Santa Fe Real Estate Scene
October 2005

Message from a Broker at JR Realty, Santa Fe

Bubble or No Bubble? Shakespeare and all the rest of us would like to know. Some recent studies indicate that most US Cities recent house price jumps are explained by economic fundamentals such as low interest rates, strong income growth and unusually low housing prices in the mid 1990's. The study also cautions that when real, long-term interest rates are already low, further changes in rates can have a disproportionately large impact on the housing market. An unexpected rise in real interest rates or a negative shock to household incomes could cause home prices to decline. Researchers include: Columbia Business School, Federal Reserve Bank and Wharton School of Business.

The National Association or Realtors notes that on a national basis, house prices experienced annual gains of 9.3% in 2004 and 8.5% in 2003. So as housing prices continue to appreciate, real estate investors have also joined in. Second home sales surge by 16% last year and comprised 35% of all single family, condo and new home sales in 2004. It is clear that many buyers area choosing real estate as an investment alternative, especially in lieu of lackluster stock market performance.

What to look for in a Bubble Market ? Strong prior run-up in home prices, economic recession, local job losses lasting several years, sharp rise in inventories, speculators leaving the market quickly.

Realtors Association of New Mexico website, consumer information:
http://www.nmrealtor.com/displaycommon.cfm?an=6

Fannie Mae Home Mortgages, NM Finance Authority, Mold, Radon, Lead Paint and more !

Haciendas - Parade of Homes Award Winners for 2005 - Santa Fe Area Builders

Grand Hacienda Award - Waszak Enterprises, Inc.

Best Remodel - Woods Architects Builders, Inc.

Homes under $700,000, Judges Choice - Integro Inc.

Homes under $700,000 - $1,200,000, Judges Choice - Heartstone Developemet LLC

Homes under $1,200,000 - $1,700,000, Judges Choice - Jansen Associates, Ltd.

Homes under $1,700,000 - $2,600,000, Judges Choice - Santa Fe Developement Partners

Homes over $2,600,000, Judges Choice - Lockwood Construction Company

Southwest Santa Fe area of major growth.

Major subdivisions:

Tierra Contenta 1,600 completed homes, 3,800 build out

Nava Ade 425 completed homes, 513 build out

Rancho Viejo 773 completed homes, 12,000 build out

Oshara Village 735 build out

San Cristobal 2,500 build out

Buyer Tips

Are you aware of the following financial loan options?

• 100% financing for homes up to $600,000
• 40 year fixed rate
• Aggressive ARMS
• Interest Only
• Construction
• Purchase to Remodel
• Commercial
• Mixed use
• Piggy Backs, Helocs
• Veterans Administration Loans
• Owner financed New Mexico Real Estate Contracts

New Mexico Personal Income Tax Rates continue to fall, making PIT rates more competitive with surrounding states. New Mexico Deductions for capital gains continue to expand. Taxes on homes and land continue to be some of the lowest in the United States.

New Mexico Tax and Revenue, Santa Fe 505-827-0951, 827-0700 http://www.state.nm.us/tax/

City of Santa Fe 505-955-6500 http://www.santafenm.gov/index.asp

Santa Fe County 505-986-6200 http://www.co.santa-fe.nm.us/

Federal Real Estate Tax Rules for Property Owners http://www.real-estate-owner.com/

Finance Pre-Qualification is nothing to fear. Call the Santa Fe mortgage brokers listed in this newsletter. Their initial financial pre-qualification process simply requires: a phone call, five minutes of your time to define your financial objectives, and your social security number. They will call or email you with a range of value in which you are pre-qualified to shop for your Santa Fe real estate.

Make your mortgage call today, long term interest rates are at a 50 year low!

See Buyer Tips http://www.santafeone.com/articles/buyers.html Truchas, lots B & C

View Latest Listings Online!

Click here to view our listings

Seller Tips

Selling a home in Santa Fe, Eldorado, Albuquerque or Rio Rancho?

 

Broker Anthony Atwell and his team of experienced Realtors are committed to bring you great results.

• When you're ready to sell, the Santa Fe One Realty team will lead the way.
• Free Home Market Analysis, Call Now
• Listing Team for Fast and Effective Sale of Your Home
• Strong Internet Presence for Out-of-Town Shoppers
• Proven Direct Mail and Advertising Campaigns
• Consistent and Responsive Communication
• Pricing and Negotiation Strategies

 

We promise to be your partner throughout this important process. We'll keep it simple. We'll keep you informed and we'll sell your house fast, at the right price. Thank you.

Call Direct toll free, 1-866-264-4848

See Seller Tips http://www.santafeone.com/articles/sellers.html

 

International Relocation Services

MOVING OR RELOCATING ?
International Relocation Services connects you with independent real estate brokers anywhere in the nation. Call toll-free for no-obligation relocation info.

1-800-523-2460, ext, F-903

http://www.intrelocation.com/

www.santafeone.com

STATISTICS
Santa Fe Association
of Realtors
2005 Second Quarter
Santa Fe Area

Existing and new single family detached home sales:

City of Santa Fe

Northeast
44 sold, median price $652,450
Northwest
18 sold, median price $351,675
Southeast
54 sold, median price $569,000
Southwest
84 sold, median price $259,000
Total City of Santa Fe
200 sold, median price $393,440

Santa Fe County

North
65 sold, median price $676,900
Southeast
118 sold, median price $414,750
Eldorado
66 sold, median price $339,075
Southwest
105 sold, median price $265,307
Total Santa Fe County
488 sold, median price $380,000

Total City of Santa Fe/Santa Fe County
488 sold, median price $386,250

Condo/Townhome  City and County
186 sold, median price $222,250
Duplex, Xplex  City and County
13 sold, median price $252,000
Mobile/Manufactured City and County
13 sold, $135,0000

Note: The City of Santa Fe and Santa Fe County offer homes and land 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.

FINANCE

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

Jim Gay, American Capitol Mortgage
1-888-663-4422 toll free, amtsantafe@aol.com

Rich Zimmerman, The Watkins Group
866-989-8996, rich@watkinsgroup.biz

Interest rates, See www.Bankrate.com

Whit Smith, Wells Fargo Home Mortgage,
505-319-1908,
whit.smith@wellsfargo.com

Jobs in Santa Fe

Check out this job resource page, loaded with essential job and relocation information.

Also:
http://www.santafehasjobs.com/
http://newmexicojobs.com/

Santa Fe Resources

Government, Non Profit, Schools, Jobs, Media, Finance, Appraisal, Inspection, Title, Survey, Moving, Utility, Contractors & Construction, Wells, Design, Home Services, Property Management, Transportation, Hotels & Motels, Arts & Recreation.
Santa Fe Resources

If you cannot facilitate your inquiries, contact us and we will help you - info@santafeone.com

Santa Fe One Realty services the City of Santa Fe and the following counties : Santa Fe County, Rio Arriba County, Mora County. Other cities and towns include: Santa Fe, Los Alamos, Espanola, Abiquiu, Medanales, Alcalde, Dixon, Pojoaque, Tesuque, Las Campanas, Nambe, Chimayo, El Dorado, Glorietta, Pecos, Hwy 285, Galisteo, Lamy, Hwy 14, Cerrillos, Madrid, Rio Chama, Rio Grande, Pecos River and more!