Eloise Gift, New Mexico Real Estate

Open houses are conducted throughout the year in the Greater Albuquerque Area of New Mexico. Even in winter? you ask. And the answer is, Yes, because even when it is cold, our dependable, warm, bright sunshine makes it pleasant to be outdoors. I am expecting sunshine this weekend. I am not on vacation, I am showing houses, and you are invited. I even made a video tour especially for you; so come on out and see some of the lovely inventory we have here in the Southwest. I look forward to seeing you at one of these lovely homes in Albuquerque, this weekend.

A Gift for real estate - A Gift for all seasons

The Greater Albuquerque real estate market remains humdrum with hardly any change since last month or the past ten months, for that matter. The inventory of homes although slightly lower, continues to hover around the 6,000 mark (almost three times the size of that of last October). The average price remains close to $220,000 and the median $189,000. Sales volume was slightly lower than last month (September) but was perhaps more a reflection of seasonal change.

The Southwest Heights, the Northeast Heights, and the Paradise West area of the Northwest Heights were the top selling areas for November with 46, 41, and 38 homes sold for each area respectively, and the number of days on the market was hardly changed at an average of 72 days. The top selling price range continues to be $240,000 to $249,000.

Essentially, the ripple effect continues in our real estate market and we see no jolting changes in any watch area. The Greater Albuquerque area may after all be holding steady to fulfill the Forbes Magazine prediction of the area being poised to be #1 for real estate market recovery.

Greater Albuquerque Association of Realtors

Eloise Gift

From September 2005 through September 2008, like every other region in the country, the real estate market in the Greater Albuquerque area continues to favor buyers with an increased inventory of homes for sale. For the better part of the past year that inventory has remained at over 6,000. Buyers, take note of the large number of listings and the historically low interest rates!

The cataclysmic global financial events of the past few weeks actually helped trigger lower interest rates as an additional bonus to buyers. As the saying goes, it's an ill wind that blows nobody no good. We don't know how long rates will remain low. Should they go up again soon, who knows how long it may be before they should fall again. Sellers, too, take note that there might be an opportunity here for you also. Prices, you will observe, have not fallen dramatically.

Reviewing the numbers for the past three-years helps buyers and sellers develop perspective. In September 2005, the Greater Albuquerque area had 1,500 new listings enter the market; September 2006: 2,157, and September 2007: 2,127. In September 2008, 1,502 new listings were added. We have come almost full circle since 2005. Could this mean that we are getting poised for recovery?

But what were sales like in the Greater Albuquerque area during September 2005 to September 2008? September 2005, 2,143 homes were active on the market; September 2006: 4,332; September 2007: 6,151 and September 2008: 6,181. Although new listings declined during the three-year period, inventory climbed as sales also dipped. In September 2005 the area had 1,187 sales; September 2006: 990; September 2007: 716, and the September 2008 recorded sales the lowest for the period over three years: 604. The average number of days on the market for each property increased gradually from 29 days (just under 1 month) in 2005 to 74 in September 2008 ─ from 6.49 absorption rate to in September 2005, to 9.25 September 2008.

September 2008 has the largest inventory of homes for sale for the same period since September 2005. Yet, both median and average home prices have increased, and although lower than their peak period in mid 2007, are both higher in September 2008 than they were in September 2005 at average price: $222,947 and median price $186, 750. Most homes sold are in the $240,000 - $249,000 price range followed by those in the $160,000-$179,000 price range. Forbes Magazine has ranked Albuquerque as #1 city for real estate appreciation in the short term-http://www.forbes.com/2008/08/25/housing-prices-rising-forbeslife-cx_mw_0825realestate.html.

Taylor Ranch is a vibrant Albuquerque Westside Community bordered by Paseo del Norte on the north, the Rio Grande River on the east, Western Trail and Namaste on the south, and on the west, the Volcano Mesa with the sleeping sisters - extinct volcanic reminders of violent upheavals of a distant pass.

Taylor Ranch is a cohesive community made up of a number of small neighborhoods built at different times since the development of the area started. Homes vary in prices from under $200,000 to over $1,000,000.

The neighborhood is still being developed with high end single and multifamily homes and shopping areas along both sides of Coors Boulevard with spaces left over for enjoyment and recreation. The Open Space Museum is in the Taylor Ranch Community. Also accessible are the parks, paths and trails along the Rio Grande and in the Petroglyph National Monument that skirts the high mesa. In all, the neighborhood has about seven parks, the largest of which is the Mariposa Basin Park across the street from the Don Newton Taylor Ranch Community Center.

The community center and adjacent park anchors the Taylor Ranch neighborhood. It is a very heavily used facility close to the Taylor Ranch Boulevard and Montano Road corner. It is a venue for meetings, events and activities for all age groups from morning till night. It has a gym, offers lunch and game space for seniors and meeting rooms. One of my service clubs holds a weekly meeting at this site.

The adjacent Mariposa Basin Park provides a pleasant exercise area and quick accessible retreat from every-day cares. It is a park with a pond, walking and biking trails and facilities for tennis and other sports. Neighborhood map, compliments of Google.

The community also boasts a well stocked library with well kept open space and an adjacent dog park.

Currently, approximately 226 homes varying in price from $139,000 to $2, 100,000 are listed for sale in Taylor Ranch. Since January 239 homes sold varying in price from $282,000 to $254,000. Thirty-one homes are under contract, varying in price from $148,000 to $378,000.

Eloise Gift
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A Gift for real estate - a Gift for all seasons

Yesterday I reported on a very delightful experience surrounding my visit to the New Mexico International Balloon Fiesta Park to see the predawn and morning mass-ascension displays by balloonists from all over the world. I did not mention unconfirmed rumors that there had been a fatal accident. We always wish such rumors will turn out to be unfounded.

Sadly, the rumors have been confirmed. Today's Albuquerque Journal carried the headline news along with startling pictures of the balloon adrift after tangling with overhead power lines. The pilot died and his colleague is in critical condition at the UNM (University of New Mexico) hospital. I saw this after Jennifer Fivelsdal commented that she, in NY, had heard of the accident. I thought it best to write a post than a long comment.

I offer my sincerest condolences to the family, colleagues, and friends of the pilot, and I pray for the recovery of his co-pilot.

It was such a beautiful and festive morning. It was a perfect dawn. The field was full of color, laughter, and excitement as we watched first the traditional shapes take off, then the special shapes, then see the traditional shapes return streaking in from the southeast and swooping down to participate in a balloon game. I am sure only the most skilled pilots could have executed those maneuvers and our downed pilot was most likely among them.

I want to hold on to the memory of the gaiety and fun of the morning, of the colorful balloon race as pilots cleverly dipped onto the field to make drops, then dexterously rise and float off into the distance. But I know the memory will always be tinged with the sadness that one did not make it back.

No balloons flew today. This morning the weather was not conducive to flying. It still is not. From being overcast and windy, as I write, we are having a cloudburst and the ground is covered with hailstones. It is raining as if the heavens themselves were lamenting the passing of one of our beloved balloon enthusiasts.

The pilot was in fact flying a special shape, tetrahedron balloon-Wings of the Wind

Eloise Gift
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A Gift for real estate-A Gift for all seasons