Comments on: Ironic: Buffalo Has An Anti-Flipping Task Force

By: Jeff Logue

Jeff Logue — Fri, 25 Sep 2009 18:45:54 +0000

That’s a tough one! Especially when those who are providing value and a positive change to your community begin to be placed in a negative light. My business partner just recently rehabbed 2 blocks worth of shell properties over the last few years, and this has had a tremendous impact on the community, crime, and overall apperance of our city. Before that point, nobody wanted to even touch those houses or have anything to do with the particular street. Hopefully those in power will begin to reconsider the implications this could have on Buffalo.

By: Mark Ase

Mark Ase — Thu, 16 Jul 2009 15:28:38 +0000

Pretty crazy stuff indeed. Shouldn’t they be looking for more investment instead of less. Even if everything doesn’t go perfectly(when does it ever?) it would seem in this economy that capturing capital in up-state NY…would be more important, not less.

By: Joanne

Joanne — Fri, 28 Mar 2008 01:55:34 +0000

Sayvanderlay

I read your site with great interest. We have a “Flipping Scam” going on right here in (Grand Island) Buffalo with a junk, formerly condemned property being peddled for $400,000. (!!)
This flip scam involves a house at 837 West River, Grand Island NY which has holes in the roof, a collapsed foundation, much of the plumbing and electrical stripped, and absolutely no sewer or septic available! This house is only half completed, with a tar paper wall, rats and broken windows galore. This eyesore sat for four (4) years with several feet of water festering in a dark carpeted, finished basement. The property spent a lengthy period of time covered with Federal “SKULL and CROSSBONE” signs because of black mold infestation.
The current bank (yes BANK) owner is now listing the property for $400,000.00 (FOUR HUNDRED THOUSAND DOLLARS), and, by county health law, this property cannot even be legally transfered because it has no sanitary facilities!
This bank got “stuck” with the property, after the last owners bought it at auction for $185,000. and then the Bank mortgaged it for $740,000.00 sight unseen. (Yes, you read right!). Last owner took the $600,000. profit, defaulted immediately, and ran! Now the bank is looking for a sucker. Oughta be a law.
Unbelievable scam !!!!

By: sayvanderlay

sayvanderlay — Wed, 08 Aug 2007 04:33:34 +0000

You are correct:

http://buffaloreuse.org/

By: Tom

Tom — Wed, 08 Aug 2007 04:21:56 +0000

Sauvanderlay

I have a dumb question, if the home is worth less than a grand, why are people not stripping them for the copper and other accessories.

If the prices have plummeted that low then we should be looking at housing like cars, chop them up for parts and clear the land. I bet that could be done with a profit. Their is a trend for older fixtures that are going for a bundle.

By: sayvanderlay

sayvanderlay — Wed, 08 Aug 2007 03:44:23 +0000

The flippers here in Buffalo do nothing for “investment and revitalization” of the area.
They buy houses on eBay sight unseen, for, say $1,000; thinking they can’t possibly go wrong.
Then, they put the house on the market for $20,000.
The truth is – the house is worth less than $1,000.
Meanwhile, they don’t pay taxes, the house stays abandoned, and three years later the City takes it back, again! Eventually, the property turns into a stripped crack house and the city has to pay to demo it.
Take a look at the amount of vacant parcels in this aerial, and you’ll see what I mean:

http://maps.google.com/maps?f=q&hl=en&geocode=&q=broadway+and+fillmore+buffalo+ny&sll=37.0625,-95.677068&sspn=29.496064,59.0625&ie=UTF8&ll=42.895208,-78.843856&spn=0.00665,0.01442&t=k&z=16&om=1

Is it illegal to flip? Of course not?
Inmoral? Nah.
But it’s doing absolutely no good for anybody.
The City is doing what they can to try to contol it.

By the way – I make my living investing in Real Estate.