Archive for the ‘Real Estate’ Category



Tilting at Wankmills

Visiones del Quijote, Octavio Ocampo

Yesterday, I read an old (October, 2010) but still relevant post by Rob Hahn (The Notorious Rob) on SEO, the Real Estate Blog, and Competition By disposition and vocation, Hahn is an industry gadfly. Plus, he has the mental and verbal muscularity to deliver his perceptions with lucidity and punch. Not saying this to flatter, but to point up something that gets lost in the scrabble for rank: quality thinking and writing endure.

Discussing the impact of SEO on organic search results, Hahn says,

“if you believe that all or some of these things do make a difference, then it’s hard to understand why you believe an individual real estate agent can make SEO a cornerstone of his/her business strategy…. Because from where I sit, they all look like fighting on the opponent’s chosen battlefield, using tactics that the opponent is really good at, and trying to out-Walmart Walmart.”

Hahn concludes his piece with the questions, “What is the advantage that the individual agent or the small broker has over the Big Boy or Big Guys? How can that advantage be exploited systematically?”

To the first question, I offer a December, 2009 post by writer/blogger Jay Hathaway (Cold Content Farm) that remains my blog manifesto. Responding to the question of whether he “does content,” Hathaway says,

“Content: that most formless, most beige, most indifferent of nouns. You’re comfortable with “content,” because what’s actually contained is irrelevant to you. You don’t wonder whether it’s writing, because you don’t intend to read it. You don’t care whether anyone else reads it, either. Words aren’t for reading; they’re for indexing, clicking on, optimizing…. I want writing with skinned knees.”

Linger on that one for a moment.

If the little guy has any chance against The Machine, perhaps it is through quality thinking and writing. Hathaway’s aspiration is to write “deftly and honestly.” He does. So does Hahn. So does William Reichard, author of the blog Technoagita, whose post, Wherein Some of Your SEO guilt is Absolved, was the inspiration for this post.

The little guy’s only advantage may be intelligence, authenticity and soul. But it’s an advantage that keeps the poems of Rumi fresh centuries after they were written, or on a humbler scale, causes old posts by all of these writers to resurface long after their publication date. Still, in the end, we have to address Hahn’s second question, “how can that advantage be exploited systematically?” For that I do not have a response.

I do, however, have my trifurcated slingshot: my blog, our business, SantaFeRealEstateDowntown.com, and Changing Gallery. And the commitment to support individual excellence wherever I encounter it. This much I know:

“Life’s too short to dance with ad hucksters, get-rich-quickers, bot-feeders and human acronyms” (Jay Hathaway). Confine your dances to partners with skinned knees. And go read those posts.

Greentelligence on the Home Front

Photo by Marcel Lam, for the New York Times

“Consumers in general want a home that is cozier, more organized and more economical in terms of operating costs,” said Stacy Rogers in Home Buying Trends in 2010.

Behold the acme of cozy, organized, energy-efficient operation: Gary Chang’s “Domestic Transformer.”

With the use of sliding screens, architect and homeowner, Chang, mutipurposed his 330 square foot Hong Kong apartment into 24 distinct rooms.  The result is a home that’s comfortable, commodious and ultra-hip. Watch the video and marvel at the man’s brilliance.

httpvhd://www.youtube.com/watch?v=Lg9qnWg9kak

While Cheng’s design is a sharp departure from the soft curves and natural materials that characterize “Santa Fe style,” the creative intelligence that spawned it is not.  Architects?

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If you thought 330 square feet was small, check out the work of Derek Diedricksen whose super small houses, profiled in the February 23th New York Times’ article,  The $200 Microhouse, are charming interplays of scavenged materials and ingenuity.  Although limited in comforts and practicality, the little domiciles are as inspiring as their maker.  You’ve got to admire the innocent moxie of a man who, when asked what a construction he was asked to make for The Homeless was called said, “The $100 Homeless Hut…I made up the name right now.” High on imaginative drive, low on pretense –just like a kid.

