Did the Market Improve in 2010?



Northwest Albuquerque

 Year-in-Review,Albuquerque New Mexico Real Estate

Did the Albuquerque, New Mexico real estate market fare better or worse in 2010?  You be the judge. The headliner statistics summarized here are provided with kind permission of  The Greater Albuquerque Association of Realtors (GAAR) to help you decide.

January: Closed sales are up 7.72 percent from January 2009. Pending sales are up 28.60 from 2009 and increased 55.46 from previous month, December 2008. Average sale price is $205,624, down 4.30 percent from January 2008. Median sale price is $172,240 (down 1.58 percent from January 2009). Active listings number 766, down 10.23 percent from January 2008. It takes an average of 81 days to sell a house (down 3.57 percent from the previous January).

February: Home sales up 10.79 percent from February 2009 and 8.88 percent from previous month. Pending sales are up 46.98 percent. Rio Rancho shows significant improvements compared to February 2009 with 37.35 percent increase in homes sales and 104.11 percent increase in pending sales.

March: Significant increase in single-family home sale. They are up 36.34 percent from March 2009 and 66.84 percent from previous month. Prices are higher than in previous month but are still lower than in March 2009.

April: Highest number of single-family-detached homes reported sold in any April since 2007. Home sales pass the 1,000 mark second time this year. Median sale price of single-family-detached homes is holding steady at $175,000. The average sale price falls from $206,070 in April 2009 to $205,601 in April 2010. Compared to the previous month, March the average price of a home fell approximately $6000.

May: Highest number of May sales since 2007. Sales in some areas of Albuquerque are up 28.09 percent above May 2009 sales. For the same period, Rio Rancho sales rise 37.08 percent

June: Home sales increase 11.40 percent above June 2009 but decline relative to the previous month. Median sale price climb to $181,000, the highest monthly median sales price since August 2009.

July: Pending sales decrease 14.06 percent. Closed sales decrease 24.22 percent. The median sale price rises 0.54 percent. The inventory of homes for sale increase 5.97 percent. There are 5,083 single-family-detached homes for sale.

August: Home sales decline. Pending sales rise 2.3 percent from previous month. Median sale price declines 1.88 percent from previous year and month.

September: Compared to 2009, pending sales are down 28.82 percent, closed sales are down 2.52 percent, and average sale price is up 3.66 percent. Median sale price is also up 1.72 percent.

October: Pending sales are 1 percent lower than in September. Pending sale price sees year-over-year increase two months in a row. Average sale price is 7.66 percent and median 5.88 percent above October 2009 prices.

November: Closed sales up 2.85 percent; the first time since 2005 that sales increased from October to November. Median sale price shows year-over-year increase for third consecutive month. The average sale price is $220,453, up 5.36 percent from November 2009. The median is $177,500, up 1 percent. In all, 5,110 single-family detached homes are actively listed for sale, 5.71 percent more than in January 2009.  It takes an average of 79 days to sell a home.

December: Statistics are not yet available for December 2010 sales but we know that the December 2009 average sale price was $216,687 and the median, $175,875. Sales numbered 543 and properties pending sale, 476. Then, we had 4,630 active listings on the market and it took an average of 83 days to sell one of them.

Year-Over-Year: The current November median sale price is lower than it was in November 2008 when it was $189,000 but the average is higher. In November 2008 it was $212,088.

How did you decide?
The overall market trend seems set for the year. Ii is inconceivable that events or forces dramatic enough to significantly alter it could occur during the ten remaining days of the year. Was the Greater Albuquerque, New Mexico real estate market better or worse in 2010? Cast your vote on this site.

Eloise Gift
Gift Realty NM
(505) 363-5156

New Mexico A Human Rights State

In New Mexico, the Human Rights Act forbids discrimination in housing, public accomodation,  employment and the granting of credit.  Ten classes are protected, making it illegal to discriminate against anyone on the basis of race, color, religion, national origin, mental or physical handicap, sex, ancestry, sexual orientation, gender identity, and spousal affiliation. The state probably has the largest group of protected clascitizens under the law. 

Celebrating the Holidays

As the holidays approach, I observe that generally, people are ignoring the unyieldingly scroogelike behavior of the economy to plan for the holidays and attend festive events. Calendars are filling up with private parties, new and traditional seasonal favorite events. Check out my Community Events Page.


But, hosts and hostesses, not unmindful of the less-than-booming economy, are making efforts to be mindful of the less fortunate. Many invitations are requesting that guests arrive with gifts of food for distribution to the hungry or with toys for homeless children. The Women's Council of Realtors (New Mexico Branch) is asking each party guest to provide five cans of non-perishables to be given to the Road Runner Food Bank for its ongoing food distribution to the poor. Both the Greater Albuquerque Association of REALTORS® and the Kirtland Air Force Base 377th Wing Division is asking guests to contribute toys for needy children.

Despite best efforts, not everyone feels the joy of the season. Even during times of abundance, I have known people who became uncharacteristically sad at this time of year. I, myself, used to be one. My sadness was triggered by memories of my mother's death on Christmas Eve. I dreaded the start of the Christmas carols and hated the memories of loss they re-wakened each season until I decided to change it. I celebrated my wedding on Christmas Eve and once and for all chased the holiday blues away, convinced that my mother in heaven would be pleased by my decision.

I know that getting married during the holidays is not an option for everyone but what was most important was the decision to take control to create a positive outcome for an unwelcome situation. The act of sharing and offering gifts, not necessarily of material things, is another way of taking charge and escaping feeling victimized by circumstances and situations. Especially in times of economic challenge, gifts of time and talent can be invaluable in bringing joy to both giver and receiver.

Many opportunities abound to give non-material gifts. It is the type of giving that has the capacity to draw us out of ourselves and turn our thoughts outwards as we focus more on the needs of others than on our own. It allows us to discover that seemingly small expenditures of thoughtfulness can bring tremendous comfort.

If you have not tried it, consider helping a food bank distribute food, visiting a homeless shelter to feed the hungry, or volunteering to help a child learn to read. What are your talents? How about going caroling to cheer up some shut-ins? In attempting to help others we often end up surprised with how much we help ourselves. 

Happy Holidays!

New Mexico Housing Market Update 2010 Year-end

Review

As the year winds down and we review successive housing market updates we arrive at the realization that predictions of recovery of our real estate market in 2010 may have been premature. The home buyer tax credit along with low interest rates kept the market going especially with respect to the sale of lower priced homes. But the tax credit stimulus was not sustainable although interest rates remained low, and prices kept falling as inventory increased.

