Eloise Gift, New Mexico Real Estate

The Albuquerque, New Mexico economy received good news today. The first came from Eclipse Aviation http://www.eclipseaviation.com/ Albuquerque, New Mexico's small airplane manufacturing plant that has had to defend itself from repeated negative unsubstantiated rumors these past few weeks. Eclipse, announced a $100 million equity investment by European Technology and Investment Research Center (ETIRC) Aviation and renewed their commitment to remain part of the Albuquerque community.

The second announcement of good news came from Governor Bill Richardson himself, fresh from his presidential campaign that SCHOTT AG will build a solar products manufacturing plant in Albuquerque, creating as many as 1,500 jobs at peak production in an eventual $500 million complex. A $100 million first phase investment will require 200,000 square feet and open with 350 employees in early 2009 at Mesa del Sol, http://www.mesadelsolnm.com/ south of the Albuquerque Sunport..

The Schott announcement is a timely shot in the arm of the New Mexico Economy which slowed somewhat in 2007. Through the plant, the state will receive an infusion of $500 million (the cost of the building) and 1,500 jobs when it is operating at its peak.

The announcement complements and supports the state's commitment to providing clean, renewable, and alternative energy. It is in alignment with the state's aggressive goals that by the year 2020, 20% of all energy consumed in New Mexico must be generated by renewable energy sources, of which 4% must be from solar power.

The announcement is validating for Mesa del Sol, the master planned community that promised to build a sustainable, energy-renewable community where people would work where they live. The Schott solar technology plant will be built at Mesa del Sol.

The Schott announcement is immediately good news for residential and commercial real estate. On the commercial side, the company will construct a 200,000 square-foot facility that they hope to expand to 800,000 square ft in the near future. On the residential side, up to 1,500 employed workers will have the resources to achieve the American dream of owning homes to live in or to invest.

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Today I listened to an abbreviated history of http://www.cabq.gov/aes/s2rr.html. In brief, he said that Rio Rancho, the fastest growing city in the state of New Mexico was started by a group of con artists who sold parcels of vacant, undeveloped land to unsuspecting people in far away cities (mainly New York) who had no idea they were buying a piece of the City of Vision.

From the sale of those parcels and the construction of the first homes in the early sixties, building began in earnest in the seventies and picked up speed during the last five years. From a city of about 100 in the 60's Rio Rancho has grown to be a city of some 70,000 to 80,000 people, and is expected to become a competitor in size with Albuquerque in the near future. From vast, undeveloped spaces Rio Rancho is being rapidly transformed into a vibrant city of thousands. City of Rio Rancho - Official Site.

One consequence of growth is the relocation of the city center several miles north of its original site. The bright new state-of-the-art City Hall now has as its only neighbor, the arena, Santa Ana Star Center. The vibrant, city center that the area is destined to become is now only a vision.

But Rio Rancho is not wanting for people and neighborhoods. Every quadrant except perhaps the southwest has communities already built or being built. Southeast Rio Rancho, where some of the first homes were built some 30 to 35 years ago (Rolling Hills, Country Club) along with a golf course is still a charming part of the city with detached homes, condos, and apartments. These older communities are now losing their isolation as new developments like Cabezon and others fill out the wide open spaces that separated them. The borders between Albuquerque and Rio are becoming indistinguishable as developments on the edges of each city merge.

On the farthest northwestern edge of the city, Mariposa, a master planned development of high-end homes is under development. When the new city center is complete, Mariposa, will be a close suburb.

To the northeast, current new developments on the edge of Bernalillo link the older River's Edge communities to ongoing developments (Enchanted Hills) bordering Highway 550. Some of the homes are part of much needed planned, adult communities. Others may in the long run, turn out to be bedroom communities for Santa Fe and Albuquerque. Interstate 25 is close by; Albuquerque is running out of room; and Santa Fe has less affordable housing.

Otherwise, residential communities are being built in small and not so small pockets all across the wide open spaces of Rio Rancho. Communities already completed include North Hills and High Resort. Loma Colorado, a Pulte project complementary to Mariposa, in the northwest, is underway in the mid-north. The only quadrant of the city that is largely untouched by construction is the southwest. Even there, the earth movers can't be too far away. In the meantime, potential residents relocating to Rio Rancho have many choices of homes and areas. They may choose new or older homes (none older than 35-40 years) custom or tract, and in a variety of neighborhoods knowing the the vision is not complete.

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Today's real estate industry news headline was positive. Hope Up for Home Sales in 2008. Despite the positive headline carried by the Albuquerque Journal's, Associated Press, the article was hesitant to accept the positive outlook of the report of the National Association of Realtors (NAR).

In concluding, the writer feels compelled to say, Many economists are much more pessimistic about the housing market and are predicting far lower home sales [than precicted by NAR].

Official year-end results are not yet available for the housing market of either New Mexico or the country at large. Despite current similarities, one must bear in mind that every market is different, based on local trends that drive each market.

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In the chill of the Albuquerque winter as I look through my window at the distant snow-flecked mountains, my thoughts do not turn to going on a hike, but rather to memories of trekking along the flanks of the Jemez mountains last summer.

It is one of the pleasures of living in Albuquerque, that one can take off and within thirty to sixty minutes be in a world of contrasting beauty and temperature to that of the city. Such was my experience when I joined friends on a hike to Sanchez Canyon, near Cochiti on the edge of the Bandelier National forest.

The shady paths, the fascinating flora and fauna, and the beauty of distant peaks and valleys so distracted from the challenges of the sometimes rather steep gradients that even now, gazing at those peaks, uninviting to me in their winter dress, my memory of the hike is one of delight.

Since a picture is worth a thousand words, I'll let the pictures speak, ever a reminder to me of of the wonderful spaces to which Albuquerque gives me quick access, thus making it a great place to call home.

Getting there. I lost my directons to Sanchez Canyon but at least one other preceded me there and also found it a memorable - memorable enough to record the directions online at http://www.abqjournal.com/go/trails/trail07-15-98.htm.

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Hot off the press! Housing Predictor http://www.housingpredictor.com/top25 in its latest update, places Albuquerque, New Mexico at the top of its list of Hottest 10 Buyers Markets, after a surveying 75 markets nationwide.

According to Housing Predictor, their conclusion is based on Albuquerque's continuing attraction to outside investors that are bringing new industries like film and airplane manufacturing to the ares, thus contributing to population growth of people who want to buy houses.

This news is, of course, not surprising. Those of us in the trenches everyday usually can sense which way the wind is blowing despite what the headlines say. We also know that if people have jobs and the economy is thriving, buyers will have money to buy homes and sellers will be able to sell their homes. This is basically the what Housing Predictor discovered.

In a recent post, Albuquerque New Mexico Real Estate Market - Year in Review, I wrote of the opening of new supermarkets, of developers pursuing their goals to build planned communities not only in Albuquerque but in nearby Rio Rancho, Santa Fe, and Los Lunas. We know to keep our eye on the economy because that is the most significant indicator of whether our local real estate market will stay afloat.

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