Santa Fe real estate doing OK ? (for sale, real estate market, foreclosures)

[GrittyMcDuffy]

Is property holding value in Santa Fe well? I have a close friend who may need to sell in the upcoming year and IMHO, we are in the first stages of a real estate bubble deflation. I can not see much upside right now to buying a dwelling out in NM for $500,000, but I just do not know much about the real estate scene in Santa Fe to comment to my friend.

[bigglynals]

All I've heard that Santa Fe is getting very expensive. Im talking about the houses, not nessisarily living expenses. That would leave me to think that the housing market is increasing quite a bit.

[hm aragon]

Please give me an idea what it would be like for an active, retired female to live in Eldorado, NM alone? Also, although I am healthy, I am concerned about the health care and cost in the Santa Fe area. Which health care centers would you recommend? I read about the crime rate in NM and wonder if the main problems are unemployment and drug (same in any town or city) in the world. thanks

[Cali-girl]

Originally Posted by GrittyMcDuffy

Is property holding value in Santa Fe well? I have a close friend who may need to sell in the upcoming year and IMHO, we are in the first stages of a real estate bubble deflation. I can not see much upside right now to buying a dwelling out in NM for $500,000, but I just do not know much about the real estate scene in Santa Fe to comment to my friend.

Hello!

You may want to do a google search with the terms: santa fe foreclosures.
Quite a number of sites will come up.

As with many other places in the U.S., property values are in decline to one degree or another. www.thehousingbubbleblog (broken link) is a good site to visit to get another view of the housing market, including NM's.

From what I understand, a lot of sellers are planning to put their place up for sale in Spring 2007. Its going to be a crowded market, that's for sure.

~Cali-girl

[GrittyMcDuffy]

The www.thehousingbubbleblog.com is a great site. I am still not certain that all the doom and gloom talk on it though is gonna come true.

[Julia2sf]

Santa Fe's real estate market has traditionally held its own, and I don't see that changing anytime soon. Within the city, there are some inherent (and some not so inherent) checks on developers, which have prevented a real estate bubble market from occuring.

Does that mean that the prices are sane or that you can't get much more home for you money elsewhere? I guess it all depends on where "elsewhere" is.

Check out www.sfar.com, go to "MLS Info" and click on "MLS Stats."

I'm always hoping that some "rationality' will return to the housing prices here, but I'm not going to hold my breath. That said, if you pay $500k for a home, and it appraises, you generally don't have to worry about it losing its value. You won't make $1M selling it two years later, and the best I can tell, Santa Fe really isn't the market for fix-and-flips.