Tag Archives: Santa Fe Real Estate Prices

2013 was a Year of Slow, Steady Progress for Santa Fe

St. Francis Cathedral

St. Francis Cathedral

This article originally appeared in The New Mexican on December 30, 2013 and is syndicated from The New Mexican.

By Bruce Krasnow, The New Mexican, December 30, 2013

Except for the stock market, nothing else bounced in the Santa Fe business community this past year.  But for most entrepreneurs, job seekers and homebuyers, 2013 was a year of slow and steady progress. There were more home sales, new renovation and change downtown, and a healthy tourism industry that filled more hotel rooms and restaurants.  Job and income growth, however, are still lacking in New Mexico as the state economy is still tethered to federal government hiring and spending — and that is not likely to change in the coming year.

Here are the ups and downs of the 2013 business year in Santa Fe:

Residential real estate

With December numbers still to be counted, it is almost certain that 2013 will bring the most residential home sales in Santa Fe County since 2007. The lower end of the market was especially strong, with more than 100 sales per month for homes under $500,000 — a seven-year high. In the higher-end market, sales picked up in October, and the year saw the most $1 million-plus sales since 2008, according to data provided by Alan Ball of Keller Williams Santa Fe.

At the end of the third quarter, the Santa Fe Association of Realtors reported that year-to-date home sales were up 8 percent, while the total dollar volume of sold real estate in the third quarter rose 18 percent to $187 million from $158 million.

“Do you hear that hum,” the association wrote in October. “That’s the delightful sound of normalcy: Buyers are buying, sellers are selling. Sure this varies from region to region, even city to city, but by and large things are returning to normal.”

Though more homes are selling, it isn’t necessarily the case that prices have climbed. In the 12-month period ending in October, for instance, New Mexico was the only state to see a price decline, although it was a slight 0.5 percent, according to CoreLogic, a firm that tracks real estate trends.

“The consensus is growing that prices bottomed in February of last year. The rebound has been strongest in the Western states — primarily California, Nevada and Arizona. That said, of the 100 distinct markets that CoreLogic measures, 99 showed year-over-year gains. Only New Mexico reported a drop,” wrote the website marketrealist.com on Dec. 4.

Construction

Most of the construction activity in 2013 was in the non-residential sector, which is seeing a 40 percent growth in permitting activity from a year ago, according to McGraw Hill Construction. A good chunk of that is probably the result of two large downtown hotel projects — La Fonda’s renovation and the Drury Hotel project on Paseo de Peralta between Alameda Street and Palace Avenue.

Smaller developments on Cerrillos Road brought a new CVS pharmacy and Ashley Furniture store as well as the continued development of Las Soleras, where a McDonald’s and Starbucks took shape across from the Wal-mart Supercenter.

On the horizon for 2014 will be a string of health care-related projects: an outpatient clinic by Presbyterian Healthcare Services on St. Michael’s Drive; a new Veterans Affairs outpatient clinic at Las Soleras and a south-side primary care center by Christus St. Vincent Regional Medical Center.

The main Christus hospital on St. Michael’s Drive also is committed to more renovation as it converts patient rooms to single occupancy and is planning an expansion of its intensive care and cardio care units.

All eyes will also be on the main U.S. Post Office in downtown Santa Fe to see what happens to the 30,000-square-foot space. Postal Service administrators said they were negotiating with a new landlord — one possible location is the old Borders space in Sanbusco Market Center — but were not prepared to release further details, a spokesman said in early December.

If the post office relocated, that would leave a large vacant space in the federal building, just a block from the now-empty state District Court building on Catron Street, which is owned by Santa Fe County.

The downtown retail landscape also saw a big change this fall with the closing of the longtime Packard’s on the Plaza store. The new owners, Scott and Karen Malouf, opened a new retail business in the space during Thanksgiving week.