Neighborhood Quick Sketch: Santa Fe’s Historic Eastside

Authentic old adobes on winding dirt roads, mature trees, bountiful gardens and seasonal water from the acequia or Santa Fe River: this is Santa Fe’s Eastside. A mesh of grand estates, modest adobes, condos, and galleries, the Eastside is a comparatively pastoral, tranquil slice of Santa Fe, walking distance from the cultural bounty of the city’s historic heart.  The Eastside is Santa Fe’s oft depicted, photogenic ambassador. Many homes are over 100 years old, but whether historic or new, the residences weave together to create an engaging, Old World, feel.

Location and character make homes on the Eastside a perennially popular purchase.  The stats below reflect the current state of the market;

Eastside Area Snapshot

Residential Listings (6/30/10)
Active: 124
Pending: 14
Sold: 53*
Average DOM: 201*
Average Listing Price: $712,840*
Average Selling Price: $668,177*
% of List Price: 94%*

*Sold (7/01/09-6/30/10)

Days on Market (DOM)
Eastside Area – Residential Sold*

Selling Price: % of List Price
Eastside Area – Residential Sold*

MLS Comparison, Sales Year To Date
Eastside Area – Residential – 2009 v. 2010
(1/1/09-6/30/09) – (1/1/10-6/30/10)

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Our listing at 645D East Palace Avenue is emblematic of the area’s offerings.  Originally built in late 1800s, this home plus guesthouse was thoroughly renovated with a French Provençal flair. The double adobe main house, fully surrounded by walls and gate, has an inviting brick patio lushly landscaped with flowers, herbs and trees. The interior is comfortably luxurious. The gourmet kitchen has ample room for a 6-8 person dining room table. The cozy living room with wood-burning fireplace is well-lit from a skylight and duet of casement windows. Adjacent to the living room is a bright bonus room, lined with bookshelves, that could be configured as a library, den, office or guest bedroom. The detached 1 bedroom, 1 bath guesthouse charms with its sweet, private patio, dormer window and radiant heat. Both structures have pitched roofs.  MLS# 201003505

At Peace With Differences

Prejudice cannot see the things that are because it is always looking for things that aren’t. –Anonymous

Recently we had an tipping point experience that coalesced a lifetime of observations and encounters into a need to speak.  A woman who has Multiple Chemical Sensitivity (MCS) contacted us to help her buy a home in or around Santa Fe. According to MultipleChemicalSensitivity.org, people with MCS have acute sensitivity or allergic-like reactions “to a variety of chemical pollutants and chemical substances including solvents, VOC’s (Volatile Organic Compounds), perfumes, petrol, diesel, smoke, “chemicals” in general and [may have] problems with regard to pollen, house dust mites, and pet fur & dander.” At present, the cause and complete nature of MCS is not fully understood–words that were once said of other medical conditions such as Epstein-Barr, Lyme disease, and Fibromyalgia. Some, including Quackwatch.com dismiss the symptoms as psychologically based.  When we called one agent to ask her the roster of screening questions we need to pose to see if the house might be a fit (presence of mothballs, herbicides, pesticides, petroleum products, carpet, etc.) the agent said, “Sounds like…You just have a difficult client.”

Last year, we took a National Association of Realtors’ Course entitled, At Home With Diversity (ATWD). ATWD aims, among other objectives, to help agents “examine cultural stereotypes, assumptions, and biases to increase awareness of such thoughts and attitudes, and learn how to value individual differences.” Although much of the course’s material focuses on ensuring compliance with Fair Housing Laws and tapping into the growing multicultural market, that sentence is more a call to shift one’s consciousness than a marketing or legally protective strategy.

Travel is fatal to prejudice, bigotry and narrow-mindedness –Mark Twain

My curiosity and drive to explore diversity, born of extensive travel, life abroad and early inculcation by my parents that differences were interesting, rather than repulsive, is part of why I chose to get involved in real estate and to live in the small but broad-spirited town of Santa Fe.  Real estate expands our human horizons.  We never know who’s going to roll up on our doorstep. But we ALL have biases and blind spots.  We’ve learned so much in the week we’ve been working with this client.  For example, just because a house is a Green build doesn’t mean it will be a suitable home for someone with MCS. Our client cannot tolerate a wood stain made by a company that states that its products are free of harmful chemicals and toxins. Until she told us, I would have thought the product would be safe.

