Albuq. Real Estate
Albuquerque New Mexico Real Estate
Information about real estate in Albuquerque New Mexico. Articles from the Albuquerque Tribune and the Albuquerque Journal. Information that informs and explains the business and residential heartbeat of Albuquerque and the state of New Mexico
Forbes Ranks Albuquerque the #1 Place Where Home Prices Are Likely to Rise Hottest 10 Buyers Markets New Mexico May Have The Longest Lasting Booming Real Estate 6 States With Appreciating Markets Use My Land But Please Don't Steal It Sellers List Right To Avoid Price Reductions SalesTraq of New Mexico - March 2008 Nationwide Housing Slump Hasn't Hit Albuquerque Search The Southwest MLS at Your Leisure - Click on The Link of Your Choice CAN VACATION OR SECOND HOMES BE EXCHANGED
Forbes Ranks Albuquerque the #1 Place Where Home Prices Are Likely to Rise
Forbes Ranks Albuquerque #1
#1 Place Where Home Prices Are Likely to Rise
Forbes Ranks Albuquerque the #1 Place Where Home Prices Are Likely to Rise. Please see the stories and video below for the detail
For Complete Information Click Here (Story and Video)
Curious About The Albuquerque Market Click Here (ABQ Profile)
In 2006, Forbes ranked Albuquerque as the Nation’s Best City for Business and Careers. Earlier this year, Albuquerque was ranked 13th best in the nation for that same category.
Albuquerque Economic Development, Inc. has been marketing to, and through, the Forbes organization since early 2004. AED turns to Forbes in order to reach the world’s leading corporations with messages about the attractiveness of the Albuquerque metropolitan area for business investment and expansion.
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Hottest 10 Buyers Markets
Powered by rich expansionary growth and booming local economies, Housing Predictor's list of the Hottest 10 Buyers Markets in 2007 shows there are still strongly appreciating real estate markets in the U.S.
Albuquerque, New Mexico is Housing Predictor’s selection for the Number 1 spot on the Top 10 list. Bulging with a population nearing a million, Albuquerque is growing like never before, attracting the movie business from Hollywood, a new airplane factory and many other new businesses.
Housing Predictor’s selection of the Hottest 10 Buyers Markets are based on surveys conducted on 75 markets under consideration from more than 250 local housing markets forecast on the web site. The highest amount of forecast appreciation during the remainder of 2007 was given the heaviest weight in the survey. Market conditions, sales velocity, pricing and more than 20 other factors were also considered.
Five Texas markets are included on the list, including McAllen, which placed second. In early 2006 Housing Predictor forecast the current boom in Texas.
Salt Lake City, Utah placed third. Although Salt Lake is witnessing its market begin to slow down from its frenzied pace, the brakes won’t hit strong enough until late this year, keeping the market at a rich stride through the end of the year.
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Hottest 10 Buyers Market |
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Rank |
Real Estate Market |
Median |
2007 Forecast |
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1. |
Albuquerque, NM |
$194,000 |
9.1% |
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2. |
McAllen, TX |
$112,000 |
8.9% |
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3. |
Salt Lake City, UT |
$241,000 |
8.6% |
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4. |
Austin, TX |
$174,000 |
8.2% |
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5. |
Seattle, WA |
$380,000 |
8.2% |
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6. |
Houston, TX |
$148,000 |
7.8% |
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7. |
Biloxi, MS |
$204,000 |
7.5% |
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8. |
El Paso, TX |
$132,000 |
7.2% |
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9. |
Portland, OR |
$241,000 |
6.7% |
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10. |
Dallas, TX |
$161,000 |
6.4% |
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The Hottest 10 Buyers Markets represent growing local economies, which are sure to foster growth into 2008 and some even into the following decade.
Austin, Texas placed fourth, followed by Seattle, Houston and Biloxi, Mississippi, which is experiencing its largest growth in history with new condominium developments following the devastation of Hurricane Katrina. El Paso, Texas, Portland, Oregon and Dallas round out the list at the half way point of 2007.
