Posted by Chris Tesch on Tue, Mar 22, 2011
Is buying a College Station duplex a good investment? I have that question quite frequently through the year. It can be an excellent investment. Especially considering what you get for your money and what's comparable in College Station Real Estate.
Let's take a look at what's sold throughout the year. In the last 12 months we have had 57 duplexes sold in College Station. These ranged from a simple duplex on Pine Ridge that was a 2 bedroom 1 bath on each side listed for $114,900 (especially low price as most will sell for around 140K) and sold for $113,000 after 156 days on the market. The top price returned on duplexes in the last year was at Oldenburg. These 2007 built 3 bedroom 3 bath College Station duplexes list for around $250K. In this case the property listed for $245K and sold for $242,015 after only 49 days on the market.
Consider what you will pay for College Station homes that are comparable in size. Inexpensive homes that are just over 1000 square feet typically sell for at least 100K. A 3 bedroom, 3 bath with around 1300 square feet will sell for at least 140K. With these purchases you get the benefit of the extra bedrooms without the attendant prices.
Available now are 36 College Station duplexes. Fourteen of these are primarily investment properties located on one street in College Station. Take those out and we have 22 properties active. These range from another Pine Ridge duplex listed at $109,977 since 5/18/10 to a new 3 bedroom 3 bath brand new duplex listed for $235K.
If you are looking for an affordable investment we currently have a rare 2 bedroom, 2 bath located on San Benito priced at $139,900. This duplex offers close shuttle routes and park and ride as well as being close to restaurants and other amenities. Call today for your private showing.
Posted by Chris Tesch on Mon, Mar 07, 2011
The new development, Lakeridge Townhomes of College Station, is in development just off 2818 currently. These 2,3 and 4 bedroom properties are spacious, ranging from 1127 square feet for their small 2 bedroom up to 1857 square feet for their large 4 bedroom and come with a host of amenities that many of our student properties don't offer.
Lakeridge is the 3rd development for Starfish Development. Waterwood Townhomes, developed in 2003 took four years to build out and offers 170 units. Currently the 4 bedrooms are going for the 160's and the 3 bedrooms are running in the low 150's. Still one of my favorite developments, this offers investors an excellent return and has a hot tub, pool and a sports court as well as a fountain out front. Currently 6 are on the market split evenly between 3 bedroom and 4 bedroom. Homeowners Association Dues run an affordable $120 per month and provide landscaping and lawn care as well as insurance on the exterior of the buildings.
River Oaks Townhomes, their second development, was only finished out in 2009. The floorplans are the same as Lakeridge with the 3 and 4 bedrooms being three stories tall. The ground floor is where the living room, dining room, kitchen and half bath are. You climb up one set of stairs for 2 of the bedrooms, each with their own private bath and continue up another flight of stairs for the other bedrooms. Since it was developed so recently there is only one property currently on the market. It is a 2/2.5 that is 1172 square feet and offered for 158K.
Lakeridge Townhomes are only townhomes by name, but are actually condos. Thankfully Starfish has had them FHA certified for easier financing for now. These College Station Luxury Townhomes are available for a tour with their beautifully staged models.
Posted by Chris Tesch on Sun, Mar 06, 2011
Are you a first time homebuyer in the College Station or Bryan area? There are College Station First Time Homebuyer programs that might be able to help you and offer many advantages to stepping forward now! 
First, let's talk financing.... An FHA 203B loan is the typical loan that a College Station first time homebuyer uses. Unlike conventional loans with higher credit scores necessary for lower downpayments, FHA requires only a 3.5% downpayment. On a $100,000 home that would equate to $3,500 or on a $150,000 home a $5250 down payment. FHA does allow gifting of the downpayment as well. Loan limits do exist on FHA, but currently that limit is $271,050 so most first time buyers fit very comfortably in that price range.
You do not have to be a first time homebuyer to qualify for an FHA loan, however, you typically can't have more than one FHA loan at a time except for very specific circumstances such as relocation, adjustment of family size and a few other isolated criteria. Some of the basics are:
1. Minimum FICO credit score of 620.
2. FHA loan requirements will allow a home purchase two years after a Bankruptcy.
3. FHA will allow a home purchase three years after a Foreclosure.
Debt to income ratios are a bit more generous than with a conventional loan as well. For more in depth information about FHA loans written by Tom Burris, an excellent Dallas lender, go to http://www.dallasloanguy.com/FHAhandbook.html.
FHA monthly mortgage insurance premiums are set to increase soon, so there is a definate advantage to buying now versus waiting. Also our housing prices deflated last year by 1-2% so now is the time to get maximum house for your money. With the addition of the Health Science Center and Scott and White Hospital many are expecting home prices to be up in a relatively short period of time. One huge advantage that you will have going FHA is the assumability portion of that loan. Currently FHA loans are going for (typically) under 5%. When you sell a credit qualified buyer can assume your loan. If rates have risen as expected this will make your home look like a relative bargain.