We’re not here to paint ourselves as righteously superior. We, too, have our notions and our limitations.  The point for all of us who claim to be professionals is to “~ examine [our] cultural stereotypes, assumptions, and biases ~ to increase awareness of such thoughts and attitudes, and ~ learn how to value individual differences.”

Comfort with a difference is an ongoing process; new opportunities arise with every human encounter. Being at peace with difference starts with an open and curious mind.

Green Links for Santa Fe Homeowners

Unsure what makes a home Green?  Befuddled by Green terminology? Concerned about the EPA’s Renovation, Repair and Painting Rule? Or just want to know more about what makes Santa Fe a leader on the Green living front?

Following is a “nothing but the facts” post on matters Green: an aggregation of links to sites that clearly and helpfully explain much of what you’d want to know about buying, building and maintaining an environmentally sensitive home. This list is just a start. I plan to add more links as I uncover new info. If I missed an issue of interest or relevant resource, please let me know.

GREENSPEAK

Find the basics in green terms and jargon at Green Living Tips: a website providing earth-friendly advice for going green. Check out some more arcane words and ideas in Wired Magazine’s Jargon Watch

LEED certification, ENERGY STAR rating and the HERS index. … Each of these terms refers to a type of recognition for homes that are energy efficient. LEED (Leadership in Energy and Environmental Design) is a third party certification program of the US Green Building Council (USGBC). LEED applies to both new construction and major renovations and is the most coveted of the three.

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GREEN BUILDERS

Build Green New Mexico, Products & Suppliers Build Green is a site put together by the Home Builders Association of Central New Mexico to promote and facilitate sustainable construction.

The local chapter of the Green Building Council, “a 501(c)(3) non-profit community of leaders working to make green buildings available to everyone within a generation” is an outstanding resource for environmental responsible education and outreach.  The Council sponsors an annual Green Building Summit –an 3 day event not-to-be-missed.

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ENVIRONMENTAL AND HOME SAFETY

EPA Renovation, Repair and Painting Rule In the works since 2008, the rule went into effect on Earth Day, April 22, 2010. According to the EPA website,

“If you are a homeowner performing renovation, repair, or painting work in your own home, EPA’s RRP rule does not cover your project. However, you have the ultimate responsibility for the safety of your family or children in your care. If you are living in a pre-1978 home and planning to do painting or repairs, please read a copy of EPA’s Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF) lead hazard information pamphlet (11 pp, 1.3MB). | en español (PDF) (20 pp, 3.2MB). You may also want to call the National Lead Information Center at 1-800-424-LEAD (5323) and ask for more information on how to work safely in a home with lead-based paint.”

Homeowners who are hiring contractors to perform repairs, renovations and painting work, should refer to the EPA website for complete details on the new rule. NAHB: What Remodelers Need to Know About the EPA’s Lead Paint Rule explains the basics.  National Center for Healthy Housing provides a wealth of information on maintaining a healthy home.

Property owners who renovate, repair, or prepare surfaces for painting in pre-1978 rental housing or space rented by child-care facilities must, before beginning work, provide tenants with a copy of EPA’s lead hazard information pamphlet Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF) (11 pp, 1.1MB). en español (PDF) (20 pp, 3.2MB). Owners of these rental properties must document compliance with this requirement; EPA’s sample pre-renovation disclosure form (PDF) (1 pp, 53K) may be used for this purpose.

READ NAR’S COMMENT LETTER ON THE EPA’S PROPOSED CHANGES TO THE LEAD BASED PAINT REGULATORY PROGRAM

***UPDATE: EPA DELAYS LEAD PAINT CERTIFICATION RULE

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SANTA FE: RESOURCES, INITIATIVES AND ACCOLADES

Although the city of Santa Fe isn’t large enough to make SustainLane’s Top 50 sustainable cities in the US, it was a leader in the solar energy movement of the seventies and, thanks to aggressive ordinances and a public awareness campaign, has one of the lowest rates of per Capita water usage in the Southwest (Sangre de Cristo water co.) Santa Fe was also the first city to adopt Ed Mazria’s 2030 challenge. The Santa Fe Community Convention Center (downtown near the Plaza) itself received an admirable LEED Silver Certification.

