There has been a lot of interest in Alto Village real estate this summer with prospective buyers looking to take advantage of a large inventory of homes for sale, and market conditions that have cooled prices since the highs of 2006 and 2007.
Alto Village is made up of 7 individual subdivisions: Alto Lakes Golf & Country Club, Deer Park Meadows, Deer Park Valley, Deer Park Woods, High Mesa, Lakeside Estates, and Sierra Blanca. Today’s buyers are looking for value, or “a great deal”, so I thought it would be good to compare the numbers by subdivision in Alto, and look at recent price reductions.
The chart below shows data for each subdivision.
As you can see, there have been some significant price reductions, especially in Deer Park Woods and Sierra Blanca. If you would like information on specific listings that have been reduced, or to receive a list of all properties for sale in Alto Lakes Golf & Country Club, please contact me, or email mary@ruidoso-homes.com or call or text me at 575-937-5229.
The Upper Canyon is a popular area located on the far west end of Ruidoso, and is comprised of several separate subdivisions. Main Rd. follows the path of the Ruidoso River from Mechem Dr, west to the Mescalero Apache Reservation border. Many of the homes in the Upper Canyon area were built in the 1930s thru the 1960s. Some have been remodeled and some have not. There are many nice, large homes located on the Ruidoso River as well as many small cabins scattered along the valley and hill sides.
The subdivisions I have included for this article, and analysis of recent sales data, are: Central, Chateaux Village, Cree, Dufo, Flume Canyon, McCarty, McDaniel Heights, Pinescape, Sherwood Forest, Sleepy Hollow, Singing Pines, Silver Mountain Terrace, Ruidoso Acres, and White Fir.
In looking back at 12 months of sales data for the Upper Canyon area, there were 13 transactions closed from June 1, 2008 thru June 01, 2009. Search for Homes in Ruidoso click here Sold transactions ranged from a high sold price of $590,000 to a low listing price of $50,000, and a median sold price of $169,000. List to sold price ratio was 91.9%. The median “days on the market” was at 197.
Keep in mind that in July of 2008, the Upper Canyon was hit hard by one of the worst floods in Ruidoso history. Months of bridge repair and river cleanup followed, with some repair work still underway today. Driving down Main, however, there are only a few areas where you see the impact of the flood, mostly at the river crossings. Many of the homes in the area were not affected at all. The flood has probably slowed real estate sales in the Upper Canyon this year, however, it is impossible to know what amount of decline is attributable to the flood damage and what to the general downturn in the real estate market here and nation wide.
Currently, there are 31 homes for sale in the Upper Canyon area. Listing prices range from $68,800 to $599,850.00 with a median of $229,000. Median price per sq. ft. based on listing price is $148.64. To search all properties for sale in Ruidoso, click here.
If you would like to view current listings in a specific area, such as Upper Canyon, email me for a link to those properties. Now is a great time for buyers looking in the Ruidoso area and we are seeing more motivated sellers, and price reductions.
Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.
This home in Ruidoso Downs, NM has just been reduced by $60,000 to a listing price of $198,500.00. This 4 bedroom, 3 bath home is approximately 4140 sq. ft, is one level, brick exterior, with a metal roof. If you are looking for a large home, in a price range under $200,000.00, act now, because this listing will not last long!
Listed by Gary Lynch, Prudential Lynch Realty
Contact me for info on this property, other price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to receive listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.
The Spring & Summer Events Calendar for Ruidoso has some great shows scheduled. From a very worthwhile fundraiser for Hospice at the Flying J Ranch, to concerts at the Inn of the Mountain Gods and Ruidoso Downs Race Track, the lineup for 2009 is a good one !
Here are some of the many events on schedule for April-June. Detailed links to these events may be viewed at the Ruidoso Blog website.
* 3rd Annual Kite Festival - Ruidoso - April 24, 25, 26
* Rodney Carrington- Inn of the Mountain Gods - May 14
* Military Appreciation Weekend - Ruidoso, May 14-17
* Aspencash Motorcycle Run & Trade Show - Ruidoso Convention Center - May 14-17
* Ruidoso Downs Racetrack Opening Day -May 22
* Joe Nichols in Concert - Ruidoso Downs Racetrack - May 23
* Ruidoso Noon Lions Gun & Collectible Show - Ruidoso Convention Center - May 23 & 24
* Ruidoso Sprint Triathlon - Ruidoso Athletic Club - May 30 * Mountain of Blues Festival - Ruidoso - June 6
* Zia Charity Classic - Inn of the Mountain Gods - June 14
* Spring Fling Rod Run & Car Show - Mountain Annies - June 20
Contact me for any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.
