Boulder’s Martin Acres Jumps 22%
by Osman Parvez
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Looking for an affordable house in Boulder? Wonder where prices are headed in 2016? You should be tracking what’s happening in the Martin Acres neighborhood.
As usual, this isn’t the typical Realtor happy talk or hand waving. Let’s look at the numbers. In particular, let’s focus on the Martin Acres Index (MAI).
“Clients often ask if it’s worth trying to compete in a bidding war when they are not cash buyers. The answer is yes, absolutely. Only 3 deals in Martin Acres were cash last year (9%). The key is to have an agent who knows how to make your offer stand out from the competition.
Here’s a story for you. In the last bidding war I managed (as the listing agent), we dismissed two offers right off the bat due to errors and conflicting information. Only one agent picked up the phone to discuss the needs of the seller and negotiate in person. It was shocking. The winning offer was not cash, but was written by an experienced agent. It was the most complete offer packet with reasonable contingencies. The buyer also chose a local, highly reputable lender.” -Osman
This chart shows annual appreciation (red) and depreciation (green) for MAI index houses going back to 1997. Basic ranches matching the MAI appreciated 15.5% in 2015, this is on top of a 12.6% increase in 2014. The average selling price of all houses in Martin acres increased a massive 21.6 % in 2015.
About The Index
The Martin Acres Index (MAI) is comprised of the average sale prices for arms length transactions of basic 3 bedroom, 1 bath ranches in Martin Acres covering 19 years of market activity. Duplicates and other bad data have been removed. This results in a small sample size with uniform houses.
Why An Index For Martin Acres?
Most homes in Martin Acres were constructed in the mid 1950’s. The majority were built as 3 bedroom, 1 bath ranches in the era immediately following world war II. These homes represent the “basic house” in Boulder. They are perfect for expansion potential, are in close proximity to CU and the heart of Boulder, and are adaptable for young professionals, families, and aging boomers alike. They also make great income properties.
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Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Boulder’s Martin Acres Jumps 22%
by Osman Parvez
—-
Looking for an affordable house in Boulder? Wonder where prices are headed in 2016? You should be tracking what’s happening in the Martin Acres neighborhood.
As usual, this isn’t the typical Realtor happy talk or hand waving. Let’s look at the numbers. In particular, let’s focus on the Martin Acres Index (MAI).
“Clients often ask if it’s worth trying to compete in a bidding war when they are not cash buyers. The answer is yes, absolutely. Only 3 deals in Martin Acres were cash last year (9%). The key is to have an agent who knows how to make your offer stand out from the competition.
Here’s a story for you. In the last bidding war I managed (as the listing agent), we dismissed two offers right off the bat due to errors and conflicting information. Only one agent picked up the phone to discuss the needs of the seller and negotiate in person. It was shocking. The winning offer was not cash, but was written by an experienced agent. It was the most complete offer packet with reasonable contingencies. The buyer also chose a local, highly reputable lender.” -Osman
This chart shows annual appreciation (red) and depreciation (green) for MAI index houses going back to 1997. Basic ranches matching the MAI appreciated 15.5% in 2015, this is on top of a 12.6% increase in 2014. The average selling price of all houses in Martin acres increased a massive 21.6 % in 2015.
About The Index
The Martin Acres Index (MAI) is comprised of the average sale prices for arms length transactions of basic 3 bedroom, 1 bath ranches in Martin Acres covering 19 years of market activity. Duplicates and other bad data have been removed. This results in a small sample size with uniform houses.
Why An Index For Martin Acres?
Most homes in Martin Acres were constructed in the mid 1950’s. The majority were built as 3 bedroom, 1 bath ranches in the era immediately following world war II. These homes represent the “basic house” in Boulder. They are perfect for expansion potential, are in close proximity to CU and the heart of Boulder, and are adaptable for young professionals, families, and aging boomers alike. They also make great income properties.
—-
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
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More about the author
Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
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Call us at 303.746.6896
Your referrals are deeply appreciated.
