Santa Fe Real Estate Scene
March-April 2003

Message from the Broker at Santa Fe One Realty

It is hard to sell real estate when there has been so much fine skiing in Northern New Mexico. Within the last three weeks we have enjoyed record snowfalls and awesome powder skiing. If I am not on the moguls or in the trees, I will answer my cell phone on the lift! If you are on the lift, I will give you my card!

New Mexico Home sales remain strong. According to Realtors association of New Mexico, nine areas reported sales growth increases in the 4th quarter of 2002: 43% growth in Albuquerque, 21.2 % growth in Santa Fe, 16.3% growth in Roswell, and 14.2% growth in Las Cruces. Based on the National Association of Realtors, New Mexico ranked fifth in the nation with an increase of 19.5% in sales from 4th qtr 2002 - 4th qtr 2001.

Timing of the market in Santa Fe - We enjoy a steady in state and out of state demand of buyers and sellers. Folks investing in the Santa Fe market enjoy steady appreciation of values and steady growth over the past ten years. We locals know we will continue to grow at a steady pace as many leave the big city pains for the openness and temperate climate of Santa Fe and Northern New Mexico. Demand for real estate also grows as folks realize real estate always has been a sound investment alternative to the stock market.

Happily, New Mexico's new Democratic Governor, Bill Richardson, has lowered our personal income taxes and lowered our capital gains taxes! Changes will be phased in over a five year period, reducing the top marginal rate of the personal income tax from 8.2% to 4.9% and phase in a 50% deduction for capital gains. This will lead to a growing demand for real estate in New Mexico.

Featured Property:
Hernandez

Land Property: Road 1606 off SR 84 Hernandez vacant land $ 72,000

Contact Tony about this listing or others like it

Buyer Tips

For you real estate investors, now is the time to place 25% down on some rental income properties and then enjoy some cash flow, property appreciation, and tax deductions. The best investment properties tend to be nearest the Santa Fe Plaza where tourists will pay top dollar to rent. Price range $275K-500K.

For you buyers know that current demand from $400K to $100K is almost double the available inventory; thus a seller's market prevails. Demand for properties 600K to over 1 million remains soft, with inventory almost triple that of demand, thus a buyer's market prevails. Come buy now in early spring, while the inventory is available. Come late spring to summer, buyers have fewer choices.

Water Rights - a critical issue for all real estate investors in the Southwest. Have your agent verify your New Mexico water rights - municipal, county, community, ditches and wells. Invest in property with water rights versus properties without water rights - a sound long term investment strategy in Northern New Mexico. See water rights online: http://www.realtor.org/libweb.nsf/pages/fg809

Tax Tips - $$$

Tax Season is upon us whether we like it or not. For expert advice contact some of New Mexico's tax experts:

1. Irv Abrams and Arlan Sarkisian 505-473-5337, sarkarlen@yahoo.com
2. Peggy Feldt 505-982-1947, info@catronlaw.com
3. Zlotnick, Laws and Sandoval 505-982-9894, zlco@compuserve.com
4. See Santa Fe Resources / Government

When you file your annual tax return, verify with your accountant and make sure you deduct:

• all relocation and moving expenses (if over 50 miles)
• all finance expenses on your HUD statement
• depreciation on property
• home additions (not repairs), including improvements on your landscaping

Golf Tips

Even though there is snow and skiing high in the mountains; golfers are now out in full force as the average day temperatures run 50 - 70 degrees Farenheit. Hitting a golf ball at 7,000 feet is a lot of fun or very frustrating. You will crush your drives in this thin air, then often overshoot the green with your wedge. In Santa Fe we have three private golf course communities: Las Campanas, Quail Run, and Wedgewood on the Green. Las Campanas maintains two championship courses. Quail Run is a gated community with a shorter irons course. Wedgewood on the green is part of the Santa Fe Country Club. If one prefers not to live in these golf communities, you can live anywhere in Santa Fe County and enjoy other municipal courses: Marty Sanchez, Santa Fe Country Club, Cochiti Golf, and Towa Golf. Golf within a half hour of Santa Fe:

• Santa Fe Country Club 505-471-0601
• Marty Sanchez 505-955-4400
• Pueblo de Cochiti Golf 505-465-2230, 505-465-2239
• Towa Golf Resort 505-455-9000
• Black Mesa Golf Club 505-747-8946

FINANCE TIPS

NEW MEXICO WEEKLY QUOTES, NOW ON LINE!
CLICK HERE

New Mexico Mortgage Brokers
Call or email today for your free financial pre-qualification.

Gary Miller, Citivest Mortgage
1-877-982-9530 toll free, garym@hubwest.com

Ron Blessy, John Schwelnus Capitol City Partners
505-983-9222, capitolpartners@qwest.net

Troy Lepisto, Countrywide Loans
800-264-2114, 505-670-6390, 505-995-3138

Clare Easterwood, Cissy Moore, The Mortgage Company
505-984-9121, http://www.mtgcompany.com

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