More restrictive lending practices made it increasingly difficult for buyers to qualify for loans. Also, job losses, income reduction, and underwater loans leading to short sales and foreclosures all continue to have an effect on the real estate market not just in New Mexico but across the nation.

Revised recovery projections for New Mexico, based on favorable reports of progress in states we trailed into the downturn, are now set to begin mid 2011. It is also predicted that process will be slow and it may be a few years before we see significant improvement in sales volume or price increases.

Given the new scenario, the question then becomes, how best can individuals prepare for the real estate journey of the next few years? Recommendations abound. The ones most in alignment with my philosophy are the views expressed in CNN Money by Amanda Gengler. How we face and manage the upcoming year depends on our circumstances as seller, buyer, investor, underwater homeowner, or home owner with no immediate relocation plans.
Recommendations
1. Seller: If you are a seller and you don’t have to sell, sit tight for a few years. If you do decide to sell, price your home for quick sale, which means pricing it just below market value. Otherwise, you may find yourself chasing the market downward as prices decrease and you end up selling several months later at or below the price you could have received when you first put your house on the market.

2. Buyer: If you are a buyer and you find the house of your dreams, don’t try to time the market. You may lose the home to someone else and if prices don’t go up, interest rates may and will set off any savings you may make by a lower price for the home.

3. Owner: If you are an owner who has no plans to move and are staying put for the long haul, consider refinancing. These days 1 point less than you now pay on your mortgage is considered worth your while to refinance. I know homeowners who not only refinanced for a lower rate but for shorter terms of 15 or 10 years for significant additional savings.

4. Underwater Homeowner: If you are struggling to keep up with your mortgage payments, the value of your home or other circumstances don’t allow you to refinance, and you are unable to sell it for enough to pay off the mortgage balance, you still have choices. Avoid the temptation to remain passive and do nothing. Call your lender and seek to renegotiate or restructuring your loan. Be careful of scams. Go online to www.Hud.gov to learn about programs available to help you negotiate a solution and avoid foreclosure. Foreclosure is not your only choice.

5. Investor: If you are an investor, bear in mind that the current economic situation will not last forever. The availability of short sales and foreclosures will ebb and flow and may not always be the best deals. According to the economists, the recession officially ended back in 2009 and we are simply waiting for the economy to catch up.

Looking Ahead

Here in New Mexico, if we look hard enough we might just be able to see the beginning glimmer of the light at the end of the tunnel. I get reports of several states including one of our neighbors to the south that are in strong recovery with strong resale and new housing starts. That state had a big housing bubble that burst several months before we were even aware of bubbles, let alone a downturn. If they are thriving again, our full recovery cannot be too far behind.
Eloise Gift
Gift Realty NM

Fall Bosque

Yellow is the predominant color of fall in Albuquerque. In fall, the ribbon of trees (called the bosque) that defines the path of the river through the city changes from green to yellow, leaving no doubt that all the trees as far as eyes can see, are cottonwood. From the Westside of the city of Albuquerque, the bosque is a ribbon of gold against the backdrop of the mountains.
I wouldn't be surprised, if from a distance in ages past, the fall colors along the bosque misled seekers of more precious, brilliant yellow minerals than mere sand on the banks of a river.

State of the City - Albuquerque is on Track

In his State of the City address delivered Thursday at a luncheon organized by the Greater Albuquerque Chamber of Commerce, Mayor Richard Berry updated residents on the plan he outlined a year ago when he took office.

Highlights of Mayor Berry's address relating to achievements during his first year in office:

• Despite the challenges of the current economic downturn, the city was able to balance the 2010 budget without furloughs or layoffs.
• Property crime in the city was reduced nineteen percent
• In support of the efficiency, stewardship and accountability goals set by the administration, the City of Albuquerque website is a model of transparency.
• Improved animal care has led to significant reduction in euthanasia.
• Transportation is improved with ABQ Rides and progress on North-South Connectivity. Completion of the Unser north-south corridor is expected in six months.
• Goal for 2011 includes the establishment of long range plans of up to 25 years for others to build on.
• Construction of a downtown event center is put on hold for the time being.

Visit http://www.giftrealtynm.com/.

September 2010 Market Report

Greater Albuquerque Area

 For the second month in a row, the number of single-family detached homes on the market remained at 5,759, which was 11.70 percent more than in September 2009. Every buyer looking for a home had approximately 9 available to choose from. We have a ten-month supply of homes on the market. (A normal supply is six months).

Pending sales (the number of homes under contract to close) were 28.82 percent fewer than in September 2009 and a significant 14.5 percent lower than in August. (In August, 768 homes were under contract to close.   In September, there were 657 and in September 2009 there were 923).

In September 2010 in the Greater Albuquerque Metropolitan Area, 479 single-family detached homes sold compared to September 2009 when 661 sold. In August, 511 sold.

Interestingly, both average and median sales prices were higher than those of 2009 but not yet back up to the level of 2008. Average sale price in September 2010 was $217,677. In 2009, it was $209,987. The median in September 2010 was $183,000 and in September 2009, 179,900. (The average sale price in September 2008 was $222,947 and the median, $186,750.

Statewide Housing
The state report for the month of September shows similar results for average and median prices. The difference lies only in the actual numbers, which are slightly lower. The state-wide price increases, despite decreasing sales and continuing high inventory may be signaling a turnaround. Read the GAAR Report.

Lawrence Yun, the chief economist of the National Association of Realtors (NAR) speaking about the national housing market, declared that although nationally, sales remain lower than last September’s, they are significantly above those of August. He concluded that the housing recovery has begun.

That may well be the case, because it is widely accepted that New Mexico is not a market leader when it comes to changes in real estate sales or the economy. The state lagged behind others and entered the downturn about nine months later than most. With its tentative price increases, it may well be revealing the first signs of recovery that will be fully obvious nine months from now.

Buyers, take note! The low prices, low interest rates may not be here much longer.
Sources:  (GAAR), (RANM)
Eloise Gift, CRS
Gift RealtyNM

Balloon Fiesta and Parade of Homes Nostalgia

For the past five years, one of my most delightful activities has been volunteering at the morning lift off of the International Balloon Fiesta, doing jobs I had never before done before. Not only did I volunteer, I also cajoled friends and relatives to join me, promising them the best breakfast burritos in town and a sensational experience on the fiesta field as payment for enduring the bitter pre-dawn cold to raise funds for my service club.
Invariably they joined me and came back for more.

