Real Estate in the US what's the catch?

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Discussion Overview

The discussion revolves around the differences in real estate prices between the US and Canada, specifically focusing on a house listed for a low price in Buffalo, New York. Participants explore the implications of such pricing, potential reasons for the disparity, and the desirability of living in those areas.

Discussion Character

  • Exploratory
  • Debate/contested

Main Points Raised

  • One participant expresses curiosity about the low housing prices in the US compared to Canada, questioning why properties are not being purchased despite being rented at higher rates.
  • Another participant humorously suggests the idea of moving a house to Canada, while also speculating on the lack of job and population growth in Buffalo as a potential reason for low demand.
  • A different participant points out that current residents are paying high rents, implying that they could afford to buy the property instead, questioning the market dynamics.
  • Concerns are raised about the quality of neighborhoods where such low-priced houses are located, with one participant suggesting that these areas may be undesirable due to crime and slum conditions.

Areas of Agreement / Disagreement

Participants express differing views on the desirability of low-priced homes in the US, with some suggesting economic factors like job growth influence housing demand, while others emphasize the quality of the neighborhoods as a significant concern. No consensus is reached regarding the reasons behind the low prices.

Contextual Notes

Participants reference specific economic conditions and neighborhood qualities without providing detailed data or definitions, leaving some assumptions and implications unaddressed.

JasonRox
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I like to look around at housing prices for fun... especially now as I might buy a place in my hometown this summer. Although, the market hasn't been hit hard or really at all in Canada so far. Prices haven't moved.

But in the US... there is this...

http://www.realtor.com/search/listingdetail.aspx?sby=1&pg=4&srcnt=419&sid=d913203f81104c4fafb3941db780fc57&fhcnt=32&loc=buffalo%2c+new+york&usrloc=buffalo%2c+new+york&mnp=30000&mxp=50000&typ=3F&fhpg=4&lid=1104597088&lsn=39

To find a house listed at this price in Canada is like impossible unless it was like completely not livable at ALL! The place is being rented at like 3 times the price. What's the catch here? Why don't the people who live there actually buy it?

Thanks!
 
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Buy it and put it on a truck? (Do you have to pay GST at the border - or do you think you can sneak it in?)

I suspect Buffalo doesn't have a lot of job or population growth and so there aren't many people moving there looking for a house.
 
mgb_phys said:
Buy it and put it on a truck? (Do you have to pay GST at the border - or do you think you can sneak it in?)

I suspect Buffalo doesn't have a lot of job or population growth and so there aren't many people moving there looking for a house.

Yes, but the people that live in it are paying the mortgage in itself! Doubling it! Clearly, if they can pay the rent, they can buy it.

Even in bad areas, houses don't sell for $30k here in Canada.
 
If you study the areas in which those $30K houses are located, you'll probably decide that you wouldn't want to live there, even if someone paid you to do it. US cities have slums and crime-infested areas that Canadian cities don't.