There is more to college towns than football.
A 2010 Coldwell Banker survey of college towns across the country found that many parents were purchasing homes for their college students to live in during their college years because in many situations it made more economic sense than living in a dorm or renting an apartment.
Other findings of the report indicate universities stimulate the real estate economies of the towns they are in because of added employment and contracted labor.
The prognosis for the Payson real estate market may certainly be enhanced by an ASU campus if you further analyze the information from the report.
Alumni and retirees are looking to relocate to college towns
Today’s active retirees are looking for areas such as ours that offer our style of living, but also offer the cultural activities that a university would provide to the community.
Investors are also looking at communities with higher education facilities. The reason? They are finding that in recessionary times, the college towns have a more stable economic environment.
If fact, some even thrive because they offer retraining for the unemployed.
An example of stability is Bryan, Texas, home of Texas A&M University. In 2009, College Station and Bryan had only 12 homes that went into foreclosure.
The survey compared the cost of housing in 117 college towns with the least expensive being Muncie, Ind., the home of Ball State University.
Muncie’s 2010 average listing price of $105,115. The highest priced college town was Palo Alto, Calif. the home of Stanford University with an average listing price of $1,385,652. (Ouch!) ASU (Tempe) came in 66th at $229,000. UofA (Tucson) was 93rd at $301,700.
If you look at the today’s housing prices in Payson, the average listed price of a home is $334,699 which is skewed because of the wide range distribution of pricing in our community; however, if you eliminate homes priced over $750,000, you get a more realistic average of $256,600. This would rank us at No. 80, just below the University of Connecticut.
For more information on the college town survey, visit www.youtube.com and search for “Coldwell Banker 2010 College Home Listing Report.”
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.