Livingstone Partners
PO Box 7732
New York, New York 10150

Tel: +1 716 213 6490
Fax: +1 646 707 0365
Email:
info@livingstone-partners.com

Buffalo, New York

Why Western NY and Buffalo?

Historically the property market in Buffalo has been largely stable and has not undergone the significant price fluctuations seen in Florida and Nevada or in cities such as Detroit. From 2006-2009, Buffalo’s median sale price increased by 8.5%, against the broader national market which has declined over 19%. Buffalo is in the top five fastest growing markets in the U.S (Source: National Association of Realtors - 2009).

The low cost of single-family housing and relatively high rents provide gross yields in excess of 30% on investment properties. The city has a heavy proportion of renters versus owners (57% of residents are renters versus 47% in New York State overall), which ensures a solid pool of prospective tenants. Vacancy rates are approximately 9%, which is below the national average of over 11% (Source: NAR).

The region has attracted high growth industries including companies in the healthcare and technology sectors who are drawn by the supply of plentiful, low cost labor, the tax incentives and a solid infrastructure. Business Week recently voted Buffalo as one of the top ten cities to ride out the recession, based on its high share of employment in strong industries such as healthcare and debt collection (Source: Business Week 2009).

Map of Buffalo

Buffalo hosts numerous universities and is home to over 40,000 students. The University of Buffalo has published plans to grow its full time faculty by over 10,000 in an effort to create a pre-eminent research platform at the school and they recently announced plans to invest $500 million in the East Side of Buffalo to develop new businesses and create job opportunities. The city’s fiscal strength is reflected by Standard and Poors recently upgrading their municipal bond rating from BBB+ to A-, its highest level in nearly three decades and the fourth upgrade in the last two and half years.

History of Buffalo

The origins of the Buffalo name are unclear but common theory states it was either named for Buffalo Creek, which in turn was named after an Indian who once lived there or that it derives from the French term "beau fleuve" for "beautiful river”.

Buffalo originated in 1789 as a small trading community near Buffalo Creek and grew quickly after the creation of the Erie Canal in 1825. This canal made the city the primary gateway to the American west for millions of settlers. By 1900, Buffalo was the eighth largest city in the country, and went on to become a major railroad hub, the largest grain-milling center in the USA and the home of the largest steel-making operation in the world.

Map of Buffalo

The latter part of the 20th Century however saw a reversal of its fortunes. The rerouting of Great Lakes shipping caused by the opening of the St Lawrence Seaway was a major factor in the decline of the city as well as the closing or relocating of many of the steel mills. The city experienced significant economic decline due to lack of trade and by the year 1990 the city’s population had fallen back below its 1900 level.

However, today, Buffalo is known for its blue-collar roots and its low cost of living. It has a diverse employment base, which is less and less dependent on manufacturing and more on banks, financial services, education and health care. It is the cultural center of the Western New York region and is home to renowned art galleries, distinctive entertainment, and world famous architecture. It is located in Western New York on the Eastern-most end of Lake Erie and at the head of the Niagara River and it is home to 1.6 million people.

Random Facts about Buffalo

  • It’s the second largest city in New York State and commonly referred to as the “Queen City’.
  • It was the first city in the US to have electric street lights.
  • Buffalo wings were invented here in 1964.
  • It is 420 miles from New York City and 90 miles from Toronto.
  • The population of Buffalo is 1.254 million, it is 600 ft above sea level and the city area is 52.5 sq miles.
  • Frank Lloyd Wright built 530 houses in his lifetime and 6 are in Buffalo.
  • Average snowfall in Buffalo is 93 inches per year and the average winter temperature is 23F or -5C.
  • Niagara falls is the 2nd largest falls in the world. Total flow is 100,000 cubic ft/sec.
  • Twenty percent of the worlds freshwater lies in the Great Lakes, and most flows over Niagara Falls.

Map of Buffalo

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