Santa Fe's Real Estate Neighborhood

Experts, consumers share home market views - USATODAY.com

Experts, consumers share home market views - USATODAY.com.

"As buyers and sellers begin what's typically an energetic time for real estate activity, USA TODAY convened a virtual roundtable of housing experts and everyday Americans for an online conversation...."

All real estate is, of course, local.  The frustrating thing about Santa Fe real estate is that there is so MUCH demand for it, from people who want to move in. The problem is their home in Scottsdale, Miami or Cincinnati.  Once those markets start to move a little, I predict the end of the all-out buyers' market here in Santa Fe. 

Santa Fe's new Railyard Park & Plaza WOW!

In a previous post I talked about the myriad of construction/redevelopment projects going on around Santa Fe.  Well yesterday I took a walking tour of one of the signature projects, the 50 acre Railyard, scheduled to open in September of this year.  I drive by this project almost every day, but I never had such a sense of the magnitude and complexity of it.  And the pure joy of it.  This much ballyhooed development will, I think, live up to its hype. 

From the new REI to the Farmers Market 12 screen movie theater to the stunning parkscape overlooked by the Trust for Public Land, this is going to be an asset to Santa Feans for generations to come.  The park itself will be an actively-managed one, with events, programs and all kinds of entertainment - there's a kids play area that makes you want to be 8 yrs old again...   It's got a 'tributary' of Santa Fe's original Acequia Madre - the 'mother ditch', a peaceful circular ramada with swing chairs facing the center, a 400 ft long trellis walk that'll be covered in trumpet vines...  For visitors and residents alike, the Railyard is a treat that you've got to experience.

New Mexico Natural Healing website launches

In almost every survey, one of the top few reasons for visits to Santa Fe is for some form of alternative medicine or healing.  This town attracts some of the country's most eminent practitioners, and their clients tend to follow.  This month sees the launch of a new website dedicated to showcasing the many options open in Santa Fe and around the State, from needleless Acupuncture (Kototama) to Rolfing. 

Hey, I'm just happy to have a massage at Ten Thousand Waves myself, but many people have higher aspirations!

Santa Fe Home Sales Decline in Q1 2008

According to a news release from the Santa Fe Association of Realtors this week:

The median price of a home or condo in the City and County of Santa Fe declined in the 1^st Quarter of 2008 compared to similar 2007 home sales data.  Price reductions occurred in every market area of the city and in the southwest area of the county.  “Sellers responded to increased home inventories in the Santa Fe area by reducing prices during this quarter.” stated Baro Shalizi, 2008 President of the Santa Fe Association of REALTORS®.

Looking back at the comparative data, the median sales price of a home in the City of Santa Fe declined from $354,125 in the 1^st Quarter 2007 to $301,500 in 2008 while home sales held relatively steady at 138 for 2008 compared to 142 homes sold in 2007.  The median price of City and County sales combined declined from $425,000 in the 1^st Quarter of 2007 to $353,900 for the similar 2008 quarter or 17% overall decline in value.   

Condo and Townhome sales were down from 85 in the 1^st Quarter of 2008 to 61 units sold in the 1^st Quarter of 2008.  During the same period, the median sales price for condos and townhomes declined from $311,250 to $230,000, total City/County.

I have attached the numbers here:

2008-FirstQuarter.doc

It's a great time to be a buyer, with a Fannie Mae limit of $427,000 for the Santa Fe market, mortgage interest rates at around 5.5% and a seller community that is very focused on completing transactions.

Closing Time ;-}

My clients are closing on the sale of their property in Rancho Viejo, Santa Fe tomorrow - we closed on their other one a few weeks ago.  I like closings ;-}

House in a Box - Sears redux?

Interesting story in today's Wall St Journal about homes sold as kits, and how classy they can now look.  I have a client considering doing this at the moment on a piece of land just outside Santa Fe.  It will add to the rich tapestry of housing styles in Northern NM - from Rastra homes, such as my own, through pitched roof adobes to yurts... 

Incredible Santa Fe horse property just on the market

This morning, Hell Canyon Farm went on the market, at $715,000.  Just 15 minutes from Santa Fe - for horse people, this is heaven!

2.87 acres in the La Cienega Valley, Huge Cottonwood, Olive trees, stream fed vegetation, endless hiking/trail riding to BLM land, Crescent Canyon, Rio Grande River – trail head at driveway.

 

2100 sq ft Adobe main house, 3 BR, 2 BA, brick floors, radiant floor & electric heat, vigas, kiva fireplaces, kitchen with custom walnut cabinets.  Passive solar southern elevation.  Second story could be loft or 2 BR, 1 BA. 

Privacy wall and fenced yard, electric dog fence system, dog kennel with waterer and shelter.  Brick patios.  Fully landscaped with grass lawn, mature fruit trees, grape vines, raspberry garden, shrubs, seasonal flowers.   Brand new septic system (1500 gal tank with 3  - 90’ leach fields).  New electrical in main house.  Private Well.  Also La Cienega Community Water System hookup in place and connection available (buyer to confirm costs of connection).

