Monthly Archives: April 2007

College Life: Is it Better to Live On-Campus or Off-Campus?

Who can escape the allure of the dorm room?

You get the thrill of college life… and along with that, the cramped conditions, shared bathrooms, and nosy resident assistants that stick their nose into all of your business.

Because really, who can escape the unbridled freedom of living off-campus, by YOUR rules.

So what’s better: living on campus in a dorm room or living off-campus?

The advantages of living on-campus

The College Life!You are fully connected to your college social scene. Just being around the dorm areas you can take a look at fliers posted for upcoming parties. You are actually IN school, which means you have access right across the hall to a fellow student. You can’t really escape the benefit of having everyone in your same building being roughly the same age as you also!

“It’s great being able to hang out with my college friends just by walking down the hall of my dorm and giving them a quick knock on the door! Another cool thing is that the bulletin boards have fliers so I’m really plugged in to the parties going on.” – Samantha Cole, University of Miami

You are close to your classes and resources. You don’t have to worry about the time involved in driving to campus. The school library is also much more accessible – whereas if you lived too far, you might conclude driving to the library isn’t worth the time involved.

“I live maybe 30 minutes away from school, so it’s a pain to be driving just for the library. What I usually just do is schedule any library time for right after I get out of a class.” – Terry DeFortuna, Miami International University of Art and Design

The advantages of living off-campus

You play by YOUR rules. A major complaint by those in dorm rooms is the fact they have very nosy resident assistants that can sometimes peer too much into your private life. Remember, most colleges do not allow you to cohabitate your dorm room with a boyfriend or girlfriend as coed rooms are usually not permitted. You’d like to maybe have a cocktail party and have some drinks with friends in your dorm room? Drinking alcohol is usually not allowed in a dorm room, but of course you’re perfectly free to do as you please in your off-campus rental.

“It’s just great to do what I want. I can have my boyfriend over for some wine and then invite my friends over. It was just such a pain when I lived on campus in the residence halls, I had to check everyone in, they couldn’t come over after a certain time, my boyfriend couldn’t stay over… I guess I like my freedom!” – Monica Suero, Florida International University

You get more room for less money. The average cost of room and board for college students in a four-year public university is $6,960 and $8,149 for a private university. Most of the time, off-campus apartments are less expensive than a college dormitory. You can get more square footage for either the same price or less as a dorm room. Remember, you’ll actually be able to have your own room instead of sharing a room with one or more people as you would in a dorm room!

“I have so much space in my own place here. When I go visit my sister at her dorm, I’m shocked with it – I mean, my sister and her roommate are packed like a sardine can!” – Antonio Casalas, Carlos Albizu University

You can actually get your schoolwork done off-campus. Although the social life of dorms is tempting, the fact is that the fast paced lifestyle of dormitories is usually a major distraction for studying and homework. Most students report that their grades improve when they move off campus because there are less interruptions and you can actually study in your own room as opposed to finding an outside location to study.

“I was kind of struggling last semester with my grades so I decided to move into my own apartment with my cousin maybe 5 minutes away from school and my grades have definitely improved. Although I liked having my friends in and out of my dorm room, it just got to the point that it seemed to hang out with my friends more than do what I had to do for school.” – Pat McCormick, Nova Southeastern University and Miami-Dade College

Ultimately, the decision is up to you. Weigh out the pros and cons of each and decide what’s right for you!

The Positives and Negatives of Negative Amortization Loans

When you first hear the words “negative amortization” you might think it’s something actually, well… negative… in a bad sense.

Not really.

Negative Amortization Loans - Mortgages in Miami, Kendall, Coral Gables, Coconut Grove, South BeachNegative amortization is when you have a mortgage on a home and the required monthly payment you have to make is actually less than what is needed to cover the interest. Principal? Doesn’t even start paying off it.

In other words, when you make a payment, the principal loan amount goes up! This is due to the added interest. Thus, you’re going to be getting increased payments and a raised principal loan amount.

What ends up happening with a negative amortization loan is that the monthly payment begins to be adjusted upwards to repay:

1.The interest that hasn’t been paid yet
2.The interest currently due
3.The amount which is necessary to amortize the principal balance over what’s remaning of the life of the loan

The advantages of negative amortization loans

There’s a lower initial income required to qualify. It’s sometimes the best, if not the only, option for those who have little to contribute for a monthly payment. If you expect your income to grow significantly in the near future, then you’ll have no problem keeping up with the bigger payments. It’s also used many times by real estate investors that don’t plan on holding on to the property for that long. In this case, they won’t be affected by the boosted loan value. They keep their overhead low with the reduced monthly payments of a negative amortization loan and can still sell the home later for a profit on a flip.

The disadvantages of negative amortization loans

When living in a home for several years on a negative amortization loan, it is sometimes the case that the loan amount has grown to more than what they can actually sell the house for. So when they sell the house, they might actually end up owing money to the bank!

Get your facts together before jumping into a loan

What helps you to avoid pitfalls is knowledge and getting your facts together before choosing a loan. Get yourself a knowledge mortgage broker with your best interests in mind. While in general I don’t recommend Negative Amortization Loans, it’s best to meet with a team of real estate professionals to assess the right solution for you.

Omni Mall in Downtown Miami is Getting a Real Estate Facelift

Downtown Miami retail space in this complex will available for lease and rental in the near future.A real estate facelift is heading for the Omni area near downtown Miami.

Argent Ventures, which has owned the Omni Center since 2000, will be constructing a six-building mixed-use development. Construction will last for the next 15 years and will cost $1 billion dollars.

The 1 million square foot area at 1501-1701 Biscayne Boulevard will house 4,208 multi-family residential units, 240,000 square feet of Class A office space and 350,200 square feet of retail space.

Those concerned with the environmental impact of such a construction may be happy to know that Argent Ventures has agreed to build green. “We will apply for the LEED silver standard,” said Lucia Dougherty, the lawyer which represented Argent Ventures at last week’s commission meeting.

This is a very exciting time for downtown Miami as the area that used to house the Omni Mall has become, according to Ms. Dougherty, an “urban barrier. This is a very unsuccessful project as we know it, and it needs redevelopment.” The current Omni complex has one million square feet of empty retail space, 400,000 square feet of hotel space and one million square feet of concrete parking space. “That cavernous mall design is a dinosaur in today’s market,” says Trammell Crow Executive Vice-President John Bell. “It’s a complete paradigm shift for downtown Miami.”

First step? Demolishing the former anchor of the mall, JCPenney. Then on the north side we’ll see construction of the residential tower and the last phase will be road construction. Parking garages will be designated either residential or retail to avoid comingling their uses. The leases of the Radisson Hotel (15 years) and the Miami International University of Art and Design (12 years) will be honored.

Commissioner Marc Sarnoff declares it a “truly extraordinary project. You are taking what is a pretty big eyesore and creating, although massive, what is a well-developed, thought out, I’ll have to call it a “community,’” he said. “I call this the second Midtown.”