Eloise's Blog

Market Update - In Albuquerque, New Mexico Real Estate is Local

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Sat, 24 Apr 2010 15:31:12 -0700

All real estate is local so while we read the national news and stay abreast of what is happening in other states, we must remember that what is true of the markets in other parts of the country at any one point in time may not be not be true for Albuquerque, New Mexico.

The downturn wave in the real estate market reached the Greater Albuquerque area of New Mexico in the fall of 2007 almost a year later than several other states where the market heated up to bubble or near bubble proportions. In New Mexico, market appreciation started later, was gradual, and never quite reached bubble proportions. And while we recognize that more New Mexico homeowners than we would like, are adversely affected by the mortgage crisis, we are aware that our local market has weathered the downturn better than many others.

Market Recovery: Having entered the downturn cycle later, we expect our recovery to predictably lag behind in recovery also. Spring sales acceleration and news of market recovery already underway in some states are base-line indicators that our local market may already be on the road recovery.

Recovery started with the implementation of the homebuyer tax credit intended precisely for that purpose. The credit attracted first-time homebuyers and stimulated the resale market of homes below $250.000 resulting in consistent month over month increases in closed resale homes transactions particularly since September 2009.

February, a traditionally slow sales month, saw increased closed sales of existing homes. The increase was 10.8 percent above February, 2009. Sales revenue for the month increased 9.18 percent for a total of $78.5 million with the town of Rio Rancho leading the market.

March saw an increase of 36.34 percent in closed sales, with Bernalillo leading the way. The entire Greater Albuquerque MLS area sold 465 detached homes in March 2009 and in 2010: 634

April is almost over and the expiration of the homebuyer tax credit on the last day of the month looms large. Were the stimulus measures in place long enough to make a lasting, sustainable difference? Only time will tell.

Eloise Gift, Gift Realty NM
www.newmexicohomesbyeloise.com

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Real Estate Stimulus Still Needed - HAMP a Hope

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Sun, 28 Mar 2010 19:58:33 -0700

First-time and repeat homebuyers profited from the homebuyrer tax credit offered as part of the American Recovery and Reinvestment Act (ARRA) initiatives designed to help jump start the economy. That package helped sustain the residential real estate market through the past two years and has been particularly helpful to first-time home buyers, many of whom felt left out during the protracted increases in home prices up to 2007.

If the real estate market doesn't recover soon, it won't be for lack of trying on the part of President Obama's administration. The first homebuyer tax credit extended initially only to first-time homebuyers, expired in 2009 and was extended and expanded to include repeat homebuyers. As we approach the expiration of the extended/expanded version, April 30, not only industry insiders but savvy consumers, doubting the feasibility of another extension have been wondering what would be the next best thing that would give some support a real estate market still in need of crutches.

Crutches Still Needed
The evidence of the need for continuing support is all around us, even in New Mexico that seemingly weathered the downturn better than many other states, based on national trend reports.

1. The value of many homes, especially those bought in the four years immediately preceding 2007, is much lower than their mortgage balances, and homeowners are trying a variety of solutions to alleviate the burden they feel. According to the news I get from clients, some approach lenders seeking restructuring or modification. Some say they wait months and receive no response. Others say the responses they receive make their situation seem more arduous.

2.Restructuring or modification becomes even more crucial when homeowners are faced with reduction in earnings because of job loss or other financial setbacks.

3.Unable to reach agreement with lenders some homeowners simply choose to walk away to homelessness or rental at a price more affordable than mortgage.

4.Some homeowners try to sell but are unable to sell at a price high enough to pay off the mortgage balance. The alternative is to seek agreement for a short sale in which the lender agrees to accept an amount short of what is actually owee. Currently this is a long process with uncertain outcome.

Short Sale Outcomes
If and when the short sale is executed, beleaguered homeowners may face additional challenges.
1. They may be required to sign a promissory note for the difference between the amount owed and the amount of the sale
2.They incur a tax liability for the amount forgiven by the lender.