Alas, I did not volunteer this year that turned out to be one of the warmest balloon fiesta season on record.  I am sure the breakfast burritos and hot chocolate did not taste as wonderful this year. Yet, I have no doubt the show was as grand as ever.
Overlapping with balloon fiesta is another of my favorite Albuquerque fall events, the Homebuilders Association Parade of Homes.  In full swing right now, but somewhat shrunken in size, it is a bit different this year.  Warm Balloon Fiesta dmornings! Smaller Parade of Homes! So I am feeling a bit nostalgic about both events especially when I look back on follow-up reports I wrote in previous years. This Parade of Homes blog post for a previous year makes the point.

However, this year's Parade of Homes, although scaled back in terms of the number and price of homes, does have some charming, well built homes. The contemporary-style home I mention in this article  for example, does not have an opulent-looking approach. It does have a wow factor when  you open the front door. And it combines understated elegance with practicality, energy efficiency, and comfort.

I like the increasing green trend in homebuilding reflected in so many of this year's homes. I hope to see more next weekend, and will be looking to see if green building continues to gain ground  (pun intended) next year.
Eloise Gift
Gift Realty NM

Appreciating Water - Blog Action Day 2010

Rio Grande near Tamaya Resort

I grew up on the rain-soaked side of a Caribbean island that was lush and green year round. Farmers planted and reaped their crops based on the cycle of two rainy seasons. There was never ever reason for artificial or mechanical irrigation. During those seasons, like clockwork, it rained every day –sometimes intermittent drizzle and sunshine and sometimes torrential as if the keeper of the heavens decided to dump bucketfuls at a time on us below. Every few years devastating hurricanes ravaged the area toppling and uprooting mature trees and dumping even more water than usual. Reliably, year after year, Mother Nature replenished all so that the area within a year or two of the devastation would seem almost completely restored. I learned to to appreciate water as a life-giving source.



Tamaya Resort, Bernalillo, NM

 With time I learned that not all of the rest of island was as blessed with life-giving, almost daily rainfall, springs, brooks, streams; lush, evergreen, ever-growing vegetation. Neither was the rest of the entire world. In high school on the southern side of the island, classmates teased that I was from a place where it rained every day. It certainly was true for several weeks at a time.

Consequently, all the lessons of elementary and high school about climactic regions of the earth were for me not more than academic exercises. I could not develop an appreciation for distant regions of the earth without life-sustaining water in abundance. If you grow up surrounded by water, it is difficult to conceive of a way of life with limited water supply. I couldn’t understand why anyone would choose to live in a desert. The need for water is always urgent and more vital than food.

But communication has improved. Technology allows us to virtually experience daily life and customs of people in opposite corners of the world from ours. With improved communication comes improved awareness and knowledge. Better yet, physically moving to the area and f experiencing it firsthand brings even deeper understanding. Moving from a tropical island and the temperate climactic zones of the Eastern United States to the sunny Southwest introduced me to a way of life with much less water than I was accustomed to and helped me develop a keener awareness of the already high and increasing premium of water in our world.



Where Streams of Living Waters Flow

 Here, in this very beautiful and comfortable southwestern city where we enjoy 320 days of sunshine every year, I became acquainted with a new term - water rights – the Western States Water Laws- that govern water use and have great relevance for protection and conservation in an area that recognized early in its development that drinking water was a scarce commodity available from one meandering river and deep underground aquifers.  Laws governing water rights along with those of the Federal Environmental Agency (EPA) regulate and monitor water use for all purposes (from drinking to recreation) and at all levels (from state-owned and distributed to private wells. Water rights feature prominently in the transfer of real estate.

The EPA’s monitoring role extends to pollution control, education and training and conservation and sustainability through the efficient water use. In the high desert region of Albuquerque, New Mexico, conservation translates into the government’s taking steps to preserve the aquifer that was the lifeblood of the water source since the foundation of the city. Among other initiatives, the government is also encouraging the construction of xeriscape, low-water-use gardens instead of landscapes with grass and non-native plants. Cities and counties are educating homeowners and offering incentives to adapt wide ranging water conservation practices that include low-flow toilets, the use of rain barrels, incorporation of grey water for irrigation..

NM Bird Sanctuary-Bosque del Apache

In the long run, whether we live on a rain-drenched island or at 6000 feet in a high desert region, our lives are inextricably linked as dwellers on planet earth. We also know that events in one area of the planet can have consequences for areas that once upon a time seemed far apart. It is in our best interest to continue or begin to be the responsible stewards of one of earth’s most precious commodities- water by adapting conservation practices. Clean water is not to be taken for granted. Not having clean water is tantamount to having no water, and too many examples exist already of the horrible toll that lack of clean drinking takes on communities around the world.

The writing is on the wall for those of us in the most developed nation on earth who instead of turning on the faucet for a glass of drinking water, unscrew a bottle cap. We should take this as an indication that we need to increase our efforts to preserve and conserve water. Because, we have in place laws, and systems, inadequate though some may consider them, to filter, treat and supply clean water, we can information, resources, and best practices that we can share with the less fortunate. In being our brothers’ keepers we are also helping ourselves and seeing to the future of our planet as a life-sustaining home. It is appropriate to devote a day to these thoughts as blogaction day set out to - http://www.blogactionday.change.org. 
Eloise Gift
Albuquerque New Mexico Real Estate
New Mexico Real Estate 

1: AUGUST MONTHLY MARKET REPORT

Green Not Only for Trees

Within a relatively short time, the word “green” has come to be as widely understood as a way of life as of a color. The new definition, synonymous with sustainability, environmental and ecological sensitivity embodies the defining attribute of our planet as a healthy life supporting environment. It is generally accepted that losing the green attribute of earth means losing quality of life as we know it.

The green concept at one time identified with enthusiasts (cynically referred to as tree huggers) for the preservation of trees and forests, is now recognized as necessary in every sphere of our lives for our efforts to be effective. Green relates not only to tree and forestry preservation but also to the preservation of our natural resources, the creation of clean energy, maintaining clean air, clean water, clean fuel; to waste reduction, biodegradable garbage and healthy homes, the very preservation of our planet. Living green has become everyone’s responsibility.

With respect to real estate, the building industry is increasingly designing and constructing homes, offices, schools and other work spaces to meet green standards set by the United States Green Building Council (USGBC). They are motivated by the demands of clients interested in sustainable living, health and comfort concerns and incentives from corporations, municipal and state governments.

But what if the home you live in was built before green awareness extended to home construction? Are steps one can take to make a home more comfortable, energy-efficient and economical to maintain short of doing a full-scale green remodel? One can complete a do-it-yourself or a professional home energy audit to determine areas of inefficiency or waste.

