According to the latest figures from the Santa Fe Association of Realtors, the number of sales is up and the number of properties for sale is down.   During the first three months of 2012, there were 249 sales of single-family homes in the City and County of Santa Fe, up 16.4 percent from 214 sales in the City and County of Santa Fe in first three months of 2011.  The inventory of all available properties for sale during the last quarter was 1,413, down 17.1 percent from the first quarter of 2011, which was down 17.2 percent from the first quarter of 2010.

During a presentation Wednesday, April 11, 2012, association officers said the statistics from the first quarter of 2012 show:

• Santa Fe housing prices remain low, compared to their high point in the second quarter of 2008.

• The upswing in the number of sales is due to low prices, low interest rates and buyer concerns that both prices and rates could  soon go up.

• Fewer properties are on the market which may be due to sellers taking advantage of low interest rate to refinance, allowing them to hold off in hopes that sales prices will improve.

“There’s a substantial uptick in the number of people looking for houses and some increase in the number of sales,” said association President Dan H. Wright.

Association President-elect Victoria Murphy, added that a number of people from out of state who had been looking for a home in Santa Fe recently have decided to go ahead with purchasing because they think both prices and interest rates soon will rise.

The median sales price of a single-family dwelling in both the city and county in the first quater of 2012 was $352,000, which is down less than 1 percent from $355,000 in the first quarter of 2011.  In a press release accompanying the first quater data Mr. Wright observed, “The Santa Fe single family housing market continues to stablize when you look at prices with sales up modestly over last year.”

Santa Fe Realtors Association officers say if the inventory of available housing continues to fall, it will push the median prices up.

The recent figures also show a 8.4% decrease in the number of days properties remain on the market, 247 days, compared to 270 days a year earlier.

3600 Rodeo Lane, Unit B-1

3600 Rodeo Lane, Unit #B-1, Santa Fe, NM 87507, Offering Price $135,000, MLS #201105532. Listing Agents, Karen Meredith, Keller Williams Realty, (505) 603-3036 and Renee Edwards, Keller Williams Realty, (505) 470-7773

Attention Income Investors!!!  Get a 5.4% return on just $135,000 for Professional Office Space, C-1 Zoned Condo along Rodeo Road Corridor. 

3600 Rodeo Lane, office

3600 Rodeo Lane, kitchenette

Tenant is number 118 on the Fortune 500 list. Newer and well maintained end unit with excellent parking. Convenient location near Sam’s Club and other shopping along Rodeo Road. 2 private offices with windows, 3rd interior space can be another office or conference room. Has a kitchenette area, bathroom and storage room. Cap rate is 5.4%.

Call Karen Meredith, Keller Williams Realty, (505) 603-3036 or Renee Edwards (505) 470-7773 FOR MORE INFORMATION. Lease available upon request.

By Tom Sharpe| The New Mexican Posted: Friday, February 24, 2012.  This article is syndicated from The New Mexican, for a complete copy of the original article, click here.

The recent economic recession has made Santa Fe housing more affordable, says a report released Friday by the Santa Fe Association of Realtors.

“For the first time in years,” the report says, Santa Fe’s median household income is enough to qualify for the purchase of a median-priced home.

“The market rates of homes have declined which does, unfortunately, negatively affect current homeowners’ investments,” it says, “yet the result is a larger number of affordably priced homes in Santa Fe.”

The report, 2011 Affordable Housing in Santa Fe, cites how the economic collapse in late 2008 led to the loss of 4,600 jobs, increased unemployment rates, poverty rates and foreclosure rates while decreasing median incomes.

But the recession caused the median price of reported real-estate sales to drop from an all-time high of $425,000 in 2007 to $330,000 for the third quarter of 2011, says the report.

“There are a considerable number of re-sale homes on the open market at low prices that were unimaginable a few short years ago,” it says. In addition to the lower median prices, the report notes that prevailing interest rates also have fallen, although lenders have become stricter in qualifying borrowers, sometimes requiring larger down payments than before.

The report says that even though there is little residential building under way in Santa Fe, nonprofits have been able to pull together funding from federal sources, grants and tax credits to increase the number of affordable-housing units:

110 units at the Santa Fe Civic Housing Authority’s new Villa Alegre compound;

60 rental units for the Housing Trust’s Village Sage;

60 rental units at the old Stage Coach Inn on Cerrillos Road have been approved for the Housing Trust;

Habitat for Humanity has acquired eight townhouse lots and has started construction on four townhouses.

