Rio Grande Estates

[Norma61]

Hello everyone,

This is my very first post, although I registered sometime ago. I just wanted to say how truly sad reading Mr Bernstein's article (regarding his Dad buying 2 plots at R.G.E.) made me. The Horizen people should be ashamed of themselves to take advantage of such hopeful and trusting investors... I feel really bad for these individuals. I was an extremely trusting person once, and if I were old enough back in the sixties, I probably would have fallen for the same gimmick.You can "Buy a couple of plots now, and have a great investment for the future". It's a great thing that with AGE comes wisdom.

I also wanted to say how I appreciate the honest chat and advice of this board and their members. Someday my family and I plan to make a move to ABQ . Until then, I will mostly just lurk, learn, laugh, savor, and take in ,all the wonderful pictures and information that everyone shares about ABQ . Thank You all

Norma

[nmnita]

Originally Posted by Poncho_NM

Article:

High Hopes and Worthless Land
Published in The New York Times
November 6, 2005

My father's bad investment

SOMETIME in 1965, a salesman from the Horizon Land Corporation sat down on my parents' floral-patterned sofa on Long Island. Before he left, he persuaded my father - then earning about $8,000 a year - to buy two half-acre lots just south of Albuquerque, in what he promised would soon be the bustling town of Rio Grande Estates. The price was about $1,000 a lot, payable in monthly installments.

Fred A. Bernstein: High Hopes and Worthless Land

Rich

that could have been us, but we were in Las Vegas when we got hit. It was about 1970 and we were starting our usual week long vacation, first a night in Vegas, than then rest of the week camping with the kids. We were promised a free show if we sould listen to the nice man: we did, we got the show, we bought 3 lots in Rio Communities and what are they worth now? We have been told, they may be worth what the yearly taxes are: not much.

We thought the land would help with the kids college educations or be a great start toward a retirement home. The only good news? Hubby and I found Belen and ended up spending the first 7 years of retirement living there. Probably would never have happened if we hadn't bought the worthless land.

Nita

[rybert]

I will say that thankfully my Grandfather had the foresight to purchase a ton of land on the Westside and East Mountains in the 50's and 60's. Land is a great investment, but a gamble.

[lunachic]

I wish mine did ours is in Rio Grande Estates..........
our's is worthless.... all 4 ac total $20.00 a year in tax.......
Only have seen pictures and it's close to the mountains,
What I find odd is in that post when they went after water it was salt water.........

[berncohomes]

Originally Posted by rybert

I will say that thankfully my Grandfather had the foresight to purchase a ton of land on the Westside and East Mountains in the 50's and 60's. Land is a great investment, but a gamble.

Your grandfather had either great foresight or was very lucky. Either way I like success stories in real estate.

[Poncho_NM]

Originally Posted by lunachic

What I find odd is in that post when they went after water it was salt water.........

Most of New Mexico was ocean bottom twice millions of years ago. There are salt beds which are still visible and there is salt water in some of the underground areas... There are even salt caves/mines in some parts of New Mexico Science & Environment Articles | Nuclear Waste Storage Available Beneath New Mexico Desert | Miller-McCune Online Magazine


Rich

[rybert]

Originally Posted by berncohomes

Your grandfather had either great foresight or was very lucky. Either way I like success stories in real estate.

I think it was mostly luck.

My Grandmother was against it from the beginning, but she has changed her tune as the land has funded most of her retirement.

[rtom]

Laguna Beach was sold the same way as Rio Grande Estates. Just need to do your homework as with all real estate

[lunachic]

when my family bought the land more then 50 years ago it was a toss up Fl. swamp land or Rio Grande Estate......lol......my dad alway's wanted to be a cowboy......the swamp land is Disney in Orland now................

[stupidme2]

We also bought land in Rio Grande Estates. We were told that Albuquerque was growing rapidly and that this was the only direction for development to go. We paid $1000, a huge amount since we were newlyweds, and have paid the taxes ever since. Now we cannot even give it away. Our sons will be saddled with this burden some day. That's certainly not what we had hoped.