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Explainer: Open House: Schools near universities

  • Image: Home near Stanford

    The nation’s most well-known universities come steeped in tradition, brains and prestige — not to mention a big price tag on nearby homes. Here’s a 2010 fall real estate roundup of what’s for sale near some of the nation’s most famous universities.

  • Harvard University

    Image: Home near Harvard

    46 Eustis Unit 6 Cambridge, Mass.
    Price: $419,000

    Features: The 1940s row house was recently renovated. It has two bedrooms, one bathroom, hardwood floors, stainless steel appliances and an outdoor deck — a plus since outdoor spaces are something hard to come by in the area.

    Neighborhood: The city of Cambridge is now home to both Harvard (founded in 1636) and MIT (founded in 1861). The average single-family home price hovers around $800,000 but most properties for sale are condos.

    Selling point: If you run into legal trouble, the Harvard law school and a bunch of smart law students are just a five minute walk away.

    View the listing here. (New window)

  • Stanford University

    Image: Home near Stanford

    134 Park Ave., Palo Alto, Calif.
    Price: $2.195 million

    Features: The five-bedroom, four-bath home has two family rooms, a separate office and a black-bottom pool. Recently renovated, the house also has hardwood floors, a custom kitchen and granite bathrooms.

    Neighborhood: The home is just one block from the southeast entrance of Stanford, yet the price doesn’t make it ideal for starving students (the vast majority of undergrad students live on campus anyway). The median single family home price in Palo Alto is about $1.57 million, and because more venture capital dollars are starting to flow into Palo Alto startups, sales of homes in this price range are starting to pick up.

    Selling point: Camp out on the corner to recruit for your next high tech startup.

    View the listing here. (New window)

  • University of California, Los Angeles

    Image: Home near UCLA

    251 Veteran Ave., Los Angeles, Calif.
    Price: $1.995 million

    Features: The five-bedroom, six-bathroom house sits across the street from the UCLA campus. It was built in 1936 but has been remodeled with vaulted ceilings, a gourmet kitchen, hardwood floors, a pool, a hot tub and an outdoor courtyard.

    Neighborhood: The home is located in a neighborhood located a few minutes from Beverly Hills and 15 minutes to the beach. It also sits on Veteran Ave., a busy thoroughfare that runs by the campus. As a result: the home has been on the market for six months and is priced lower per square foot than comparable neighborhood homes, says realtor Melodie Hart.

    Selling point: If you can afford a $2 million home, you can probably afford Bruins season basketball tickets.

    View the listing here. (New window)

  • Northwestern Unversity

    Image: Condo near Northwestern

    1640 Maple, Unit 1608, Evanston, Ill.
    Price: $925,000

    Features: The two-story penthouse has views of Northwestern University and the downtown Chicago skyline. The two-bedroom unit has maple hardwood floors, a chef’s kitchen, laundry room, a den with fireplace and a large balcony. The building also has a swimming pool, fifth-floor landscaped rooftop deck and a workout room.

    Neighborhood: Evanston is 23 miles north of downtown Chicago and home to the Northwestern campus, home to the Kellogg School of Management, one of the nation’s top 20 MBA programs. Most properties in the area are condos, which sell for about $320,000 and house young professionals or students.  The property is one of five penthouses in Evanston.

    Selling point: The owner just dropped the price by $50,000, making it the best-priced penthouse on the Evanston market.

    View the listing here. (New window.)

  • Princeton University

    Image: Princeton home

    26 Murray Pl., Princeton, N.J.
    Price: $560,000

    Features: The four-bedroom house has a renovated kitchen and bathrooms, new copper roof, new carpet, refinished hard wood floors, new paint, ceramic floors and energy-efficient windows. The price gets you half a house, and you share the roof with your neighbor.

    Neighborhood: The home sits right on the grounds of the university, where most of the adjacent properties are university-owned mansions or fraternity houses. The Princeton real estate market has been less affected by the recession than neighboring Trenton, but prices are still down by about 10 percent from their high, says realtor Ray Wolkind.

    Selling point: Gain knowledge through osmosis simply by living on an Ivy League campus – the nation’s fourth oldest college.

    View the listing here. (New window)

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