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Recently the difference between Niagara Falls, NY and Niagara Falls, Canada has been brought to light. On the Canadian side of the border, you will find a bustling town full of income-generating casinos, hotels, and restaurants. A plethora of shopping destinations generates income and provides steady employment for area residents. On the United States side of the border, the picture is bleaker. Businesses have left the area and a once bustling main street looks more like a ghost town. In addition to low prices on residential real estate, Niagara commercial real estate prices are at an all-time low. This is the perfect time to purchase property for a steal and either develop it or wait for the market to rebound.
For the optimistic developer with an eye toward the future, fantastic properties in a gorgeous area can be picked up for a steal. On the Canadian side of the Falls, property prices average about $100,000, while the New York side averages about $65,000. While the area is currently having difficulty sustaining families dependent on outside income, it is plentiful in natural beauty and has good schools and other public services. It is a fantastic place for those with other sources of income and retirees looking to purchase a home in this area rich in history. And for developers looking to purchase commercial property, deals can be found for a mere fraction of what they are worth.
With a national push toward harnessing natural forms of energy, including hydroelectricity and wind energy, New York is in a fantastic position to benefit from the creation of new jobs. It is feasible to expect that the area will weather the current recession and once again become a jewel. A well-educated, young workforce with a desire to stay in their hometown can be of great benefit to the area. The twenty-somethings, though, are mostly moving away because there are no good jobs available; but in the infamous words of Hollywood: "If you build it, they will come" or, in this case, "if you build or renovate it, they will stay."
From large homes perfect for bed and breakfasts to beautiful shops just waiting for a new life, lots waiting for you to add your own touch, and old homes ready for a restoration, Niagara has something to offer everyone. All it takes is vision along with a healthy dose of patience and ingenuity. The area is a tremendous draw for all of the beauty it packs into such a small space and the market will rebound allowing you to sell the property for a nice amount.
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