Here in Merced, a city in the heart of the San Joaquin Valley and one of the country’s hardest hit by home foreclosures, the downturn in the real estate market has presented an unusual housing opportunity for thousands of college students. Facing a shortage of dorm space, they are moving into hundreds of luxurious homes in overbuilt planned communities.
Forget the off-to-college checklist of yesteryear (bedside lamp, laundry bag, under-the-bed storage trays). This is “Animal House” 2011.
Double-height Great Room? Check.
Five bedrooms? Check.
Chandeliers? Check.
Then there are the three-car garages, wall-to-wall carpeting, whirlpool baths, granite kitchen countertops, walk-in closets and inviting gas fireplaces.
“I mean, I have it all!” said Patricia Dugan, a senior majoring in management, who was reading Dario Fo’s “Accidental Death of an Anarchist” in her light-filled living room while soaking a silk caftan in one of two master bathroom sinks.
The finances of subdivision life are compelling: the university estimates yearly on-campus room and board at $13,720 a year, compared with roughly $7,000 off-campus. Sprawl rats sharing a McMansion — with each getting a bedroom and often a private bath — pay $200 to $350 a month each, depending on the amenities.
Smart. I expect we'll see a lot more of this across the country, but especially in California and Nevada where the housing market disintegrated the fastest. That is if we don't suffer another financial collapse, and the way Europe is going right now that's a distinct possibility.
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