Greetings from Santa Fe,
We in Santa Fe send our hopes and prayers to those in need
during this time of national crisis. We recall last year's
fires destroying part of the Los Alamos community. Since we
are all in this together, let's unite and all do our best to
support one another.
As I reported in our last newsletter, the upper end of the
market -- homes selling for 500K + -- remains stagnant. For
the buyer this is a good opportunity as inventories are larger
than normal, prices are holding steady and are, in many cases,
very negotiable. I predict our current national situation
will slow the upper end of Santa Fe's market for another six
months or so.
The lower end of the market -- 300K and under -- remains
brisk. There are many newer homes now available with lots of
local and out-of-state interest driving this level of the
market.
Welcome to our new Associate Broker, Louis Frey. Lou brings
extensive experience with builders and contractors, having
served as president of New Mexico Home Builders Association
and the Santa Fe Area Homebuilders Association. Contact Lou
today at, lafrey@msn.com or call 505-670-5001.
CHOOSING A BUILDER
by Lou Frey lafrey@msn.com
Why should you use a Realtor when choosing a
builder/contractor?
Contractors come in all sizes and shapes -- just like in any
other profession. An experienced Realtor knows who the good
and bad contractors are, which contractor specializes in the
type of home you want to build and what issues need to be
reviewed in choosing a contractor.
What issues should you review?
This depends upon the construction contract. Will the
contractor build your home and then sell it to you at the end
of the project? Are you the responsible party? Is your
contractor just a fee-and-bonus-based construction manager
with all liability accruing to you?
The following items need to be examined:
1. Insurance - all good contractors carry the following:
Workers Comp (required by law), Liability and Builders Risk
(if they do not carry, you should provide it).
2. License - all New Mexico builders are required by law to
have a state issued license. Your realtor can check the status
of your contractor's license and determine if there have been
any complaints against the contractor.
3. Bonding - this is not required in New Mexico and few home
builders have bonding. Disreputable contractors often use the
term "Licensed and Bonded". This "Bonded" is a bond that is
required by the state to assure the state is paid for building
permits, it is not a performance or material bond.
4. Building Experience - often affordable home builders cannot
build expensive homes and vice versa. Choose a builder that
has experience in your price range.
FINANCE
Call Carla Hiley/New Directions Financial, Inc., toll-free at
(888) 884-4240 or e-mail me at cmhiley@qwest.net for a Free
pre-qualification.
NEW MEXICO WEEKLY QUOTES, NOW ON LINE!
Get current mortgage rates from the best N.M. lenders now!
CLICK HERE
GOVERNMENT & TAXES
Call the experts !
New Mexico Tax
and Revenue 505-827-0700
City of Santa
Fe 505-984-6500
Santa Fe
County 505-986-6200
Note: Santa Fe has some of the lowest property taxes in the
country. Property taxes in NM not allowed to increase more than 3% a year.
STATISTICS
- Santa Fe Association of Realtors property statistics
- 2001
second quarter Santa Fe Area
- Existing and new, single family detached homes sales:
- Total City of Santa Fe:
- 2nd Qtr 2001 194 sold, median price $209,000
- 2nd Qtr 2000 242 sold, median price $212,250
- Total Santa Fe County
- 2nd Qtr 2001 192 sold, median price $248,495
- 2nd Qtr 2000 130 sold, median price $250,000
- Condo/Townhome sales:
- Total City & County
- 2nd Qtr 2001 77 sold, median price $189,000
- 2nd Qtr 2000 87 sold, median price $173,000
Keep in mind The City of Santa Fe and Santa Fe County offer homes
and lands for all levels of buyers and sellers.
Note: This representation is based in whole or in part on data
supplied by the Santa Fe Association of Realtors or its Multiple
Listing Service. Neither the Association nor its MLS guarantees
or is any way responsible for its accuracy. Data maintained by the
Association or its MLS may not reflect all real estate activity
in the market.
Average Temperature F, high/low: January 40/19, February 44/22,
March 51/28, April 60/3 , May 69/43, June 79/52, July 91/57, August
91/56, September 74/49, October 63/38, November 50/27, December
41/20 