Diagnostic steps could include:

• Checking insulation levels in attics, exterior and basement walls, ceilings, floor, crawl spaces
• Checking for cracks or holes around walls, ceilings, windows, light and plumbing fixtures, switches and electrical outlets
• Checking fireplaces for open dampers
• Checking appliances and heating and cooling systems for proper installation and maintenance.
• Following up by taking appropriate steps, most of which are easy and simple to do to correct the problem and align a home closer to green standards.

Remedial Efforts

• Install a programmable thermostat.
• Switch to compact fluorescent (CFL) light bulbs
• Air dry dishes instead of using the dishwasher drying cycle
• Turn off your computer and monitor when not in use.
• Plug home electronics into power strips and turn off the power strips when the equipment is not in use.
• Lower the thermostat on your hot water heater to 120°F
• Wash only full loads of dishes and clothes.
• Avoid aggressive driving with rapid acceleration and braking.
• When buying appliances, look for energy ratings on them and choose the the most efficient

Half of all the members of the National Association of Realtors (NAR) think energy costs are important to their clients and eighty-seven percent think that clients’ energy cost concerns will increase over the years. Research findings are that a typical family spends $1,900 per year on home utility bills, a large part of which is wasted. Simple steps to thinking and acting green can make a positive difference to your savings account and quality of life at home. (Source: National Association of Realtors)

Technorati Tags: living green,energy audit

Fluctuating Albuquerque Housing Market Seeking to Rebalance



Downtown Albuquerque

 The Albuquerque NM housing market report for august 2010 reflects continuing fluctuations in inventory, sales and prices as the market seeks to rebalance and recover. Active listings have increased; pending sales, closed sales and median sale price of single-family detached homes are all down. Average sale price remains in positive territory at 4.44 percent above that of August 2009 and days on the market decreased from an average of 80 last August to 77, for August 2010.


There are 8.68 percent more active listings than there were in August 2009. (August 2009 had 5,229 single-family detached homes on the market. and August 2010 had 5,759).

Pending sales continue to decrease and in August, were at 22.11 percent below the August 2009 count.

The median price of single-family detached homes, unlike last month’s seemingly upward trend, is down 1.88 percent from one year ago (August, 2009), having decreased from $186,000 to its current  $182,500.

August sales fell throughout all of the Greater Albuquerque Southwest Multiple Listing Service areas except Corrales. Albuquerque (the most densely populated area) sold 357 detached single-family homes and 42 attached (condos and townhomes). Rio Rancho sold 99, Corrales sold 8, Bernalillo sold 2, Placitas 4, East Mountains 15, and Valencia County: 26.
Courtesy, the Greater Albuquerque Association of Realtors.

Greater Albuquerque NM Market Update August 2010

Market Fluctuations Continue

A Matter of Perspective

Technorati Tags: Greater Albuquerque nm market report,housing statistics

NAR: Existing Home Sales Move Up in August . . . RANM: New Mexico Home Sales Hold Steady in August: Median price Drops.

I write my August Market Update against the backdrop of the National Association of REALTORS (NAR) and the REALTORS’S Association of New Mexico (RANM) headlines as presented by the Greater Albuquerque Association of Realtors (GAAR)for the same period. Can all our accounts be true and have validity. Absolutely! NAR gives a national perspective. RANM gives a state perspective and my report gives a local area perspective. Quarterly, I drill down to prepare a neighborhood perspective for my neighborhood civic association. When I prepare pre-sale reports for clients, I drill down even further to compare subsets of similar homes within a neighborhood.

Most important to keep in mind when reading reports, is that real estate is local and that what is true for one area may not be so for another even as what is true for one house on a neighborhood street is not for another that is  built identically. While it is important to pay attention to what is happening nationally and even internationally, we must be aware of the trends and peculiarities of markets where we live.

Greater Albuquerque Area

The August market report reflects continuing fluctuations in inventory, sales and prices as the housing market seeks to rebalance and recover. Active listings have increased; pending sales, closed sales as well as median sale price of single-family detached homes are all down. Average sale price remains in positive territory at 4.44 percent above that of August 2009 and days on the market decreased from an average of 80 last August to 77, this year.

There are 8.68 percent more active listings than there were in August 2009. (August 2009 had 5,229 single-family detached homes on the market. and August 2010 had 5,759).

Pending sales continue to decrease and in August, were at 22.11 percent below the August 2009 count.

The median price of single-family detached homes unlike last month’s seemingly upward trend is down 1.88 percent from one year ago; having decreased from $186,000 to $182,500.

August sales fell throughout all of the Greater Albuquerque Southwest Multiple Listing Service areas except Corrales. Albuquerque (the most densely populated area) sold 357 detached single-family homes and 42 attached (condos and townhomes). Rio Rancho sold 99, Corrales sold 8, Bernalillo sold 2, Placitas 4, East Mountains 15, and Valencia County: 26.

(Courtesy, the Greater Albuquerque Association of Realtors.

Will Albuquerque Abandon Impact Fees?

Westside Construction Presbyterian Hospital

The debate continues. Should the City of Albuquerque impose impact fees? How much?  Who should pay? The City of Albuquerque spelled out the reasons for impact fees back in 2004. Impact fees help fund critical major infrastructure in the building industry.  So the city government of Albuquerque requires builders of new commercial and residential buildings "pay impact fees that represent a fair, proportionate share of the cost of the parks, roads, drainage facilities and public safety facilities necessary to serve that new development."

The Albuquerque City Council imposed impact fees effective mid 2005, at the height of the local housing boom when builders could hardly build fast enough to meet the demand for new homes for people moving to the area from across the nation. The added fees were imposed gradually, to reach 100% imposition in 2007 for all homebuilders except green builders who would be exempt.

But the downturn came. Home builders, unhappy from the beginning with the imposition of the fees, have never stopped lobbying for the abolition or reduction of the fees.  After three years of real estate and economic downturn building sites are still largely quiet. Therefore, it was welcome news this week that the City Council voted to cut impact fees in half , extend the exemption for green building, and explore ways of making fees more equitable across the city. (Greater Albuquerque Association of Realtors)

A reduction or abolishment of impact fees, many think, could be one of the essential incentives the city needs for building activity to resume. Much restructuring has taken place during the past three years brought about by the extended pause in new home construction, the tax incentives, continuing low interest rates, falling home prices, and the mix of short sales and bank-owned properties. But all this seem insufficient for the jumpstart, so far. Who knows, the reduction and of  the impact fees may be just what's needed to give a added push to recovery of the housing market in the City of Albuquerque.

