Buy A Home For The College Kid?
My late father used to tell us how his stepmother only allowed him one pork chop per meal, made him walk five miles to school in the cold northern Illinois winter, and at age 18 gave him a hand-shake and said, “good luck out there, son.”
My hardship was that I lived in a dorm at college, shared a bathroom with umpteen other women with antiquated sinks that had cold water/hot water taps. (Doubt any of you know what I am talking about. Check an antique store.) I don’t drink beer today because the Dartmouth and Brown boys used to roll kegs in the halls. Those were the days of The Night Of The Seven Fires.
So when my son started his freshman year at Trinity University in San Antonio, I was amazed to see he shared a bath with only his suitemates. He had his own toiletry drawer. (We had cubbies and the guys would put Everclear in our Listerine bottles.) He had a fridge and microwave in his room. This was sheer luxury. Kids today are so spoiled.
Still, he moved off campus to a house I bought as an investment and am trying to sell this minute. Thus I found this article very interesting amid reports that many SMU parents are doing the same thing, especially over at the Palomar. What have you heard?
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Saw the “WELCOME SMU PARENTS” banner on the Palomar. I can’t imagine that having college students living there can do anything but decrease values rather dramatically. (Maybe to what they are actually worth?)
And if I were one of the 3 people who already own, I don’t think I would be too thrilled to have spent $700K to live in a college dorm.
Of course, there are probably a few people of a certain age who would love to live down the hall from a bevy of SMU co-eds.
I went to Trinity!! LOVED sharing the bathroom with just my roommate. We also had a living room that connected to our suitemate’s room…plus a balcony! Way cool! We used to sit on the balcony and watch John Cornyn run by. We didn’t have to bus our tables in the dining room. And we had linen service! I don’t care if it’s considered being spoiled. Last time I ever was.
A lot of SMU parents purchase homes for their kids, and as pampering and excessive as it might seem, it often turns out to be a great investment. I had one client make $150k in appreciation over the 3 years they owned the property, plus there was some rental income (which was enough to pay all of the taxes and utilities) from a friend of the student who rented the 2nd bed/bath. Comparing that vs. what they would’ve spent instead on rent for those years, it can be a very smart move for those parents who can afford it.
There aren’t many people living in the “tower.” From the looks of the place at night, the majority of the residents are pieces of furniture who like to leave the lights on.
As far as I knew, the SMU-dents (and their financial backers) had pretty well claimed “the lofts:” those voyeuristic fishbowl pads stacked above Trader Vic’s and Brut.
So, more like $400,000 for a place to crash in between keggers, late night post-greek formal romps in north dallas econo-hotel hallways, football tailgating, and lastly, classes.
Frankly, if I lived at the Palomar and had SMI kids as neighbors like that, not too happy about it. I have a few renters in my building now (college kids) and guess where the problems originate?
Just doesn’t seem very smart to buy a house to put up your child as s/he goes through college is a good idea, investment aside. I’d err more on the side of teaching them to be more self-reliant and not so dependent upon mom and dad. Half the college experience is getting on with a really bad roommate, living in dorms, or making your way through the last few years of college in an off-campus apartment with friends.
Oops. SMU kids. Damn, I can’t type.
High dollar condos aren’t unique to SMU. I’m a little embarassed to say my son just moved into a new condo at UT with granite countertops and stainless appliances. Just to even things out, I didn’t get him anything new for it. He went there with our hand-me-down dishes, utensils, furnishings, linens, etc.
At least we made him live in a dorm his freshman year – like every college kid should.
Hey Candy!!!
Well, can’t say I feel sorry for your son. At A&M, I lived in the same community bath dorm for 4 years. I will say there is a plus side to this – our baths were cleaned every day, as opposed to once a week in private-bath dorms.
In different news, a company here in College Station is now building…”Luxury Student Lofts”. This is about the last place I’d expect that to be a good investment, so we’ll see in Fall 2009 how good of a decision that was.
Kristin! I was just thinking about you this morning and wondering how you are! Keep us posted on “Luxury Student Lofts”. OMG. Miss you! XOXOXOX
I will! I miss you too!!! (I think we should turn this into the “I love Candy Evans” blog…yes??) xoxo
People have been doing this for some time; I remember in ATL many parents did this. But if your kids aren’t responsible it’s not a good idea b/c the place will get trashed.
I live in a Turtle Creek condo and am a SMU student. Not too many other SMUers in my building and I’d rather keep it that way.
I know of one or two fellow students who are living in the Palomar though.