Ruidoso, NM

The Ruidoso News reported yesterday that current legislative efforts in Santa Fe, to help Ruidoso Downs Race Track with “tax parity” is essentially “dead” as currently written. State lawmakers are in no mood to grant tax concessions to race tracks and casinos – given the $600 million budget gap the state is facing.

It appears that new legislation may be substituted, whereby local property tax or gross receipt tax dollars would be used to offset the track’s annual losses. This option seems to have support in the Capitol – and within the Senate Finance Committee, where Chairman John Arthur Smith ( D-Deming, NM) has previously opposed the tax parity bill.

Last November, the Ruidoso Downs Racetrack and Casino applied with the New Mexico Racing Commission to move it’s operations to Las Cruces, should the State Legislature not pass a “tax parity” bill.

Read more about this story at The Ruidoso Blog.

Looking at the 2009 sales data for Ruidoso real estate, a downward yearly trend continues for overall volume, when compared to the prior 3 years. The 2009 total dollar volume of $55.6 mil., was down from 2008, at $64.6 mil. 2006 and 2007 came in at $86.7 mil. and $79.3 mil. respectively.

The number of units sold annually also declined for the 4 year period. From 407 properties in 2006, 388 in 2007, 302 in 2008, and 260 in 2009. The declining numbers reflect a national economy & red hot real estate market slowing from record highs in 2006.

However, the last quarter of 2009 was up considerably over fourth quarter 2008, by almost 25 per cent. The last quarter of 2009 showed sales volume of $20.5 mil ( 84 units sold ) vs. $15.5 mil ( 69 units sold ) for the last quarter of 2008.

The increase in 2009’s fourth quarter sales may be attributed to several factors including the government’s First Time Home Buyers tax credit, low interest rates, and buyers seeking alternative investments to stocks, which took a severe beating in the 2008 Wall St. crash and financial crisis.

Buying Opportunity:

More recently, I think sales are being driven by price reductions. Sellers are realizing the economy is still weakened by high unemployment, government policy, and general uncertainty regarding recovery. Interest rates have remained low, although, qualifying for home loans has become more difficult with new laws and tighter standards on borrowers.

In addition, there has been an excess inventory of available properties on the market, putting further downward pressure on prices and motivating sellers to be more competitive.

Median Snapshot:

The price range of $159K to $259K is typically the most active in Ruidoso. In 2009 this range had 76 sales closed. Median list price was$223K, sales price was $203K, producing a list / sold price ratio of 94%. Price per sq. ft. was $129, and median days on market was 161.

Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Alto or Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

For more information on the Ruidoso real estate market visit the Ruidoso Blog.

The Upper Canyon is a popular area located on the far west end of Ruidoso, and is comprised of several separate subdivisions. Main Rd. follows the path of the Ruidoso River from Mechem Dr, west to the Mescalero Apache Reservation border. Many of the homes in the Upper Canyon area were built in the 1930s thru the 1960s. Some have been remodeled and some have not. There are many nice, large homes located on the Ruidoso River as well as many small cabins scattered along the valley and hill sides.

The subdivisions I have included for this article, and analysis of recent sales data, are: Central, Chateaux Village, Cree, Dufo, Flume Canyon, McCarty, McDaniel Heights, Pinescape, Sherwood Forest, Sleepy Hollow, Singing Pines, Silver Mountain Terrace, Ruidoso Acres, and White Fir.

In looking back at 12 months of sales data for the Upper Canyon area, there were 13 transactions closed from June 1, 2008 thru June 01, 2009. Search for Homes in Ruidoso click here Sold transactions ranged from a high sold price of $590,000 to a low listing price of $50,000, and a median sold price of $169,000. List to sold price ratio was 91.9%. The median “days on the market” was at 197.

Keep in mind that in July of 2008, the Upper Canyon was hit hard by one of the worst floods in Ruidoso history. Months of bridge repair and river cleanup followed, with some repair work still underway today. Driving down Main, however, there are only a few areas where you see the impact of the flood, mostly at the river crossings. Many of the homes in the area were not affected at all. The flood has probably slowed real estate sales in the Upper Canyon this year, however, it is impossible to know what amount of decline is attributable to the flood damage and what to the general downturn in the real estate market here and nation wide.

Currently, there are 31 homes for sale in the Upper Canyon area. Listing prices range from $68,800 to $599,850.00 with a median of $229,000. Median price per sq. ft. based on listing price is $148.64. To search all properties for sale in Ruidoso, click here.

If you would like to view current listings in a specific area, such as Upper Canyon, email me for a link to those properties. Now is a great time for buyers looking in the Ruidoso area and we are seeing more motivated sellers, and price reductions.

Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

Read more about Ruidoso real estate at the Ruidoso-blog.

Hello,

It is that time of the year when the cool pine of Ruidoso sounds like a great idea. Ruidoso has the best summer time temperature . . . mild with little humidity. The night can get chilly and that makes for great sleeping. Open the windows let the fresh cool air in and smell the pines. You can sit on a deck and see thousands of stars above. You can even see the Milky Way. Day time activities can be hiking, fishing, and shopping. The jockeys are back in town and the races are running again for the summer.

Need a mountain home? No problem I can help you find your dream home. Inventory is high, so call me and I can help you make that real estate deal!

Annie Snow
Associate Broker
BuyRuidoso.com
Cell: 575-808-2721
Think Snow, Think Annie Snow
Referrals are appreciated!
Visit me at:http://www.anniesnow.com/
http://www.ruidosocalendar.com/

The Spring & Summer Events Calendar for Ruidoso has some great shows scheduled. From a very worthwhile fundraiser for Hospice at the Flying J Ranch, to concerts at the Inn of the Mountain Gods and Ruidoso Downs Race Track, the lineup for 2009 is a good one !

Here are some of the many events on schedule for April-June. Detailed links to these events may be viewed at the Ruidoso Blog website.

* 3rd Annual Kite Festival - Ruidoso - April 24, 25, 26

* Kenny Rogers - Inn of the Mountain Gods - May 1

* Annual Hospice Fundraiser - Flying J Ranch - May 2

* Rodney Carrington- Inn of the Mountain Gods - May 14

* Military Appreciation Weekend - Ruidoso, May 14-17

* Aspencash Motorcycle Run & Trade Show - Ruidoso Convention Center - May 14-17

* Ruidoso Downs Racetrack Opening Day -May 22

* Joe Nichols in Concert - Ruidoso Downs Racetrack - May 23

* Ruidoso Noon Lions Gun & Collectible Show - Ruidoso Convention Center - May 23 & 24

* Ruidoso Sprint Triathlon - Ruidoso Athletic Club - May 30 * Mountain of Blues Festival - Ruidoso - June 6

* Zia Charity Classic - Inn of the Mountain Gods - June 14

* Spring Fling Rod Run & Car Show - Mountain Annies - June 20

Contact me for any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.