Tourism and hospitality

The biggest positive note on the jobs front was the resurgence of the leisure and hospitality sector — both in Santa Fe and statewide — as renewed interest in cultural tourism and the Breaking Bad cable series sparked increased interest in New Mexico.

The tangible results have been tourism growth — hiring in the sector has now surpassed prerecession levels — and hotel occupancy levels are ahead of last year.

Statewide, occupancy reached 61 percent through November, up from 59 percent a year ago. In Santa Fe, yearly occupancy stood at 64.8 percent at the end of November, up from 59.8 percent a year ago, according to the Rocky Mountain Lodging Report.

Finally, the city of Santa Fe has seen a rebound in the amount of gross receipts tax it collects from economic activity. The tax is the broadest measure of local spending by both residents and tourists, and captures everything from retail purchases to contract work, private tutoring, art purchases and real estate commissions. In the first six month of the 2013-14 fiscal year, GRT collections are up almost $3 million from a year ago, a 6.7 percent boost.

Better still, for the first time the revenue is tracking about where it was for the first six months of the prerecession 2007-08 fiscal year.

“The fact that the increases are spread out over almost the entire range of categories is a good sign for the overall improvement of the local economy from a year ago,” city Finance Director Marcos Tapia said in an email. “We know there was concern about the possible impact of the 16-day federal furlough in October, but if it affected us, it is hard to identify in these numbers.

“While the trend this fiscal year has been surprisingly strong, the February GRT report containing Christmas and Holiday spending will still be of major importance since that is consistently the largest monthly GRT amount of the year.”

 

2012 Santa Fe homes sales on pace to be best in five years

The New Mexican reported on August 11, 2012 that the summer of 2012 so far represents a rebound for residential sales in Santa Fe County.

The 158 residential sales in June were the highest number of closed transactions in 57 months. July’s sales total of 143 showed the trend continuing. Barring unforeseen circumstances, such as another financial crises, total sales in 2012 are on pace to be the best since 2007.

The total number of sales in the first seven months of 2012, 879, represents a 14 percent increase over 2011 and a 40 percent increase from 2009.

The sales have occurred in all price ranges. There have been 42 residential sales of $1 million or higher so far this year, and 366 sales at $300,000 or below according to statistics complied by Alan Ball, local real estate statistician guru.

The New Mexican observed that “Though the boost is helping the overall economy — with more business for agents, appraisers and inspectors, and increased revenue for local governments that collect gross receipts taxes — it does not necessarily mean jubilant sellers, since prices have not significantly increased from the bottom.

In the second quarter of 2012, the median sales price in the city and county combined had declined 6.8 percent from a year ago. And overall in Santa Fe County, the typical home has lost 30 percent of its value from the top of the market in 2007, according to some estimates.

That has led to a smaller inventory of homes as more owners refinance and stay put, waiting for prices to climb — especially as interest rates have remained low. At the end of June, for instance, there were 1,571 homes on the market countywide — a decrease of 19 percent from a year earlier, according to the Santa Fe Association of Realtors.

For those looking to buy, there is a new database to determine the average closing costs on a $200,000 loan in New Mexico. According to Bankrate.com, which surveyed five to 10 lenders in each state, those average costs total $3,617, including $435 for an appraisal, $495 for processing and $1,058 for the origination fee on the loan. In New Mexico, the average cost of a title search and insurance on a $200,000 loan is $1,434, according to Bankrate.

The 50-state average for closing fees is $3,754, with New York highest at $5,435 and Missouri the lowest at $3,006.”

To view the Bankrate.com website.

Original article by:

Bruce Krasnow | The New Mexican
Posted: Saturday, August 11, 2012

Santa Fe area home sales up, while median prices decline

By Chris Quintana | The New Mexican
Posted: Thursday, July 12, 2012, this article was syndicated from The New Mexican, click here for the original article

The median sales price for homes in the Santa Fe area — including both the city and the county — dropped 6.8 percent between the second quarter of 2011 and the second quarter of 2012, the Santa Fe Association of Realtors reported Thursday.

