Is Ruidoso the place? (Hope: mortgage, real estate, condos)

[hogfarmer]

Saw the same article in the Ruidoso paper about the track, but it sounded like the current owner might be looking to get out (or at least do a shake down some public money) rather than closing the track. Seems like the track is so much a part of the local area, history, and economy it would be hard to see it going away. But it does have a lot of competition.

Anyone been to the No Scum bar in White Oaks? We went up but was closed up at the time. Looks like a fun place. Had a lot of it in the Requiem for Billy video that was out a year or so ago.

How is the health of the Spencer? Seems like that place is at risk and it is such a beautiful facility and location would hate to see anything bad happen there.

Anyway, appreciate the comments on Timberon. Sounds like a good place to check out as well.

[catman]

I'm surprised to hear that either the Spencer or the Ruidoso Downs racetrack are in trouble. I thought they did lots of business. Maybe just not often enough. Las Cruces is certainly a much bigger place, and a track there would likely draw a lot of people from El Paso, so I can see the logic.

I wonder how much high fuel prices are hurting all the little towns I like to visit. They must be having an effect.

[Cathy4017]

Originally Posted by catman

I'm surprised to hear that either the Spencer or the Ruidoso Downs racetrack are in trouble. I thought they did lots of business. Maybe just not often enough. Las Cruces is certainly a much bigger place, and a track there would likely draw a lot of people from El Paso, so I can see the logic.

I wonder how much high fuel prices are hurting all the little towns I like to visit. They must be having an effect.

The Alamogordo DN had a big below the fold frontpage headline on Ruidoso Downs. I got the feeling that the owner was just trying for more favorable tax incentives/treatment to help him compete with the casinos and such.

If he ever does decide to move the track to LC, I do believe that Ruidoso will die on the vine. We used to go to RD when I was a child, so it has been there forever. It's very hard to imagine it closing, but anything is possible.

[tecpatl]

Back in May I was up in Ruidoso to do some business with an old friend who has been there about 10 years. He's had retail stores in town, so he knows a bit about what's up there. He says when he first moved there he had a hard time finding a storefront because the place was bustling and demand for space was high. NOW, he points to all kinds of very well located empty commercial space in town and predicts trouble....apparently the economy in R. is not so hot.

[Devin Bent]

If things have slowed down in Ruidoso, that might mean it is a good time to buy if you are looking at the long run. A lot of places go through boom and bust, but IMO --Ruidoso is an attractive place and the long run prospects look good.

[ibarrio]

Ruidoso, like any US City, goes through periods of boom and bust. It has been there forever and will continue to be a place of destination.

I also doubt the track will move to Las Cruces, mainly because Sunland Park Racetrack is already in the area.

I was at the Ruidoso Downs last Thursday watching quarter horse trials. Won about $40...stayed for about 5 races. The place had a good turnout despite the heavy rain coming down. The kids enjoyed being able to go up to the rail and watch the horses fly by...

[Cathy4017]

Originally Posted by ibarrio

Ruidoso, like any US City, goes through periods of boom and bust. It has been there forever and will continue to be a place of destination.

I also doubt the track will move to Las Cruces, mainly because Sunland Park Racetrack is already in the area.

I was at the Ruidoso Downs last Thursday watching quarter horse trials. Won about $40...stayed for about 5 races. The place had a good turnout despite the heavy rain coming down. The kids enjoyed being able to go up to the rail and watch the horses fly by...

Yes....our parents always went (from WT) when we were kids. One of the things that makes it so attractive is the cool summer temperatures.

LC is just as hot as WT...and--while it is a neat place, don't get me wrong--it doesn't have the high elevation/mountain environment.

[JDTH]

If you are thinking of buying land around Ruidoso you should do so soon. Median home prices have risen almost $50,000 in the past year. I don't think the village is in any trouble. We bought a vacation rental home in February 2007. We started to rent it out in June 2007 and had over 150 paid nights our first year. This year we are on pace to do 200 nights. Gas prices have not slowed down the tourist business one bit. It is a beautiful place and has been getting lots of rain since the middle of June.

[hogfarmer]

Thanks JDTH, and everyone else, very good comments. We've thought about the buy-and-rent-out concept, but being so far away (for now) you'd need a really good local management firm to make sure someone doesn't trash the place. What has your experience been? Apparently pretty good. Which brings up another issue-has anyone had any experience with a real estate advocate in the area? Someone who one can hire, independent of a real estate transaction, who can advise you on what to watch out for with a particular property, current water situation, restrictions, fair market value of property, etc. Basically the stuff one could do locally but pretty hard to do from a distance? Thanks folks, really appreciate it.

[rruff]

Originally Posted by hogfarmer

Any thoughts?

I've been living in Alto for 2 years and bought 16 acres at Vista Rio Bonito (just north across the Bonito from Sonterra) last summer. Check it out online. Lots are currently 10acre+ and $100k+ but I think they will deal on that. Paved roads, electric, phone, DSL, maybe NG soon... need a well, but it's only ~250ft down unless you build on a ridge. Mostly pinion pine and juniper, with a few ponderosas. Right next to BLM land so good riding prospects.

Winter here is no big deal... some snow, but avg highs are ~50 and it's sunny. In summer it is basically never hot (avg ~80 and dry).

No bugs to speak of... and I am somebody that mosquitos love. No briars, poison ivy or oak, or any other stuff that makes the midwestern woods unpleasant.

There was a bit of a rush on land in the last couple of years and all the good cheap parcels seem to be gone. But if you look around in the Western US you'll find that $100K for 10acres of beautiful land that is close to a decent town (and easy access), and has a climate half as good as here... is still cheap. You couldn't touch that in CO for sure.

This is a great place for passive solar in the winter... though hardly anyone takes advantage of that. You also don't need AC in the summer if you are a little bit smart about designing your house.

The economy of this area is somewhat dependant on the economy of west Texas... which is tied to oil. If oil prices tank then I'd expect RE market to soften quite a bit... otherwise not. There have been a lot of people moving in from all over the country lately... and they are not as shy about spending more money on land.