Zip Code 87102: Viewpoints & Opinions (Albuquerque: rental, lofts, crime rate)

[Zelda]

Hello! I am researching a move to Albuquerque and have some general questions about the area covered by the 87102 zip code.

This seems to be the area that currently is home to urban revitilization and the creation of residential loft spaces out of the buildings that used to house old warehouses/schools/etc. I am very attracted to this kind of living but am blown away by the price tag -- these 1 bedroom, 1 bath loft spaces seem to start at about $250,000 (for less than 700 sq. ft.) and grow in price to greater than $500,000 (for less than 1200 sq. ft.)! Wow.

For a city whose median income is about $57,000 and that has greater than twice the average crime rate in the US, this seems very expensive. And so...

1. What is your viewpoint on the areas that have these new [very pricey] loft developments?
2. Is 87102 a nice neighborhood? Is it mixed? Is it dicey?
3. If you live in Albuquerque do you have a feeling for who is buying these places (most of them seem to be sold)? Are they being bought by actual people or, instead, by developers who are hoping to make fortunes in rental income?
4. If this is a great area in which to live, are there any better bargains on properties in this area?

Thanks very much!

[Zoidberg]

87102 is far too much area to cover to give any detail. There are some very high end areas, and some very low end areas with real homeless and graffiti problems. A lot of smart money is quietly snapping up some of these properties.

I like lofts in Albuquerque, which all seem to be on Central Ave. or darn close. Panhandlers aren't too prevalent lately, and it's very gentrified in areas. Central Ave. has had significant attention paid to it. From the redevelopment at Eubank, to significant redevelopment in the Louisiana area (Ta-lin market), to intensive redevelopment planned from San Mateo to Nob Hill, to the EDO project, and even a lot of redevelopment out on the west side, Central's no longer a seamy underbelly to Albuquerque.

I think the loft areas are still looking for a grocery store, but there's significant walking opportunities as well as excellent access to transit.

Location, location, location.