I spent last evening and the better part of today at a Summit for early childhood education in Santa Fe (invited in my capacity as a business owner) . On the surface the summit seemed to have noting whatever to do with real estate, but in a profound way, it did. The New Mexico Summit on Early Childhood Investment brought together business and community leaders to create awareness and support for early childhood development. I saw this intervention as a benefit to the next generation of home buyers.
Research has shown that early investment in childhood developoment, produces healthy, educated productive adults. As a matter of fact, is is being seen as the best investment any society could make. One quote: Quality early education for at-risk children can produce an annual rate of return as high as 16% - higher than most stock portfolios. Children, given a great start in life create the most skilled employees now and in the future , because parent of well children are not distracted by concerns about their well-being, and children given a great start are most likely to grow up to become capable, educated, responsible members of the workforce. My aha moment was: these children born today with the best prospects for success will be the next generation of homebuyers. Neglected, they are likely to become instead, costly casualties looking for handouts and incapable of providing for their basic needs.
So I left the summit wondering why it has taken so long for us to recognize what needs to be done. and a commitment to be counted among the individuals working towards providing good nutrition, health care, enlightened parenting and quality education for children 0 to 5 years.
As one of speaker explained, the status quo creates a moral problem with practical implications. The current state of neglect of early childhood development with its social and economic consequences is immoral. The practical solution lies in understanding the fundamental cause of the maladies, recognizing what needs to be done and doing it.
To find out more about how we can encure that the babies born today can grow up to be great clients, go to www.partnershipforsuccess.org.
Buyers and sellers of real estate always have numerous questions, as they should. Buying or selling a house is the single largest financial transaction most individuals are likely to undertake in a lifetime.
Questions relate to traditional concerns that include pricing, marketing, funding and financing, negotiations, property condition and preparation, repairs, and escrow. more recently, as if we did nor have enough that needed explaining, current economic conditions have added additional terms and conditions that need definition and explanation. Clients are now asking about inventory, days on the market, short sales, foreclosures, and stimulus (American Recovery and Reinvestment Act) funds.
And since as real estate service providers, we are always seeking new and improved ways to communicate with and educate our clients, we are happy when we get our hands on some new tool or training materials that will help us in this endeavor. I am happy to have received recently, a link to a delightful, short video on YouTube, compliments of Keller Williams, that helps explain the availability of a great government incentive for first-time home buyers. Learn who qualifies for the new tax credit: New Tax Credit- Who Qualifies?
Eloise Gift
Your Gift For Real Estate-Your Gift For All Seasons
Albuquerque has another name. The city has been fondly called the Duke City for years and now another name is becoming popular - The "Q." It has one advantage. It is easier to spell.
So what happened in the Q this week? Many of us in the real estate business are feeling hopeful about the market and are pleased that first-time home buyers in particular seem to be taking advantage of the large inventory and continuing low rates and other available incentives.
Of course, the housing market is only a barometer of the overall economy, so what indicators in the Q this past week are leading to positive real estate outcomes? Here are some.
The Q is still a popular destination for tourists, retirees, and job seekers. Our stimulus package increased to more than $3 billion. New Mexico's unemployment rate is well below the national average. The weather was fantastic all week and Homeland Security held its first Advisory Meeting in the Q with Secretary Napolitano, Atty General Holder and other VIPs from Washington, DC.
The Q may just be inching its way up from the #2 spot on Kiplinger's Top Ten Cities.
The news media are full of chatter about the American Recovery and Reinvestment Act, more often referred to as the stimulus package, and how they are being used. Almost everyone has an opinion. Lawmakers in some states have rejected the funds. In others, they welcome whatever money is available with open arms. Most have a need to make the shortfall brought about by the worldwide economic downturn and are even critical of the way the money is being spent. A recent article in the local newspaper criticized the spending of money allocated for transportation because buses and trains were bought in Canada and in another state. The government had to justify the expenditure. The city bought buses and trains with earmarked for transportation in the same way it always has. We have known even before the first trains arrived last year, that the Rail Runner Express was manufactured in Canada. New Mexico does not build or manufactire buses and trains.
