There is a new residential real estate trend emerging in downtown Buffalo and to be sure, in other parts of the city too. And that trend is seeing apartments switching over to condos.
Some recent examples include architect developer Jake Schneider converting the 50 units at the Apartments at The Hub on Swan Street into condos, and Nick Sinatra doing the same thing with the 31-unit Phoenix Brewery Apartments on Washington Street near the Buffalo Niagara Medical Campus.
Also, Ciminelli Real Estate has successfully turned the Bethune Lofts on Main Street near Bennett High School into condos, with virtually all 87 of the apartments having either been sold or are under contract to be sold.
Architect/developer and Buffalo Place Inc. Vice President Steve Carmina offered his insight into this trend.
"I think that people want to live here in the city, and most of these projects all have the amenities of parking, etc, interior and exterior, and have access to the medical campus or downtown for professionals here," he said.
And this is a positive trend, as those who live in condos own them, and are boosting housing stability for residents and creating more critical mass and discretionary dollars in the neighborhoods. Carmina agreed with that assessment.
"I think we can all hope that they do sell," said Carmina. "Because now that we have permanent residents here in the city that want to be here, I think that there are a lot of people that are, you know, that are empty nesters now, that are selling their big houses in Clarence and Amherst and Orchard Park. [They] want the experience of being here in the city and not have to worry about cutting a lawn and maintaining their property. So I think that's, that's the big piece of it."
The bottom line is, look for more downtown apartments, as well as in other parts of the city, including the Elmwood Village, to go the condo route.