Below is a short list of properties north of the Ruidoso area which do allow horses.
These properties range in size from 5 to 34 acres. Some include homes, while others are acreage with no home. One of these is a newly listed tract of 141 acres near Arabela. A slideshow of these properties, along with a few more, can be viewed at this link:
1. Big mountain views, home on 5 or 10 acre tract, near Ranches of Sonterra. Price$549,000.00.
2. Lot in Ranches of Sonterra, mostly level, Views of Capitans, Bonito River Valley, $89,000.00
3. Land near the Capitan Mountains, 34 ac. Big Mountain views, includes well, electricity. Price $285,000.00
4. Victorian style home on 4.7 acres, near Alto & Ruidoso, could be B&B, nice setting. Price $489,000.00
5. Southwestern home on 5 acres, near Ranches of Sonterra, Nice views of Capitans, workshop. Price $589,000.00
6. Land near Arabela, NM. 141 acre tract near Deadman’s Canyon ( Hwy 368 MM 9). Nice views, hunting, seasonal creek, Price $99,900.00
Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.
As I have mentioned before, there are a lot of potential home buyers on the sideline, looking for deals steals, and trying to gauge a market bottom. Nothing new with this strategy ( buying as low as possible ) especially in light of today’s uncertainty in the market.
The “experts” continue to weigh in, and I thought I would pass on a few points taken from today’s online article When home Prices Hit Bottom, over at CNNMoney.com .
1. If you are thinking of selling, you might want to wait due to high inventory & lower prices
2. Nationwide, home prices may hit bottom in late 2009, assuming government action works.
3. Recovery may be gradual. Prices may not return to 2006 levels for another decade.
4. Buyers need to think long term, take advantage of record low interest rates, and know thy market.
The Ruidoso area market is seeing signs of recovery, as buyers take advantage of the current market conditions (high inventory, motivated sellers and great interest rates). In general, sellers in our market are not as desperate to sell and/or reduce prices, as in markets such as Phoenix, AZ or Las Vegas, NV where foreclosures are common.
The media reporting on these areas would lead one to believe that all sellers are distressed, and we may have a few sellers that are, but most sellers in our area will only accept offers that are reasonable.
It is important to remember that “real estate is local” and all buyers and sellers should follow their local market conditions, and weigh the factors necessary to make informed decisions.
I will continue to provide in depth analysis of specific areas within our market as well as historic data on local subdivisions. If you would like information on an individual property or subdivision, please contact me, or email mary@ruidoso-homes.com or call or text me at 575-937-5229.
Read more about local market conditions in Ruidoso, New Mexico at this blog:
Like many real estate markets across the nation, Lincoln County’s numbers are down 25 per cent or more, depending on which area you look at. Total dollar volume and number of units sold, for the entire county, has declined by 24 per cent, comparing 2008 vs. 2007. Ruidoso’s total dollar volume on sale of residential units dropped about 19 per cent, while number of units sold declined about 22 per cent. Alto Lakes Golf & CC dollar volume declined about 42 percent, while the area surrounding Alto ( N. Ruidoso to Bonito River ) was down about 6 per cent.
Buyers Market: The opportunities for buyers continue to improve as motivated sellers are reducing their prices. There is a constant negative media drumbeat of a troubled economy, government stimulus bills pending, and job losses nationwide. The news about the housing market does not inspire confidence, and buyers are in waiting, trying to guess when and where the market bottoms.
Housing Affordability at Record High: The National Association of Realtors carefully track housing and economic data and issue a periodic report on the housing market. A recent article titled: Pending Home Sales Down but Housing Affordability at Record suggest that the current Housing Affordability Index rose in January by 13 percentage points, which was a record high, and the most favorable index since tracking began in 1970.
Markets that have been hit the hardest such as Phoenix, Las Vegas, and Miami have seen price reductions of 40 per cent. A recent article in the Wall St. Journal online edition describes a great opportunity for many buyers who were previously priced out of these markets.
