Home Prices Around the University of Arizona
July 19, 2008 | By Kelley Koehler | Filed Under Market Reports
An opinion piece at AZBiz.com yesterday makes the argument that house values around the University of Arizona will hold steady and prices will rise because the University has access to several sources of deep pockets and will not see the outsourcing or down-sizing that a corporation might.
It says:
“It is a no-brainer that even if we have a deep recession, the University of Arizona will have access to federal, state,and private-sector money and that it will not see the outsourcing, downsizing, and layoffs that will beset U.S. corporations. Research universities will be some of the most stable institutions in the country.
As oil prices increase, University of Arizona employees will choose housing where they can walk or bike to work. Housing to the east and west of the UA campus will continue to hold its value compared to the general housing market.”
One would assume the areas north and south of the University would share the same fate.
Let’s see. The average sales price, roughly a mile radius around the University, over time:
- During 2005: $290,746
- During 2006: $308,201
- During 2007: $277,202
- During 2008 to date: $292,667
An admittedly crude analysis, but something that will be interesting to watch.
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I am interested in buying a property in Tucson with a extra building, renting it using the smaller building to stay in when I visit. Since the University District ususally is a good bet for investment property, I’ve been looking there. My other idea is to purchase near a golf community and turn it into a vacation rental property, although it seems there may be way too many of these right now.
Any suggestions?
Barbara – The University area has many homes with guest homes, and Central in general has the most multi-family housing in the city. If you decide to do a straight vacation rental near golf, just remember that your prime renting period is probably when you’ll want to be using it!