The median sales price in the combined city and county data for the second quarter of 2011 was $359,000 compared to $334,450 for the first quarter of 2012.

Dan Wright, 2012 president of the Santa Fe Association of Realtors, attributed that change to the gradual drop in the market since the peak in 2007, when the median price hit about $420,000.

“We’re at the tail end of the decline in the market,” he said. “Personally, I don’t think it will continue to go down at this point.”

The total number of homes sold in the second quarter rose by 5.6 percent, from 318 units in 2011 to 336 units in 2012.

But the total value of those home sales sank from $151.9 million in 2011’s second quarter to $144.9 million in 2012’s second quarter, which Wright said creates a more advantageous market for buyers.

Second-quarter sales of condos and townhomes also rose, to 74 units from 60 units. The median price rose from $237,188 to $245,000. Wright said low interest rates may have helped boost the market.

“The Santa Fe housing market is picking up with sales modestly over last year,” he said. “The historically low interest rates are helping to get buyers motivated.”

The inventory of available homes sank by 15 percent in comparison to the second quarter of last year. Coleen Dearing, vice president of the association, said that can be attributed to people pulling their homes off the market or people who have decided to take advantage of low refinancing rates. Dearing also said the increase in home sales has affected the inventory rate.

Also notable, the number of young homeowners, in the 23 to 25 age range, has risen for the first time in five years, according to Gilbert Garcia, a mortgage professional with Century Bank. He said organizations that can help lower the down payment, such as the New Mexico Mortgage Finance Authority or the Santa Fe Housing Trust, coupled with low mortgage rates, have helped young people get into the housing market.

Garcia added that banks are indeed lending, though the process requires more documentation of financial information than in years past.

“It’s not harder,” he said. “It’s just more.”

Garcia also said banks in the area have seen the foreclosure rate slow down while the refinancing of mortgages and new purchases of homes have been on the rise.

“The number of foreclosures is not leveling off, but it’s slowed down a bit,” he said. “But it’s going to get tougher before it gets easier.”

 

 

First Quarter 2012 – Santa Fe Home Sales Are Up While Inventory Is Down

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.


Business Insider reports Santa Fe ranks 11th on list of the Top 15 Housing Markets for the next 5 years, December 8, 2011

Santa Fe after Winter Storm, photo by Renee Edwards

Business Insider recently reported that the latest data from Fiserv Case Shiller shows that national home prices are expected to grow at an annualized rate of 3.2% between 2011 and Q2 2016.

Business Insider combed through Fiserv’s data and picked the 15 best housing markets for the next five years.  Santa Fe ranked number 11 of out of the top 15 on Business Insider’s List of the best housing markets for the next five years.  Business Insider predicted Santa Fe would have “Annualized growth from 2011 – 2016: +9.1%“.

Business Insider further reported “Santa Fe has a low unemployment rate of 5.4% and a median household income of $70,000. Its home prices are only down 17.7% since they peaked in Q4 2007.
Data provided by Fiserv Case Shiller Indexes”
To read more: http://www.businessinsider.com/best-real-estate-markets-2016-2011-12# Original article by Mamta Badkar, December 8, 2011.

Santa Fe Market Report – The Santa Fe City North West Area

The North West city area of Santa Fe includes the popular and affordable neighborhood of Casa Solana.  Built in the 1950s and 1960s by the well known and locally beloved developer Allen Stamm, Casa Solana has beautiful mature trees, sidewalks and paved streets.  Residents enjoy a neighborhood pool and convenient shopping at the Solana Center.  Homes here have the Stamm traditional features of vigas, hardwood floors, fireplaces and solid construction.

As you travel down West Alameda, newly constructed homes appear on larger, more open tracts.  Homes begin to spread out a bit and horse farms emerge to dot the landscape.  Some lots in the hills offer 360 degree views, while others have a beautiful view of the Santa Fe city lights.

