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Logan in Top 5 Real Estate Markets for College Towns


By Emilie H. Wheeler, Herald Journal (www.hjnews.com)

Among U.S. college towns, Logan has once again been named in the top five nationally for its real estate market.

Utah communities rank No. 2 through 5 for percent growth in home prices in 2007. Logan comes in fifth with an 8.75 percent appreciation.
 
The report is the first-ever issued by College Real Estate LLC, a Texas-based company established in 2004. The release coincides with the upcoming NCAA March Madness basketball tournament, although the company is not affiliated with the NCAA.
 
First on the list is Houma-Bayou Cane-Thibodeaux, La., with Ogden-Clearfield, Provo-Orem and Salt Lake City coming next in that order.
 
Thibodeaux is home to Nicholls State University, and had a 13.7 percent jump in home prices last year. Utah communities host Weber State University, Brigham Young University, Utah Valley State University, the University of Utah and Utah State University. Ogden-Clearfield saw a 10.8 percent jump, Provo-Orem a 10.46 percent increase and Salt Lake City is up 9.68 percent.
 
A co-founder of College Real Estate, Stuart Frazier, called Utah one of the “biggest winners” of “bragging rights for attractive college real estate markets.”
 
The metropolitan statistical areas and divisions recognized by the College Real Estate Scorecard are among 291 markets ranked in February by the Office of Federal Housing Enterprise Oversight. It was paired with 321 schools with NCAA Division 1 men’s basketball programs.
 
With Logan’s 8.74 percent increase in fourth-quarter home prices from 2006 to 2007, the area was ranked No. 8 overall in the OFHEO report. Three MSAs that ranked higher than Logan in that document were not included in the College Real Estate report because they do not have qualifying universities.
 
Seven communities in California made the bottom 10 on the College Real Estate list, with Stockton coming in last, home prices there fell 15.3 percent from 2006 to 2007.