The report was researched and written by Jeri Chenelle, a former government-affairs officer for the Realtors Association of New Mexico, with funding by the state association and the National Association of Realtors.

Victoria Murphy, president-elect of the Santa Fe Association of Realtors and an associate broker at Santa Fe Properties, said the idea for the affordable-housing study began when the city proposed a 1 percent “transfer tax” on the sale of homes priced at $750,000 and up. Voters rejected the tax in 2009.

“Obviously, as Realtors, we were in opposition to that, but we did come to [the city] and say, ‘Look, we understand that there is a need here,’ and in that, we found out that at times the city didn’t know how many affordable homes they actually had,” she said. “So our thing was, ‘Let’s find a way that we can have a database that we can find out exactly what’s out there and what the needs are.’ ”

Murphy said her biggest surprise was finding out how many “stakeholders” are involved in affordable housing — not only the nonprofit housing groups, but also the many construction companies that specialize in affordable housing. An extensive list of stakeholders are included in the report.

Both the City Council and the County Commission recently lowered requirements for including affordable homes in new subdivisions. But Murphy said the report’s findings don’t suggest the need for further easing of affordable housing requirements.

“The whole idea is just saying, ‘OK, this is what we have out there,’ ” she said. “How can we start promoting this so we don’t have this perception that Santa Fe is unaffordable to our workforce?”

Below is a summary of some of my recent sales:

2308 Calle Pacifica

SOLD 2308 Calle Pacifica, Santa Fe, NM 87505, Offering Price $249,500, MLS # #201104870

Pristine home in family neighborhood, near schools, parks, and shopping. Plenty of light with open kitchen/dining area, adjoined by family room with high ceiling, clerestory windows and pellet stove.

Front living room could be a library or media room. Unheated garage conversion provides a light filled studio or 4th bedroom. Master bedroom has French doors to private patio with hot tub.

Two more patios include movie screen for entertainment and wet bar and refrigerator. Indoor living space gracefully flows into outdoor living areas. Hot tub and 2 storage sheds stay.

47 Bouquet Lane

SOLD 47 Bouquet Ln, Santa Fe, NM 87506, Offering Price $355,000, MLS #201104079

Beautiful 4 bedroom, 2 bath adobe and brick home on a shady, tree-lined country lane in Pojoaque about 15 minutes north of Santa Fe. Close to one acre. Lovingly cared for home.

Kitchen and bathrooms have been upgraded recently. Approximately .40 acre water rights. Irrigated land. Fruit trees. Peaceful, private fenced backyard. Enormous cottonwood tree in front yard provides welcome shade.

Ample parking area has enough room for an RV. Approximately 10′ by 10′ basement. Basement sq. ft. is not included in the 2,487 sq. ft. calculation of the home.

36 Vista Lagunitas

SOLD 36 Vista Lagunitas, Santa Fe, NM 87505, Offering Price $599,000, MLS #201102611

Birdwatcher and nature lover’s paradise!  Las Lagunitas custom built home, private, tranquil location on a cul de sac, surrounded by large cottonwood trees, borders a bosque area that is unique to Santa Fe, plenty of birds and wildlife makes it feel like a retreat yet is close to Santa Fe, incredibly private location with protected views, very nice Marvin windows which offer plenty of light, high ceilings for a wonderful open feeling, borders approximately 50 acres of common area containing a pond, many springs, hundreds of mature plum trees and Asian pear nearby and apple trees. 2,400 square foot Northern NM single level home with a 700 square foot guest unit over the garage. Southwest facing portal overlooks pond area. Surround-sound in living room, dining room, master bedroom and portal. Separate surround-sound in heated 800 square foot garage. Wood burning stove and two gas fireplaces. Refrigerated air. Water catchment system, 1000 gallon grey water storage tank, and security system.

Condominiums at Vegas Verdes

SOLD  1405 Vegas Verdes #105, Santa Fe, NM 87501, Offering Price $120,000, MLS #201104936

Very attractive condo in a complex with many amenities including outdoor pool, meeting rooms, and a work out facility. This unit is on the lower level with easy access to the main entrance, and a covered outdoor patio. Features include vaulted ceilings, wood beam accents, gas kiva fireplace, granite counter tops, stainless steel appliances.

The floor plan is an open concept with a pantry in kitchen, office area, powder room, large walk in closet. Also included is a separate storage area located across the hall from this unit for easy access. Furnishings are included in the purchase price!

