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College Campus

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Jamestown

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Freshman Member
Joined
Dec 21, 2007
Professional Status
Licensed Appraiser
State
Rhode Island
Hello all,
I have been retained by a small college to provide statistical data on the effects a campus would have on nearby residential values. There is not a requirement for any specific property appraisal, only to provide statistical data that can be presented to a towns Planning Board. Any ideas would be greatly appreciated, especially is someone has had a similar task.

Thank you,
JAS in JTN
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Measure values in towns with similar size campus' to that which is proposed against other similar sized towns where there is no campus.
I would think the data woudl require a lot of analysis but could infact be kind of an interesting assignment. I do hope your fee for this is commensurate with the amount of work to be done.
I would welcome such an assignment at the right price ... finally something different.

PS .. Id love to know the outcome of your analysis .. I have my own preconceived idea .. Id like to know if it bears out.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
It will be intersesting to find out about the typical length of ownership.

An owner could conceivable keep the property 100% rented throughout its economic life with modest expenses.
 

Mike Boyd

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Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
It will be intersesting to find out about the typical length of ownership.

An owner could conceivable keep the property 100% rented throughout its economic life with modest expenses.

With college kids as tenants, you might also have a major rehab job when a group moves out. At Sonoma State University they recently completed a very large condo project on campus. I have no sales data as my info revealed that they sold out long before completion with no broker participation. I don't know but it may have been an attempt to raise significant funds. Buy a Condo, Get a Scholarship?
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
There a lot of variables. How old is the college? If it is older and has a strong alumni, values might go up with alumni buying in and around the campus. What about student housing? It if is insufficient there may be buying around town for the rental income. Is it a commuter school? Or do students live there creating the need for a downtown district? With a nightlife? A need for small businesses such as restaurants, etc. might flourish, especially if it is an expensive private school where kids have money to spend. What about professors? Do they need to live nearby, or is there a suburbia market that is affordable? Do they have a graduate program? Graduate programs make better tenants or even potential homebuyers (don't laugh post grads, some are married with spouses earning an income). There is just a lot to consider. It is a very difficult assignment to line up other small towns with similar colleges that have had a similar effect on their communityfor a similar amount of time. Not impossible; just difficult.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Hello all,
I have been retained by a small college to provide statistical data on the effects a campus would have on nearby residential values. There is not a requirement for any specific property appraisal, only to provide statistical data that can be presented to a towns Planning Board. Any ideas would be greatly appreciated, especially is someone has had a similar task.

Thank you,
JAS in JTN


Nice assigment. I would think in our area we could pull the data from the small towns that have a college to those small towns that don't.

Would tect college campus count. Is this a four year college. A lot of questions would need to be ask.

This would cost a lot of beaver pelts for the time and research. I would high number of mink and silver fox with a buff robe or two in the mix. I would also think a couple of weeks or more to put the data together.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
It's truly going to depend on the size of the college. In Sherman, Texas, there's Austin College, a small liberal arts school. There's not a lot of impact other than a demand for rentals and some rehabs being done by teachers right by the college.

In Denton, Texas, 60 miles away, is the University of North Texas (35,000 students) and Texas Womans University (12,000 students). Big impact, especially with new apartments, condominiums, etc.

The size of the college and impact on the overall economy will go a long way towards figuring out the impact on values. Look at budget, income generation, secondary income generation, the source of other income for the population should the college not be there, etc.
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
I would make a graph of property values for both owner-occupied and rental housing within concentric rings around campus. Perhaps at two block, five block, ten block, etc. intervals? I'm guessing you will see a significant upward trend in the data as you move in closer to campus. You could do this for several similar size college towns and extract a percentage increase in value for each concentric ring. I'm guessing the data will be similar in most college towns with similar campuses.

However, an excessive amount or lack of on-campus housing will probably tend to skew the data with campuses that lack on-site housing likely driving up values in nearby homes and campuses that have a higher than normal proportion of on-site student housing will likely have less of an effect on surrounding values.

Remember that your concentric rings should follow linkages that consider drive time and/or walking distance rather than just drawing a perfect circle with a compass.
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
Hello all,
I have been retained by a small college to provide statistical data on the effects a campus would have on nearby residential values. There is not a requirement for any specific property appraisal, only to provide statistical data that can be presented to a towns Planning Board. Any ideas would be greatly appreciated, especially is someone has had a similar task.

Thank you,
JAS in JTN

Here in Jacksonville, Fl we have Florida Community College. It is made up of several campuses in different areas of the city. Each main campus accommodates 2,000 - 10,000 students not including the smaller less developed satellite campuses. Should be easy to observe the effects on market value given a well defined criteria and scope of work. It would just be a lot of work!!!!
 
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