Considering moving to Santa Fe: Advice? (mortgage, loans, real estate)

[Devin Bent]

Originally Posted by Vinegaroon

I disagree. Many people who grew up in Santa Fe are being forced out because of the cost. I do have to say Santa Fe would be one of the last places I would retire to unless I had a good amount of disposable income. I would rather retire somewhere where my dollar went farther.

I take a lot that I hear with a grain of salt. Somebody buys a newer, bigger home in Rio Rancho. That's not forced out.

Somebody can't afford to live near the Plaza. So they live farther from the Plaza. That's not forced out.

If you don't retire here -- that's great. That is the market at work. You are doing your bit to hold down prices in Santa Fe.

[Lovehound]

Originally Posted by Devin Bent

Somebody can't afford to live near the Plaza. So they live farther from the Plaza. That's not forced out.

I wouldn't want to live near the Plaza. Please tell me if I'm right or not, but that's the epicenter of the worst traffic jams and the busiest part of SF. You might want to go there for dining and entertainment, but I think you'd want to live away from there in a quieter neighborhood. I'd like to live on the outskirts, and drive into town, to the Plaza area, if I have business there or want to dine in a nice restaurant or go to a museum or something. Right?

Originally Posted by Devin Bent

If you don't retire here -- that's great. That is the market at work. You are doing your bit to hold down prices in Santa Fe.

Exactly.

[Vinegaroon]

I don't have to retire to Santa Fe...I already live in Santa Fe. When and if I retire somewhere, I just doubt it will be Santa Fe.

[mortimer]

Devin Bent and his problem:

> Originally Posted by Vinegaroon
> > ... people that work in Santa Fe cannot afford to live there,
> > and have chosen to ... commute, ... [ ... from Albuquerque ... ] ...

> I have problems with this article. A woman and her husband are
> offered as an example of someone who can't afford Santa Fe.

My problem is how can they afford the commute to and from Santa Fe?

They can afford that, but can't afford a house there?

Nope. No sir. I don't get it.

[Devin Bent]

Originally Posted by Lovehound

I wouldn't want to live near the Plaza. Please tell me if I'm right or not, but that's the epicenter of the worst traffic jams and the busiest part of SF. You might want to go there for dining and entertainment, but I think you'd want to live away from there in a quieter neighborhood. I'd like to live on the outskirts, and drive into town, to the Plaza area, if I have business there or want to dine in a nice restaurant or go to a museum or something. Right?

It is busy at tourist season which are ski season and especially summer. The rest of the time it is reasonable. A week ago Wednesay at 11 AM, I drove up Galisteo to San Francisco, and across the bottom of the Plaza with scarcely another car moving. You can get good deals for staying at La Fonda.

The Art Fairs in the summer are bumper to bumper.

I would not want to live near the Plaza -- you are not going to do your day-to-day living there and even some of the museums are on Museum Hill.

But many people are into prestige and "walking distance of the Plaza" is prestigious. I am just as happy that people like that are not buying in my neighborhood.

But during the summer art fairs -- it is crazy.

[santafescribe]

Originally Posted by Devin Bent

But many people are into prestige and "walking distance of the Plaza" is prestigious

Strangely enough, several clients I've been working with want to be within "walking distance of Trader Joes" Seems much more sensible to me...

[Towanda]

Here's a question for you guys ~ during the summer art fairs and Fiesta, etc. do they run shuttles from some places at the outskirts of town for us to ride into the downtown area?

[Devin Bent]

Originally Posted by Towanda

Here's a question for you guys ~ during the summer art fairs and Fiesta, etc. do they run shuttles from some places at the outskirts of town for us to ride into the downtown area?

Last year as I remember they had parking areas further out and shuttles. I assume that they will do the same every year. Much rides on people showing up -- sales and Santa Fe's status as a major art center.

Santa Fe is not going to blow it. After all -- what a deal -- the most tourists show up for the worst weather.

[ziaAirmac]

Replying to 'walking distance of Trader Joe's'

Sure, you'd be right next to what we used to call the 'train park' (Salvador Perez) with ball fields, swimming pool, etc. and in between St. Francis or Old Santa Fe/Pecos Highways, giving you plenty of options for when you did want to fire up your hybrid. There's some great properties nestled in that area.

It's all about what works for you. Towanda brings up Eldorado and I think of some great horse properties and wide open views that look like they came off the cover of an old west novel. Trout fishing on the Pecos isn't far off and the Steaksmith at El Gancho is there, beckoning to you each time you pass with the promise of good eats.

I've had my share of sore feelings about the growth, but I'm with Lovehound: It's a free market, baby. The secret that was Santa Fe was out a long time ago. I have to tell you, I knew many friends, from old families who sold their parents home when the time came for prices that would have the old man that baked the mud to make the adobe walls rolling over in his proverbial grave. I never heard any of them worrying about the long term effects of what these "outsiders" were willing to pay on their way to the bank.

[Devin Bent]

Originally Posted by mortimer

My problem is how can they afford the commute to and from Santa Fe?

They can afford that, but can't afford a house there?

Nope. No sir. I don't get it.

A bigger mortgage is for the most part a tax-deductible, tax-sheltered, leveraged investment. If you hold on to it until retirement -- tax free!!! Right now prices are soft. But the housing bust will pass, the baby-boomers will retire, and that investment will pay off big. How many opportunities do middle class folks get to make that sort of investment?

Commuting costs are money gone forever.

"Nope. No sir. I don't get it" either.

Maybe what we really need is better financial counseling.