It is true that every complex and individual unit is different and the University of Texas is an extremely unique market. In addition to age of the complex, there are dramatic differences in prices based on proximity to campus, and the size of the unit. The same exact unit located on 26th and San Antonio vs 24th and Leon can fluctuate in price by as much as $30 a foot. Number of bedrooms and size (Sq. Feet) of the unit will also contribute to fluctuations. Large 1 bedrooms sell for far less per foot than a small 2 bedroom
For newer construction, properties like, Texan Tower, Caswell Lofts and The Galileo, you are seeing prices from $260 to $330 a foot. For Mid range properties Built in late 70's like Orange Tree condominiums to the mid 90's like the Centennial Condominiums 1 bedrooms range from $205 to as high as $260 a foot, 2 bedrooms range from $195 to $245 a foot.
Depending on what you are looking to do, there are a lot of different ways to determine value, if you are an investor, which I assume you are, the best approach is a capitalization rate or straight cash on cash return. If you are buying for a son or daughter and planning on renting rooms to friends you can also run a cash on cash return approach. Either way, current rents will be a solid factor in determining value.
If you would like to discuss this more and work with a broker that has 7+ years of direct experience in this market, I would be happy to help you out.
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