New Mexico May Have The Longest Lasting Booming Real Estate
New Mexico May Have The Longest Lasting Booming Real Estate
New Mexico
Driven by a strong statewide economy, New Mexico may have the longest lasting booming real estate market in the nation. The pace of housing sales has slowed in some markets, but is still setting records at break neck speed in others.
In Albuquerque the pace of sales is still equal to that of 2006. Tax incentives and low interest construction loans have attracted many new businesses to the area in unprecedented numbers. The movie makers of Hollywood have found a new home for some of their studios. An airplane company is building a factory and the population of Albuquerque is nearing 1-million residents for the first time.
The median price of a home in Albuquerque has increased nearly $20,000 in the last year to a median of $194,000. Housing Predictor forecasts the market to appreciate at an upgraded 9.1% through 2007 to now be the highest appreciating market in the nation.
Builders build it’s said, and they keep on building, sometimes to a fault. Some builders go bust building like there’s no tomorrow. New Mexico is one of the few exceptions in America’s longest lasting booming real estate market.
The frenzied pace of growth is attributed to a growing statewide economy, more jobs and a state movement pro-active towards growth. New Mexico is one of the Sunbelt states that is still seeing unprecedented growth. People want to move to warmer climates and they are doing it by the droves.
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City |
Median Price |
Forecast |
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Albuquerque |
$ 194,000 |
9.1% |
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Las Cruces |
$ 154,000 |
6.4% |
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Santa Fe |
$ 214,000 |
4.9% |
Forecast Increases for Las Cruces
The Las Cruces housing market is more than holding its own. Las Cruces is the home of New Mexico State University, and although many college towns are discounted in real estate projections when it comes to appreciation mainly because of their summer sales slump, Las Cruces is becoming a rare exception in the national housing market.
As New Mexico real estate booms, the Las Cruces market is not only keeping strong with the amount of home sales, the community is nearly bursting at the seams. The median price is $154,000 and Las Cruces is now forecast by Housing Predictor to appreciate 6.4 % in 2007.
In the red rock beauty of Santa Fe, which is renowned as a home of the arts tucked away in the mountains of northern New Mexico, Santa Fe has grown a second home market unlike any where else in New Mexico.
Homes start in the low $200,000 range and are priced upward of $400,000. The median price is $214,000 and Santa Fe will see appreciation in 2007 of 4.9%. After five years of rapid growth the second home market in Santa Fe is following the national trend to a slower pace.
New Mexico real estate isn’t expected to come crashing down anytime soon, not by any means as the state gains more newcomers. But it is already beginning to show that the slower market is beginning to take its toll on pricing levels, which is all part of the cyclical scenario of real estate.
6 States With Appreciating Markets
Then There Were 6
They are the exceptions to the new rule. Only 6 states have enough local housing markets experiencing appreciation to still remain on the Housing Predictor appreciation list in 2007.
Although housing sales have slowed throughout the over-whelming majority of states markets, six states have regionally vibrant economies and at least some appear to be strong enough to weather the nation’s mortgage crisis storm without substantial damage, at least for now.
Record high foreclosures have devastated housing markets in the majority of the U.S. along with higher mortgage rates and an already over-built residential market place. The slow down in home sales has transformed what once was an all-time boom market into the worst housing market that the nation has witnessed since the Great Depression.
However, the current national market place does not resemble the nation’s housing market of the 1930's. There are an estimated 78 million homes in the U.S. today, the highest number in history and according to a study by the National Bankers Association more than 40% are paid-off without mortgages.
States With Appreciation
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Wyoming |
Virginia |
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Washington |
North Carolina |
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New Mexico |
Pennsylvania |
Washington State perhaps has the strongest economy in the nation. Technological powerhouse Microsoft and airplane manufacturer Boeing are huge employers and are expanding with the hiring of more employees in the Seattle area.
New Mexico’s housing markets were a little late to the national real estate boom and as a result of a growing statewide economy the market is generally healthy, despite a slow down in sales, and should remain that way for some time.
Natural gas exploration and drilling has transformed once quiet Wyoming’s real estate market into a dynamic marketplace that shouldn’t see a slow down for some time yet.
