College Towns: Great Places to Invest, Live

South Bend. Ann Arbor. Berkeley. Lubbock. Those names are associated most often with one thing more than any other — colleges. In this case, the University of Notre Dame, University of Michigan, University of California, Berkeley (aka “Cal“), and Texas Tech University.

 

The local economy of the town encompassing the campus normally depends on students, faculty and visitors for its meal ticket. That, along with the quaint intellectual atmosphere created, the culture, entertainment, sports and night life normally associated with the college ambiance, is making college towns attractive places to live. That is especially true for baby boomers — many of whom have fond memories of their college years — and who are now looking for somewhere to retire.

 

And with a fresh pool of students coming to town every year, many wanting to live off campus, purchasing a property in a college town can be a wise investment for a rental property (so long as you factor in above-average wear and tear). And don’t forget those college professors. Sometimes they need temporary housing as well.

 

So whether you plan to live in it or rent it out to students or faculty, why not shop foreclosures when looking for a property in your favorite college town and potentially save some money doing it?

 

There are several opportunities to buy a property at discount during the foreclosure process, from pre-foreclosure, to public auction, and even directly from the bank.

 

Foreclosures are more plentiful in large cities like Los Angeles — home to USC and UCLA. Finding them in a quaint, small town dependent on the university population for its very existence may be more difficult. Smaller population, fewer households, fewer properties, thus fewer foreclosures. But they can be found with regular, persistent research.

 

A property in foreclosure located in the college town of your choice can represent a good investment opportunity that can pay potentially big dividends — after you’ve put in the effort and time to find it. Whether you want to live in it and retire, or rent it out, a savvy investor or home buyer who knows how to work through the foreclosure process properly can create a win-win situation. One that is a win for the distressed homeowner who is helped out of a financial predicament and does not want to have a black mark against his credit history, and a win for the investor who purchases the property for a discounted price.

 

(Note: Property status is subject to change at any time if the homeowner pays off the amount owed or if the property is sold to a third party.)

 

                    Active Foreclosure Properties in U.S. College Towns

 

Ann Arbor, MI

Foreclosure Status: Auction (8/10/06)

Est. Market Value: $525,000

Balance Due: $505,028

 

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Austin, TX (Condo)

Status: Online Auction

Current Bid: $149,000

 

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Columbus, OH

Foreclosure Status: Bank Owned

Est. Market Value: $104,000

Balance Due: $85,000

 

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Columbia, SC

Foreclosure Status: Bank Owned

Est. Market Value: $131,000

Balance Owed: $126,900

 

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Durham, NC

Foreclosure Status: Bank Owned

Est. Market Value: $128,000

Est. Balance Due: $125,000

 

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Eugene, OR

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $267,000

Default Amount: $16,854

Opening Bid: $216,600

 

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Iowa City, IA

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $130,000

Balance Due: $108,800

 

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Louisville, KY

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $78,000

 

 

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Raleigh, NC

Foreclosure Status: Auction (9/11/06)

Est. Market Value: $113,000

Est. Opening Bid: $107,452

 

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Raleigh, NC

Foreclosure Status: Bank Owned

Est. Market Value: $101,000

Balance Owed: $74,900

 

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Tampa, FL

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $339,000

Balance Owed: $266,000

 

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