First Phase of Sycamore Village Nearly Sold-Out

First Phase of Sycamore Village Nearly Sold-Out

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The first fifteen homes in the Sycamore Village development are nearing completion and eleven are sold. The subdivision at the corner of Sycamore Street and Jefferson Avenue will ultimately include four subsidized and 20 market-rate units. First move-ins are scheduled for the third week of October.

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“Nine of eleven market-rate and half of the subsidized homes are sold,” says project realtor Keith Barnes of Barnes Real Estate Group Inc. The project appears to be tapping pent-up demand. “We have done very little marketing,” he says. The market-rate homes are priced from $165,000 to $188,000 while the four subsidized homes are priced in the $155,000 to $165,000 range.

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Barnes is not surprised by the strong sales to date. He has been selling new infill homes for several years and says a few custom, market-rate homes built on nearby blocks have sold for even more. Ten of the buyers are existing city residents and one is from Hamburg according to Barnes.

Nine styles of homes featuring three or four bedrooms and 1,400 to 1,700 sq.ft. of living space are being built. Most of the residences have rear-loading garages, many accessed from Sydni Alley, a new alleyway cutting through the site. The homes have arts and crafts style exteriors with covered front porches and cultured stone accents.

A park-like lawn area with a decorative pedestrian walkway in the interior of the block will offer a secure commons flanked on both sides by the front porches of adjacent homes for young children to play and neighbors to gather.

Sycamore Village is being constructed on a former brownfield site. New York State contributed over $500,000 to the remediation of the property. Homes being built by Lamparelli Construction and were designed by Dean Sutton Architects.

Get Connected: Keith Barnes, Barnes Real Estate Group, 716.894.5324

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digulios

What Others Have To Say

  1. kooksapalooza

    1 ratings12345
    Sep 29th 2008, 00:32

    its funny to see how many people in the link were convinced that there was no way in hell anybody would ever buy these

  2. pegger

    0 ratings12345
    Sep 29th 2008, 02:04

    I was positive that they would not sell on the open market. I'm stunned!

  3. al-alo

    0 ratings12345
    Sep 29th 2008, 08:20

    the real test will be whether these homes maintain or gain value in the next 5-10 years.

  4. sbrof

    1 ratings12345
    Sep 29th 2008, 08:34

    Well the test was if they sold, now the test is whether they hold value.. sure both are important points but changing the bar halfway through is a little self serving. Assuming they are built with high quality materials that would allow homeowners some degree of customization \ upgrading over the years I think they will hold value. If they were built like other new housing in the city over the past 10 years, cheap and fast. then i doubt after some wear and tear people will want to reinvest into them. That is of course something only time will tell as I don't know what types of materials or methods were used in this construction.

    The GIANT garages really ruin these buildings in the third and fourth pictures.

  5. al-alo

    0 ratings12345
    Sep 29th 2008, 09:49

    sbrof,

    of course, these sold for less than origionally stated. Previously, a BRO article stated: "The subdivision includes four subsidized and 20 market rate units that are expected to be priced in the $180,000 to $200,000 range."

    today its: "The market-rate homes are priced from $165,000 to $188,000".

  6. MyNameWasTaken

    0 ratings12345
    Sep 29th 2008, 10:42

    If this development was in practically any other market, the developers would be ecstatic with a slim 6% price reduction from a year ago.

  7. Kernwatch6

    4 ratings12345
    Sep 29th 2008, 11:35

    This is another example of heavily taxpayer-subsidized housing development that is clearly unsustainable.

    And it is occuring in the context of the fast-approaching city tax sale on Oct 20-22, when a record breaking 4,580 distressed or abandoned Bflo properties are on the auction block.

    Why would the city heavily subsidize folks in a shrinking impoverished city to move where nobody lived when Bflo was more than 2X larger? And on toxic land no less!

    Further illustrating its folly, 10 of 11 buyers so far are from Bflo, not buyers from afar adding to Bflo's ever-shrinking numbers. That means that 10 more Bflo houses are likely to go vacant, insuring that taxpayes will possibly face the demolition of 10 more houses.

    Taxpayers build, then taxpayers demolish . . . sound policy??

    R Kern

  8. sally

    1 ratings12345
    Sep 29th 2008, 11:40

    Wow - and I thought I had a negative outlook at times!!!

  9. al-alo

    0 ratings12345
    Sep 29th 2008, 11:44

    a six percent decrease when the regional market has remained steady is nothing to crow about

  10. sbrof

    0 ratings12345
    Sep 29th 2008, 11:46

    Well it seems that the tax payers have paid for the demolition of the old building and the cleanup of the site so that it is no longer toxic, after that the developer is constructing the buildings just like anywhere else in the country. The difference here is he much sell some of the units at a lower price, probably as a contingency for winning the right to build here to begin with.