Saved by its old history, Pennsylvania never really saw a booming real estate market and remains on the appreciation list as a result of consistent appreciation rather than a boom to bust cycle. However, that can’t be said for high priced Virginia housing, which remains on the list as a result of a short lived slow down that seems to have stopped at least for now.
Above all the other states in the nation, North Carolina may surprisingly have the strongest housing market. Charlotte has seen home sales slow as the state’s largest city. But the state’s markets overall are racking up sales as if there was hardly a slow down at all.
Despite the national slow down, exceptionally strong regional economies keep the only remaining six states on the Housing Predictor appreciation list.
Use My Land But Please Don't Steal It
Use My Land But Please Don't Steal It
How Homeowners Can Protect Property From Adverse Possession
By Benny Kass, Sunday, March 16, 2008.
DEAR BENNY: What are the rules for adverse possession? What can new homeowners do to protect themselves when buying property? What should homeowners do to protect their property from their neighbors? Should a small encroachment such as an A/C unit or a driveway with flower borders be addressed as soon as the encroachment is discovered?
What is the current trend regarding adverse possession? Legal issues aside, when is claiming your neighbor's land ever really the right thing to do? --Melina
DEAR MELINA: Adverse possession is a legal concept whereby if your neighbor uses a portion of your land for a period of time (which is established by state law) and the use is "open, notorious and hostile," your neighbor can go to court and ask a judge to order that the land now belongs to him or her.
One judge defined adverse possession like this: "The person claiming the property by adverse possession must unfurl his flag on the land and keep it flying so that the owner may see, if he wishes, that an enemy has invaded his domain and planted the flag of conquest."
You should have received a property line survey at settlement (escrow). You or your attorney should carefully review that survey to make sure that there are no encroachments.
If you find, for example, that your neighbor's fence, shed or heat pump is sitting on your land, what should you do?
Obviously, you do not want to start a fight with your neighbor the day you move in. But you do want to protect your land. When I conduct real estate closings and see encroachments, I always advise my clients that they should introduce themselves to their neighbor. Invite them over for tea. During that meeting, the neighbor should be shown the survey and be advised of the problem. I tell my clients that they should say, "I don't want to start a neighborly fight, but my lawyer tells me that I have to discuss this with you. So that I can protect my land, I am giving you permission to have your encroachment on my land, and I will send you a friendly letter to this effect."
Permission will defeat a claim for adverse possession -- it is no longer "hostile."
However, this can backfire. If your neighbor's encroachment has been on the property for the period established by state law, he already has a claim for adverse possession. It does not matter that you just bought the house. Adverse possession is determined by how long the encroachment has existed.
You raised perhaps the most important question: What is the right thing to do? Only you can make that decision. If the encroachment is minor, you may decide it's just not worth starting off challenging your new neighbor.
DEAR BENNY: I purchased a home last year. I let the seller live in it while he "looked" for a place to move. After several months and a number of stories, I finally had to secure a writ of possession to evict him. He moved, leaving several months' rent unpaid.
I inspected the home and found it has no central heat source. I then reviewed my appraisal. It clearly states that the home has central heat and air conditioning. It has neither. The appraiser and supervisory appraiser both signed off on the appraisal.
I know I should have seen it when I purchased it but did not.
The appraiser has liability insurance. This is either an oversight or misrepresentation.
Based on your experience, am I in a position to have the contract rescinded and the loan bought back by the insurer?
The appraisal is very clear, and the lender and I both relied upon it. No lender that I know of will lend on a property without a central heat source. It cannot be lived in or sold in its present condition. --Robert
DEAR ROBERT: Didn't you inspect the house before you bought it?
The short answer is that unless you ordered the appraisal, generally, appraisers work for -- and are responsible to -- the lender, and not the homeowner. This is true even though you reimburse the lender for the appraisal report.
You should immediately discuss the situation with your lender. They may be willing to take legal action against the appraiser, since his security is at risk. You may also want to file a written complaint with your state office of consumer protection (or state attorney general).
However, your question raises a couple of consumer issues, which I want to address.
1. Before you buy: You should have hired an independent home inspector to carefully review the house and give you a written report. Also, many states have laws requiring sellers to disclose known defects. You may have a case against your seller, although he probably does not have any money. Finally, on the day before you go to settlement (also called escrow in some states), you should go to the house and carefully inspect it yourself. Do not do this at night, because you will not be able to see all of the possible problems.