Greater Albuquerque Market Report

Second Quarter 2010

With respect to number of new listings and closed sales, the Greater Albuquerque, NM Second Quarter 2010, Housing Market Report reflects overall improvement over performance during the corresponding period in 2009. Like the turtle inching its way across the road at the Open Space Center, the market is gradually inching its way up again.

Not surprisingly, sale prices have fallen, but not as much as some might have anticipated. Average price changes showed only a 2.69% decline as eleven areas in Albuquerque and Rio Rancho reported not only increased sales but increased prices. North Albuquerque Acres, Albuquerque Acres West, Foothills North, Academy West, UNM, Uptown, Northeast Heights, Foothills South, Fairgrounds, Southeast Heights, Downtown, Valley Farms, Pajarito, Far North Valley, Northwest Heights, Rio Rancho South, Rio Rancho Southwest, Rio Rancho North and Bernalillo/Algodones all reported varying levels of sales and price increases.

New listings entering the market increased 8.01% and closed sales increased by 20.55%. Of significance is that the market did not shut sown or freeze. The Homebuyers Tax Credit empowered buyers to write contracts; and sellers faced the harsh realities of a changed market, adjusted prices.

(Market data is provided by the Southwest Multiple Listing Service of the Greater Albuquerque Association of REALTORS®. Analysis is by Eloise Gift, Managing Broker of Gift Realty NM, Albuquerque New Mexico. Data is deemed reliable but not guaranteed.)

It's Almost International Balloon Fiesta Time

A Special Shape

It is almost that time of year again when people will flock to Albuquerque from all over the world for the International Balloon Fiesta, and we will all have to drive more carefully as we watch out for the out-of-town drivers distracted by oddly shaped, floating objects most of us natives and almost-natives take for granted. (Albuquerque has been hosting the fiesta since 1972!)  

Dawn Patrol

The state of New Mexico is called the Land of Enchantment  foer a good reason. Somewhere, all around the state, there is always magic in the air. If you have any doubts, when you visit for the fiesta, don't just look at the balloons as they drift overhead.  Look also at the sky during daylight hours and at night. Observe the drama that plays out over the landscape of the mountains to the east and on the high mesa to the west.  Even more magical is hitching a ride on a balloon. Doing so adds a whole new dimension to the enchantment of this land.

The 2010 International Balloon Fiesta takes place October 2  to October 10. It is one event I don't miss and neither should you.

New Mexico Real Estate: Tomé - Destination of Pilgrims

New Mexico Real Estate: Tomé - Destination of Pilgrims

This Land Can Be Your Land

Rio Rancho is the fastest growing city in New Mexico but you can still buy vacant in just about any of the four quadrants of the city. The 1-acre lot shown here on 13th Avenue (Unit 7 Block 59 Lot 14) is centrally located and easily accessible from the intersection of two major cross streets – Rainbow and Northern – major arteries that place both the new city center and Northwest Albuquerque only minutes away.

This lot is close to a major residential development that is under construction at the corner of Rainbow and Northern, an indication that utilities - water and electricity - are in the area. Wide open spaces with unobstructed views of eastern southern and northern mountain ranges surround the lot. This and many other vacant lots are available alongside elegant, reasonably priced homes throughout Rio Rancho.

Albuquerque, New Mexico Real Estate Market

Market Update

Real Estate Market Statistics provided by the Greater Albuquerque Association Of REALTORS®, for May, 2010 show  that 731 single-family detached homes sold in the greater Albuquerque area, compared to 678 in April. This was the highest sales record for the month of May since 2007. (You may remember that 2007 was the year of the start of market decline in our area.) The May statistics also reflect an increase in sales of 28.09 percent in sales for the city of Albuquerque over May 2009, and similarly for Rio Rancho, an increase of 37.08 percent over the same period.

The median sale price for single-family detached home sales remained $175,000 for the 3rd consecutive month. Average sale price, however, continued to decline. In 2008, the average sales price for single-family detached homes was $210,406; in 2009, it was $247, 795, and in May, $210,406. Nevertheless, both median and average sales prices are still above those of 2005 when the annual average was $205,731 and the median $166,500. In analyzing the figures, it may also be useful to bear in mind that the highest selling price ranges are currently between $160,000 and $179,000 for single-family detached homes. (Single-family detached home listings and sales represent approximately nine times those of attached homes listings in our market area.)

What drives our Market?

Continued low interest rates, declining home prices, and FHA loans seem to be the current driving forces behind our market. According to several reliable sources, in recent weeks, contrary to what many expected, the 30-year fixed-rate mortgage remained comparatively, low averaging 4.72% - 4.79%, down from 5.59% a year ago. Also, average rates on 15-year fixed-rate mortgages were 4.17%, falling from 4.2% to 5.06% in previous weeks and 15-year rates set a new low in recent weeks. First-time homebuyers still have a resource in FHA loans. .

The Million dollar Question

The question still remains. Is our market recovering? In one form or another, that’s the question I hear most often. My answer is that our market has not fallen as much as it could have. Our average and median prices are still better than they were 2005. I think the market is on the threshold of recovery. If the buyers sitting on the fence were to get off, it could be advantageous to them (the convergence of favorable conditions will not last indefinitely). That one act on their part might just prove to be the little extra push that the market needs to be on its way to recovery.

The Homebuyer Tax Credit Ended - Now What?

In Albuquerque, New Mexico as in many other parts of the country, April saw a flurry of homebuying activity because those with the will and the means made an effort to sign purchase agreements before the end of April so as to get the federal homebuyer tax credit before ended at the April 31. For many who signed contracts, closings may not take place for another month or two so we are still experiencing the effects of the tax credit which may last through the summer.

People in and outside of the real estate industry are watching with interest to see what will happen next in  the residential real estate. It's as if we are all taking a deep breath and are waiting to exhale as soon as we feel that we are completely out to the woods with respect to market recovery.  Will the market maintain the momentum developed over the pasr few months?  Almost one month later, there are no significant changes to report and many remain cautious and hesitant to predict the future. In the meantime, we continue to add listings, hope for improved employment figures, and that buyers will find lenders able and willing to provide loans. neIt will be interesting to see what next month's update. will offer us.

New Twist in Real Estate Land Grant Property Development

In 2007, SunCal developers bought the last of one of New Mexico's largest land grant holdings from Westland Corporation with fanfare and great promise of development. With no direction in which to expand  but west, the acquisition of the vast tract of land west of the city of Albuquerque seemed to offer great promise for development. With this latest announcement, however, the immediate future of the old Atrisco Land Grand property  is in doubt. SunCal, for the moment, appears to be yet another casualty of the real estate and economic downturn.

