Would you rather? $25,000 vs. $1,000,000

Spend $1,000,000 on a 2 bed, 2 bath bungalow at Yonge and Finch?

Or spend $25,000 on a 3 bed, 3 bath 3 storey house across the border?

This little bungalow sold in a bidding war for over one million in the Spring of 2012.

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I’m not saying the market in Toronto isn’t crazy (or depressing for buyers), but is it worse that this? Here is what’s going on the other side of the Lewiston Bridge in New York State: 

One forsaken home after the other:

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Shattered windows.

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Boarded windows.

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Decaying wood porches and posts.

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There’s a good chance that this vinyl sided home is worth less than your car.

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At some point this was a beautiful property, and proudly maintained for decades. This property was likely built in the 1920′s, nearly one hundred years later it’s in a state of disrepair.

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These properties were photographed at random in Niagara Falls, New York. There are streets with well kept homes and proud owners, but vacant, neglected houses are a common sight and not just confined to one area. Unfortunately they can be seen throughout the city. 

I don’t know about anyone else. Personally, I’d rather spend $1,000,000 on an exiguous bungalow anywhere in Toronto, than $25,000 in an auction on a condemned property across the border.

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2 comments ↓

#1 Matt Green on 08.06.13 at 7:26 am

I agree to a certain extent. I know several people who live in Niagara Falls, New York and commute to the greater Toronto area because there are several affordable NICE homes in the city. The city has launched a new program to give new homeowners the opportunity to own a home for less than $1,000 as long as they agree to certain parameters such as living there for 5 years, etc. Its a innovative program and its been well received thus far. These homes that are being sold are not in the condition of the photos of you’ve posted above. The homes are city-owned property in neighborhoods that are not quite dis-invested; this is an effort to stabilize and promote home ownership. The homes you’ve posted are slated and have been for demolition for years. Unfortunately due to poor state statutes in New York State, the foreclosure process really hurts local communities. Niagara Falls as a result is a victim of a lot of speculative investors who stand to lose little when the home falls into foreclosure. Where else can you buy a waterfront property for less than $200,000 in a nice neighborhood?

#2 Hanna in the City on 08.06.13 at 9:45 am

Thank you Matt. I purposely selected the worst homes to showcase, simply to contrast two very different real estate aspects. I actually met a very nice man who lives across from Niagara River. Every morning he heads over to the park and reflect on how great his life is. Certainly, every city has good neighbourhoods and bad neighbourhoods, beautiful homes and ugly homes. Thank you for the additional insight, that’s good to know. Where else can you buy a waterfront property for less than $200,000 in a nice neighbourhood? Cottage Country! ;)

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