Given the scenario described, the announcement of new measures by President Obama to tweak the previously agreed upon Home Affordable Modification Program (HAMP) is welcome news to many hoping for a reprieve. It is hoped that the revised FHA- HAMP program, in providing principal reduction, will bring relief to homebuyers where it is needed most. It will also fill the gap that the expiration of the tax credit will leave, and so continue to support an industry that is still fragile and still in need of stimulus.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

REALTORS Support Consumers

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Wed, 17 Mar 2010 00:30:27 -0700

The world's largest professional organization,the National Association of Realtors (NAR) with 1.2 million members, recently launched a web site, HouseLogic, with industry relevance just for consumers. It has searches, naturally, and tons of ideas and tips that buyers are able to store and retrieve online. Homeowners and prospective homeowners are accustomed to visiting websites only for for searching for properties will find a whole new world opened up to them..

HouseLogic ...empowers homeowners who want to get more actively engaged in shaping community life and advocate neighborhood and home ownership issues that matter most to them. The site provides users with the tools and know-how to effect change and address concerns, like establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.

NAR has been an advocate for real estate professionals and a champion of consumers for well over 100 years starting with the Code of Ethics. HouseLogic is a continuation of NAR's tradition of advocacy.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

8620 Hatteras Place, Albuquerque

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Tue, 16 Mar 2010 03:48:05 -0700

Lovely 8620 Hatteras Place NW in Albuquerque, New Mexico is two houses away from a small, neatly kept neighborhood playground and only about five minutes form the main East-West I-40 highway that almost disects the city in half.

Built in 2004, the home is well-cared-for, still looks new and is in move-in condition. The four bedrooms are all upstairs. So are the two full baths. The half bath serves the downstairs living area.

Like the low-maintenance, xeriscape garden that surrounds it, the house is of a manageable size.

Visit this 9620 Hatteras Place NW, online to see why it would be perfect for you. The airy, light-filled, open floor plan, refrigerated air, ceiling fans, and other amenities add to the charm and comfort of the home. Making an offer and closing in a month would allow a buyer to act just in time to take advantage of the home-buyer tax credit tax that is set to expire April 30. Call me up and I'd be delighted to take you on a tour of the house anytime.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Albuquerque, NM Represented at RainCamp

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Wed, 10 Mar 2010 00:48:34 -0800

Three Albuquerque, NM REALTORS attended RainCamp in Denver today as ActiveRainers turned out in full force for a day of technology tips and updates. It was fun to finally meet iseveral rainers in person.

Now if I can only use one tenth of all the great ideas I got for enhancing my work online, I'd be very happy. This post in no way reflects anything I learned. The day at RainCamp was well worth the effort. I only wish I could have cleared my calendar so as not to miss the last hour.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Albuquerque and America's Promise

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Mon, 01 Mar 2010 18:06:59 -0800

Almost three years ago to the date, I wrote about a special recognition of the City of Albuquerque and Los Alamos as one of the 100 best communities for young people. The recognition came from America's Promise Alliance, an organization that recognizes communities for trying to live up to Five Promises to help children succeed:
• Caring adults
• Safe spaces
• Healthy start
• Effective education
• Opportunity to help others.

The first president of America’s Promise Alliance was retired General and former Secretary of State Colin Powell. His wife Alma succeeded him as president and together they have continued their advocacy on behalf of children. Today’s news that reminded me of my post is a joint announcement by America’s Promise Alliance leaders, Colin and Alma Powell along with the Secretary of Education, and the President of the United States. They are launching Grad Nation, a ten-year campaign to reverse the dropout rate in schools and propel the United States into the lead for highest proportion of college graduates in the world by 2010.

Relevance to Real Estate
What does this announcement by America’s Promise Alliance have to do with real estate, you may ask? Especially in light of our current economic downturn, it has everything to do with real estate. Individuals and businesses are attracted to communities where quality-of-ife especially as it relates to living, working and raising families has value. Where there are families, business will follow and commerce will flourish.

Albuquerque’s recognition by America’s Promise Alliance as a great place for young people three years ago is today even more valuable because of the Alliance’s credibility and enduring commitment to children's welfare, as evidenced by today’s announcement. The recognition influenced many people's decision to relocate to New Mexico.