Separate studio/shop could be cozy 1 BR guest house

1 car garage with shop area, heat, 220.

10x12 Exotic Bird Aviary with heat source, feeders and separate cage area for vet exams/partitioning.

Horse Facilities:

Completely perimeter pipe/horse fenced and gated for security and safety.
Adobe Barn, lighted with 4 stalls, lighted tackroom outfitted with lockers, saddle racks, feed area, heated & lighted wash/tack stall with rubber floor, cross ties, vacuum system.  12x12 rubber floor stalls with small runs, feeders, outdoor wash/tack stall with cross ties.  Designed for large warmbloods.  Can accommodate any breed or stallion, broodmare/foal needs

South Barn, 4 stalls with tackroom/feed room.  12x12 with 20x12 runs, concrete shedrow aisle, cross ties

3 – 12x12 day stalls with feeders and water tanks

3 – additional day stalls (12x24, 12x16, 14x20) with water tanks

Dressage Arena – 69’x172’ professionally installed rubber & sand footing over laser-leveled, compacted base course. 3 ½” depth with 1 1/2” hoof penetration.  Optimal for all levels of dressage!  Watering system stays.

 

Jumping arena – 84’x170’ professionally installed sand footing over laser-leveled, compacted sandy loam.   3 ½” depth with 2” hoof penetration.  Great jumping or all-purpose footing.  Perimeter pipe fenced.  Existing jumps convey with property.

2001 Suzuki Vinson 4x4 ATV and 8’ arena groomer convey with property

Round Pen – 55’ round pen professionally installed rubber & sand footing over laser-leveled sandy loam.

4 spacious day turnout paddocks with huge Cottonwood & Olive tree cover for all day shade.  Water tanks and multiple access points to each paddock.   Electric fencing separates each paddock

Trail Riding – Trail head at driveway, rubberized wood bridge over acequia opens up to endless BLM, open space riding.  Go to Crescent Canyon or take a day trip to Diablo Canyon.  Beautiful!!

Professionally drawn plans for additional 8 stall barn and covered arena available to buyer.

All just 3 minutes from the I-25 La Cienega exit and just 15 minutes to Santa Fe Plaza, 40 minutes to Albuquerque Airport.

2001 Sundowner Diamond Sport 2-horse slant load gooseneck in excellent condition available for purchase by separate negotiation or will consider possibility of conveyance with property.

Contact Frank O'Mahony at 505 699 3985 for showings, or send email.

 

Bottom feeding home buyers?

I am meeting more and more potential buyers trying to time the bottom of the market. Of course fortunes have been won and lost that way, so they're not the first.  However the complexity here is that mortgage rates are not going to keep dropping, for reasons that always elude me. 

Today's rates are below 6%.  Good number.  So if you're a buyer do you wait till you decide home prices are at their lowest, or do you take advantage of these low rates?  Well, do the math and decide if waiting for, say, a $10,000 better price on a house is better than a half percentage point on your interest rate for 30 years, fixed.

Here in Santa Fe sellers have been through a quiet winter, but just like any vacation/2nd home oriented town, once the visitors start coming in at Easter the sellers start feeling more confident and won't accept bottom-feeding offers.

So, the best time to buy is dependent on the Fed, the timing of Easter, your credit score, the absorption rate of housing in your chosen area, the presidential election, and probably other stuff I forgot.  So as ever the right time to buy is when you've found something you want to live in for a while and something that you are willing to pay a fair price for.

Now, wasn't that a useful discussion?

Horse properties in Santa Fe area

I'm starting to get calls about horse -friendly properties in and around Santa Fe.  Must be the time of year ;-}   Of course New Mexico is full of horse properties, and if you want to be out in the wilderness, close to hundreds of thousands of acres of BLM land, we can do that.  But if you want to be within an hour or so of a great little town, with cultural & social activities out the wazoo, Santa Fe's the place! 

Around Santa Fe there are some great areas for you and your horses. La Cienega is rapidly becoming horse territory - it's not far from downtown Santa Fe, it's leafy and near the river and there are some lovely horse-friendly properties around. La Cienega is still well-priced.

Arroyo Hondo is a more traditional horse community, very flat, virtually in-town and with fabulous views.

The other area is 285/Highway 14, with its larger lots - 5 acres and up - and wide open spaces.

Santa Fe is a world-class town with a cultural fabric that's very compelling. So you have great choices, and a lively horse-owning community to step into.   I can show you horse properties that are raw - a couple of acres, simple barn, workable house, right up to multi-million dollar ranches with world-class facilities for both horse and human!

Fannie & Freddie stretch the limit

The new limit for Fannie Mae & Freddie Mac loans for Santa Fe is $427,500.   This means that just until the end of 2008 loans up to that amount are considered "conventional", carrying a lower interest rate than "jumbo".   The previous limit was $417,000, so if you're looking at a home that requires a mortage of up to $427,500 - or you are considering re-financing at to that limit - this is the year to do it!