Condominiums
In College Towns
Condominiums in university towns can be savvy investments and may also help to beat the high cost of housing for parents with college-age children. Often abounding with cultural and sports events, these locales are becoming popular choices for second homes. Here's a look at three condos within blocks of major educational institutions:
- Princeton, N.J.
- Cambridge, Mass.
- Ann Arbor, Mich.
PLACE/PRICE: Princeton, N.J./$505,000
PROPERTY TAX*: $5,630
THE PROPERTY: Approximately 500 square feet with two main rooms (one presently used as a living room), each with a private bath, plus a Pullman kitchen.
DESCRIPTION: This fourth-floor double studio has two fireplaces, a washer/dryer and has views of a private courtyard and Princeton University steeples. A renovation is underway to give it new floors and a remodeled kitchen with granite counters.
NOTABLE: The condo is located directly across the street from Princeton University. The Westminster Choir College of Rider University and the Institute for Advanced Study are also located in town.
Sources: National Association of Realtors, Coldwell Banker Residential Brokerage-Princeton, Coldwell Banker Residential Brokerage-Cambridge, The Elizabeth Brien Team.
Note: *Current owner's payment
-- Ms. Kim is a senior editor at RealEstateJournal.com.
Email your comments to lauren.kim@dowjones.com.