Westward is the only direction in which the city of Albuquerque can expand. The Sandia Mountains block eastward expansion. Kirtland Air Force Base and the airport restrict expansion southward and the city of Rio Rancho and Native American lands block expansion to the north. The SunCal properties (formerly Westland Corporation and Atrisco Land Grant) is the last large tract of open, undeveloped space near Albuquerque. It is valuable land and without a doubt will one day, sooner or later, be an extension of Albuquerque roof tops or a new city on the west mesa, extending westward into the sunset. 
Eloise Gift,CRS

Pilgrims in Albuquerque NM

Throughout the Christian world, From Lourdes to various holy sites around New Mexico, today is a special day. It  is Good Friday, a day for Pilgrimage. It is the day that marks the culmination of  the observance of Holy Week  commemorating the day of the Crucifixion of Jesus Christ some 2,000 year ago.

The young daughter of one of my clients told me yesterday, that she would start her  3-hour walk and 16th pilgrimage at 8:00 AM this morning. As I write, she is almost half  way to El Santuario de Chimayo. In her sixteen years of pilgrimage, she missed one year because, new in her job, she could not get time off. She made up by doing the journey the following day. She told me that in her family, Good Friday is of even greater significance than Easter. The celebratory meal comes on returning home after the visit to the tiny chapel at the back of the Snatuario. 

In Albuquerque, New Mexico, as I write, pilgrims are on their way or are already returning from a sunrise visit to Tome Hill  near Los Lunas, about 25 miles south of Albuquerque.  The pilgrims, some on their knees on the rocky slope,  will be up and down the Hill all day today. To the north of Albuquerque,  Carmelina and thousands of pilgrims from near and far, young and old, are converging on  Chimayo, about 15 miles north of Santa Fe.

New Mexico is a destination for pilgrims. People, not only Christians, come to the state from all parts of the world on all kinds of pilgrimages. Bike riders and runners come to practice in the Sandia Mountains. Artists come to be inspired by and pay homage to places that were the inspiration of Georgia O'Keeffe and others artists. Good Friday draws Christians and other worshippers.

Sacred spaces all around Albuquerque and the rest of the state don't have to be pointed out, natives, residents and tourists alike, will tell you. People say that they feel tand are drawn to them. Albuquerque residents say that living in the city with its views of the Sandia Mountains is spiritual, if not sacred. The Rio Grande river snaking its way through the desert is spiritual and so is the Petroglyph Monument. Less than an day's drive will take you to many other sacred  and spiritual sites that include Acoma, Chaco Canyon and other Native American pueblos
Eloise Gift
Gift Realty NM , Albuquerque New Mexico
http://www.eloisegift.com/

Economic Game Plan Outlined by Albuquerque NM Mayor

A record 600 people packed the Albuquerque Marriott at I-40 and Louisiana yesterday to hear Albuquerque’s new mayor, Richard Barry, address the annual National Association of Industrial and Office Properties (NAIOP) luncheon.

Mayor Barry outlined his game plan for putting the city on a fast track for economic recovery. He said he plans to run the city more like a business and described three principles he would follow:

1. Albuquerque First
   The mayor plans to direct city departments to buy local in an effort to keep jobs in the area and help small businesses get a bigger piece of the pie of business contracts.
2. Albuquerque Easy
   The intention of Albuquerque Easy is to direct effort toward making it easier to do business locally. To that end, the city of Albuquerque will speed up the permit process by instituting electronic filing , create a business resource center in City Hall, and develop a more customer/ business friendly environment.
3. Albuquerque Recruits
   Albuquerque Recruits relates to bringing more people to the region, encouraging business growth, and attracting new jobs and investments. This principle also relates to targeting businesses that are a good fit for the Greater Albuquerque region. The mayor made special reference to the solar and film industries.

The mayor featured three small businesses with video presentations during his speech –Valliant Printing, minority, woman-owned company by Keiko Johnson; Steve Pasternoster, a restaurateur in the Nob Hill Area, and Schott Solar at Mesa del Sol.

The mayor made it clear that in speaking of Albuquerque, he meant the entire Greater Albuquerque Area that included Rio Rancho and Los Lunas. He specified and was applauded for saying that whatever opportunities for business arose, he hoped one area or another of the region  would get it because it was in fact one region.

 

Technorati Tags: Albuquerque Economy,Albuquerque NM Events,Mayor Berry,Albuquerque Mayor,NAIOP,Albuquerque New Mexico Business

Tax Credit Expiring – Will HAMP Fill Gap?

First-time and repeat homebuyers profited from the tax credit offered as part of the Federal Recovery and Reinvestment Act initiatives designed to help jump start the economy. That package helped sustain the residential real estate market through the past two years and has been particularly helpful to first-time home buyers, many of whom felt left out during the protracted increases in home prices up to 2007.

The first homebuyer tax credit extended initially only to first-time homebuyers, expired in 2009 and was extended and expanded to include some repeat home buyers. As we approach the expiration of the extended/expanded period, not only industry insiders but savvy consumers, doubting the feasibility of another extension have been wondering what would be the next best thing to do to support a market still in need of crutches.

The evidence all around us, even in New Mexico that seemingly weathered the downturn better than most other areas, according to national trend reports. Mortgage payments for many, are far higher than the value of their homes. To alleviate the burden, consumers approach lending institutions seeking restructuring or modification of their loans only to receive no response or responses that make their situation more arduous. In cases where restructuring or modification becomes even more crucial because homeowner are facing reduction in earnings through job loss or other setbacks, unable to reach agreement with lenders for restructuring or modification, many simply choose to walk away to homelessness or rental at a price more affordable than mortgage. Still others try to sell but are unable to sell at a price high enough to pay off the mortgage balance. One alternative is to seek agreement for a short sale (the lender agrees to accept an amount short of what is actually owed) currently a long process with uncertain outcome.

If and when the short sale is executed, the beleaguered homeowner may face one of two additional challenges. They may be required to sign a promissory note for the difference between the amount owed and the amount of the sale or a tax liability for the amount forgiven by the lender.

Given this scenario many, it is welcome news that President Obama has chosen to tweak the previously agreed upon Home Affordable Assistance Program (HAMP).

The revised FHA- HAMP program in providing relief to homebuyers where it is needed most, will fill the gap that the expiration of the tax credit will leave and continue to support an industry that is still fragile and in need of stimulus.

