As a Realtor I am always interested in property values in areas that I visit. I just got back from retrieving my daughter from an exhausting year of classes, parties, night clubs and social events at Florida State University in Tallahassee.
While I was up there I decided to check out a townhouse that was for sale in the same complex that I had purchased a townhouse for my son (he is a senior) a year ago. The property was in great shape and they where asking $15,000 more than the purchase price of of the one I bought a year ago.
I thought to myself, it would be great for them to sell it for that price, but thinking I knew the market (that is South Florida market) I thought it would never sell for that price. I called a colleque of mine at EWM that has some children attending at the University and thought she might be able to get a great deal. The next day she called me to find out some more information about the unit, to my surprise it sold for only $5,000 less than the asking price.
Moral to the story….. don’t assume and sometimes the best investments are in college towns near the University. So if you have kids going or are at the University, why pay rent? Purchase a property and get those tax deductions!