,” said Khalid Ahmed, a potential renter, who has been living on the
city’s West Side for over seven years. “I don’t think renters have a chance. It’s
not just home buyers. Current tenants are smart and will extend their lease if
it’s a decent home. Finding a place is difficult for renters too,” Ahmed said.
Even
though price has been a stumbling block, there might be other factors deterring
home owners away from the West Side. One of them is the fear of crime. Cox
agrees.
“It’s
a real thing. There’s gang activity. For me, I never truly felt unsafe. I maybe
have been lucky never to have experienced the crime myself but I’m sure it’s
happening to others,” Cox said.
The
popular local Facebook page,
“I am a Product of the West Side of Buffalo,” routinely has people voicing
frustration over pricing for West Side homes and fear of crime.
Both
Abels and DiGiampaola say that the current prices will likely be the norm from
now on and that prices will be going up as long as the inventory remains low.
For
potential home buyers, price and lack of available property is a real concern
with the West Side.