138 East Santa Fe Avenue

SOLD 138 East Santa Fe Avenue, Santa Fe, New Mexico, Offering Price $443,000, MLS #201006182 and SOLD 140 East Santa Fe Avenue, Santa Fe, New Mexico, Offering Price $352,000 MLS #201006188

Purchase to include #’s 136, 136 1/2, 138, 138 1/2, and 140 E. Santa Fe Ave. Investors don’t miss this opportunity to own a triplex and a duplex in a great location with a proven rental history.

One building is a charming vintage Victorian brick two-story house, the other a Pueblo style two-story house with a laundry room and storage room.

1 block to State Capitol, walking distance to Plaza. Front building contains Units 136,138 and 138 1/2 with a combined 2,159 sq. ft. Units 136 1/2 and 140 and the laundry room in the back building have a combined 1,760 sq. ft. Beautiful shared courtyard garden. Shared driveway.  Profit/Loss statement available upon request.

By Bruce Krasnow | The New Mexican  This article was syndicated from The New Mexican, click here for a copy of the original article.
Posted: Wednesday, January 18, 2012 -

Lower interest rates have boosted home ownership in Santa Fe, but they also have reduced sales inventory as more families refinance and stay put.

“A lot of times if it’s being refinanced, it comes off the market,” said Victoria Murphy, a broker with Santa Fe Properties who serves as president-elect of the Santa Fe Association of Realtors. “Sometimes it goes back on, other times they decide to wait [to sell].”

And refinance activity isn’t yet over, predicts Jeff Payne, a branch manager at Wells Fargo. He said the federal government will roll out a new program in February that should help those who owe banks more than a home is worth get in on fixed-rate home loans as low as 4 percent.

“We keep pinching ourselves to figure out if it’s real,” said Payne, who spoke to Santa Fe Realtors on Wednesday. “It’s real.”

Sharon Yermal, a Wells Fargo mortgage specialist, has seen many people who may want to sell but instead refinance to take advantage of lower rates. They do so with five-year adjustable-rate mortgages with the idea of lowering monthly payments now but with the intent of selling when the market recovers.

“Five years seems to be the timeline they’re looking at,” she said. “They’re not looking for it to happen in the next year or two.”

Sales figures released by the association Wednesday indicate that the inventory of properties for sale is down 30 percent from two years ago, while new listings are down 18 percent over the past 12 months.

At the same time, residential sales rose 10 percent in the fourth quarter and 2.4 percent in all of 2011 compared with 2010.

The median sales price in the city fell to $289,000 in 2011 from $300,000, a decline of 3.3 percent. In the city and county combined, the median price dropped to $349,000 from $354,000.

Median prices in Santa Fe are now at a seven-year low.

“I am absolutely surprised how many homes I’m seeing on the market for under $200,000,” Murphy said.

Santa Fe after Winter Storm, photo by Renee Edwards

The Santa Fe Association of Realtors’ 3rd quarter MLS real estate statistics are out.  There is good news for both sellers and for buyers. First for sellers, inventory levels are down having shrunk 21.1% to 1,794 units, a positive supply-side improvement.  New listings were down, too, with 687 properties listed in the 3rd quarter of 2011 versus 816 new listings in the 3rd quarter of 2010, a 15.8% drop.  Days on market decreased 7.9% to 224 days from 3rd quarter 2010 to 3rd quarter 2011.  Absorption rates improved as month’s supply of inventory was down 23.4% to 16.8 months.

Now for buyers, the median sales price decreased 3.0% year to date from $330,00 in the 3rd quarter of 2010 to $320,000 in the 3rd quarter of 2011. Even better, Santa Fe’s housing affordability index increased from 92 in the 3rd quarter of 2010 to 107 in the 3rd quarter of 2011.  This index measures housing affordability for the region.  An index of 107 means that the median household income was 107% of what is necessary to qualify for the median-priced home under prevailing interest rates.  A higher number means greater affordability.

Different city areas experienced different activity levels in the 3rd quarter, although the total closed sales in the city for single family residences stayed flat with 148 closed sales in the 3rd quarter of 2010 and 148 closed sales in the 3rd quarter of 2011.