2. Settlement: You allowed your seller to stay in the house. Did you have a written agreement as to how long the seller would stay there? Did you get a security deposit? Did you escrow a dollar figure to make sure that you would be paid "rent" for the time the seller stayed in your house? In my area, we have a form called "Post-Occupancy Settlement Agreement," which should have been used in your case.
DEAR BENNY: I've been following this mess with subprime loans and its fallout. One part of this topic that seems to be missing is the PMI. I bought my last home and was required to have this "insurance" against loan default. Isn't that the security the loans were depending on? When I hit 20 percent equity, I got it removed, but every risky loan must have had that insurance. --Alan
DEAR ALAN: PMI stands for "private mortgage insurance." This is insurance that the homeowner pays for to protect the mortgage lender in the event the property goes into default and is foreclosed upon. If you put down 20 percent of more when you buy a house, the lender will not require PMI; the theory is that there is enough equity in the house so that even if the house is foreclosed upon, the lender will be paid in full.
However, the "mortgage meltdown" our nation is currently facing was caused primarily because the subprime loans were often based on 100 percent of the value of the house. According to recent statistics, approximately 40 percent of loans originated in 2005 and 2006 were "piggyback" loans. These are mortgages where the first trust is for 80 percent of the value of the house and the balance -- often as high as 20 percent -- was a second mortgage.
Under a piggyback loan, since the first trust is 80 percent, there is no need for private mortgage, and it is my understanding that a large number of the loans currently in trouble did not have PMI.
But, PMI does not help the borrower in any way. If available, the insurance proceeds go to the lender. If the borrower is in default, his or her house can still be foreclosed upon, regardless of whether PMI is available.
DEAR BENNY: A couple married in 1961 and bought a house in 1990. The house is in her name only now. If she dies before him without a will, does the house automatically belong to him? Or if she prepares a will now saying that she wants to leave the house to her two children, would the will be valid? --Gisselle
DEAR GISSELLE: Although I recently answered a similar question, you have added some facts that require a response.
As I advised in an earlier column, while the spouses are alive, they really should resolve the situation as to the disposition of the house when one of them dies.
At the present time, since the house is in the wife's name only, on her death her estate will have to be probated. Since she does not have a last will and testament, the intestacy laws in her state will control who will get the property. Her husband, if he is still alive, may (depending on state law) be able to claim a portion of the estate -- including the house.
If she does prepare a will -- which everyone should do -- the probate court will honor her intentions. However, once again, her husband may have a statutory right to part of her estate.
The couple really should sit down with an attorney to discuss their situation. In fact, to avoid conflicts of interest, each of them should first talk to their own counsel, so that they both understand the ramifications of their current situation.
Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.
By Benny Kass, Sunday, March 16, 2008
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Sellers List Right To Avoid Price Reductions
Sellers List Right To Avoid Price Reductions
By: Dian Hymer, www.inman.com
In most areas of the country, 2007 marked a real change in the residential home-sale market. Buyers gained clout for the first time in over a decade. Inventories of homes for sale grew to record levels in some places, perhaps even where you live. Price reductions, which carried a negative stigma when listings were easy to sell, came to be seen as a necessary part of the home-sale process.
That is not to say that price reductions are a good thing. They are not -- certainly not for the sellers. The initial marketing effort is a prime opportunity to attract attention to a new listing.
When the merchandising and pricing are on target, a timely sale typically occurs. If the opportunity is missed either due to poor planning and lack of preparation, or to a price that's too high for the market, the only hope for success is to lower the price quickly to an acceptable level. That acceptable level is the price range where other sellers with similar homes are marketing their properties.
Many sellers balk at the notion of reducing the list price soon after the property is listed. However, the timing of a price reduction is critical. If you wait too long, hoping for the impossible, it could be difficult to rekindle enthusiasm for the property.
This is particularly so in an area where there are a lot of new homes coming on the market and where the sales volume is low -- and that describes a fair amount of our country right now. This means that the competition from other listings grows as you wait for the unlikely: a knight in shining armor to appear and pay the asking price or more.
