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0.55 0.95 0.89
Those are second quarter 2008 prices percentage changes (compared with second quarter 2007 housing prices) for Santa Fe, Albuquerque, and Las Cruces metro areas. All three are less than 1%, but still positive.
With that in mind, both Colorado and New Mexico are fairly close in appreciation percentages - where would you invest in lower income housing - ABQ or Pueblo. Not sure what the rental demand situation is in either - would appreciate information from someone who could advise.
Are there many vacant rental properties in the greater ABQ area. Looking at purchasing investment properties - a new comer to all of this and will be visiting the area in October. thanks
Quote:
Originally Posted by Devin Bent
0.55 0.95 0.89
Those are second quarter 2008 prices percentage changes (compared with second quarter 2007 housing prices) for Santa Fe, Albuquerque, and Las Cruces metro areas. All three are less than 1%, but still positive.
City Data has a lot of home price values for various towns, listed on the page for each town. I noticed that Ruidoso's prices are also up year to year, but the volume is down:
City Data has a lot of home price values for various towns, listed on the page for each town. I noticed that Ruidoso's prices are also up year to year, but the volume is down:
We should remember that the two data sets may not be directly comparable. I would suspect that the City Data figures are based on MLS data for sale prices -- but that these are not same house sales. Thus a price drop or rise might reflect a change in the types of houses sold rather than a price change.
The OFHEO figures are based on mortgage data and are same house comparisons.
Both data sets are useful -- just not directly comparable.
City Data also will substitute data -- that is, the figures that it shows for Pojoaque report simply too many sales to be credible. They are probably Santa Fe County data. On the other hand, the Ruidoso figures look reasonable to me -- but of course, Rruff is the better judge.
Pueblo is very small... much smaller than ABQ.
Why are they matched against each other in your search?
Our search to move west was centered on southern Colorado - wanting to be living rural ( Westcliffe) yet have somewhere to invest in rental properties.
Have done more research on Pueblo than any area in NM - but we are getting to head that way in October to be able to see first hand the northern part of New Mexico. I have had some interesting feedback on my post "Would you choose New Mexico or Southern Colorado" and am very excited about our first trip to New Mexico.
We do not have to only look at ABQ - just don't think we can afford to invest in Santa Fe. Trying to find out what the vacancy rate is like in some of the areas.
Yeah, Santa Fe is more for the trustifarians and frugal retirees.
Keep in mind the Balloon Fiesta will be going on in October (I finally get to visit and go this year!).
Do you want to move away from Charleston or simply buy property in other states? Why not somewhere close so you can manage the property yourself (don't ask about my horrible experience with my Grandmother's property manager).
I'm assuming you'll be flying into ABQ and driving Northward?
Trying to find out what the vacancy rate is like in some of the areas.
It's farther from your target area, but I know that in Ruidoso it is difficult to find a long-term rental... and I've heard several stories of people getting kicked out of the places they were renting because the owner decided they could make more by turning their property into short-term. Plenty of stories of people buying houses here and getting their mortgage and more paid for via vacation rentals... even after paying the management companies 30% or so. Lots of opportunities for rural living around here also, and a better climate than up north.
It's farther from your target area, but I know that in Ruidoso it is difficult to find a long-term rental... and I've heard several stories of people getting kicked out of the places they were renting because the owner decided they could make more by turning their property into short-term. Plenty of stories of people buying houses here and getting their mortgage and more paid for via vacation rentals... even after paying the management companies 30% or so. Lots of opportunities for rural living around here also, and a better climate than up north.
I have heard conflicting reports on the current short-term rental market in Santa Fe -- one source said that it was off, but another said it was the same as last year. Short-term rentals in season are very lucrative, but as noted, the initial investment cost is high in Santa Fe.
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Where would you invest in property