In our city, the mayor integrated ten implementation teams to track and bid on the available federal funds. I assume that all states except for those that are in the enviable position of not needing the funds, have made similar arrangements for their proper management and distribution. I consider it an honor and a privilege to have been selected to serve on one of the teams. I hope to be able to look back soon on a flourishing state and national economy with pride for having played a part in working with the governor of our state, the mayor of our city and the members of all the stimulus teams to help in the economic recovery and smooth transition from bad to better times.
Eloise Gift is Associate Broker at Keller Williams Realty in Albuquerque, NM. She was appointed by Mayor Martin Chavez to serve on the Stimulus Implementation Team for the City of Albuquerque. She can be reached directly at 505-363-5156 or at her office at 505-897-1100. You may network with her on facebook and linkedIn, orfollow her on twitter.
Paradise East is a part of the Wetside Community of Greater Albuquerque. During the last three months, 19 homes sold in Paradise East. Currently, no homes are under contract awaiting escrow in the are. Seventy-two are actively listed for sale.
The homes that sold were on the market for an average of just over 75 days and sold at an average of 96% of their listed sales price. The average listing price of the sold homes was $230,000. The average selling price was $221,000. Homes currently listed are at an average price of $313,000.
Market Trends in the Greater Albuquerque Area
This Paradise East sub market reflects somewhat the market of the entire Albuquerque area that is seeing a decreasing inventory even though the number of new listings entering the market have increased. The combined total for active detached, single family homes, condos and town homes is just over 6,000. That's good! Also good is that we had more closed sales in February than in January but there are fewer pending sales (properties with accepted offers awaiting closing). In January we had 324 closings and in February, 343 - significantly less than at the same time in 2008. And not every market is seeing sales activity. The busiest areas of the Albuquerque Southwest Multiiple Listing Service community for the month of February were City of Albuquerque and Rio Rancho followed by the Los Lunas, Belen, Bosque Farms area.
Conclusion
It is difficult to evaluate the trend of the market based on current statistics. More new listings entered the market in February than in January but inventory is down and time on the market has increased. Average price decreased, but the median increased. Some Southwest Multiple Listing Service areas are seeing little or no sales activity. The mixed messages may be the result of seasonal adjustments or market conditions, or a combination of both. We hope the arrival of spring will bring a more clearly defined trend and help us clarify the direction of the market.
Indicators for February's residential real estate market in the Greater Albuquerque Area were inconclusive as to whether the e. market was shifting upward or down. We had more new listings entering the market than in January but the inventory is decreasing. The combined total for detached, single family homes, condos and townhomes is just over 2,000. That's good! We had more closed sales in February than in January but fewer pending sales (properties with accepted offers awaiting closing). In January we had 324 closings and in February, 343; significantly less than at the same time 2008. Not every market area saw activity. The busiest areas for the month were City of Albuquerque and Rio Rancho followed by the Los Lunas, Belen, Bosque Farms area.
Average sales price continued its downward trend, but the median price showed a slight increase. The average sales price for single family homes was $209,515. The median was $184,900. The top selling price range for detached homes was $200,000 to $249,000, and for condos and townhomes $140,000-$159,000. The average number of days on the market increased to 96. We approximately a nine-month supply of homes listed for sale.
Content provided by: Greater Albuquerque Association of Realtors, http://abqrealtors.com
Body Count 13, the headline of the Albuquerque Journal screams in bold three-fourths-inch type. And in smaller type, making us breath a sigh of relief, There’s no Serial Killer on the Loose, APD [Albuquerque Police Department] Chief Says. But the unearthing of so many bodies next to a gated community on the edge of the southwestern expansion of the city is a worrisome mystery that continues to unfold. Two of the bodies have been identified as young women in their twenties who disappeared 2004-2005. The cause of their death and why they were buried in that spot is yet to be determined. The search continues. No one knows if more bodies lie hidden there. Local and national television news photographs showed a site that looks like a huge archeological dig. I needed to see it for myself.
