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I was just in ABQ last weekend pricing real estate in the NE Heights and Rio Rancho as well. I think if you are in an area where the school district is rated comparatively high, my experience is that you are going to be paying in the neighborhood of about $130 a square foot in the 87121 zip code, in one of the lesser areas in that zip, and in Rio Rancho, you are looking at about $140 a square foot for a really nice neighborhood in Rio Rancho (87124). The neighborhood, specifically in Rio Rancho, that we were looking at was "El Cabezon". That area really almost bleeds into NW Albuquerque.
We didn't look in any of the other zip codes, but I think you'd probably price downward per square foot from these two locations.
I was just in ABQ last weekend pricing real estate in the NE Heights and Rio Rancho as well. I think if you are in an area where the school district is rated comparatively high, my experience is that you are going to be paying in the neighborhood of about $130 a square foot in the 87121 zip code, in one of the lesser areas in that zip, and in Rio Rancho, you are looking at about $140 a square foot for a really nice neighborhood in Rio Rancho (87124).
I think you may be trying to reference a zip code other than 87121. That particular ZIP encompasses areas south of I-40, largely the Westgate part of town (SW Heights). I don't think anyone would rate any of the schools in that area highly, and I certainly wouldn't pay $130/sq.ft. for any property in the area.
Perhaps you meant 87122 or 87111? These areas might come closer to your description.
Just a few thoughts on pricing:
Of course, it all depends on how many total square feet are listed for a property, so one might find that price for a small home on a few acres in Rio Rancho or a custom home near Coors and I-40.
Before the housing bubble burst, our newer home in zip code 87121 was valued at $182K (approx $113 sq.ft). Today, we're selling our house at $159K (approx $98).
The general feeling is that the NE Heights are the more expensive areas to buy a home because of a high rated school (graduated from it), rate of college educated adults (doctors, lawyers, professionals live there), and the views (close to the Sandias, view of the West Mesa).
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