There will be more articles to come regarding College Station first time homebuyers so stop by often, or if you want your questions answered now call me, email me or text me! (979)574-1084 or Chris@ChrisTesch.com
Posted by Chris Tesch on Sat, Jan 22, 2011
Make no bones about it, last year was a challenging year for College Station real estate. It started strong with the first time homebuyer tax credit fueling a last minute surge in inexpensive homes. When that wrapped up April 30th (the day buyers had to have their College Station home under contract) the real estate offices in College Station became virtual ghost towns. There were a few buyers out there looking and the few that were immediately sensed their advantage and got some excellent deals.
Before last year we were safe in our little cocoon sheltered from the world of declining real estate values and angst over sales at least in the 200K and below market. The 300K and above market has been tough for some time. April 30th heralded in a long summer with few sales and more inventory than ever.
If you want to place your College Station home for sale you need to remember that the competition is fierce. Good no longer suffices as far as condition. Great takes the day...Great homes in College Station still sell fast and for very good prices. Good condition means that your property will be on the market for quite some time and you will most likely get a very low offer on it.
If you are a seller don't despair. We are starting to see an upsurge in buyers finally. Once this takes hold we should see a declining inventory and more of a balanced market. If you are a buyer the take away on this one is that if you want to save the maximum amount of money on your new College Station home you need to move now.
for more information call or email me today!
Posted by Chris Tesch on Sat, Jan 22, 2011
We get many requests for information about single family homes for sale in College Station. Many people express their desire for a house under 100K in College Station. If you do find it, let me give you a word to the wise...if it sounds too good to be true it probably is!
Of the 834 new builder and single family homes in College Station that were sold last year only 12 were under the 100K price range. Most of these homes were in need of repair and under 1000 square foot total. This is not to say that there were no good ones but you have to be realistic in what you will find.
Of the 490 single family homes in College Station for sale currently none are under 100K.
If you are truly wanting to be in College Station and you must stay under 100K you may want to investigate condos or townhomes. Many College Station condos can be found for under 100K and currently there are 22 under the 100K range. Many of these condos would have a tough time financing, so cash would be a much better alternative, but we do have some that are FHA approved for only 3.5% down.
Being creative when you're dealing with a budget is tough but worthwhile. Condos in College Station can make a great nest for you or your student while going to Texas A&M. For more information on properties available call or email me!
Posted by Chris Tesch on Thu, Jan 20, 2011
Many parents last year, because the stock market wasn't performing as well as in the past, would simply pay cash for their College Station condos or homes. This year credit is king. Many parents want to put the least amount down that they can achieve. That would be an FHA loan. To achieve this 3.5% down FHA loan the College Station home must be owner occupied so your student will have to be co-borrower. Your student doesn't need income to be the co-borrower as you can guarantee the income, but they must have credit.
How, you might ask, is a kid straight out of high school going to have credit in order to buy a home in College Station? 
With advanced planning it can be simple. It must be 3 lines of credit and they must have a 12 month history of on time payments. Here is a partial list of things that would qualify.
Cell phone bills
Car Insurance (If paid monthly)
Credit Cards with your student as co-borrower NOT authorized user.
Utility Bills
Car loans
personal loans (again with the student as a co-borrower)
With a little planning you can make your dreams of a low down payment on your College Station home a reality. Even taking a loan against a CD or other asset that you have with your student should qualify. Again, it's extremely important that it be paid monthly and on time.
Many of our properties are in the 150K and below range for a downpayment of $5250 and at times rollling in the closing cost can minimizing your cash investment as well.
In addition to the obvious benefits of improving your students credit and achieving a low down payment you would also be eligable then to claim a homestead exemption for the property in your students name. It wouldn't save you a ton, but it would be about an extra $250 every year.
For more information on College Station Homes for sale contact me!
Posted by Chris Tesch on Sat, Jan 15, 2011
In the market for a student property? Perhaps your looking for your first investment property, even with an eye towards living in one side and leveraging the other. College Station duplexes can be an excellent choice.
Duplexes in College Station were a hot commodity a few years back when USA Today publicized how undervalued our market was. Many investors came from outside the area to snap up these virtual bargains. Duplexes were particularly popular with these investors, though single family homes and condos or townhomes in College Station were affected as well. These new duplex owners, accustomed to the market in other areas, such as California, soon tired of their investments when they realized that the appreciation just wasn't the same as in their areas and wasn't going to be for any time soon. The market has settled down since then with many of these folks getting out for exactly what they put into the properties if that. Now we've got some good options.
Currently there are 35 duplexes in College Station for sale. The pricing ranges from $109,977 to $230,000. The average price is around 200K and please remember....if the price sounds to good to be true it really is! The higher end duplexes offer around 2500 square feet. A true bargain for this area. Essentially if you got two homes that were all brick, with nice yards, in good areas that were 1250 square feet you would be paying quite a bit more than the pricing with these. Typically with something in this spectrum you are looking at collecting rent of around $1000 to $1200 a month on each side.
