Eloise Gift Blogs about Albuquerque, New Mexico

Albuquerque, New Mexico

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2006 A Great Year for Albuquerque Residential Real Estate

Dec. 27, 2006

Categorized in: Real Estate Attractions

Tagged with: albuquerque, albuquerqueresidentialrealestateprices, goodmarket, prices, realestate, residentialrealestate

Albuquerque, New Mexico Real Estate

Great Year for Albuquerque Residential Real Estate — Rising Prices Despite Rising Inventory

Two thousand six has been a great year for the Albuquerque residential real estate market. Unlike some other parts of the country where prices have fallen, Albuquerque has seen a rise in prices.

Sales decreased, leading to a rise in inventory that gave buyers more choices, but with no negative effect on prices. Increases continue, but not at the consistent double-digit pace of the last few years. September's prices increased 7.5 percent, October’s 8.4 percent, and November’s, edged back up into double digits at 10 percent.

The average sale price per residential unit , including detached, townhouses, and condos, increased to $233,512 from $212,593 in 2005. The average price for condos and townhouses was $158,500 in November 2006 compared to $154,877 in November, 2005, a 2.3% increase. The median townhous/condo price was $136,000, a 10.3 percent increase from November 2005, to $150,000 in November, 2006.

The significant increase in the inventory of resale homes gave buyers more choices and did not put a damper on the market prices. From November 2005 to November 2006, the supply increased from 1.89 month’s supply to 3.95 months supply. In November 2005, 1130 units sold, but in November 2006, only 935 units — a decreased of 17.3 percent. .The record for residential sales units in any one month was August 1999 when 5,310 units were sold.

Two thousand six has been a great year for the number of resale homes;12,633 units sold through November 2006, reflects the second best home resale period in the history of the region, and because of the number of homes under contract and not yet sold, indications are that the 2006 final resale totals will surpass those of 2005. In 2004, 12, 254 single family homes were sold, and in 2005, 14,330. Here in Albuquerque, we are optimistic about continued real estate success in 2007.

Happy New Year!

—Source: Albuquerque Metropolitan Board of Realtors

http://www.ambr.org/ambr/housing_statistics/

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http://eloisegift.yourkwagent.com/home

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Albuquerque Westward Expansion Facilitated

Dec. 2, 2006

Categorized in: Real Estate Attractions

Tagged with: albuquerque, atrisco, development, landgrant, new mexico, realestate, westland

Albuquerque, New Mexico Real Estate

End of Era—400-year-old New Mexico land grant sold to California developer

History was made in Albuquerque in November when shareholders finally voted to approve the sale of one of the oldest existing land grants in the United States.

The Atrisco land grant is almost 400 years old. Granted during the Spanish colonial period, it survived revolts, false claims, and the ceding of Mexico to the United States. It was honored by the 1848 Treaty of Guadalupe Hidalgo.

Upt o less than a month ago, the Atrisco land grant was one of the oldest continuous existing land grants in the United States and one of the few Spanish Colonial grants made that remained continuously in the hands of the heirs of the original settlers.

Understandably, months of heated debates, preceded the shareholders majority vote to allow Westland Corporation (into which the Atrisco land grant was incorporated) to sell some 57,000 acres to SunCal Company of California.

Many shareholders found it difficult to part with something that had been in the family for so many of years. Views were mixed. Some shareholders did not want the land sold to outsiders, while others thought it was time to get more out of the land than their grandparents did.

The greatest beneficiary of the transaction may be the city of Albuquerque that is fast running out of land for expansion. With Native American lands and mountains to the north and east, and the airport and air force base to the south, the availability of the Atrisco land grant in the west may be a welcome relief for expansion and development.

For more information on the timeline of the acquisition of the Atrisco land grant (Westland Corpoeration) by SunCal, viist the New Mexico Business Weekly, http://www.newmexico.bizjournals.com and http://www.abqjournal.com the Albuquerque Journal, online.

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