Here's a home seller tip: The best time to make a price reduction is as soon as you discover that your home is priced too high for the market. Waiting too long to lower the price can cost money in the long run if the market is moving lower. Reducing too little, too late can lead to a series of further reductions and ultimately to a lower selling price. Ideally, you really want to avoid such an unpleasant downward spiral.
The goal is to sell without having to reduce the price. To do this, you must accept current market conditions. You also need to recognize that no matter how wonderful you think your home is, a buyer will usually find fault with it.
To be a successful seller in this market -- and to some extent in any market -- requires separating your pride of ownership in the property from the task as hand, which is to sell for the highest price possible. It's not easy for most sellers to put their emotional feelings about their home on ice. It helps to stop thinking of the property as "home" and to start looking at it as a commodity you want to sell.
Before listing a property for sale, sellers should seriously consider their motivation. Successful sellers in today's more difficult marketplaces have a compelling need to sell. They don't simply want to sell if someone will make it worth their while. Many of today's prospective home buyers have a wait-and-see attitude about the market. They are looking, but it will take a fabulous home offered at a great price before they'll commit to buy.
Sellers should also check out the temperature of the local market. Residential real estate is a localized business. Even if you live in a city where prices are down, that might not be the case in your neighborhood. The supply of homes for sale and demand for housing are critical variables, as is the local employment picture.
There is a common theme to the listings that sell well now. These listings look great, are in good condition, don't have incurable defects and are priced right for the market.
In closing, remember this: Being realistic about what to expect is half the battle.
By: Dian Hymer, www.inman.com
CAN VACATION OR SECOND HOMES BE EXCHANGED
CAN VACATION OR SECOND HOMES BE EXCHANGED?
WEBSITE: www.a1031exchange.com
One of the most frequent questions we are asked is whether vacation homes and second homes can be exchanged under the rules of Section 1031. There is no simple answer. The taxpayer must show that investment is the primary purpose in holding the property. Capital gains deferral under Section 1031 is limited to property “held for investment” or for “productive use in a trade or business.”
Some tax practitioners believe that vacation or second homes rented out for most of the year with little or no personal use will qualify as “held for investment” under Section 1031, other advisors contend that as long as the taxpayer’s personal use does not exceed the limitations set forth under IRC Section 208A, the property will qualify for exchange. Under Section 208A, property is treated as business property (and depreciation deductions can be taken) or investment property (allowing for the loss on a sale) so long as the taxpayer’s personal use does not exceed the greater of 14 days or 10% of the number of days the property was rented at fair market value.
If the taxpayer wants to complete a 1031 exchange with a vacation home, certain precautions should be taken. Personal use of the house should be limited and the property should be rented out at fair market value for at least two years before doing a 1031 exchange. It should be shown that the property is held for investment purposes and is not merely a second home. The taxpayer should not use the home the year before or after the exchange. Taxpayers should avoid making improvements to the property for personal use and should not keep items for personal use in the property. Finally, taxpayers should treat the home as an investment on their tax return. They should deduct the interest as investment interest and the expenses as investment expenses.
Second homes and vacation homes may qualify in certain circumstances under Section 1031. Because of the lack of legal precedent for this proposition, taxpayers should be cautious in doing these transactions, take planning opportunities to support their exchanges, and consult their tax advisors for specific questions relating to their transaction.
CLICK TO VISIT OUR NEW WEBSITE: www.a1031exchange.com
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Nationwide Housing Slump Hasn't Hit Albuquerque
Albuquerque Tribune
Nationwide Housing slump Hasn't Hit Albuquerque
By Tamara N. Shope (Contact)
Saturday, February 23, 2008
Albuquerque's Strong Economy Benefits Housing
The housing market in Albuquerque has not felt the slump that other markets nationwide have experienced thanks to a strong local economy. The job market in the Albuquerque area has remained relatively stable and home price inflation has been lower than other areas such as Las Vegas, NV. These two factors help explain why the area has overcome national housing trends. According to RealtyTrac.com, in 2007 New Mexico was ranked 32nd in the nation in foreclosures with 3,893. The foreclosure rate was 26 percent lower than 2006 and 46 percent lower than 2005.