Technorati Tags: first-time homebuyers,new mexico real estate,HAMP,residential real estate,homebuyer tax credit,President Obama,home affordable modification program

Homebuyer Tax Credit Expiring - Updated HAMP Just In Time

First-time and repeat homebuyers profited from the tax credit offered as part of the Federal Recovery and Reinvestment Act initiative designed to help jumpstart the economy. That package helped sustain the residential real estate market through 2008 to date. It has been particularly helpful to first-time home buyers, many of whom felt left out during the protracted increases home prices up to 2007 (at least in our neck of the woods - New Mexico).

The initaial  tax credit for first-time homebuyers expired in 2009 and was extended and expanded to include repeat home buyers who met certain criteria. As we approach the expiration of the extended/expanded period, not only industry insiders but savvy consumers have been doubting the feasibility of another extension. The million-dollar question was what next could be done to help a still-ailing housing market.
The evidence of a market still in ill health is all around us, even in New Mexico, a state that seemingly weathered the downturn better than most others, according to national trend reports.

The evidence, from talking with clients, is that mortgage payments for many are sometimes significantly higher than the value of their homes. To alleviate the burden, some approach lending institutions to seek restructuring or modification of their loans only to receive no response or responses that in their perception, make their situation more difficult. In cases, these homeowner are facing reduction in earnings because of job loss or other financial setbacks.  Unable to reach agreement with lenders for restructuring or modification, many simply choose to walk away to homelessness or rental at rates more affordable than their mortgage. 

Others try to sell but are unable to sell at a price high enough to pay off the mortgage balance and do not have the resources to pay the difference. A portion of this latter  group seek agreement for a short sale (the lender agrees to accept an amount short of what is actually owed) a long process with uncertain outcome. If and when the short sale is executed, beleaguered homeowners may face additional challenges. They may be required to sign a promissory note for the difference between the amount owed and the amount of the sale or a tax liability for the amount forgiven by the lender.

The long and short of the situation is that vacant homes with delinquent mortgages persist. Many homes are occupied with residents who are barely managing to pay mortgages, may be one month away from defaulting or are several months behind, waiting for the axe to fall. That is why the news of President Obama's latest initiative one month before the expiration of the homebuyer tax credit is welcome news. The President has chosen to tweak the previously agreed upon Home Affordable Assistance Program (HAMP) with

the inclusion of considerations for principal reduction. The revised FHA- HAMP program is expected to provide relief for homebuyers where it is needed most. It is also expected to fill the assistance gap the expiration of the tax credit will leave and continue support for the residential real estate industry whose recovery has serious implications for overall economic well being. - Eloise Gift, REALTOR, CRS, GRI, e-PRO

Saturday Mornings

Some sleep in on Saturday mornings.  Others escort children to swim meets and other sports events. Saturday mornings are great times for a sumptuous brunch. As a REALTOR, I present seminars, show houses or meet with clients for whom Saturday morning is the only available time for real estate matters. As a REALTOR, Saturday morning is a continuation of the week, not the beginning of the weekend.

Be Safe as you Spring Forward

Sunday, March 14 at 2:00 a.m. we revert to standard time. We must all remember to move our clocks forward 1 hour – "spring forward "- so as not to miss our standing Sunday appointments and fall out of step with the rhythm of our lives.  In addition, to help  keep us safe in our homes, the University of Oklahoma Police Department recommends tasks we might consider carrying out in conjunction with adjusting our clocks.

Coinciding with the time change, the department recommends:

• Checking and replace batteries in smoke and carbon monoxide (CO) alarms
• Preparing disaster supply kit for your house (water, food flashlights, batteries, blankets). If kit is already prepared, do semi-annual check ing of contents including testing /replacing flashlight batteries).
• Preparing or checking car-emergency kit and include a separate “Cold Gear” bag with items necessary for one to stay comfortable in case of emergency in cold weather.
• Checking home and outbuilding storage areas for hazardous materials (HAZMATS). Discard safely all unused and outdated. (In Bernalillo County, call 1 877 643-1956 or344-3655)
• Checkingand discarding (safely) all expired medications.

The same checks should be carried out again in the fall when we switch to daylight saving time again.

Finally, the United States Consumer Protection Safety Commission suggests:

• Replacing smoke alarms every ten years. 
• Replacing carbon monoxide alarms every five years.

Have a safe and happy spring!

March Calendar

March is a busy month.

•  If St. Patrick's Day is important to you, get ready for March 17.
• Spring starts March 21
• Change your clocks, Sunday, March 14 at 2:00 a.m. to revert to standard time.

On the day we change our clicks to spring forward, it is recommended that we
Check smoke and carbon monoxide alarms.
Prepare disaster supply kit for our homes (water, food flashlights, batteries, blankets). If kit is already prepared, do semi-annual check of contents including testing /replacing flashlight batteries

Prepare or check car-emergency kit and include a separate “Cold Gear” bag with items necessary for one to stay comfortable in case of emergency in cold weathe

Check home and outbuilding storage areas for hazardous materials (HAZMATS). Discard safely all that are unused and outdated.

Check and discard (safely) all expired medications
Very Important: The United States consumer Protection Safety Commission suggests
The replacement of smoke alarms every ten years
The replacement of carbon monoxide (CO) alarms every five years.

 

University of Oklahoma Police Department Notebook: Police Department Notebook.

  

International Women’s Day with Half the Sky

International Women’s Day developed sporadically at the turn of the 20th Century out of the need to validate the struggle of women for recognition and equality. The promotion of the cause by the United Nations brought global attention and consolidation of the women’s movement, which, throughout the United States and many other countries, is now celebrated March 8, each year;

For International Women’s Day 2010, CARE, the humanitarian organization with a poverty-fighting mission that focuses on women and girls is once again partnering with like-minded organizations to for a live, one-day only event at 7:30 p.m., March 4 in select theatres across the United States ; s

Theatres will show the movie Woineshet inspired by stories from the New York Times bestseller, Half the Sky, by Nicholas Kristof and Sheryl WuDunn. The goal is to celebrate women and girls and inspire them to rise above poverty and circumstance that would prevent them from thriving and achieving their potential.

In Albuquerque, Half the Sky will be shown in the following theatres at 7:30 p.m., March 4 2020.

Albuquerque Rio 24
Albuquerque Downtown 14
Cottonwood 16.

International Women’s Day with Half the Sky

International Women’s Day developed sporadically at the turn of the 20th Century out of the need to validate the struggle of women for recognition and equality. The promotion of the cause by the United Nations brought global attention and consolidation of the women’s movement, which throughout the United States and many other countries, is now celebrated March 8, each year; 

For International Women’s Day 2010, CARE, the humanitarian organization with a poverty-fighting mission that focuses on women and girls is once again partnering with like-minded organizations to for a live, one-day only event at 7:30 p.m., March 4 in select theatres across the United States ;

Theatres will show the movie Woineshet inspired by stories from the New York Times bestseller, Half the Sky, by Nicholas Kristof and Sheryl WuDunn. The goal is to celebrate women and girls and inspire them to rise above poverty and circumstance that would prevent them from thriving and achieving their potential.

