Victoria Murphy ~ Santa Fe, NM

On March 10th the 16 % of the City of Santa Fe voters can out in stron opposition to the ballot initivative to put a 1% Real Estate Transfer Tax on homes sold over $750,000. Voters felt both the timing and the limited group who the tax applied to were wrong. The measure was defeated by just over 700 votes. The opposition group was strongly supported by NAR and the Realtors Association of New Mexico.

I was informed yesterday in a closing that it was a great thing we moved up the closing for my buyers of a second home due to new rules which go into effect on Monday, March 16th concerning new mortgage requirements. Second homes and Investment properties will now be required to have a minimum of 20% down since no mortgage insurance will be available for these types of purchases.

I was also informed that it is getting extremely difficult to secure financing on condominiums, and the requirement of 25% down is beginning to affect those sales.

Your insight and comments on these issues would be greatly appreciated.

Victoria

I am asking that everyone who is able get out and vote against the Real Estate Transfer Tax (RETT) on March 10th in Santa Fe. Here are just a few of the reasons:

1. The ordinance will violate NM state statue. This is why after the lawsuit was filed the City of Santa Fe quickly changed the ordinance to a sevice fee. However they did not run the ordinance through the proper channel and committee prior to taking it to a vote. This vote if passed could be deemed illegal by the courts. The city could have waited for the finding before bringing this to a vote.
2. The city staff members contrary to all the documention presented to them had the council believing they would be able to raise $2,000,000. They have now admitted the RETT will only bring in $600,000. Sales figures from January and February showed only 2 homes which would have quailfied for the RETT - 1 just over the $750K and 1 at just over $865K - this would have been just over $1,000 for 2 months.
3. There are 19 exemptions written into the ordinance which will reduce the monies taken in by at least 20%.
4. The ordinance allows for a percentage to be taken out for administrative fees, the hiring of two persons to oversee, and for the non-profits who recieve the funds to use up to 20% for there administrative fees
5. The people hit hardest by this will be those older established homes on the East and Northside of the city. Homes that have been in families for 20+ years.
6. The ordinance will also effect areas of the county that will be annexed in, and yet those people do not have a voice in the matter.
7. There is no comprehensive plan for the workforce housing initiative. This has been verified by one of the non-profits who is in favor of the RETT. Even some the city councilors have stated that the plan is not even good enough to call an outline.
8. The Citys affordable housing staff has stated during a city council meeting that they will still be SHORT $32,000,000 in order to implement their workforce housing inititives
9. The city officials have refused to listen to any other ideas on how to raise all of the money in one single effort.

Wow - I am even more impressed with my new company - Santa Fe Properties! I was informed that when my new listing notice was emailed out that if you clicked on the picture of the property it took you directly to a brochure on the company's website with all of the pertinent information of the property. Talk about efficient! And I have already received "direct" website contact information. And their relocation department is Free!

Well they say this is the year and the time of change and I would have to agree. I have decided to move companies. I left Prudential Santa Fe Real Estate and went over to Santa Fe Properties. Why? Several reasons and the most important being they carry the largest market share in Santa Fe. Do I think they will help my business - well I would hope so but the reality is I believe we make our own business. How we work our sphere of influence is the real determining factor.

So if your in Santa Fe come by my office at 1000 Paseo de Peralta and say hello!