Eloise Gift, New Mexico Real Estate

The Los Ranchos de Albuquerque farmers market was on schedule yesterday as it is on Saturdays throughout the growing season. This last weekend in August, the market happens to coincde with the California slow food celebrations. There was no hint the vendors and customers were aware of the California happenings but the market had a festive air. It was a family affair. Children and dogs were in attendance and men and women vendors were at stands selling colorful and delicious looking fruit and vegetables . The craft on the stands were attractive and everyone seemed to be having fun.

I bought 'Placitas plums' from two young women of high school age; one a senior about to leave for college on the east coast and the other a sophomore. I couldn't resist the mounds of bread at the bakery stand and also ended up buying scones and tarts.

But Albuquerque being the town it is, the North Valley being the comunity it is, and farmers markets being farmers markets, my morning would not have been complete without my meeting a friend or two, and I did. As it turned out, the farmers market was an altogether satisfying experience-wholesome home grown and home-made food, hand-made crafts, fun, friendship, and fellowship.

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Forbes Magazine, reported today that the Albuquerque, NM real estate market is in the #1 spot for growth and recovery. We are not surprised. New Mexico's real estate prices, never having increased to bubble proportions, did not burst. So the state continues to experience only the gentle ripples typical of the NM real estate cycles. Not for New Mexico, the violent roller-coaster rides of other regions.

The prediction of Forbes in not surprising. Fewer new housing starts are helping to decrease the new homes inventory and reduce competition with the resale market. In addition, the state continues to maintain and promote a great quality of life. We are the greenest city in America and we continue to generate and attract new business. These are all contributing to positive indicators for continuing growth.

Eloise Gift
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Overview
The Greater Albuquerque Metropolitan Area real estate market continues to share the experiences (though comparatively less severe) of other cities across the country. The downturn that began in 2006 led to increases in foreclosures and a rise in inventory across the nation.

The conditions brought about by sub-prime lending practices including adjustable rate mortgages and the ensuing tightening of lending practices have contributed to an ongoing and downward shift in the residential market.

But New Mexico did not experience the rapid and inflationary increases experienced by many areas. Consequently the deflation has not been as great or as precipitous. While some regions have seen increases in foreclosures, New Mexico's foreclosure rate actually declined. While some regions are experiencing decreases in home prices as great as 30 percent. In New Mexico, despite the increase in inventory, our average prices still fluctuate between $240,000 and $250,000. The median price hovers just below the two hundred thousand mark.

We have an eight-month supply of homes for sale, making it a buyer's market. Yet many buyers are unable to buy. First-time homebuyers, investors, and other sectors of our community are currently having difficulty getting loans. Those who can get loans are adopting a wait-and-see attitude. Many would-be buyers are unable to buy because they are unable to sell the house they currently occupy.

We, in New Mexico are optimistic that the shift upward will return soon because we know that people who have jobs and are able to earn are able to qualify for loans to buy houses. The real estate market recovery depends in large part on New Mexico's continuing ability to attract business and create new jobs and those indicators are positive.

Second Quarter Performance
During the last quarter, across the board in the greater Albuquerque housing market, the average price of a single family detached house decreased 3.9 percent from $248,185 in 2007 to $240,514. We sold 27.83 fewer homes than in 2007 with a decrease in monetary volume of 30.67 percent.

All of the above occurred despite a twenty-five percent reduction in the number of new listings that appeared on the market and a 71.7 % increase in days on the market.

The best performing market area for the quarter in 2007 was the Southwest Heights and the worst, the Northwest Heights. The best performing so far this year has been the Northeast Heights and worst performing, Rio Rancho.

The picture for condos and townhouses was different for some criteria and similar in others. Unlike detached houses, both the average and the median price of condos and townhouses increased (average: 2.12%) and (median: 4.67) .New condo and townhouse listings increased by a stalwart 80%. However, fewer condos and townhouses sold in the last quarter (-18%) resulting in a total dollar volume loss of 16.94%. Time on the market was seven times longer for condos and townhouses than for detached houses. The average number of days increased from an average of 21 days on the market to 67 days - an increase of 157%.

Best performing area for condos and townhouses for the period in 2007 was Ladera Heights. This year it's the Northeast Heights. Worst performing condo/townhouse area last year was Rio Rancho. Worst performing area during the last the last quarter was Uptown.

Eloise Gift
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Albuquerque celebrated Sustainability Week with lectures, workshops, and tours of award-winning green homes and gardens.

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Last week, I visited China with the Greater Albuquerque Chamber of Commerce. In an earlier post, What does your Chamber of Commerce do For You? greater albuquerque chamber of commerce: What Does Your Chamber of Commerce Do for You? I mentioned that the Greater Albuquerque Chamber of Commerce, http://www.abqchamber.com/ provides a wide range of opportunities for members to develop expertise, grow their business, save money, retain emplouees, help each other and help their community -- opportunities that include networking, advertising, education, advocacy, and leadership training. I also mentioned that many people recognize chambers of commerce in general as portals into cities, a first stop in seeking information about a region.

Every month the Greater Albuquerque Chamber responds to queries from people at home and abroad who want to learn more about New Mexico. The Chamber goes beyond simply sending out information. Chamber members host business and government leaders who visit and share their expertise and ideas and in return, Chanber representatives visit other cities to observe best practices and build goodwill. This month, the Chamber took another step. It took 200 business people to China on a ten-day tour of four cities--Beijing, Shanghai, Suzhou and Hangzhou.

It was memorable to stand in the largest square in the world, Tian An Men in Beijing - a city with noticeably clean streets, and see the blend of old and new landscapes while walking through pages of history at the Forbidden City, the Summer Place, and the Ming Tombs. I enjoyed the energy of Shanghai as I experienced it standing on the waterfront with visitors from around the world intermingling with a sizable throng of homegrown tourists. And despite their population of 2 million and 3 million respectively, I could appreciate the pastoral setting of Suzhou, the Oriental Venice with its canals and gardens, and Hangzhou with its tranquil lake, and tea plantations. A visit to a Buddhist temple with an orderly throng of tourists and local worshippers produced the largest, most colorful display of umbrellas I have ever seen.

Considering that the population of New Mexico is just about 1 million, it was mind boggling that small cities in China had populations of 2 and 3 million people. Beijing reportedly has 16 million people, and Shanghai, 18 million.

I was impressed with the massive size of buildings in Beijing and Shanghai, with the high level of development of the country in general, and with the continuing development evidenced by the number of construction sites and projects, and as the Chinese government and people prepare for hosting the Olympics in August, the widespread promotion of the event. It seems inconceivable that the country could have carried out so much construction and achieved so much in the relatively short period of 20-30 years.

I was touched by the friendliness and hospitality of people I met on the street. More than once, I had requests to pose for pictures and more that once, invited to go first in line.

I returned home with a favorable impression and an enlightened view of China. The trip was a wonderful opportunity to learn, to establish relationships and promote goodwill and friendship. In answering the question, what does my Chamber do for me, I'll add that it also helps to educate its members through travel and direct experience, that it keeps expanding the range of of opportunities for participating. But if a picture is worth a thousand words, many pictures must be worth many thousands. With thanks to a follow traveller and and a member of the Chamber, here are several more pictures. http://www.abqchamber.com/content/mmm/china%20ppt/Microsoft%20PowerPoint%20-%20Membership%20and%20Board%20China%20Presentation%20show.pdf