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I have a general question about real estate values in Lamy, south of Santa Fe. Can anyone give me a ballpark prevailing per-acre price for acreage in this area for a tract containing about 150 acres, undeveloped?
I don't know the exact location in relation to highways or other developments, but if anyone can provide some context for me for this area, it would be greatly appreciated.
I have a general question about real estate values in Lamy, south of Santa Fe. Can anyone give me a ballpark prevailing per-acre price for acreage in this area for a tract containing about 150 acres, undeveloped?
I don't know the exact location in relation to highways or other developments, but if anyone can provide some context for me for this area, it would be greatly appreciated.
Willy
Very general -- may not help you at all. It is where railroad stops closest to Santa Fe City and the passengers got off -- but now some list it as a ghost town -- some people do still live there however. It is south of the interstate and not too far from some nice areas or from Santa Fe City.
I wouldn't assume that it could be developed -- Santa Fe County might tie you up in knots. You would have to look into water issues.
I am not a realtor -- others might be able to help you more.
Thanks for the info. I've seen other references to the water issues south of Santa Fe, so I'll keep that in mind.
I've learned that the particular land in question has an address on hwy 285 and is on the tax rolls for over $500,000. In my experience, the true market value would be expected to be a bit higher than what is reflected on the rolls. Is that generally true in NM as well?
Any other thoughts?
Anyone familiar with websites that are helpful references for researching property in Santa Fe County (for example a tax parcel map)? The County charges annoying fees to use theirs, and even then they only set up an account for you after you have given them a good explanation of why you need it.
There was 12 acres for sale in Lamy for $215,000, or $17,200 an acre. It was withdrawn in early 2006, but that gives you an idea of the pricing. An active comparison might be the 30 acres currently for sale in Galisteo for $400k, or around $13k/acre. So much, of course, depends on the location of the land. For example there's 300 acres available in nearby Glorieta at $3,600 an acre, but it's Mesa-top land.
Hope that helps. You are welcome to contact me directly for more detailed info and more specifics....
Your 'true market value' statement is correct, in that land is always reasseses upon purchase, and not consistently reassesed between transactions, so if the land doesn't change hands the assessment is often off. These days, of course, the land valuation could be off either up or down...
New Mexico is a non-disclosure state, so ownership/purchase price isn't readily available. Realtors have access to a proprietary tax database for Santa Fe, Rio Arribal and Los Alamos Counties.
Last edited by santafescribe; 05-12-2008 at 05:11 PM..
Reason: Clarification.
I've seen other references to the water issues south of Santa Fe, so I'll keep that in mind.
I've learned that the particular land in question has an address on hwy 285 and is on the tax rolls for over $500,000. In my experience, the true market value would be expected to be a bit higher than what is reflected on the rolls. Is that generally true in NM as well?
A couple of things here. There are two aspects to the water question.
a. Is there any potable water somewhere down under the ground? And some places to the south have problems.
b. Can you you use it if it is there? This is a question that will come up anywhere in the city or county. I truly do not understand all this, but if you are buying then you should be informed. The Santa Fe New Mexican on line will help some. Two recent stories -- Eldorado so far denied the right to drill another well, and a developer having to continue to scale back his plans.
Assessment. Again two things. The County for a long time has not systematically reassessed, but at this point if you buy, you can just about count on a big reassessment. Then however, they will be conservative, assessing for less than your purchase price.
Devin Bent's right to focus on the water in the Galisteo Basin. Any purchase contract should be totally contingent on proven and certified (by the State Engineer) availability of water rights. And "an existing well" does not equal water rights. Hire a good water lawyer!
Another thing might mention. I have friends who looked at a large parcel southeast of Santa Fe. They were looking just to build their own home there. Very late in the discussion it came out that the seller didn't have clear title to it all -- that a very desirable chunk right in the middle was contested.
They were heart-broken -- they thought they had found their dream property. Maybe this could happen anywhere. I don't know. But maybe it is something to think about.
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Lamy
