Maynard Real Estate Market Report - Lower Prices; More Choices!

Welcome to the Maynard MA Real Estate Market Conditions report for June 2011.

List prices for single family homes in Maynard range from $115,000 to $499,000; the median price is $299,000 - down form $341,400 last year; the average price is $306,524 - down from $351,000 last year at this time. There are 58 homes on the market; up from 48 last year. Of the 58 on the market 6 have accepted offers; and there are 18 with sales pending. The average list price for homes with accepted offers is $313,817; the average price for sales pending is $369,133.

There were 10 closed sales in Maynard from 5/1 to 6/15 compared with 16 the same period last year when the federal home buyer credit was available. The 2011 median sale price from 5/1 to 6/15 was $265,000; the average was $269,850. Last year the median was approximately 30K higher; and the average was approximately 20K higher.
After this challenging winter we just had, more people are considering condominiums. For anyone looking for easy living, there are a total of 24 condominiums and townhouses for sale in Maynard; up from 15 last year at this time. There are townhouses with accepted offer; 3 with sales pending; and there were 3 closed sales from 5/1/ to 6/15.

Prices range for condos and townhouses in Maynard range from $99,000 for a garden-style short sale needing lender approval to $320,000 for new construction in an over 55 townhouse development. Prices at the established townhouse developments of Apple Ridge, Oak Ridge, and Deer Hedge Run start at $205,000 for a 2 level fixer. At the peak these townhouses were selling up into the $320s so they are an excellent value in the $200s.

Maynard offers more affordable options for buyers than the surrounding towns of Sudbury, Acton, Concord, and Stow. First time home buyers moving from the Cambridge, Waltham, Arlington area are attracted to the active downtown with its variety of specialty shops and restaurants, arts, and movies as well as the variety of opportunities for outdoor activities including walking, hiking, golf, fishing, canoeing. Maynard also has approved the construction of a new high school. If you haven't been to Maynard, come see what you're missing!

Click here to search complete MLS listings with addresses and maps; news and information and market reports for Sudbury, Stow, Maynard, and Weston MA. Facebook users - "like" and search without leaving FB at www.facebook.com/livingwestofboston.
Data source: MLSPIN (Multiple Listing Service Property Information Network.

Is Condo Living Right For You? Read the Rules Before You Buy!

“There are no exceptions to the rule that everybody likes to be an exception to the rule.” Charles Osgood


Prices for condominiums and townhouses have dropped significantly over the past couple of years and buyers are starting to find the opportunities in Maynard and the towns west of Boston, very attractive; especially at the established communities at Deer Hedge Run, Apple Ridge, and Oak Ridge. Condominium living is exactly the right lifestyle for a lot of people. If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers. If you’re just too busy or not interested in working around the house, owning a condo may be for you; the exterior maintenance is taken care of by the homeowner association so you don’t have to be concerned about painting, landscaping, snow plowing, roof replacement, etc. – the benefits of home ownership without the work!

A lot of empty nesters also like the idea of simplifying and having someone else take care of things, especially after this past winter! Wouldn’t it be nice to just lock the door and go somewhere warm next winter without having to worry about anything? Sounds perfect if you’re someone who wants easy living; doesn’t mind having close neighbors; is ok with letting other people make decisions for you or is willing to volunteer to be on the Homeowners Association Board, and won’t mind trading some personal freedoms in return for convenience.

Buyers know that condominiums/homeowner associations have rules that govern the community and offers to purchase a condominium should include a contingency that says the offer is subject to satisfactory review/acceptance of all documents… Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places, however, communities can and do amend the rules over the years so rules can vary. Parking and pets seem to be the biggest issues but there may also be rules holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, some have selling and rental restrictions – these days many developments will not allow investors … Some associations dictate what vendors you can use to replace the windows – yes, units owners are often responsible for windows, doors; know what you will be responsible for.

The lender will review the budget and send a questionnaire asking about the overall well being of the development – i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you’ll be comfortable living by the rules that govern the condo development you’ll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that’s right for you!

About the author: Marilyn Messenger, CRS has sold dozens of condominiums and townhouses (new and resale units) in Sudbury, Wayland, Maynard, and the towns west of Boston since 1993. As townhouse owner and former Board of Trustees Member at Deer Hedge Run, she knows how first-hand about buying and selling condominiums and about condo living. Ask Marilyn at 508-596-3501 or marilynmessenger@realtor.com. Search for homes at http://www.marilynmessenger.com/.