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BYU
Student Condominium Market Trends
June, 2008
The student condominium market at BYU is in good supply. Currently there are 78 properties listed on the market as
"BYU approved" for student off-campus housing. Parents who contemplate investing in their students
housing while at the same time in the real estate market have a good selection.
Prices for
currently listed properties on the market start at $124,900 for a one bedroom,
one bath condo with 695 sf and built in 1997. This
condo is BYU approved for couples. At the other end
of the price spectrum is a $229,000 priced, 5 bedroom, 4 bath home with 2,488 square feet built in 1970.
A total of 87 “BYU
approved” off-campus housing properties sold the past year with a median price of $187,875. The average market time for the properties sold was 86 days.
Currently there are seven condos under contract to
be purchased. The median price for these seven
condos is $202,400.
Average rents are $281 to $182 for shared rooms and $325 to $228 for private rooms.
The BYU housing office assist condos owners with
finding student renters. BYU has a student
population of around 30,000.
Prices for condos
in the zip codes surrounding BYU continue to
increase and thereby help to protect condo
investing. The average condo sales price near BYU
campus in 2006 was $159,613. The average condo sales
price rose by 10.79% to $176,828 in 2007.
Year-to-date 2008, the condo average sales price is
$181,718 for a 4.54% increase. In an
earlier study
this year of the BYU
condo market on square foot to sales price trends; the
average square foot listing price ranged between $128.54
sf to $213.11 sf. The average sf price sold was $174.98
and the median sf price sold was $182.46. The average
condo has 1,179 square feet.
Real estate has proven
itself as a good long-term investment. Parents of students who need to provide housing
for their students while attending college can pay for their students housing
while also investing. Student roommates can reduce
expenses. Condo investors are also attracted by the
multiple monthly rental incomes for a single condo
unit. (Search
for current BYU approved condos)
(Source: WFRMLS and condosUtah.com. Information is deemed reliable but not guaranteed.)
_____________________________________________
Salt Lake City Map
Barry J. Preusz,
REALTOR®, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
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