In their latest edition, Business Week looked at the real estate market underneath a different microscope. In their Report "Smart Buys in College Towns".
They looked at the real estate market as a whole and then the markets in towns that are home to major univesities. What they discovered is a phenomena that is not lost on many real estate agents:
Properties located near major universities hold value better than those of neighboring cities.
Tempe is no different. Though prices are down in other valley cities to a greater degree, homes in close proximity to ASU are selling faster and at higher prices than those further away.
The casual reader may come away from reading this article with a misguided impression. It's important to note that an entire city's results may not reflect the "college town effect". In Tempe homes within walking distance are performing ahead of market while those further away do not enjoy the pull of having a major university nearby.
If you or your child is planning on attending... or is attending Arizona State University, please give me a call. I'm Chuck Willman and I specialize in finding the best deals available. Chuck Willman- 480.292.060 - www.AZvest.com
Accredited Buyer's agent & Listings Pro. Specialties: investors, first time buyers & international clients in the Phoenix Metro area as well as Scottsdale, Tempe, Chandler, Gilbert, Mesa & Queen Creek
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Thanks for your post, Chuck. It caught my eye because I own 2 condos over in the Papago Park just north of Tempe Town Lake and they've done very well for us. I grew up in Tempe, graduated from ASU and still love coming back to visit. I'm not in the market to sell, but liked the information you gave on your post. Good luck
Mike
Mike- from one great location to another... it's great to hear from someone with links to the valley. Glad you're having success with your rentals- that area just keeps getting better.
Looks like a great investment. Hope it sells quickly.
Gita- homes are selling pretty quickly by Arizona State... I'm guessing other major universities are experiencing the same thing.
Chuck, it is true in Tucson also -- I've got appointments with parents coming in starting in about 2 weeks, staggered into June so far. Mom & Dad always told me that education would pay off!
That's very cool news Kent- It's buying season for college housing here as well.