Santa Fe Foreclosures surge – Santa Fe New Mexican
Posted on 30 July 2010 | No responses
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Good story in the Santa Fe New Mexican about the continued growth in real estate foreclosures. I was quoted in this article and in a radio story on KSFR, my opinion being it’s not over yet, and we have more foreclosures to come in Santa Fe County before we start seeing daylight.
Frank O’Mahony, who opened up his Evolve Real Estate Santa Fe last year — the worst in at least a decade for home sales here — has done an analysis of the market on his website. He sees inventory rising whenever sales percolate.
“There is a huge overhang of people holding back, waiting to put their homes on the market,” he said.
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Compounds – not just for the Godfather any more!
Posted on 30 July 2010 | No responses
Here in Santa Fe I’ve noticed more clients asking – and more agents marketing – for Santa Fe properties that could be described as Compounds. I guess it’s the cocoon effect - the desire to retreat to a safe, comfortable place surrounded by familiar things and faces. These clients are asking about homes that are “flexible” or “configurable” – reminds me of when people started asking for home-office space. But in this case it’s extra bedrooms/bathrooms, preferably with a separate entrance. In some cases it’s to allow the owner to generate some rental income, but more and more it’s to accomodate another family member – one they want close, but not that close!
I have a wonderful Santa Fe home for sale in the Museum Hill district, which is about 10 minutes from downtown. The home has a guesthouse, a studio and a main house – all three could be separate or integrated, and that’s what people seem to like about the place. I had one son & mother very interested in the property and their plan was for the son to live in the guesthouse, the mother in the main house and the studio for guests and a meditation space.
Another Santa Fe home for sale is in the exclusive East Side and it’s really a compound too, with a main house, guesthouse, chapel (!) and a number of outbuildings.
Room for Grandma, space for the kids or grandkids (both of these properties are in great santa fe school districts), space to stretch, indulge in hobbies, arts & crafts….
Is the Compound the next thing?
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What’s the State of the Santa Fe Real Estate Market?
Posted on 28 July 2010 | No responses
| 90-day stats for Single Family properties in SANTA FE, NM as of July 23, 2010 | |||
|---|---|---|---|
| Median List Price: | $518,365 | Average List Price: | $760,373 |
| Total Inventory: | 1,606 | Price per Square Foot: | $219 |
| Average Home Size: | 2,325 | Median Lot Size: | 57,868 |
| Average # Beds: | 3.28 | Average # Baths: | 2.91 |
| Homes Absorbed: | 46 | Newly Listed: | 76 |
| Days on Market: | 233 | Average Age: | 7 |
| 90-day stats for Condo properties in SANTA FE, NM as of July 23, 2010 | |||
|---|---|---|---|
| Median List Price: | $295,362 | Average List Price: | $386,486 |
| Total Inventory: | 553 | Price per Square Foot: | $236 |
| Average Home Size: | 1,236 | Median Lot Size: | n/a |
| Average # Beds: | 2.15 | Average # Baths: | 2.10 |
| Homes Absorbed: | 14 | Newly Listed: | 18 |
| Days on Market: | 270 | Average Age: | 8 |
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Your Heaven in Tesuque! (Santa Fe land for sale)
Posted on 26 July 2010 | No responses
One the market today, this wonderful 3.5 acres of land in Tesuque, north of Santa Fe. Incredible views in all directions, unobstructed and magical. Shared well, electricity to the site. The subdivision is gated and walled, and it’s just minutes from the elegant Encantado Resort, from Tesuque Village Market and from the Santa Fe Opera. Come see it! Call Frank at 505 699 3985.
The Roller-Coaster Ride called a Short Sale
Posted on 24 July 2010 | No responses
The New York Times has a great story today about understanding and navigating short sales. The story’s New York-centric of course, but the lessons and ideas are – sadly – universal. Here in Santa Fe we have a smaller number of short sales, but they are at every price range, and in every location from Airport Road to Las Campanas.
Short sales are a gentler alternative to foreclosure for both sellers and lenders. “Compared to a foreclosure, a short sale generally allows an easier transition for the borrower, less impact on their credit history, and larger net proceeds to the loan’s owner,” said Tom Kelly, a spokesman for JPMorgan Chase, adding that Chase encourages borrowers who are unable to keep their homes to consider short sales.
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