So how much has Marrone shell out for his house in Buffalo?

[ghz in pittsburgh]

His old one in Syracuse is going to ~1.2 million. http://www.syracuse.com/orangefootball/index.ssf/2013/05/doug_marrones_jamesville_house.html

There is link inside the article to the house pictures.

I know Marrone is from NYC. You can't buy much with 1.2 mil there. Coming to Buffalo, I'd think he'll get an upgrade on his Syracuse house. Not sure if it have a Bills logo somewhere in the house though.

[trapezeus]

maybe he's buy ryan miller's town house.

[THRILLHO]

"Sometimes you buy a house. Whoops."
-J.P. Losman

[OpIv37]

yeah, anyone associated with this team not named Russ Brandon would be smart to rent rather than buy.

[BertSquirtgum]

yeah, anyone associated with this team not named Russ Brandon would be smart to rent rather than buy.

Why? He's got at least three years.

[OpIv37]

Why? He's got at least three years.

Houses in Buffalo aren't going to appreciate enough for him to make much money off of it in 3 years. Just rent and let someone else have the responsibility for the maintenance.

[Lexwhat]

Houses in Buffalo aren't going to appreciate enough for him to make much money off of it in 3 years. Just rent and let someone else have the responsibility for the maintenance.

I saw the real estate link -- he's selling the house for $1.39 million (unlike the article link which said $1.19 million). He bought the house for $485,000 4 years ago...

I would be shocked if someone paid his asking price for that house -- I saw the stats and it is not even worth $1 million in the Syracuse area. I hope he doesn't mis-calculate his opponents as badly as he does his house, haha.

[TigerJ]

The rule of thumb is you should keep a house you've purchased for five years minimum to avoid taking a loss when you sell. Of course, when the housing market takes a dive insted of going up, all bets are off.

[OpIv37]

The rule of thumb is you should keep a house you've purchased for five years minimum to avoid taking a loss when you sell. Of course, when the housing market takes a dive insted of going up, all bets are off.

So then it comes down to this: what's the rental market like in Buffalo? If he doesn't make it past 3 years, will he be able to rent it for 2 in order to hit that 5 year break even/become profitable point?

I know in Rochester, there isn't much of a rental market (outside of some trendy areas downtown) because property is so cheap that anyone with a moderate income can buy a small place. I always assumed Buffalo was the same way.

[GingerP]

Why? He's got at least three years.

Tell that to Mike Mularkey.

[trapezeus]

my parents live on the same street as Eric Moulds. Moulds has been trying to sell that house for like 2 years. maybe he can slide over to OBD and see if he's interested.

But seeing that you can get a really nice place for like $1M in buffalo, why not take a big mortgage, get the interest rebate, and know that if it doesn't pan out, you still are going to get income guaranteed at like $3MM-$6MM a year for 4-5 years. HE could literally save the money from one year of working and pay off the mortgage if he lost his job that year. and still eat, etc.

renting would be a sucker's move.

[OpIv37]

ah yeah, I was neglecting the tax break angle on the mortgage interest. If there is anywhere where people need all the tax breaks they can get, it's NYS.

[trapezeus]

and again, it goes back to the ryan miller situation, if you can pay down your house in its entirety in one year just so you don't have to pay interest and you want to own it to take advantage of any appreciation, there is just no point in renting.

yes, sales suck and take time, but you are already off to your next town and have the luxury of not needing to sell the last place.

look at that syracuse place. he lists it ridiculously high, people come to open house, they threaten that people are interested and someone offers $1MM (happy he's not offering asking, but attempting to beat others). marrone pockets a cool $600k in profit and the buyer is happy he got his place.

[Jeff1220]

I saw the real estate link -- he's selling the house for $1.39 million (unlike the article link which said $1.19 million). He bought the house for $485,000 4 years ago...

I would be shocked if someone paid his asking price for that house -- I saw the stats and it is not even worth $1 million in the Syracuse area. I hope he doesn't mis-calculate his opponents as badly as he does his house, haha.

If you look at the pictures, there are obvious additions on the house, around the size of the original structure (maybe bigger). I'm guessing he had those put on, hence the jump in price from $485k to >$1million.

[IlluminatusUIUC]

and again, it goes back to the ryan miller situation, if you can pay down your house in its entirety in one year just so you don't have to pay interest and you want to own it to take advantage of any appreciation, there is just no point in renting.

yes, sales suck and take time, but you are already off to your next town and have the luxury of not needing to sell the last place.

look at that syracuse place. he lists it ridiculously high, people come to open house, they threaten that people are interested and someone offers $1MM (happy he's not offering asking, but attempting to beat others). marrone pockets a cool $600k in profit and the buyer is happy he got his place.

I suppose so, but are there a ton of buyers for million dollar homes in Syracuse?

[trapezeus]

there are always million dollar buyers. its not what it once was. look at buffalo...alot of the nottingham terr places are over $1MM. and buyers emerge.

[Lexwhat]

If you look at the pictures, there are obvious additions on the house, around the size of the original structure (maybe bigger). I'm guessing he had those put on, hence the jump in price from $485k to >$1million.

Yes, I noticed those... Still, that house is worth no more than $800,000 (I'm being generous). I lived in the Buffalo area for a long time (Buffalo and Syracuse real estate is comparable -- Syracuse may actually a bit cheaper). Brand NEW mansions in Buffalo barely go for more than $150 per square foot, even with all sorts of upgraded features and being in a nice neighborhood. Land is dirt cheap.

A quick search on realtor.com brings up a 10,000 square foot home around the same price range as Marrone's asking price:
http://www.realtor.com/realestateandhomes-detail/245-Nottingham-Ter_Buffalo_NY_14216_M37579-80839

It's not even close...


EDIT: Looks like there are 2 links there, 1 says $1.4 million and the other says $1.2 million with a recent $200k price drop. Either way -- I think he'll be waiting a long time before someone offers him anything close to $1 million.

[Bangarang]

Marrone bought Tom Donahoe's old house. There was a link not too long ago about it. I'm pretty sure it was Donahoe's. I know he bought the house of a former member of management.

[better days]

Yes, I noticed those... Still, that house is worth no more than $800,000 (I'm being generous). I lived in the Buffalo area for a long time (Buffalo and Syracuse real estate is comparable -- Syracuse may actually a bit cheaper). Brand NEW mansions in Buffalo barely go for more than $150 per square foot, even with all sorts of upgraded features and being in a nice neighborhood. Land is dirt cheap.

A quick search on realtor.com brings up a 10,000 square foot home around the same price range as Marrone's asking price:
http://www.realtor.com/realestateandhomes-detail/245-Nottingham-Ter_Buffalo_NY_14216_M37579-80839

It's not even close...


EDIT: Looks like there are 2 links there, 1 says $1.4 million and the other says $1.2 million with a recent $200k price drop. Either way -- I think he'll be waiting a long time before someone offers him anything close to $1 million.

Well, he is better off letting that house sit a while than to take a lower offer & put the lesser amount of money in the bank where it will only go down in value.