Santa Fe NM Real Estate and Homes for Sale

Daily Real Estate News  |  August 14, 2008

Home Buyers Acting On Lower Prices

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®.

Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

In the second quarter, 35 out of 150 metropolitan statistical areas ¹ showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines. NAR's track of metro area home prices dates back to 1979.

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values," Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time."

A separate recent study by the National Bureau of Economic Research, "Housing Supply and Housing Bubbles," shows construction costs in 2007 were higher than home prices in 33 out of 79 metro areas studied.

Because foreclosures and short sales are accounting for about one-third of transactions, there is a downward pull to the national median price. In the second quarter, the median existing single-family home price was $206,500, down 7.6 percent from the second quarter of 2007 when it was $223,500. The median price is where half of the homes sold for more and half sold for less.

Find homes for sale in NM at great low prices.

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How Far is it From the Plaza?

Have you ever noticed how many homes for sale in Santa Fe state: 'Walking Distance to the Plaza' in the remarks section of the marketing material? There's a good reason. For those who want to experience the downtown lifestyle, it makes all the difference.

The disappointment comes when you realize that walking distance to some is a mile or more. Here's a tool to help you lknow how far a home really is from the plaza, as well as the proximity to restaurants, book stores, coffee shops...you name it.

Walk Score

Just type in the address of the home and a navigable map will appear. Voila!

To check out homes for sale in the historic eastside area of Santa Fe and homes within walking distance to the Santa Fe Plaza, visit my web site . Click on Home Search, then select areas 1, 2 and 3.

Santa Fe Neighborhoods

Since Santa Fe luxury homes are my specialty, this overview concentrates primarily on areas in Santa Fe where luxury homes are located.

Within the city limits, the variety of homes is endlessly unique architecturally, culturally, and socially. It's one of the many reasons Santa Fe is referred to as the "City Different". Shopping for real estate in Santa Fe on a 'price per square foot' basis is not recommended, though, since there are innumerable variations in finishes, age and amenities in the same locale. For instance, on one historic eastside street alone, you'll find small condominium compounds, a newly completed adobe home, old historic homes, bungalows, estates and beautiful quintessential, charming Santa Fe adobe homes. Very few 'subdivisions' exist within the city limits of Santa Fe, so you'll not want for variety when checking out homes in this area.  

Historic Eastside - Santa Fe NM

The historic eastside of Santa Fe is one of the most sought-after areas, partially due to its charm, as well as being within walking distance to Santa Fe's infamous downtown Plaza. A walk to dinner along East Alameda is a sensory delight-- with the fragrance of jasmine, honeysuckle....the cool evening air, and the faint sound of the St. Francis Cathedral bells tolling, as well as live music from Santa Fe's downtown plaza.

Resource: St. Francis Cathedral

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