This New York City Paid More Than $1M To Buy Private Street

Real estate has been a hot topic in Western New York this year. With areas all around the 716 seeing record-high increases in rent and housing prices, along with all sorts of development happening in the region, there's no wonder why organizations like Zillow expect Buffalo to be the hottest housing market in America.

The proof, of course, is in the pudding. Just take a look at how many apartments are renting for and how many houses are selling all over the area; it's getting tougher and tougher every single day for people to make the dream of safe and affordable homeownership tougher. It's not impossible, but you do need to put in some work and dedication to make it happen.

READ MORE: Guess Who Owns The Most Land In Buffalo

One thing that's not making it easier is the fact that there is pretty low housing inventory in the area, that is the number of home available to be purchased or rented, according to data from the Buffalo Niagara Association of REALTORS. That low inventory, coupled with a bunch of other factors, is contributing to the increases we're seeing in real estate price.

READ MORE: Is It Cheaper To Buy Or Rent Your Home In Western New York

Everything costs more to buy in Western New York, and that even includes the streets. Yes, streets can be bought and sold, and the City of Buffalo just paid more than $1 million to buy one in the old Central Park Plaza.

According to Buffalo Business First, the New York State's second-largest city has agreed to buy a nearly 900-foot section of Chalmers Ave from Highland Park Village LLC. The street, which didn't exist before, was developed as part of the new housing developments in the area in that started in 2017.

READ MORE: $72 Million Housing Development Coming To Buffalo's Old Central Park

This $1.2 million street now becomes the responsibility of city taxpayers to monitor and maintain as development continues in the new Highland Park neighborhood. This will ensure that Chalmers Avenue gets the same treatment as every other street in the neighborhood as more housing units come online in the area.

READ MORE: Five $150,000 Homes For Sale Now In Western New York