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Search The Southwest MLS at Your Leisure - Click on The Link of Your Choice
Being one of the oldest city in the U.S., Albuquerque has a unique multicultural heritage and history that is clearly evident. The sense of belongingness and quality of life that is felt here compels people to be part of this thriving community. If you are interested in buying Albuquerque NM Homes For Sale, Luxury Homes For Sale In Albuquerque or Condos In Albuquerque, browse through our website or feel free to call or email us.
As trusted Albuquerque Real Estate agents, we provide our clients professional assistance and offer a comprehensive Albuquerque Real Estate MLS that helps them select the best homes in Real Estate In Albuquerque. We can help buyers develop a fair understanding of the area and provide them with information about the local community.
Our team of real estate consultants will counsel you and develop a plan based on your needs. Whether you are a first-time buyer or an investor who is looking for different options, we can guide you through the process. We can provide you with information about Albuquerque Luxury Homes and Albuquerque Homes For Sale as well.
March 2008: Dear Real Estate Professional,
Much of the residential Real Estate market is all about timing. Ideally a buyer will time the market so that they’re able to get the best (as in, the lowest) price for the home they want to buy, while the seller will time the market so that they’re able to get the best (as in, the highest) price for the home they want to sell. Obviously the two are in competition with each other for the same prize – the best for themselves. Fortunately, Real Estate is one of those mediums of exchange where both parties can frequently end up winning.
But over the last few years, the game went too far and both parties started losing. Today, national pessimism about the housing market is rising faster than gasoline prices. Economists are warning of a deepening crisis in the banking sector, which in turn affects credit availability including access to mortgages for home buyers. Real Estate prices are falling and may continue to do so throughout the remainder of 2008 and beyond. There is a race against time right now for both buyers and sellers alike, but especially for the buyers, in my opinion.
Given that we are in a buyers market right now, the race for them is all about the eventual rising of mortgage interest rates and the end of declining home prices. Which one comes first? On the one hand, mortgage interest rates remain at near historic all time lows, but for how long will this remain the case? On the other hand, home prices are declining, and so it only makes sense to hold out for as long as possible to get the best deal. But again, how low can home prices really go? The media is fixated lately on declining home prices around the United States, and is especially fond of the extreme examples found in places like California, Florida and Nevada. But one problem with the statistics they cite about declining home prices is that the homes which are sold from one year to the next are not the same identical aggregate of properties. Don’t smaller homes ordinarily cost less than larger homes? What if the homes that sold during 2007 tended to be smaller in size, on average, than the homes which sold during 2006? Wouldn’t that create a decline in the average sales prices without necessarily affecting “value”? This is certainly not to deny the reality of declining home prices, but rather to say that there are other factors beyond just saying that "all home values are going down".
Regardless, the fact remains that inflation concernsaffecting the U.S. economy may well mean that mortgage interest rates have essentially hit bottom. Likewise, in the Albuquerque metro area, the data I collect from SalesTraq each and every month is suggesting to me that we have essentially hit a bottom on new home base prices locally as well. That combination means it’s possibly a “now or never” scenario for some of those buyers who may be sitting on the fence. What justification do I have for this suggestion? Again, prices and interest rates. In the case of base prices I can see it in the data I've acquired over the past several months. True, some prices are still coming down, but that typically is a result of changing standard features in the home to a lesser quality than what they were before. Also, costs will increase with what I’ll call “greenflation”, which is a guaranteed element of future new home construction. Whether it’s a city ordinance mandating heating units that are 90% efficient, or using only “low E” windows for new homes, or any other law that says how homes must be built to meet certain environmental qualifications, the costs will gradually rise as a result.
As for the justification on interest rates, I'm basing this on history as we know it. During the last major recession of the late 70’s and early 80’s, the Federal Reserve’s policy was geared toward keeping a lid on inflation via the means of punishing interest rates. Of course, at that time the United States was a creditor nation. Today, the United States is a debtor nation, and the current Federal Reserve policy is sowing the seeds for a major inflationary period which is already beginning to come to fruition. For example, the latest expert opinions are predicting gasoline prices at over $3.50 a gallon and potentially rising as high as $4.00 per gallon by this summer. Obviously, oil is up. Consequently, food prices are up. Commodities are certainly up (at the time of this writing, goldis over $970 an ounce and Platinum is over $2,100 an ounce).