Along US Hwy 84/285 at the exit for the world renowned Santa Fe Opera is Monte Sereno, one of Santa Fe’s newer neighborhoods.  Homes here enjoy breathtaking views of the majestic Sangre de Cristo and Jemez Mountain ranges on lots averaging 1.7 acres.

The North West city area also includes Zocolo, a residential condominium community of casita-style homes centered around small plazas.


If you would like to know more about any of the homes for sale in the Santa Fe City Northwest Area, contact me or if you would like a free market analysis of your home contact me, Karen Meredith, Keller Williams, by e-mail or at (505) 603-3036. 

Return to view more SANTA FE NEIGHBORHOODS

Santa Fe Real Estate News – Santa Fe City Southeast Area

The Southeast city area of Santa Fe includes Canyon Road, one of the most famous roads in the country for its art galleries, the picturesque Historic Eastside with its winding, narrow streets lined with some of Santa Fe’s oldest homes hiding behind adobe walls, South Capitol whose centerpiece is the Round House, Santa Fe’s state capitol building,  and St. Vincent Hospital, Santa Fe’s regional hospital.  The Southeast city area also contains  four world class museums on Museum Hill, which gives its name to the surrounding neighborhood of  larger homes on oversized lots.  Further out and near the boundary where the city of Santa Fe ends and Santa Fe County begins is Quail Run, a gated residential community with a nine hole golf course, health spa and restaurant.

Santa Fe Market Report
Featuring The Santa Fe City Southeast Area

Active SFAR Listings
All Santa Fe Listings (4/14/11)
Residential: 2215
Residential Land: 1486
Farm & Ranch: 122
Commercial Land: 64
Multi Family: 31
Commercia Buildings: 173
Live/Work: 21


The Santa Fe City Southeast Area Snapshot


Days on Market (DOM)
The Santa Fe City Southeast Area – Residential Sold*


Selling Price: % of List Price
The Santa Fe City Southeast Area – Residential Sold*

If you would like to know more about any of the homes for sale in the Santa Fe City Southeast Area, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036. For a free market analysis of how much your Santa Fe City Southeast Area home is worth, click here.

 Return to view more SANTA FE NEIGHBORHOODS

Santa Fe Real Estate News – The Bellamah Neighborhood

Santa Fe Market Report
Featuring The Bellamah Area


Active SFAR Listings
All Santa Fe Listings (3/10/11)
Residential: 2154
Residential Land: 1436
Farm & Ranch: 120
Commercial Land: 68
Multi Family: 31
Commercia Buildings: 164
Live/Work: 19


The Bellamah Area Snapshot


Days on Market (DOM)
The Bellamah Area – Residential Sold*


Selling Price: % of List Price
The Bellamah Area – Residential Sold*

BROWSE FOR BELLAMAH HOMES FOR SALE HERE

If you would like to know more about any of the homes for sale in the Bellamah neighborhood, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036. For a free market analysis of how much your Bellamah neighborhood home is worth, click here.

RETURN TO VISIT MORE SANTA FE NEIGHBORHOODS

4th QUARTER 2010 – HOME SALES SLOW WHILE MEDIAN PRICE HOLDS STEADY

City and County of Santa Fe home sales slowed from 274 in the 4th Quarter of 2009 to 227 in the 4th Quarter of 2010. The overall median price of homes in the City and County during the 4th Quarter held steady showing a modest increase to $340,000 in the 4th Quarter of 2010 from $335,000 in the same quarter of last year. The volume of home sales was off only $18M or $129M in the 4th Quarter of 2009 compared to $111M in 2010.
 
Condo and townhome sales rose in sales from last year with 60 sales in the 4th Quarter of 2009 and 76 in the same Quarter of 2010; however, the median price dipped from $250,000 in the 4th Quarter of 2009 to $232,500 or an 8% drop in the same Quarter of 2010. Land sales slowed from 43 in the 4th Quarter of 2009 to 32 in the most recent 2010 Quarter with prices down from a median of $160,000 in 2009 to a median of $134,500 in 2010.
 