However, in New Mexico schools, the dropout rate is considered high. According to research by America’s Promise Alliance, the state is not unique because 1 in 3 students nationwide fail to graduate from high school. In New Mexico, we also have a richly diverse culture, a significant proportion of which includes Native Americans and Hispanics. Research also shows that less than 50 percent of Native Americans and slightly more than half of African American and Hispanic students graduate from high school. Every 26 seconds a student drops out of school in America, adding up to more than 1.3 million per year.

Research also shows that young people who drop out of school are twice as likely as graduates to be unemployed, three times as likely to live in poverty, eight times more likely to end up in prison and twice as likely to be parents of children who drop out. With these statistics, it appears that we are already losing a significant proportion of people who could be clients in adulthood. If the trend continues, where will our future buyers of real estate come from? Certainly not from people outside the workforce, in prison or living in poverty. Besides, these lost clients with their attendant needs will be part of a society that will bear the cost of their disability, thus creating a drain on available resources. Not only the real estate industry but all of society will be adversely affected.

I know of several organizations and community grassroots efforts that are currently trying to grapple with improving the low graduation and high dropout rates. The announcement of Grad Nation is a step in the right direction towards solving a national problem. It gives the problem a high profile, broadens awareness, and seeks to unify and mobilize support for job security and quality of life not only for real estate professionals but the entire society.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Next Generation Homebuyers

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Fri, 06 Nov 2009 02:34:11 -0800

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.

Eloise Gift
www.EloiseGift.com

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

For First-time Home Buyers

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Sat, 27 Jun 2009 17:16:21 -0700

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

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

This Week in Albuquerque, NM

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Fri, 05 Jun 2009 23:22:33 -0700

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.

Eloise Gift
June 5, 2009
www.eloisegift.com

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Moderating Land of Enchantment

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Thu, 16 Apr 2009 12:23:22 -0700

Hello Members of Land of Enchantment Group,

I have not been able to pay as much attention as I would like to this group that we started back in 2007. I would like to invite someone to carry the torch. I plan to continue to post and participate but am unable to do as much as I would like. Please let me know if you are willing.

With thanks,

Eloise

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Looking for a Realtor

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Thu, 16 Apr 2009 12:16:17 -0700

Hello everyone,

I am looking for a realtor in Alamagordo? Do we have anyone from Alamagordo on AR? Please caontact me.

Eloise Gift

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Stimulus Funds

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Mon, 23 Mar 2009 02:44:11 -0700

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.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Paradise East, Westside Albuquerque (December through February)

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Mon, 16 Mar 2009 18:52:43 -0700

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.

Reference: The Greater Albuquerque Association of Realtors - http://abqrealtors.com

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Market Update - Greater Albuque Area - February, 2009

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Mon, 16 Mar 2009 16:41:54 -0700

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

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Albuquerque NM Southwest Mesa in the News

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Mon, 02 Mar 2009 02:28:19 -0800

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.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Market Update -Greater Albuquerque NM Area

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Wed, 04 Feb 2009 12:52:23 -0800

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.

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Greater Albuquerque Market Report - 4th Quarter 2009

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Wed, 21 Jan 2009 18:22:21 -0800

Overview

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 4^th 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 1^st 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

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

9115 Ladron - Home on the Albuquerque High Mesa

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Tue, 13 Jan 2009 13:55:14 -0800

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!

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Desirable Northeast Albuquerque Home For Sale

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Tue, 13 Jan 2009 13:30:47 -0800

Would you like to live in a 2-story house? Could you use five bedrooms? Would a first-floor bedroom with a full bath make a difference to you? Is a pool important to your lifestyle? Do you enjoy a game of tennis now and then? Do you value peace and quiet? Do you want easy access to public transportation? If you answered yes to all these questions, this house is for you. Check out 7108 Canary Lane, MLS# 651195. in Northeast Albuquerque, about 5 minutes from the ski lifts to Sandia Peak. In a world that is increasingly busy for most, we are seeking simplified lifestyles that match our budget. That often means finding the ideal house for your budget in an ideal location. Look inside 7108 Canary, a desirable Northeast Albuquerque home. Video Tour

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Desirable Northeast Albuquerque Home For Sale

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Tue, 13 Jan 2009 13:21:51 -0800

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Active Rain Surprised Me

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Sat, 10 Jan 2009 01:16:29 -0800

Active Rain has never been a group to rest on its laurels. Ever since I signed up over two years ago, I have never failed to miss a few days or more without returning to find some new twist or development. I will have to say that Active Rain has always kept me on my toes, always a step behind, guessing what I'm up to and trying to figure out if I am doing things right. I've always felt as if I am playing catch up in learning what's what and feeling a little left behind, thinking everyone else already knew what I am just finding out.