With inflationary pressure causing overall prices in the economy to rise, how can the price of local new homes go down much further than they already have? I personally don’t see how this is possible. If history is a guide, then the long term outlook for local housing should look something like this:
U.S. Census Data for U.S. Median New Home Prices by decade:
1966 = $21,400
1976 = $44,200
1986 = $92,000
1996 = $140,000
2006 = $246,500
The above data shows anywhere from about 50% to 100% increases in price over the course of any given decade for new homes in the United States during the last 50 years. If we take the 2007 median new home price for Albuquerque, and project it out over the coming decades by a 75% increase per decade, this is what we could have to look forward to:
Salestraq data* for Albuquerque Median New Home Prices by decade:
2007 = $225,990
2017 = $395,483*
2027 = $692,095*
2037 = $1,211,166*
2047 = $2,119,541*
*(estimated)
The above data is sobering, to say the least. The consequences of the U.S. economy’s inflationary methods may or may not pan out as I’ve suggested in the above estimates, but if things continue as normal, my son’s are going to need some pretty awesome incomes to pay just for their housing needs in the future. Maybe I should start purchasing gold before it hits $10,000 an ounce!
(It's time once again to mark your calendar's for the next upcoming "Crystal Ball Seminar" taking place on May 9, 2008. Pre-registration is $35 and includes continental breakfast. This Spring we'll be at the Albuquerque Marriott in Uptown. To pre-register just click here: Speakers will include myself, covering the local new home market, Ms. Kristy Moyer - Administrator for Build Green New Mexico, and Mr. Gary Tonjes - President of Albuquerque Economic Development. See you there!)
Brand NEW Communities opened for March 2008:
NORTHEAST ALBUQUERQUE:
TULANE TOWNHOMES by Aspire Homes, Townhomes from $229,980 to $232,490
NORTHWEST ALBUQUERQUE:
VISTA DE LA LUZ by Corinthian Homes, SFR and Townhomes from $245,300 to $390,000
Communities CLOSED OUT as of this month:
More NEW SUBDIVISIONS and developments Coming Soon!!!:
ONE TEN RICHMOND LOFTS by TAB Construction (Nob Hill / Albuquerque)
CANYON GROVE by Stillbrooke Homes (Southeast Heights)
CEJA VISTA Master Planned Community (Southwest Mesa)
CIELO NORTE by KB Home (Rio Rancho)
COTTONWOOD RANCH by Wallen Builders (Bernalillo)
DESERT GARDEN ESTATES (Northwest Albuquerque)
DESERT HIGHLANDS @ MARIPOSA (Mariposa)
DESERT VIEW @ MARIPOSA (Mariposa)
DESERT WILLOW @HUNING RANCH by D R Horton (Los Lunas)
HIGHLAND MEADOWS @ MARIPOSA (Mariposa)
JEMEZ VISTA @ MARIPOSA (Mariposa)
MESA DEL SOL Master Planned Community (Southeast Mesa)
RANCHO SIERRA by Stillbrooke Homes
RIDGELINE ESTATES @ MARIPOSA (Mariposa)
RIO ESCONDIDO by Wallen Builders (Bernalillo)
SALTILLO by Fuller Homes (Northwest Albuquerque)
THE RESIDENCES @ PACKARD PLACE (Downtown ABQ)
TOSCANA TOWNHOMES @ CABEZON by D R Horton (Rio Rancho)
VALLE VISTA @ THE TRAILS by Longford Homes (Northwest Albuquerque)
VENADA ESTATES @ MARIPOSA (Mariposa)
VILLA LOMA TOWNHOMES by Points West Homes (Northeast Heights)
Respectfully submitted,
David Murphy - Publisher
SALESTRAQTM of New Mexico
“It’s More Than an MLS for New Homes”
office: 291-8988
mobile: 270-3323
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