    If there are other tax dollars in play I would sure like to know, but 500k to have one less toxic parcel in buffalo is something I don't mind paying for.

  11. MJWorthington

    0 ratings12345
    Sep 29th 2008, 12:58

    Yes these people came from Buffalo but what would have been their other options for a $150k plus new build clustered around other new builds? Certainly nothing else in the city. Result, an eventual 10 families that would have been in Lancaster, etc instead of in the city with 10 houses still "left vacant". Though seeing these people are paying over $150k, I doubt they are leaving a 10k house that is about to go vacant.

  12. tjhorner1

    0 ratings12345
    Sep 29th 2008, 13:01

    I'm surprised, but in a pleasant way, that these homes are selling so well at that price point. Good news....

    What I am wondering though, is why suburban style housing is being built in the city? Vinyl siding and front loadeing garages? Why no alley and garage in the rear? I'm probably nit picking here, but I'd guess that people who choose to live in the city, typically choose it for the lifestyle and urban environment. If they wanted suburban housing, they would live in Amherst. Then again, judging by the sales numbers, it appears I'm wrong.

    Looks like I have a lot to learn!

  13. gaustad

    1 ratings12345
    Sep 29th 2008, 13:32

    [deleted]

  14. Joshua

    0 ratings12345
    Sep 29th 2008, 13:42

    Things are on the upswing for the City. There has got to be a point where the population of the City will rise - maybe another 5 years?

  15. Dan

    0 ratings12345
    Sep 29th 2008, 13:44

    > lot of house for that price - good deal - wish I were black, I would move down there in a heart beat.

    There's no rule that you have to be black to live on the East Side.

    That being said, similar projects in impoverished, predominantly black neighborhoods in Cleveland tend to have mostly black homeowners. Those in transitional neighborhoods -- the Cleveland equivalent of a University Heights or Pine Hill -- have more white buyers; they've really helped to stabilize and reinvigorate the surrounding neighborhood.

  16. Dan

    0 ratings12345
    Sep 29th 2008, 13:56

    tjhorner1> What I am wondering though, is why suburban style housing is being built in the city? Vinyl siding and front loadeing garages? Why no alley and garage in the rear? I'm probably nit picking here, but I'd guess that people who choose to live in the city, typically choose it for the lifestyle and urban environment. If they wanted suburban housing, they would live in Amherst. Then again, judging by the sales numbers, it appears I'm wrong.

    Hardy board and other composite materials that are alternatives to vinyl siding aren't really popular in Buffalo, for some reason. Compared to other cities that are dominated by wood frame housing, vinyl siding, and it's predecessors, aluminum siding and Insulbrick, are much more prevalent in Buffalo. At least the porch and stairs don't incorporate ornate Italian-style decorative metal railings; they may or not be real wood, but they at least feel substantial.

    No alleys? Alleys are a staple of New Urbanism, but Buffalo's not really an alley city. Blocks were originally platted without alleys. The few true alleys in the city, for example Tarkio Place in the Kensington Neighborhood, have always been quite rough. Alleys have a bad reputation in Buffalo compared to other cities where they're the norm, such as Chicago and Denver. Blocks in Buffalo also tend to be quite long compared to other cities, and alleys need to be short if they're going to function effectively as a common driveway. Snow removal can be an issue, although it's being addressed with more recent NU projects in Michigan and Illinois.

  17. PaulBuffalo

    0 ratings12345
    Sep 29th 2008, 14:02

    I visited Sycamore Village when I was in Buffalo recently and the quality of these homes is impressive. I'll maintain that the east side is not a dead neighborhood to be bulldozed and, hopefully, this project will begin to change some of the degrading comments that are often expressed about this area.

  18. jstraubinger

    1 ratings12345
    Sep 29th 2008, 14:10

    Well, we seem to be having a real negative fest this morning over some relatively good news for the city. Can so many be so pissed that their predictions for total failure for this project not materializing cause them to bash away anyway with predictions of falling values and soon to be discovered substandard building materials? Hey quick, let's find out if the buyers of these market rate homes are receiving the same secret tax deal that the buyers of new city houses at the main-LaSalle project got. How can anyone want to live in a nice new house in inner city Buffalo that isn't subsidized? They shouldn't be living in a new house with so many abandoned houses to choose from. Only in Buffalo can "the glass is half-empty" crowd morph into "the glass is cracked and dirty and the dishwasher is permanently broken" crowd. Let's all have what Dick Kern is drinking and then let's have a few more rounds of it. As it's often said, Buffalo has no worse enemy then some of its own citizens.