Just over a year a go, I helped a client move into a gated community adjacent to vacant lands that are now the subject of this search. I called up my former client and we agreed to visit the site together. The directions are: south on Coors to Dennis Chavez, to right on 118th Street across from the neighborhood school being built according to LEED specifications. The gates swing open for me as I turn right from 118th street into my former client’s community. He is waiting for me. He climbs into the car and we return to 118th, turn right and in two minutes are at the excavation site. It is as I saw it on CNN--neat mounds of earth and trenches are spread over the fenced-off 100 acre area that a builder had started to prepare for residential construction. Some of the dig is quite close to the street. A van parked on the site has “Crime Lab” prominently written on its side. We park near a police car on the street and get out of our car for a closer look and to take pictures. The site is quiet. Today is Sunday. My client says that on weekdays diggers with shovels are all over the site. A few other people are are parked nearby and are taking pictures also.
One of the photographers is from the Albuquerque Journal and we talk about how unlikely it seems to have a crime scene in such a beautiful spot. The mesa stretches peaceful, serene and undisturbed as far as eye can see westward. Eastward and to the south, the Sandia and Manzano Mountains rise - today a blue-green backdrop for the city of Albuquerque. As the city expands westward in the only direction in which undeveloped land remains available, we have arrived at this place that as recently as five years ago was peaceful, pristine, undisturbed land conceivably ideal for the perfect crime or a permanent resting place. As things stand, New Mexico, geographically one of the largest states in the Union and in population one of the smallest, seems paradoxically blessed and cursed with an abundance of such spaces.
Almost one year ago, my client, a former real estate professional himself, relocated from another state and chose to buy a home in this newly developing area precisely for the beauty, the views and the nearby vast open spaces. Had it not been for the downturn in the community, building in this adjoining development would have continued without interruption and we would not have had to wait for for hikers to make the gruesome chance discovery. Findings, so far, indicate that disturbance at the site apart from that of the builder, date back four or five years, hence the APD’s determination that no serial killer is currently running loose. For the time being, residents are breathing a sigh of relief. A feeling of security is restored, but the discovery is unfortunate and disquieting. Residents of Albuquerque and indeed all of New Mexico are unhappy and saddened by the discovery. They hope no more bodies will be found, and impatiently await the solving of the mystery.
A few days ago the Southwest Multiple Listing Service (SWMLS) issued a press release on local market conditions. Except for their apparently more significant percentage drop in the price of single-family detached homes, their evaluation of the market was in sync with my4th quarter evaluation based on my personal experience, market observation, and SWMLS statistics. It was clear that our single-family detached home sales were at their lowest ever in terms of price, number of sales, and days on the market. My evaluation, less detailed, did not specify the percentage decrease. (I take it for granted that my readers will do that math.)
Alas! SWMLS transposed some numbers and ended up with a steeper percentage drop in prices than actual. SWMLS issued a correction for that error. However, the essential truth remained, that residential real estate prices have fallen. The percentage drop was just not as significant as SWMLS reported. In the Greater Albuquerque Area, we are having real estate challenges just like everywhere else across the nation and perhaps the world. It's just that up to now, our challenges are still not as severe as in some other areas.
In the meantime we hope we are seeing the worst that the market can offer. We continue to do our part towards contributing to the stimulation of the economy for a rebound in the shortest possible time. We want to say good-bye to economic doldrums. We are thinking jobs, money, earnings to buy necessities - food, shelter, health care, nice homes that we can keep for as long as we want to.
In the Greater Albuquerque Market, inventory is shrinking (thumbs up), number of days on the market has increased (thumbs down), volume of sales has declined (thumbs down), and average and median prices are the lowest of the year (thumbs down). Nevertheless average condo and townhome prices are their highest since 2001 (thumbs up) and for single-family detached homes, only 2006 and 2007 record higher average and median prices. (Not bad!)
