Eloise Gift, New Mexico Real Estate

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

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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.
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Photograph - courtesy of NMDT

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.
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The long awaited connection of the Albuquerque-Santa Fe Rail Runner Link opens today, completing the dream to link Belen, Los Lunas, Albuquerque and Santa Fe with public rail transportation. With the completion of this last link in the Rail Runner line, public transportation and north- south travel in Central New Mexico has taken a giant leap.

The VIP inaugural trip for the Albuquerque-Santa Fe link was Monday, December 15. For the next three weekends (Saturdays and Sundays) the Rail Runner will be FREE to ride. Trains will depart the 550 station in Bernalillo at 6:52 am, 12:04 pm, 5:02 pm, 8:18 pm and 10:01 pm and depart the Santa Fe Depot at 8:10 am, 1:20 pm, 6:20 pm, 9:28 pm, and 11:15 pm.

I understand that the ride is enjoyable and interesting. I am not surprised. For me, it is always enjoyable to jump in the car and hit the highways leading out of Albuquerque. In any direction, the landscape is a treat. From now on that treat will be heightened with my car parked at the railway station. Come and experience the fun.

Weekday trips on the Rail Runner include 9 trains to Santa Fe and 8 return trains.

Train Schedule
Fares

Fare and Schedule Information provided by Albuquerque Government: www.abq.gov
Picture compliments of Albuquerque Government : www.abq.gov

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Paradise Hills Civic Association Area

Overview ─ The real estate Market trend in the Paradise Hills Civic Association (PHCA) area positively reflects that of the rest of the Greater Albuquerque Area. Albuquerque is not as adversely affected as most cities across the country and reportedly, is among the top ten most promising housing markets, In adddition, the PHCA community is part of Northwest Albuquerque that, according to the Greater Albuquerque Association of Realtors, was one of the highest selling areas during the last quarter,

Market Activity ─ Since July 1, 83 homes were sold in the Paradise Hills Civic Association area. Currently, 118 homes are listed for sale and 13 homes are under contract, awaiting closing.

Of the 83 homes sold, 9 had 2 bedrooms, 46 had 3 bedrooms, 27 had 4 bedrooms and 1 had 5+ bedrooms. The average square footage for these homes was 2047 and the average in October (the month with the latest available official statistics) the average price of homes throughout the Greater Albuquerque area was $220,000.

The average listing price of the 13 homes under contract (pending) is $195,377. The average square footage is 1761, and the average time on the market, 75 days.

The homes actively for sale include 11 2-bedrooms, 61 3-bedrooms, 44 with 4 bedrooms and 2 2ith 5 or more bedrooms. The average price is $272, 902 and the average number of days on the market is 90. They range in size from an average of 1215 square feet for the 2-bedroom group to 2210 square feet for the 5+ bedroom group.

If your home is one of those that has been on the market beyond the average number of days for those sold or pending, you may want to review with your realtor, possible additional steps to your more attractive to potential buyers. As we approach this festive season of the year, Charles Dickens' phrase from A Christmas Carol, is relevant to our times and current market. It may be said of the market, that it is best of times and the worst of times depending onyour perspective of buyer or seller.

We have a large inventory along with interest rates that are among the lowest in recent memory. On the other hand, we have to deal with the challenges of the economic downturn and failing lending institutions. Finding financing in the currrent market can be challenging. Despite all this, it is encouraging to remember that on Westside Albuquerque isconsidered a hot-selling area. The statistics show it!

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