Sustainable Santa Fe Plan

Santa Fe Living River Initiative

Energy Efficiency and Solar Equipment Initiatives

Sustainable Santa Fe Commission and Youth Advisory Board

Santa Fe Enacts Green Home Building Regulations A clear, lay-friendly presentation of the July 1, 2009 ordinance

Santa Fe’s Green Examples

Top 25 Cleanest U.S. Cities for Year-Round Particle Pollution

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FINANCING & MORTGAGES RESOURCES & INFO FOR GREEN BUILDS

Ask your preferred lender whether they offer an Energy Efficient Mortgage Local lenders reputed to offer special programs for energy efficient projects include:

Charter Bank, Albuquerque

EcoSmart at Los Alamos National Bank

New Mexico Bank & Trust, Santa Fe

For cautionary words on the subject, read RISMedia’s recent piece: Tight Credit Stymies Homeowners with Best Intentions to Build Green

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GREEN ON THE WEB
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For help finding green constructed and renovated properties, and full MLS access, please visit our website at SantaFeRealEstateDowntown.com

Buying Smart in Santa Fe Real Estate

Photo courtesy of Jonathan Tercero

“Will the Home Buyer Tax Credit be extended?”  Lately, we’re asked that question even more often than “How’s the Market?” Dr. Ted C. Jones, economist for Stewart Title, answers this with a firm and definitive “No.”  He also thinks interest rates are going up soon.  Jones should know.  Besides his considerable qualifications, he has lunch with Ben Bernanke every week.

Dr. Jones shared those predictions, and many other useful insights and tips, at last week’s economic and real estate forum bracingly entitled, “Adapt, Mutate, Migrate or Die.” His standout fact should serve as a call-to-action for both buyers and sellers: every 1 percent increase in interest rates is approximately equivalent to a 10 percent increase in price. With interest rates currently around 5%, buyers can buy more home and sellers can draw more buyers.  Sellers with no intention of buying another home may want to wait, as prices and sales volume are picking up, but sellers wanting another home should jump in and buy smart.  Even if they don’t reap maximum dollar on their current home, they stand to gain in a purchase. Jones’ blogpost, “Postponing a Home Purchase Waiting for Home Values to Decline Further May Price You Out of the Market” features an easy-to-follow table outlining the relationship between interest rates and buying power.

If you’re a buyer wanting to take advantage of the Home Buyer Tax Credit, it’s not too late.  8 Tips to Take Advantage of the Home Buyer Tax Credit Before Time Runs Out offers some smart guidelines for how to rapid-focus your efforts to put the right home under contract.

Since we tour dozens of homes each month, we’ve put together a short list of best buys in Santa Fe: homes that we think offer excellent value for the price.  This week’s pics include a gem in Las Campanas for less than $500K, a clean contemporary pueblo with views priced just under $295K, and a steal-of-a-deal custom home in the Hills and Villas at Bishop’s Lodge, minutes from The Plaza and downtown Santa Fe.

If you’re looking in a particular price point or neighborhood, challenge us to find you a winner.

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Top Seven Reasons Banks are Denying Home Loan Requests clarifies what to expect in the current lending climate, and introduces a little known alternative for securing loans: Private Lending.

Santa Fe Neighborhood Quick Sketch: South Capitol

Rail traffic and an expanding middle class fueled the development of South Capitol in the early twentieth century. A rich and appealing collection of single family homes, condos, and small compounds, South Capitol charms with its architectural diversity. Craftsman bungalows intermingle with Pueblo Revivals, Victorians and Territorials. Construction materials run the Santa Fe gamut: adobe, brick, Pen-tile (a term for hollow bricks formerly made at the State Penitentiary) and framed stucco.   Mature trees abound thanks, in part, to the WPA.  Yards range in size from postage stamp patios to 1 acre spreads.