  “While Santa Fe City and County single family home sales slowed in the 4th Quarter, condo and townhome sales showed a modest increase perhaps the first signs of the return of the second home market,” stated JoAnne Vigil Coppler, 2011 President of the Santa Fe Association of REALTORS®. “Sluggish sales in the 4th Quarter generally reflected the mood of the country as we settled in for the national Election results. More recently the market has shown an upswing of activity and buyer interest especially when interest rates began to inch up,” she added. 

“With a seasonal drop in inventory, single family home sales have slowed with values holding steady in our housing market,” said Ms. Coppler. “Buyers who are watching the market closely; particularly the increase in interest rates and stabilization of several federal tax policies, are beginning to move off the fence,” she noted.

 

The median sales price is determined from only those sales listed on the Santa Fe Association of REALTORS® Multiple Listing Service, which does not include every sale in the area but has been used historically to track trends in the home buying market.

Santa Fe Home Sales Up as Prices Tumble

This article is syndicated from The New Mexican, click here for the original article.

By Bob Quick | The New Mexican
Posted: Wednesday, July 14, 2010

Lower prices and even lower mortgage rates propelled Santa Fe home sales in the second quarter of 2010, increasing 40 percent from depressed levels a year ago.

“It’s a nice little perfect storm for anyone who wants to get into the real estate market,” said Lois Sury, president of the Santa Fe Association of Realtors.

Sury spoke at Santa Fe Association of Realtors’ quarterly news conference to discuss residential and commercial real estate sales in the second quarter of 2010.

“Santa Fe homes are selling across all price ranges during the second quarter of 2010,” Sury said. “During April, homebuyers were still taking advantage of the federal fax credits, but sales remained strong in May and June.”

Alan Ball, a title company executive who publishes a newsletter about Santa Fe real estate, agrees the real estate market got a boost from the federal homebuyer tax credit, but it was not as popular here as elsewhere, where home prices are lower.

Ball’s concern is inventory. “We’re not making much progress. That’s because there’s so much inventory combined with very difficult conditions for lending approvals these days.”

At the same time the number of Santa Fe home sales was up, the median sales price of houses sold in the city dropped from $307,500 to $288,000 in the second quarter of 2010.

In Santa Fe County at the same time period, the median price of a home fell to $411,250 from $450,000.

In addition, the 2010 second-quarter home sales volume rose by $36 million when compared to the home-sales volume in 2009.

Total city/county condo/townhome sales numbered 58 in the second quarter of 2009, compared with 57 last year in the same time period.

And total city/county land sales showed some sluggishness, with 27 lots sold in the second quarter of 2010 compared with 32 for same period in 2009.

Overall, “everything appears to be selling,” Sury said, “The signs are all positive.”

For her part, Judy Balch, vice president and mortgage lending manager at First National Bank of Santa Fe, confirmed that residential rates are low, with a 30-year mortgage fixed at 4.5 percent with no points.

“That’s excellent,” Balch said, adding that the rate for a jumbo mortgage ($427,000) was just over 5 percent.

Balch said the bank expects rates to remain low for the rest of 2010.

Ball agrees that low rates are helpful, but he points out that buyers are nevertheless lethargic because they’re afraid homes they buy might drop in value.

“It doesn’t matter what a house is worth a year after they buy it,” Ball said. “They need to hold the house for seven to 12 years. It will be worth more then, but not six months or a year.”

Ball has some expectations as Santa Fe moves through the prime real estate season, which runs through October, that sales could pick up.

“It’s not just the three summer months” when the most Santa Fe residential real estate is bought and sold, he said. “It’s too early to pass judgment on the year, but I don’t see any big leaps forward. There will be some very small steps.”

As for commercial real estate, John Shepler, who has his own real estate firm, said sales and leasing “are still fairly slow. We’ve seen some small movement in the downtown corridor.”

Shepler expects the rest of the year to be much the same.