Single Family Detached Homes
During the last quarter of 2008 in the Greater Albuquerque Area, 3,448 single family new listings entered the market, the lowest number of all four quarters. Similarly, the number of total active listings, 5, 237 was the lowest. Of these, 1, 545 went into pending (contracts written) and 1,389 closed at an average sales price of $218,900 and a median of $182,500. Of the homes that sold, the average number of days on the market was 75.
For single detached homes, the 4th quarter saw the lowest sales, the lowest average price the lowest median price, the longest number of days on the market, and the lowest number of closed sales. In the 1st quarter, we recorded 5, 943 total active listings with 5,244 new listings entering the market. The average sales price was $229,100, the median $188, and average days on market: 71.
Condos and Townhomes
For condos and townhomes, the picture was somewhat similar to that of single family detached homes. In the last quarter of 2008, 397 new condo and townhome listings entered the market. We had a total of 611 active and of those we sold 169. The average price was $160,000 and the median, $159,000. The number of days on the market was slightly higher than that of single detached homes: 79 days.
We had fewer condo and townhome listings entering the market than we did in the first quarter of the year. Fewer sold than in the first quarter (210) and the number of the days on the market (79) was the highest for all four quarters. The average price was slightly lower -- $160,000 compared to $162,600 in the first quarter and $167,000 in the second quarter, but definitely higher than in the third quarter when the average price fell to $155,700.
Prices rebounded slightly from the second and third quarters for condos but single detached homes registered a steady decline in prices (thumbs down), number of homes sold (thumbs down), number of days on the market (thumbs down), and in inventory (thumbs up). Information courtesy of Greater Albuquerque Association of Realtors http://abqrealtors.com
Eloise Gift A Gift for real estate-A Gift for all seasons www.eloisegift.com
9115 Ladron is a delightful property on the High Mesa of Northwest Heights in the city of Albuquerque, Bernalillo County, New Mexico. The home is pleasant, spacious, and full of light. It is surrounded by well-maintained parks and by schools built to green specification. Take a virtual tour of this lovely property that is waiting for you to make it your home. Take the Tour!
News, views and information about the Greater Albuquerque region of New Mexico - neighborhoods, real estate market, buying, selling, and investing in homes and land by Eloise Gift, broker/ owner of Gift Realty NM; information about Northeast and Northwest, Southeast, Southwest Heights Los Ranchos, North Valley, Placitas, Corrales, Rio Rancho, Los Lunas.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Albuquerque has another name. The city has been fondly called the Duke City for years and now another name is becoming popular - The "Q." It has one advantage. It is easier to spell.
The news media are full of chatter about the American Recovery and Reinvestment Act, more often referred to as the stimulus package, and how they are being used. Almost everyone has an opinion. Lawmakers in some states have rejected the funds. In others, they welcome whatever money is available with open arms. Most have a need to make the shortfall brought about by the worldwide economic downturn and are even critical of the way the money is being spent. A recent article in the local newspaper criticized the spending of money allocated for transportation because buses and trains were bought in Canada and in another state. The government had to justify the expenditure. The city bought buses and trains with earmarked for transportation in the same way it always has. We have known even before the first trains arrived last year, that the 
Indicators for February's residential real estate market in the Greater Albuquerque Area were inconclusive as to whether the e. market was shifting upward or down. We had more new listings entering the market than in January but the inventory is decreasing. The combined total for detached, single family homes, condos and townhomes is just over 2,000. That's good! We had more closed sales in February than in January but fewer pending sales (properties with accepted offers awaiting closing). In January we had 324 closings and in February, 343; significantly less than at the same time 2008. Not every market area saw activity. The busiest areas for the month were City of Albuquerque and Rio Rancho followed by the Los Lunas, Belen, Bosque Farms area.
A few days ago the 
Overview
9115 Ladron is a delightful property on the High Mesa of Northwest Heights in the city of Albuquerque, Bernalillo County, New Mexico. The home is pleasant, spacious, and full of light. It is surrounded by well-maintained parks and by schools built to green specification. Take a virtual tour of this lovely property that is waiting for you to make it your home. 
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