Homestead Properties: Buy a House in Buffalo for a Single Dollar

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The Lyth Cottage cost one dollar and is almost fully rehabilitated.
The Lyth Cottage cost one dollar and is almost fully rehabilitated.
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The neighbor to the left of this home has been trying to get the city to demolish it in recent years.
The neighbor to the left of this home has been trying to get the city to demolish it in recent years.
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54 Pershing and its charming, well-maintained brick neighbor.
54 Pershing and its charming, well-maintained brick neighbor.
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54 Pershing mantains all the original exterior detailing like the eastlake window treatments, simple porch columns and paired entry doors. Available for just one dollar.
54 Pershing mantains all the original exterior detailing like the eastlake window treatments, simple porch columns and paired entry doors. Available for just one dollar.

Reposted with permission from Michael Puma at Views of Buffalo.

The Urban Homestead Program that is offered by the City of Buffalo enables qualified buyers to purchase a home that has been deemed “homestead eligible” for $1.00 and there are plenty of properties left. There are three main requirements when purchasing a homestead property; the owner must fix all code violations within 18 months, have immediate access to at least $5000, and live there for at least three years. You also have to cover the closing costs of the purchase.

 A complete list of homestead eligible properties and vacant lots can be found here, but it has not been updated since 2011 and many of the properties listed have been demolished or sold. I’ve taken the liberty of looking up each home on google maps and the Erie county property site to see if it’s still there and still owned by the city. All the homes that are still standing and city owned can be seen on this map I created. Many of the homes are in rough shape, but that’s in part why they are only one dollar.

Several people have already successfully purchased dollar homes with the help of fixBuffalo blogger, David Torke. The most notable success story is that of the Lyth Cottage on Harwood Place, more on that here. Some other properties include one on East Utica Street, a small cottage on Dodge Street, and a great place on Woodlawn Avenue, which was rehabbed by a local attorney. It’s not impossible to get these old house operational again with some sweat equity and solid finances.

You’ll notice many of the $1 homes are located on the east side, some are in neighborhoods on the rise and others, not so much. These four homesteaders are all west of the Kensington Expressway because neighborhoods like Hamlin Park, Cold Spring, and Masten Park are either already stable or working towards it. As development heats up around the medical campus it seems like more and more properties are getting some love and investment so picking up one of these gems in the near future may prove to be a solid investment in the long term.

  • Published on May 22, 2013
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