Turning Mansions Into Dorms? Off-Campus Housing Goes Glamorous

In Merced, CA, Real Estate Agents are turning foreclosed mansions into off-campus housing for local college students.

When I went to college, dorms were big, square buildings with one side of the hall designated for females and the other side for males. There was a communal bathroom in the middle of the hall that was to be shared with 40-50 other residents. I shared a small rectangular room with another girl, 2 twin beds, desks, and closets. Sure it was nice to live on campus, but had I the option to live in a mansion off-campus with wonderful upgrades like a Jacuzzi, no doubt would I have chosen to pay my housing costs to live there!

This is the situation in Merced, CA, where foreclosed mansions are being reduced to off-campus housing for college students. Even local transit systems are modifying their routes to pick up students in these neighborhoods. Six-bedroom mansions are housing two people per bedroom, and with a rent of only “$200-$350” a month, rent equals about $4,200 a month, or $50,000 a year! Most of these homes even offer amazing amenities like pools, 3-car garages, and upgraded kitchens with granite countertops and top-of-the-line appliances. The great room could be turned into the study area, while the porch could be used for early morning Yoga before classes. That would beat the yellow/green cement walls I was used to of the study room in my dorm.

With a house only worth $200k on the current market, bringing in a rent of over double the market may be worthwhile to owners. At least it allows them to stay afloat in their homes until the market turns for the better. All I know is that I’m jealous of the current college students having the option to live in such a luxurious home!

Full article can be read here.