Basic residence fees at Boston University are set at $7,420 for next year, but for some students, Fox Development's six-figure condominiums might be the right price.
Developer Robert Fox said the condos in his recently completed five-story, 18-unit complex on Park Drive are a viable housing option for some, even though the offering price runs from $239,000 to $349,000.
"If you are just paying rent for a dorm, you don't get anything out of it," Fox said. "The market is going to go up in a couple years, and by the time a student graduates, they could make a good profit."
"If a student or parent pays the mortgage, the tax deduction they would get would be about the same as a dorm payment," Fox said.
Parents of BU students have already bought units at 461 Park Drive, Fox said, but 'rents offered differing views on taking the ownership leap.
Karen Jacobs, whose daughter is a senior at BU, said she thinks buying a condo could be a smart economic move for some parents.
"I think a condo might be a good investment when you look at how expensive room and board is, especially if the student wants to stay in the Boston area after they graduate," she said. "Also, if the student graduates and doesn't stay in Boston, the condo could be rented out."
Vic Mukai, whose son is a sophomore, said he has no plans to purchase a condo for his child.
"Those condos cost way too much, and I would only purchase one if I had tons of money and didn't know what to do with it," Mukai said. "Also, condos aren't a good investment because they are easy to buy and hard to sell."
Mukai said he thinks his son would miss out on traditional college experiences if he lived in a condo and might as well "stay home."
"If my son lived in a condo, he would miss the experience of someone coming in at 2 in the morning and throwing up in the hallway," Mukai said.
College of Arts and Sciences junior Andy Baker said he likes the location and appeal of the near-campus condos.
"I really like the fact that the condos are right near South Campus, the Landmark Center and Fenway Park," he said. "I have always wanted a studio apartment, and if I was independently wealthy, I would buy one of those condo units and maybe even purchase some for my friends."
College of General Studies freshman Marcus Gray said, that while he likes the idea of the condos, the cost overrides his interest.
"The pricing for these condos is extreme," Gray said. "I would be paying for more than my education's worth if I bought one of these condos."
CAS freshman Peter Lo said he could not be enticed to buy a Park Drive condo, even if he had the money, because he is uncertain of his plans after graduation.
"I don't know if I am going to stay around Boston after I graduate, so if I am going to live off campus, I would much rather rent," Lo said.
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