While the housing market has certainly become more expensive, why is this home going for a whopping $1.5 Million?

The real estate market post-pandemic has been skyrocketing prices all around the country, including in New York State. While places like Buffalo and Western New York are well known for having affordable homes compared to other places in the United States, prices and competition have risen considerably over the past few years. It used to be you would bid on a home for fairly close to its asking price. Now, the process is much more complicated. Plus homes that would generally be going for the low to mid $100,000s price range are going often for the low to mid $200,000s if not more.

This property is over 2,220 square feet with 4 beds and 2 baths. That's a nice size for a family. It's also been clearly updated with modern styling and amenities for the most part. A home like this in a good Western New York neighborhood would generally go in the $200-300,000 range depending on several factors. So, seeing the price tag on this home is a whopping $1.5 million, it makes one wonder what the catch is.

The home also features a nice back patio, decked-out garage, eat-in kitchen, and more. It's a nice home. $1.5 million nice? No. So what's the catch? First, let's look at the home itself.

Small House Going for $1.5 Million in Western New York

This home is nice, but why is it selling for $1.5 million? Let's first take a look at the house itself.

Gallery Credit: Zillow, Verax Real Estate LLC 716-866-6284, Alina Pierowicz 716-908-0057

Ok, so nice home. It has some nice, unique, and even odd features. A family would do well here, especially seeing it's an Orchard Park home with good schools and amenities. However, is it worth $1.5 million? The house itself? No. Of course not. That's not why it has such a big price tag. The reason is simple: location, location, location.

Why This Small House is Going for $1.5 Million in Western New York

The Buffalo Bills. This home is located right next to where the new Highmark Stadium is being built and features a massive parking lot for gameday.

Why This Small House is Going for $1.5 Million in Western New York

2 words: Buffalo Bills.

Gallery Credit: Zillow, Verax Real Estate LLC 716-866-6284, Alina Pierowicz 716-908-0057

Now, is it still worth 1.5 Million with its location and parking lot? hard to say. It is zoned for business development, so it could become more than a lot.

How Many Parking Spots?

According to the listing, the property is .61 acres. That's 26572 square feet (rounded up). The average car takes up about 100 square feet. That's 266 parking spaces if you don't count the homes, buildings, and room needed for people to get out of their cars. Let's count that though and for the sake of argument say it can hold about 200 parking spots.

How much Do You Need to Charge?

Zillow estimates the monthly payment at a little over $11,495. If there are 200 parking spots, you'd need to charge $58 a spot and sell them all to break even. That's not taking into account that you need to plan on 9 to 11 regular season home games a year (counting preseason). There are other events at the stadium, so that will help you as well.

Is it Worth It?

That's of course up to you. Make no mistake about it: this property is a full-time job. You need things like bathrooms, staff/security, insurance, and so many other things you wouldn't think of. So it depends on your ability to run a business and make more out of the property.