How much lower will the market go here in Lincoln County? I honestly cannot predict it. We are now seeing price reductions of 25 to 40 per cent. There are some great buys out there.
Visit the Ruidoso Blog to learn more about real estate in Lincoln County.
In looking at the current market for homes and town homes for sale in Alto Lakes Golf & CC, I thought it would be interesting to compare the current stats to those reported in Aug, 2008 in Buyers Market in Alto - Aug. 2008 . The number of site built homes, with a full golf membership, currently listed is 110, as compared to 82 in Aug. 2008. The current median listing price for this group is $366,000 as compared to $407,250 back in August.
The median price per sq. foot has dropped to a current price of $169 down from the previous number of $180 / sq. ft. The median listed home size is 1600 sq. ft. as compared to 2256 sq. ft. in August.
There are 26 homes currently listed in Alto with a social membership. The median listing price is $356,000 with a median sq. ft. price of $167. These numbers are down slightly from August, 2008 when the median price was $359,000 and price per sq. ft was $169, for the 23 properties that were listed then.
There are currently 8 town homes and condos listed in Alto. Median price is $288,750 as compared to $399,000 in August. All but one of these properties have a Full Golf Membership.
If you would like to receive a list of all properties for sale in Alto Lakes Golf & Country Club, please email mary@ruidoso-homes.com or call or text me at 575-937-5229.
If you are looking for land to move a modular or manufactured home on to, there is currently a wide selection, in several price ranges. In the lower price range, from $8,000 to $40,000, there are 34 listings in the area north of Ruidoso to Capitan. Many of these are in the Rancho Ruidoso Valley Estates Subdivision, with lot sizes of 1/2 acre to 1 1/2 acres.
Most of these will allow new double wide homes. Median price on these lots is $12,250. Utilities are available on most ( but not all ) of these lots. Acreage in the area north of Ruidoso to Capitan, where both modular and manufactured homes are allowed, and measuring from 2 to 10 acres in size, is more limited. Currently only 6 tracts are listed in the $40,000 to $80,000, with a median price of $56,250. In Ruidoso, there are currently 20 lots measuring less than one acre, which allow for new or used manufactured and modular homes, and in the price range of $20,000 to $80,000. The median price on these lots is $29,900.
The Ranches of Sonterra is one of the primary subdivisions, in the Ruidoso area for those who are looking for a nice home on acreage. The minimum lot size in this subdivision is 5 acres and horses are allowed. The terrain is rolling hills, great views and a beautiful river valley. For more background information on Ranches of Sonterra, see updates at the Ruidoso Blog.
Twenty three homes are currently listed, and many of these have had price reductions of 10% to 20% over the last several months. Current listings range in price from $225,000 to $979,000. The average list price is $608,419, and the median is $585,000. The average price per square foot is $195 and the median is $203. The median days on the market for these listings 169 days.
Given these factors, and the current real estate market, buyers will likely find excellent value in one of Lincoln County’s most popular subdivisions.
In my opinion, one of the best values in Ranches of Sonterra at this time is a brand new 2750 square foot, single level, southwestern style home on 5 acres that is priced at just $187 per square foot ($499,000 list price). This home features radiant floor heating, stamped concrete floors, 2 stacked rock fire places, 3 bdrms, 2 baths, plus an office. Click here to view more information on this property I’ll be posting future updates on market conditions in Ranches of Sonterra, along with other areas, so check back often.
If you would like to receive a list of all properties for sale in Ranches of Sontera, please contact me, or email mary@ruidoso-homes.com or call or text me at 575-937-5229.
The Ruidoso-Blog covers frequent updates on real estate, lifestyle topics, and many community events. From market trends in real estate, to the numerous events held in Lincoln County, the RuidosoBlog will keep readers informed about Ruidoso.
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.
Like many real estate markets across the nation, Lincoln County’s numbers are down 25 per cent or more, depending on which area you look at. Total dollar volume and number of units sold, for the entire county, has declined by 24 per cent, comparing 2008 vs. 2007. Ruidoso’s total dollar volume on sale of residential units dropped about 19 per cent, while number of units sold declined about 22 per cent. Alto Lakes Golf & CC dollar volume declined about 42 percent, while the area surrounding Alto ( N. Ruidoso to Bonito River ) was down about 6 per cent.
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