Here is an interesting comparison.

This house in Chicago is being offered for sale, asking $265,000.

The simple 1961 brick ranch house has one floor and a basement. Its rooms are small and plain and the house has had few upgrades. It is located in a nice enough neighborhood but is far from the hip and popular sections of Chicago. Think, South Buffalo, Lackawanna, etc. The taxes are about $4,600.

It is advertised thus: Brick ranch with 3 bedrooms and 1 bathroom on the first floor and a full finished basement with 1 additional bedroom & 1 full bathroom. Located close to public transportation. This home has newer furnace, water heater & kitchen appliances. Fenced yard with a 2 car garage. Room sizes are approx. This home needs updating & is being sold in as is condition.

In Buffalo you can pick up this house on Richmond Avenue for $240,000.

It is a beautiful 3,332 square foot Victorian. It sits in the city’s most popular neighborhood. The interior is in great condition with gobs of original detail including a grand stair, natural wood work everywhere, leaded and stained glass, a tower and two fireplaces. The house looks like it is in good condition, but the exterior could use some cosmetic upgrades and possibly a new roof. The taxes are listed at $1741.

Here is the realtors pitch: Expansive and Stately Queen Anne Victorian (Gray Lady) style home is filled with detailed well maintained woodwork, tall ceilings and oak hardwood floors throughout. Formal parlor with oak parquet floors under wall to wall carpeting, pocket doors throughout, 2 butlers pantries, grand staircase with tasteful leaded glass windows, 2 wood burning fireplaces, claw foot tubs, large master suite, finished attic with full bath (attic not included in sqft). So much more – A must see! New 2013:boiler, new electrical panel,

In a comparable Chicago neighborhood the Buffalo house in this condition would likely sell for no less than $900K.