Do you have a student attending college, perhaps Sacramento State University?
Well I have a condo buyer from the Bay Area that is buying a condo for their son who is attending Sac State. Wise parents. With so many bank owned REO properties for sale, there are excellent deals to be had.
I remember showing the very same condo complex to other parents who had students attending Sac State last year. Prices were $100,000 more last year than this year. The current condo buyers that I am working with now, know they are getting not only the best looking condo in the complex but they are paying $100,000 less this year than the very same condo was listed last year as a Short Sale.
Certainly beats paying rent and remember the tax credit. Such a deal! These lucky condo buyers will be moving their son into his new condo next week.
Sacramento Condo for Sac State Student from Gena Riede on Vimeo.
Always remember to have a home inspection whether you are buying a brand new home or condo or a bank owned property.
Below are the Sacramento condo sales stats, year-to-date from Jan. 1, 2008 until Nov. 20, 2008.
570 condos for sale
$175,660 Average Price for Sale
212 condos with accepted offers
1,122 condo SOLD
$154,670 Average SOLD price
Click Sacramento MLS to see ALL Sacramento Condos For Sale
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Gena, those parents sure were smart! My son is moving to Florida next year and I'm going to buy him a condo as well. It will be more cost effective than renting, and MUCH cheaper than on campus housing!
Good tip for parents whose kids are getting ready for college. I know of a few people who have bought condos for their kids.
By the time he is done with school I bet it has turned into a pretty decent investment!
Gena, we have alot of parents do this in Ann Arbor, a college town. Especially if they know more than one child of there's is going to be attending U of M. It is so smart to do this, as rent money is going down the drain and most students only want dorm life for one year.
The parents of a high school friend of mine did this back in our college years. Houses converted to flats were around the campus then, so they bought the house, rented out two flats and she lived in the third. They paid for it all with the rent, and she lived free in a safe area. I always thought that was smart to do if you have the means.
Great story!
Hi Gena,
You are so right, it's possible again with today's pricing. A few years ago I had parents who wanted to do this but the prices were so high they didn't. One and a half years later they decided to do so and actually paid about 25% more than the prior year.
It really makes sense again, good work!
Linda, it sure makes a lot of sense for parents to consider buying a condo for their sons and daughters rather than paying for a dorm or renting especially since in Sacramento most of the condos for sale are either Short Sale or REO properties. Tons of savings!
Gita, oh yes, these parents will consider themselves very lucky especially after their students graduate and start counting all the money they saved along with the tax write-off.
Bill, I think you're right!
Missy, one of my buyers last year tried to buy a 2 bedroom condo in a Short Sale in this same complex last year and was turned down at $200,000 by the bank. These buyers are buying an even better 2 bedroom condo in the same complex that is an REO at $109,500. The banks sure lost out when they didn't accept Short Sales!
Brenda, ah yes very smart. Renting out extra rooms is the smart thing to do and these parents have made a very good investment.
Will, thank you.
Lynda, with all of the REO's and Short Sales it truly does make a lot of sense for parents to invest in purchasing a condo for their students attending college. Money in their pockets!!
Gena - I have a feshman in college and thought the same thing - with the amount of inventory on the market and the fact that they prices have come down, it is a great idea. And if they rent out rooms . . . great blog post!
Sharon, yep you could save yourself a lot of money especially if you pick up a foreclosure like these parents did.
There are a bunch of great deals in Sacramento, and there are great delas in Alameda and Contra Costa Counties also.