Land Close To College
Hello all, I'm a new investor of a few acres of residential land located less than two miles from a local college, since purchasing this, the college has been granted university status, I was wondering if anyone has lived close to a college where this has happened and did it make your property more desirable. The local realtors are no help in answering this for me.
Thanks in advance, mas
Quote:
On 2003-11-27 11:06, mas wrote:
Hello all, I'm a new investor of a few acres of residential land located less than two miles from a local college, since purchasing this, the college has been granted university status, I was wondering if anyone has lived close to a college where this has happened and did it make your property more desirable. The local realtors are no help in answering this for me.
Thanks in advance, mas
The bottom line insofar as the value of your property is going to be what its current zoning allows and if/how it can be subdivided or developed. Suggest you start your due diligence there.
I think that the concept of schools still applies to you. If the school is good, the adjacent area will rise. Don't get me wrong, there are some areas where this is the opposite ex: Yale and New Haven, but the majority of land adjacent to universities will hold value. Work with the university, they might be interested in locating off campus housing, or some type of office on your property, or better yet, rent to a sorority house. Do not rent to a fraternity- they'll destroy your house. But see if the university will work with you and the city on getting proper zoning and rent to a sorority. Huge endownments practically guarantee rent, plus, the house will be in great condition, as most sororities are not allowed to have parties in their own house.