  19. STEEL

    0 ratings12345
    Sep 29th 2008, 14:25

    These houses all have Hardy Board siding, They are built with an alley with rear loading garages. Oh and they are in Buffalo not Denver.

    Note: Alleys in Chicago are not plowed. Snow clearance is up to the home owner and believe me most don't bother.

  20. PaulBuffalo

    0 ratings12345
    Sep 29th 2008, 14:37

    Steel, most of the homes being built actually have front-loading garages. The alley is really a new street with curbing and a number of the homes face this new street.

  21. Colin

    0 ratings12345
    Sep 29th 2008, 14:56

    PB --

    The east side isn't a neighborhood at all -- it's a huge geographic area, something like 1/4 or 1/3 of the city. There are certainly neighborhoods within it that work, and others that can work with a bit of investment. But there are undoubtedly others that are simply gone. I don't trust the people in City Hall to make the distinction.

  22. platt4

    0 ratings12345
    Sep 29th 2008, 15:00

    Kern you likely have company complaining about these new homes in the corporate offices of Marrano...these are buyers that likely would have ended up in Lancaster or West Seneca.

  23. PaulBuffalo

    0 ratings12345
    Sep 29th 2008, 15:09

    Colin, I agree with you.

    Unfortunately, I continue to be frustrated by the inane comments of so many in the white community that lambast the entire east side (comprised of the geographic size to which you refer) when there are many houses in their own neighborhoods that would be considered for demolition, too, if they were on the 'wrong' side of Main Street.

  24. WCPerspective

    0 ratings12345
    Sep 29th 2008, 15:25

    Many of the homes will have alley-loaded garages:

    Site Plan

  25. PaulBuffalo

    0 ratings12345
    Sep 29th 2008, 15:27

    WCP, are the second phase of homes going to be built or does it depend upon completion of this phase?

  26. RonR

    0 ratings12345
    Sep 29th 2008, 17:03

    Does anyone know how much it cost to build these homes? Outside of the $500k for the site clean-up, were these homes built for less than $180k?

  27. Kernwatch6

    2 ratings12345
    Sep 29th 2008, 18:21

    It is difficult to find data about costs in the many earlier BfloRising posts about Sycamore Village. Below is an update from David Torke, eastside activist who has been highly critical of the project.

    There also was the taxpayer-funded demolition of two newbuilds on the site, built without adequate clearances by the city on contaminated land.

    COPY: (from Torke)

    http://fixbuffalo.blogspot.com/2007/08/sick-yet.html

    update - 8/28/07 11am Conversations this morning indicate that the 25 homes scheduled for this site weigh in at $265,000 with a subsidy of $75K and homeowner incentive of $25K. The actual cost, when you internalize the 1.3 million remediation that took place, late 2006 brings the cost of each 1800 sft piece of suburbia with an attached 2 and half car garage much closer to East Amherst than what would work for the City's East side. ROI? None. Taxpayers will be subsidizing this forever.

  28. crisa

    0 ratings12345
    Sep 29th 2008, 18:49

    No comment. Just putting this topic in my Crisa Profile for now...

  29. joey

    3 ratings12345
    Sep 29th 2008, 19:51

    PLEASE ...there has to be alley's...where else will the hoodlums go to do their muggings? WHAT'S next..sect 8 homeowners?

  30. Kernwatch6

    2 ratings12345
    Oct 2nd 2008, 14:51

    Public Hearing, Oct 14, 2PM

    The cost of this project is staggering to absorb in a city facing its biggest-ever tax auction on Oct 20-22, where 4580 abandoned or derelict properties are listed for sale.

    Spending this kind of money to subsidize new housing for predominantly Bflo residents in a city having perhaps 26,000 housing vacancies is heavily counter-productive.

    Here is the latest update from Geoff Kelly at ARTVOICE about the important upcoming public hearing:

    http://artvoice.com/issues/v7n40/news_briefs/common_council_report

    Minding the business of the people

    • The controversial Sycamore Village project reported offers to buy its first six houses, at prices ranging from $201,765 to $212,348. If that sounds like a lot for a new-build at the corner of Sycamore and Jefferson, bear in mind that estimates of the cost to build each house range from $400,000 to $600,000 each. That high number is due to the cost of environmental remediation of the property, not to mention tearing down and landfilling the houses that had been built there prior to the remediation.