Area 3S, the Southeast (South) city limits, saw the greatest percentage increase in closed sales of single family residences in the city, a 133% increase, going from 3 closed sales in the 3rd quarter of 2010 to 7 closed sales in the 3rd quarter of 2011, although median sale prices declined in Area 3S from $650,000 to $359,000.  Area 01, the Northeast city limits, experienced the largest percentage decline in closed sales of single family residences, -35.5%,  with closed sales dropping from 31 closed sales in the 3rd quarter of 2010 to 20 closed sales in the 3rd quarter of 2011, although median sales price increased from $670,000 to $762,000.

17 Los Ojitos, photo by Renee Edwards

Elsewhere in the city, Area 02, the Northwest city limits, saw closed sales of single family residences increase 22.2% from 9 sales in the 3rd quarter of 2010 to 11 sales in the 3rd quarter of 2011, although prices stayed relatively flat, with the median sales price dropping from $400,000 to $399,000.

Area 3, the Southeast city limits, saw no closed sales of single family residences in 3rd quarter of 2011, down from 2 sales in the 3rd quarter of 2011.

Area 3N, the Southeast (North) city limits, was a bright spot in the marketplace, closed sales of single family residences increased from 32 closed sales in the 3rd quarter of 2010 to 35 closed sales in the 3rd quarter of 2011, up 9.4%, while median sales price increased from $573,500 to $620,000.

Areas 04N, 04S and 13, the Southwest city limits, experienced an increase in closed sales of single family residences, moving from 71 closed sales in the 3rd quarter of 2010 to 75 closed sales in the 3rd quarter of 2011, up 5.6%, but median sale price declined from $220,000 yo $209,900.

Eldorado was another bright spot, closed sales of single family residences increased from 22 closed sales in the 3rd quarter of 2010 to 33 closed sales in the 3rd quarter of 2011, up 50%, although median sales price slipped from $352,000 to $324,000.

The number of closed sales of single family residences elsewhere in the county increased from 111 closed sales in the 3rd quarter of 2010 to 117 closed sales in 2011.

In the Northwest sector of the county, Areas 24 and 25, where popular Las Campanas and Aldea are located, the number of closed sales of single family residences rose from 28 in the 3rd quarter of 2010 to 31 closed sales in the 3rd quarter of 2011, up 10.7%, although the median sales price declined from $742,500 to $699,000.

In the Northeast sector of the county, Areas, 15 and 16,the number of closed sales of single family residences declined from 8 sales in the 3rd quarter of 2010 to 6 sales in the 3rd quarter of 2011, down -25%,  and prices declined as well with the median sales price declining from $480,000 to $434,510.

In the Southeast sector of the county, Areas 05, 07, 08, 10, 14 and 26, the number of closed sales of single family residences rose from 43 in the 3rd quarter of 2010 to 55 in the 3rd quarter of 2011, up 27.9%, but the median sales price fell from $389,000 to $336,000.

Finally, in the Southwest sector of the country, Areas, 06, 11, 12 and 27, the number of closed sales of single family residences fell from 32 closed sales in the 3rd quarter of 2010 to 25 closed sales in the 3rd quarter of 2011 and the median sales price also fell from $318,641 to $282,500.

Are you interested in buying or selling real estate in Santa Fe?  Contact me, Karen Meredith, Keller Williams Realty, 314 S. Guadalupe Street, Santa Fe, NM  87501 (505) 603-3036.

All data from the Santa Fe Association of REALTORS® Multiple Listing Service. Data maintained by SFAR MLS may not reflect all real estate activity in these areas.  SFAR MLS does not guarantee, nor is it in any way responsible for, the accuracy of the data provided in this report.

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Richard Florida, Senior Editor of The Atlantic, posed the question in November, 2011 “which U.S. cities and metros have the most extensive artistic communities?”

With the help of Kevin Stolarick from the Martin Prosperity Institute,  he used data from the U.S. Census Bureau’s American Community Survey to rank the leading metros areas for their numbers of artists and the artists’ concentration relative to their population. They determined there are about 237,000 artists across the U.S., of which roughly 210,000 are located in cities and metro areas, in the category “artists and related orkers”, which covers both employed and self-employed visual artists in the United States:.

As expected, the list of the top cities with the largest number of artists tended to follow population size.  New York was first in total number of artists, followed by Los Angeles, Chicago came in third, San Francisco in fourth and Seattle in fifth place.

But when the author examined which metros have the largest concentration of artists relative to their population, the results were different. Using a measure called a “location quotient,” or LQ,  a ratio that compares a region’s share of artists to the national share of artists, Santa Fe came in first.