Let's take an in depth look at one of my current listings a great College Station duplex. This duplex is located in a quiet area but is only a very short walk to the shuttle route. Located closer in to town than many this duplex is around 3 miles to campus and is within walking distance to the College Station Wal-Mart as well as several restuarants. Priced at $217,000 this duplex is 2648 square feet. Open for your student or family currently this property formerly drew $1945 in rent per month. Three bedrooms and two baths on each side with a nice backyard make this a great place for investment.
There are some things you need to know about duplexes in College Station before you think of investing in one. If you are buying for your student, an FHA "kiddie condo" loan will not work. FHA will only finance a duplex if one side is owner occupied. If the duplex will be considered a second home typically your downpayment will be 20%. Duplexes that are strictly investment properties are typically 25% down.
For your own look at the College Station duplexes available call for an appointment. Keep in mind that many of these duplexes are difficult to show, requiring at least a 24 hour notice to the tenants. In addition many of the property managers don't work Saturday or Sunday as well, and keys need to be picked up in many instances. To see the greatest selection please call several days in advance for your private showing.
Posted by Chris Tesch on Mon, Sep 13, 2010
With record low interest rates and large inventory of available homes in Bryan and College Station, where are the buyers? That's been the question of the month for sellers and for any housing market followers for several months in a row.
Many (especially in the media) are bemoaning the crash of College Stations real estate market. There have even been many people that are publically outspoken and say that they will NEVER buy a home (Thank heavens my mother taught me to never say never....). Much like the Samuel Clemens quote "the reports of my death have been greatly exaggerated", so has the reports of the death of the Bryan and College Station housing market.
With a phenominal growth rate and the promise of many a company moving in to take advantage of our researchers and facilities the Bryan real estate market has only to go up! Bryan is the center of most of the growth, however it will spill into the College Station real estate market as well. Lynntech with its new facilities out on Highway 6 (the old Westinghouse facilities) in and of itself has pledged to bring in 30 new jobs in addition to maintaining their current 120 job workforce. The salaries are pledged to average 75K and that's just one of the companies situating themselves in Bryan and College Station
Let's look at the facts. Bryan and College Station, because of the Texas A&M University as well as Blinn College, always have a steady influx of new people whether they be students, associate professors, service professionals or professionals. Add to that the new jobs that are coming into town with the Research Valley initiative and it equates to a vibrant housing market with more competion for talent and the promise of average salaries going upward as well! Add to that fact the additional information about the so called "Texas Triangle" the triangular portion of Texas between San Antonio, Dallas and Houston that encompasses several other cities and currently is home to 75% of the states population. Bryan and College Station is situated almost in the center of all the large regions and is predicted to have a much better growth rate than average.
Texas, in and of itself, is one of the highest growth states in the country with low cost of living, availability of housing bargains and no state income tax being three of the driving forces.
All this paints a very rosy picture for College Station homes for sale and Bryan homes for sale!
Posted by Chris Tesch on Wed, Jul 28, 2010
Our community currently is in a holding pattern. It's almost as if no one will exhale until Texas A&M University announces which people will be laid off. The university has been, traditionally, the job mecca of College Station.
Now look at Forbes best places for business and careers. College Station, Texas ranked #20 in the nation for small metro areas that will attract jobs and businesses to the area. For Texas College Station is the #5 small metro area for this distinction. All this in spite of TAMU's preported lay off.
Despite some doom and gloom for the very short term College Station and Bryan are in an enviable position and by extension so are the residence.
What does this mean for now, and for the future with regards to College Station real estate? A huge changing pattern. Currently we have a 9.1 month supply of homes, definately swinging to a strong buyers market, low interest rates and potential incentives for people to invest currently in College Station homes, duplexes or condos. What an advantagous time to buy, but unfortunately people just aren't taking advantage for the most part. On the horizon we see lots of hope. Growth is everywhere from the new Lowe's, Scott and White Clinic and HEB to Bryan's phenominal business explosion. As jobs come pouring in to our market incomes will rise, as incomes rise so will the ability to buy homes, especially in the luxury range. This will mean that both College Station real estate and Bryan real estate will be affected. Ladies and Gentleman start your engines. It's going to be a fast ride while Aggieland races to the top. While other communities are facing horrific job cuts we have, in the long term, nothing but good news.
Posted by Chris Tesch on Tue, Jul 27, 2010
Reading all the doom and gloom in the papers? Worried about the Brazos Valley's future? There ae many write ups about the possibility of lay offs at Texas A&M but not many about what's happening in Brazos Valley that's great. The Texas A&M Health Science Center will be opening soon. In conjunction with that are going to be companies moving to the Valley at a fairly fast pace. G-Con, the pharmacudical company that will be working fairly closely with the Health Science Center is hiring soon a possible 150 employees. This company will be developing and researching vacinnes.
Bryan-College Station has been written up just recently for being one of the top smaller towns in the nation in job growth. G-Con and the Health Science Center are just the beginning.
Bryan and College Station's economic future doesn't seem to be in question. With this and other development that the area is expected to bring there's no where to go but up. Wages, real estate and businesses will all feel the impact. Welcome G-Con and the Texas A&M Health Science Center! We're looking forward to continued growth in our area!
For more information go to http://www.tamhsc.edu/.