2014 was a solid year for both residential and commercial real estate. And expect the trend to continue. That's the focus of the annual year end real estate report from Business First.
It takes a look at Buffalo's Main Street. With investment from the Medical Campus to Canalside, the report says 2014 was a good year for Main and there's more to come.
The report lists recent real estate deals along Main, from the $200 million HarborCenter to smaller projects with apartments and restaurants. Consider the $48 million plan that's in the works from developer Paul Kolkmeyer. It calls for new apartments, condos, office space and a boutique hotel. So several Main Street buildings are getting new life.
The assessed value of buildings along Main Street is on the rise, according to Business First. But there is a lot more office space available now that One Seneca Tower is vacant. That is lowering the value of office space per square foot. Yet with more people looking to live downtown, developers say there is less of a risk and they're willing to take on city projects.
On the residential side, it's a seller's market. Interest rates remain low while consumer confidence is high. Top neighborhoods for real estate agents this year include: Buffalo, Amherst, Orchard Park, Hamburg and Lancaster. Many realtors say the market is strong and there are no signs that it is slowing down.
You can get full details on specific deals in this week's Business First.