An LQ of one implies that its regional share equals the national average; less than one is less than the national average and greater than one is more than the national average. An LQ of two, for example, means a region has twice the national average of artists.  Santa Fe’s LQ was a whopping 7.587, almost double its closest competitor, San Fransciso, which had an LQ of 3.825, followed by New York at 2.573 and Los Angeles at 2.513.

Thanks to Richard Florida for quantifying what is immediately apparent the moment one sets foot in Santa Fe.  Art and beauty are everywhere!

To read the complete article, Most Artistic Cities in America.

Deena Chafetz teaches a chili workshop at Santa Fe School of Cooking. Photo by Selina Kok for The Boston Globe

This article was syndicated from The Boston Globe.  For a copy of the original article, click here.

SANTA FE — “Red or green?’’ In New Mexico, those three words make up the official state question. If you want both red and green  chili pepper sauce, you ask for “Christmas.’’

“We put them in everything and on everything; it’s what makes our cuisine special,’’ explains Deena Chafetz, a chef and teacher of the “Chile Amor’’ class at the venerable Santa Fe School of Cooking.

After this 90-minute workshop, which costs $50 per person, you are in a better position to decipher menus, know what’s in chili-infused guacamole, carne adovada (pork marinated in red chili), pizza with green chili sauce, and green chili beer. Early on, you can get what we call “chili chap’’: chapped lips from low humidity further irritated by hot food, certainly a rite of passage for any visitor from a more humid climate.

“The first thing you need to know is that red and green chilies are not different varieties. They’re the same peppers,’’  Chafetz says, smiling as she sees us novices absorb this new information. “All green peppers eventually turn red. So a hot green pepper will be a hot red pepper. Beyond that, it depends on the plant, the region, the soil, the weather. They can go from mild to very hot. So at a restaurant you need to ask, ‘Which is hotter today?’ It changes from day to day.’’

We learn that green chili sauce is always made from fresh roasted and peeled peppers (they can be frozen after roasting), while red sauce is made from either dried chili pods or chili powder.

“When I say powder, I’m not talking about what you all call chili powder,’’ she says. “Our chili powders are pure. What you use is for chili con carne, which is what the rest of the country calls chili. We New Mexicans do acknowledge its existence, but that’s about it.’’

We divide into groups and work at cooking stations to grill, peel, and dice green peppers, adding them to an onion and garlic mixture, and we make two red chili sauces, one from powder, and the other from pods. We sample them all on homemade tortillas.

“These are your staples,’’ Chafetz says. “Chilies are like wine. Not only do they taste different from different regions, as you get to know the flavors, you pair them with different foods.’’

For now, though, it is enough to know the difference between green and red. Which means that when we stop by the vibrant Santa Fe Farmers’
Market the next day, I have some inkling of what farmer Matt Romero isdoing as he turns a large drum over a flame to roast just-harvested green chilies. From August and into October, chili roasters set up shop across the state, at markets and in parking lots, selling charred, peeled and diced chilies by the bushel and infusing the air with an intoxicating aroma. (Bushels of green peppers are also set aside to redden and dry for later use.)

Romero explains the roasting process to photo-snapping tourists as he turns the crank. “We do this roasting in northern New Mexico and southern Colorado,’’ he says. “I don’t think you’ll find it anywhere else. It’s part of our culture.’’

One woman who has stopped at Romero’s stand is hauling off a clear plastic bag filled with about 35 pounds of chopped green chilies. “I’ll take this and divide it into quart size Ziplocs, and they’ll last all winter,’’ explains Shar Jimenez, a Santa Fe resident for 16 years. “I’ll use it over things, as a side, and as a garnish.’’ The heat level, she says, is “good and hot. I’d say a 7 or 8 out of 10. I have a 6-year-old daughter, so we won’t be using it as much as we used to.’’

As she hoists the bag into her back seat, she adds, “It’s also my car freshener. Smell how perfumey and fruity it is?’

Chafetz had told the class that California Anaheim chilies were the best (but not a perfect) East Coast substitute for fresh New Mexican peppers, but Romero has a better solution. “You want to time your vacation to the harvest, then just double bag a bushel and throw it in your checked luggage.’’
Santa Fe School of Cooking  116 West San Francisco St.,  Santa Fe, 800-982-4688, Classes start at $50 per person; market on site. 

Santa Fe Farmers’ Market   1607 Paseo De Peralta (Santa Fe Railyard), Santa Fe, 505-983-4098, Open Sat and Tue,  8 a.m.-1 p.m.