Urbana IL Condos – A fit for UofI Students?

Anyone that has rented a campus apartment or house has probably come away with some memorable stories;  great neighbors, fun times, and then the trade-offs… paper-thin walls, rowdy neighbors, drafty windows, 20 year old carpet and appliances.  4 years of paying rent is typically not the best choice when other options exist.  Enter the 2 bedroom condo conveniently located to the University of Illinois…

Condos in Urbana IL offer their owners the benefits of home-ownership with a reduced amount of responsibility.  Most condo associations in Urbana take care of all exterior maintenance, snow removal, lawn care, garbage, etc. and the resident is responsible for anything going on within the property.  Depending on the location you can find facilities like Capstone Quarters in North Urbana that feature amenities like a swimming pool, professional theater rooms, meeting areas and rec rooms featuring couches, pool tables and more.

When you are looking at these properties keep in mind what is important to you and what would be important for re-sale when you move.  A key to buying any property is to think about the benefits and drawbacks that will affect your ability to sell it in the future.

Like much of the Champaign County real estate market, condos in Urbana have held value remarkably well over the last few years.

The average sales price of 2 and 3 bedroom condos in Urbana for 2010 was slightly higher than their 3 year average.  The general strength in these sale prices may be attributed to the strength of our local market and the ever-increasing enrollment at the University of Illinois.

As of May 1st, there were 122 active 2-bedroom condos in Urbana and 58 3-bedroom condos.  This is roughly a 12 month supply (absorption rate).  This # leans firmly into the “Buyers Market” side of things but is not incredibly unbalanced.

If you are considering a condo in Urbana keep in mind a few key factors like the supply and demand of the particular condo complex, location to campus, featured amenities and the proximity to a bus route. If you’d like help with your search contact Mark Waldhoff & Associates to see what your options are.  We are actively working with condo buyers and sellers in Champaign County, let us put that experience to work for you!