    The Buffalo Urban Renewal Agency reports that nine of the 10 houses planned for the project’s first phase are near completion, and six of the nine houses in the second phase are likewsie close to finished. The third phase comprises six more houses, all priced similarly to those six that have received offers.

    Before the sales can be approved, the Common Council must hold a public hearing That hearing takes place on October 14 at 2pm in Council Chambers.

  31. PaulBuffalo

    0 ratings12345
    Oct 3rd 2008, 09:58

    Business First reports today: Forge site eyed for $17M project.

    http://buffalo.bizjournals.com/buffalo/stories/2008/10/06/story2.html?b=1223265600^1709847

  32. JBrennan

    0 ratings12345
    Oct 4th 2008, 14:49

    This project is both a success and a failure. Both productive and counterproductive. I like it and I hate it. And most comment posters are right regardless of their take... reason being there are lots of sides to this story. It completely depends on so many factors, some of which have no definitive proof. Therefore we must rely on speculation, judgment, experience and opinion for much of the basis of the argument for or against.

    Sycamore Village (SV) is/will be a success because it proves there is a market and demand for something of this nature in the city and even in some areas of the East Side. Some people only want to buy new housing - there is no denying that. It gives hope to struggling neighborhoods and to city residents in general that all is not lost in this city - it is a place worth caring about and investing in with a hopeful future. And as we have learned in recent weeks, confidence in an economy is one of the most important fundamentals to its success.

    SV is failure because the demand in the market is artificially created with massive subsidies for "market rate" development. Those two terms are mutually exclusive. If there was truly great demand for this type of thing beyond a small number (like maybe these 25 for example) the private sector would be doing it already. But once the total cost per unit of this development is determined, there is no doubt that it will be way beyond what the true market would support.

    The city is shrinking and has been for half a century. It has not yet stopped and once it does we will still have TENS OF THOUSANDS of vacant housing units NO MATTER HOW FAST we try to tear them down (because everyone agrees that the city will never have the money to keep up with the rate of abandonment). While the people that move into SV won't be leaving houses behind that are destined for abandonment, the cycle of additional abandonment is perpetuated since the city housing market is burdened ON WHOLE by additional oversupply. The least desirable units and/or units with owners that have the least ability or interest to keep up with the up-shifting of tastes even at the lowest income levels will give up. This leads to a cycle of disinvestment by more than just the least capable owners or the least desirable units. Entire streets of decent viable housing is affected by just a few extra vacant properties. It is not always about the quality of the construction. Blocks with low grade housing can be stable while whole blocks of well built Victorians can be blighted as is the case in this city in many places.

    It can be argued that a subsidy is needed in the early stages of anything new to demonstrate the viability. SV could do that but I would argue that this has been done thousands of times for subsidized new-builds over recent decades and the results tend to be more subsidized new builds. I hope I am wrong and this changes that paradigm, since the money is already spent.

    In the end, we don't know for sure if this was/is/will be a wise investment of public dollars. I am skeptical based on the track record of city leaders these many decades that it will pay for itself. On the other hand, sometimes the public funds in any given project CANNOT be used for any alternative and so it is a matter of spending them here in this way or another city/state will spend them somewhere else. Don't know how much of the subsidy for SV falls in that category. Hopefully that will be forthcoming.

    In the end, I doubt we will see a rush to reproduce projects like this in the city WITHOUT more government subsidies. The problem is whether such public policy is efficiently using VERY SCARCE housing development money. If subsidizing new construction quickens the pace of abandonment of existing neighborhoods, which history has shown us it does, then we all lose. Weakening existing neighborhoods and the private homeowners who have investments there by adding to the housing glut in Buffalo is not good public policy. If the private sector does this on its own (i.e. hollow out existing neighborhoods by offering something more in demand) then it is hard to argue against the merits of that even though it will be sad to see old neighborhoods in decline.

    Strengthening the troubled but salvageable neighborhoods should be the highest priority, since that is where people have already invested. Undermining those neighborhoods by subsidizing the housing oversupply only hurts the tenuous economic situation of the existing property owners. Spending any subsidies for new construction should be limited only to times when that pot of money cannot be spent on renovating existing homes by statute. There is an opportunity cost to chasing different priorities with not enough staff but that is another topic. Even if the cost of renovation is more than new construction, building new is only the right economic choice if the costs of the additional blight and abandonment are factored into the cost of the new-builds. That would include burdens to the city and the populace such as these costs: underutilized infrastructure (thereby increasing the incremental infrastructure costs), increased fire and police costs, demolition costs, maintenance, and hard to measure things like risk, liability, fear, quality of life, etc.

    I like Colin don't trust city officials to make the wise choices, only the popular ones.

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