Today has been the day of the biggest AR surprise yet! I arrive at the sand box to play with my friends and it's as if a line is drawn in the sand. I feel uncomfortable. Do i cross it or turn back and go home. I guess, when you play in someone else's sand pile you just have to expect that you play by their rules or stay away.

Active Rain, I love you. But since this is not just about Active Rain but also about Eloise Gift and her business and a community she has grown to like, I need some time to think about this latest surprise. Can people still comment? I really don't know what it is that I am being asked to buy. I need time to examine the goods. Am I the only rainer surprised? Is there a post that alerted us as to what was coming down the pike? How can I reconcile these latest developments with my commitment to Shift?

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Land of Enchantment also Land of Humor

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Fri, 02 Jan 2009 10:54:29 -0800

With a winning float in the Tournament of Roses, The Land of Enchantment is also the Land of Humor. The truth is that New Mexico is a Land of many things - contrasts, diversity, myths, legends, comic strip characters, spirituality, UFOs (last year's float), road runners and coyotes. I had not seen a live road runner or coyote until I arrived in New Mexico. Until then, they only existed in comic strips and cartoons.

I'll never forget pointing out "those strange-looking dogs" in the distance, to my husband. "Those strange-looking dogs,' he replied, "are coyotes."

My first roadrunner sighting held me captivated until it disappeared from sight. Yes, they, also are strange. They are real birds that do prefer running to flying. Even though they have become commonplace, I still find them captivating. Someone told me that it is good luck to have a one cross your path and I would like to believe that is so. How could it not be? They are so oddly charmin. Those two characters - the wily coyote and the roadrunner were a perfect choice for the department of tourism's participation in the Tournament of Roses and their representation was worthy of the Bob Hope Award for humor.

Whenever you hear or see 'beep beep' think New Mexico and all that it stands for.
Eloise Gift
www.EloiseGift.com
A Gift for Real Estate-A Gift for all seasons
505-363-5156
Photograph - courtesy of NMDT

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Holiday Traditions in New Mexico

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Fri, 26 Dec 2008 02:43:16 -0800

Albuquerque Mayor Martin Chavez participated in the lighting of a 13-foot menorah in Civic Plaza in downtown Albuquerque to mark the start of the first day of Hanukkah while a mariachi band played Jewish music. Mayor Chavez declared, I am proud to be the mayor of a city that does not tolerate diversity. Diversity should never be tolerated. It should be celebrated. This blend instead of a clash of cultures is the developing story of New Mexico, contributing to the quality of life and state's boast of being the Land of Enchantment. Happy Holidays

Traditions - My experience of the holidays in Albuquerque, New Mexico is that they are like most other places, a time to share traditions by getting together with family and friends, exchanging gifts and having festive meals together. In New Mexico, however, there is a difference. The rich cultural blend of native and other traditions provide make the holiday experiences more interesting, collaborative and enchanting. The culture of nineteen native pueblos and the constant infusion of ideas reflecting Hispanic, Jewish, African, Asian and European heritage continue to shape the way of life.

Whenever I visit a pueblo, people invite me to return to celebrate Christmas or New Year's Eve with them because each pueblo has pride in its unique traditions, all of which include light or bonfires. If the weather should permit, this is the year I will make it to one.

The Posadas, probably dating back to the arrival of the first Spanish settlers, and still celebrated in pockets in cities across the state, offer another opportunity to participate in a uniquely New Mexican Christmas tradition. Whether your are Christian or not, on Christmas Eve you can join the party re-enacting the Christmas story and accompany Mary and Joseph going from house to house seeking a shelter or you may choose to simply go to your church as Christians all over the world will do.