In Albuquerque, Half the Sky will be shown in the following theatres at 7:30 p.m., March 4 2020.

Albuquerque Rio 24
Albuquerque Downtown 14
Cottonwood 16.

Albuquerque Market Update - January Sales

According to the Greater Albuquerque Association of Realtors (GAAR) 43 attached and 349 detached homes sold in the Greater Albuquerque area, reflecting an increase of 7.72% more closings than occurred in January 2009. In addition, 740 detached and 82 attached homes were under contract and awaiting closing - a total of 2960 more than in January 2009.

Of the detached homes sold, 241 were in Albuquerque, 1 in Corrales, 57 in Rio Rancho, 4 in Bernalillo, 4 in Placitas, 19 in the East Mountains/Estancia area and 23 in Valencia County. Sales increase in Albuquerque, Rio Rancho, Bernalillo, Placitas and the East Mountains, held steady in Valencia County, and decreased in Corrales (January 2009 -3; January 2010-1).

Both average and median home sale prices declined from January 2009 to January 2010. In January 2010 the average sale price for detached homes was $205,624 and the median $172,240. In January 2009 the average sale price was $214,872 and the median $175,000. For attached homes the average sale price in January 2010 was $141,351 and the median $144,000. In 2009 the average attached home sale price was $180,159 and the median, $158,500

New listings entering the market in January numbered 1617. This was 3.30% less than in January 2009 when 1,658 listings entered the market. In January 2010, the Greater Albuquerque area had 4,766 detached and 566 attached homes listed for sale, 10.23% fewer than there were in January 2009 (5,309 detached and 616 attached).

The number of days on the market for detached and attached homes declined 3.5%.

The stars seem to be in alignment for market recovery. Days on the market continue to decline. The inventory is growing smaller, sales keep increasing as do pendings (properties awaiting closing) and price correction continues. 

Albuquerque NM Real Estate Spring Headlines

These are the topics that are leading the real estate discussions as spring approaches.

• Existing Home Sales Surge.
• Home Values Decline.
• Foreclosure Activity Declines.
• Mortgage delinquencies rise.
• Pending Home Sales level off.
• Flurry in New Homes Starts.

What does all this mean? Do these pronouncements indicate a turnaround in the market? Is this bad or good news for consumers? Sound off. What do you think?

Decade In Review - Albuquerque 1999-2009

Sales Volume
According to statistics provided by the Greater Albuquerque Association of Realtors, in terms of sales volume, the real estate market in the Greater Albuquerque Area came full circle from 1999 to 2099. In 1999 7,007 homes were sold. In 2005 sales volume peaked at 14, 330. At the end of 2009, with 7,933 homes sold, sales were almost back at the 1999 level. The least number of sales for the decade occurred in 2000 when only 7,606 homes were sold.

Inventory
Not surprisingly, the year of lowest inventory of the decade was 2005 with and annual average of close to 2000 homes on the market and only 2,156 listed in the month of February. The year of highest inventory was 2008 with an annual average of approcimately 7000 homes on the market that year, the highest being 7,082 homes in the month of July. Later that year, in December, the inventory fell to 5,821.–Since then, the inventory has see-sawed between a high of 6,128 in July 2009 and a low of 5,156 (the lowest since April 2007) in December 2009.

Price Changes
Throughout the decade, with the exception of the year 2000, average prices in the Greater Albuquerque Area, have shown year over year positive changes up until 2008. The average price change for 2008 was -4.30% and in 2009, -7.72%. In 2009 all except four areas of the Greater Albuquerque Multiple Listing Service experienced year over year price decline. The four exceptions were Sandia Heights, Rio Rancho Mid North, Rio Rancho Mid West and Rio Rancho North, all of which showed appreciation ranging from 1.74% to 4.77%.

The steepest average price reduction (-7.72%) of any year since 1999 occurred in 2009. Areas of severest negative price changes were Pajarito with a change of -38.71%, Rio Rancho Southwest with a change of -28.o7%, and the Far North Valley with -26.89%. Highest area year over year increase (23.331%) occurred in 2006 when the average price of a home reached $227,883. In 1999, the average price of a home in the Greater Albuquerque Area was $150,264. Despite the price reductions of the past two years, the current average price of $214,662 is higher than all pre-2006 prices. The average price of Greater Albuquerque homes in 2005 was $204,502.

Conclusion
Looking back over the last decade, the big picture supports that Albuquerque real estate experienced a time of flux and readjustment. Prices of homes fell but are today higher than they were prior to 2006. The inventory rose and peaked and is almost back at 2001 levels, a real estate period considered normal. Although 2009 sales fell short of the 2008 volume, the surge in completed and pending sales activities during the last three months of 2009 suggest the beginning of the building of momentum towards complete market readjustment. With the promise of new jobs in the healthcare, film, and solar related industries aligning with actual historically low interest rates and tax incentives for home buyers, Albuquerque real estate shows promise for the new decade.

Albuquerque, New Mexico Movie-making Capital of the Nation

Moviemaker magazine, in its Winter 2010 issue, placed Albuquerque, New Mexico at the top of its list (above Los Angeles) of places for making movies. Why?

Moviemaker Magazine discovered, among other enticements, Albuquerque's s a vibrant nightlife, 300-plus days of sunshine and diverse terrain and a great infrastructure for making movies. This infrastructure includes the NBC Universal Filmmaker Production Services' 25,000-square-foot prop, costume and wardrobe shop that opened in Albuquerque in 2008 as well as
Albuquerque Studios, the largest movie studio in all of North America. As if that space weren't enough, the city and surrounding areas provide rich and diverse topography and landscapes that easily “double for nearly every type of backdrop."

Some may be wondering if the area can live up to the expectations that come with the recognition of Moviemaker magazine. Today's announcement by Governor Richardson should do much to dispel those doubts. The Steven Soderbergh film “Knockout”, from Relativity Media and Lionsgate, will shoot in New Mexico in March and April. It is great news that reassures that the recognition is not premature. At a time when every city and state is vying for jobs, Albuquerque and other cities of New Mexico are happy to welcome Steven Soderbergh, Relativity Media, and Lionsgate with the over 100 jobs they will provice for New Mexico cast and crew.