Yeah, I know I post a lot of articles about the New York City real estate market, but that’s only because they have lots more stories about real estate.
Here’s a great little article about a father who decided to buy a condo for his college-bound daughter. While we might not all be so lucky as he, being able to sell a condo for $885,000 and pocketing $400,000, it’s still a good read and gives you an idea of how the situation might work for someone here, in Boston.
By Joyce Cohen, New York Times
For a Cincinnatian, Mariel Clark-Rodriguez knows New York well. Though she grew up in the Midwest with her mother, she spent summers in the city with her father – and had no interest in attending college anywhere else.
Last week, she began classes at City College of New York, which provides no housing for its students. (That situation is slated to change next fall, with a 600-student residence hall under construction.)
Ms. Clark-Rodriguez, 18, wasn’t concerned about where she would live. Her father, William Clark, would take care of that. "My dad said, ‘Don’t worry about it; we will figure something out.’ "
Her father’s plan was to buy a studio or one-bedroom, preferably in an up-and-coming neighborhood. It would serve as both his daughter’s home during college and an investment for him.
Complete article: A Winning Strategy, a Decade Later