Farolitas or Luminarias-- Also on Christmas Eve, you can drive through neighborhoods to see a variety of traditional southwestern or modern light displays. Giving the landscape a distinctive southwestern appearance, farolitas or luminarias outline sidewalks, driveways, and rooftops. Some are hand-made -- assembeled with sand, paper bags and candles or they are modernized with electricity. It feels like walking through a wonderland to stroll streets decorated with these lanterns and in some neighborhoods like Nob Hill and Old Town, Albuquerque, we indulge tourists and locals alike who like to stroll these neighborhoods to in the enchantment of the glow of hundreds of of farolitas sometimes in combination with stringed electric lights.

Holiday Meals-- Cultural bonding is also reflected in the meals that grace holiday dinner tables. Whatever else you may have, be prepared for the unique New Mexico red or green chili flavor in dishes like posole and tamales and even wit your turkey. The holiday food table is a good place to start preparing for the ubiquitous question when dining out in New Mexico - red or green?

Whether it is a mariachi band playing Jewish music at an ethnically mixed celebration of the start of Hanukkah or the faint glow of luminarias that outline the rooftops of pueblo-style buildings in a neighborhood, expect diversity and the unexpected in New Mexico especially during the holidays.
www.eloisegift.com
A Gift for real estate- A Gift for all seasons

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Active Rain Connects East and (South)west

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Tue, 23 Dec 2008 00:27:39 -0800

While buying art from a local potter in Albuquerque, New Mexico, I mentioned blogging on Active Rain and was surprised at the knowledgeable response from the artist. Not only did she know of Active Rain, she had a best friend back in Baltimore, MD, who was a regular blogger on Active Rain. Did I know her friend? Of course I did! Not personally, but through our on-line exchanges on Active Rain -- information I learned through her friend's posts and that she learned from personal interaction as a client of Margaret Rome.

I was so excited about this authentication of of six degrees of separation, only my non-stop, back-to-back engagements of the afternoon and evening kept me from rushing out to call or email Margaret in the city I had called home for some 10 years. So I was not surprised when my phone rang and Margaret in the morning and Margaret was on the other hand. Neither of us could believe the coincidence.

We are not surprised when we meet on line associates at business or technology gatherings. But to meet someone unconnected with the real estate industry who connects two AR members half way across the country speaks volumes about Active Rain and the possibilities of on line networking. Treat your on-line associates well. You never know where those connections may lead or with whom it will link you.

And by the way, Margaret, it was a pleasure to extend our acquaintance on the telephone.

Eloise Gift
www.eloisegift.com
A Gift of real estate - A Gift for all seasons
505-363-5156

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156

Mortgage Rates At 37-Year Low

Eloise Gift, Albuquerque New Mexico Real Estate (Gift Realty NM) — Fri, 19 Dec 2008 23:28:28 -0800

This just in from my mortgage advisor--

The 30-year fixed-rate mortgage (FRM) averaged 5.19 percent with an average 0.7 point for the week ending Dec. 18, down from 5.47 percent last week and 6.14 percent a year ago.

The 15-year FRM averaged 4.92 percent with an average 0.7 point, down from 5.2 percent last week and 5.79 percent a year ago. The 15-year FRM has not been lower since April 1, 2004, when it averaged 4.84 percent.

Rates on adjustable-rate mortgages (ARMs) were also down, with the five-year Treasury-indexed hybrid ARM averaging 5.6 percent with an average 0.6 point, down from 5.82 percent last week and 5.9 percent a year ago.

One-year Treasury-indexed ARMs averaged 4.94 percent with an average 0.5 point, down from 5.09 percent last week and 5.51 percent a year ago. (Provided by Janet Lee)

Is this enough to get buyers off the fence? It can't get much better than this. If buyers will move in, the sellers in turn, will be able to move on and reinvest in properties they want.

www.eloisegift.com

Eloise Gift, CRS
Gift Realty NM
Your Gift For Real Estate - Your Gift For All Seasons
www.giftrealtynm.com
505-363-5156