The district takes its name from its dominant landmark: the State Capitol AKA The Roundhouse, on Paseo de Peralta east of Don Gaspar.  Roughly bounded by Paseo de Peralta on the North, Old Santa Fe Trail on the East, and Cordova on the South, South Capitol’s western edge is less clearly defined.  Don Diego is the main artery yet the neighborhood breaks its line to include pockets of streets just west of Don Diego.

The Unitarian Universalist Congregation and  Temple Beth Shalom are both within the neighborhood’s confines. Nearby, on Old Pecos Trail, are the Santa Fe Children’s Museum, The Center for Contemporary Arts,  and The Armory for the Arts.  The elementary school that serves much of the area is Wood Gormley; Capshaw Middle School and Santa Fe High School serve the upper grades.

Great amenities abound in easy walking distance. What’s available depends on where you’re located. The Santa Fe Railyard is an intersection of galleries, shops, housing and public spaces.  Kaune’s Neighborhood Market and O’horis Coffee, on Old Santa Fe Trail, are an easy walk from the neighborhood’s eastern end.  Cordova offers a superabundance of restaurants and shopping including several of our favorite dining spots: The Pyramid Cafe, Saigon Cafe, Backstreet Bistro, and Maria’s. For groceries, head to Trader Joe’s and Wild Oats.  The neighborhood’s Northern end is just blocks from the Plaza with its trove of dining, coffee houses and shopping.  Walkability is high for Santa Fe.  Check out the Walk Score of our listings at 111 East Santa Fe Ave., The Bella Donna. Unit #4 is one of five contemporary restorations.

For a deeper look at issues of interest to homebuyers, check out the following resources. CrimeReports.com is self explanatory.  Usually, I turn to city-data.com for its fascinating compilation of demographic data and statistics. However, city-data.com does not recognize South Capitol as a neighborhood. Instead, it creates a statistical profile for what it terms the Don Gaspar Neighborhood which covers the bulk, but not the entirety, of this historic district.

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SOUTH CAPITOL UPDATE

Below are market stats for the South Capitol Neighborhood reflecting the state of the real estate market on July 16th, 2010.

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Santa Fe Real Estate News. Stories, Trends and More

South Capitol Area, Looking Up in YTD Residential Sales.

Santa Fe Market Report
Featuring South Capitol Area
Presented by Prudential Santa Fe

Active SFAR Listings
All Santa Fe Listings (7/16/10)
Residential: 2805
Residential Land: 1546
Farm & Ranch: 134
Commercial Buildings: 199
Commercial Land: 77
Live/Work: 21
Multi Family: 36

South Capitol Area Snapshot
Residential Listings (7/16/10)
Active: 86
Pending: 4
Sold: 54*
Average DOM: 218*
Average Listing Price: $591,081*
Average Listing Price Per Sq.ft: $277*
Average Selling Price: $543,175*
Average Selling Price Per Sq.ft.: $255*
% of List Price: 92%*

*Sold (7/17/09-7/16/10)

Days on Market (DOM)
South Capitol Area – Residential Sold*
Days on the Market

Selling Price: % of List Price
South Capitol Area – Residential Sold*
Percentage of asking price

MLS Comparison, Sales Year To Date
South Capitol Area – Residential – 2009 v. 2010
(1/1/09-7/7/09) – (1/1/10-7/7/10)
Year To Date Comparison

Real estate agents Malissa Kullberg and Joshua Maes, AKA Changing Gallery, use their listings, where appropriate, to showcase the art, photography, sculpture and other creations of emerging and independent talents. Artists receive 100% of the proceeds from any sale. For up-to-date market info and full access to the MLS, visit: Santa Fe Real Estate Downtown.

What It Takes to Sell a Home in Santa Fe

Ready to get radical?
You think you’ve done it all: decluttered, staged, priced and marketed your property appropriately, and it’s still not selling.  What now?
Through open houses, in-house broker tours, MLS tours and showings, your agent has had opportunities to gather feedback as to what people do and do not like about your home.  In some cases, you simply can’t provide what is desired.  Buyers are looking for a pool, a different location, a bigger yard–something you don’t have.  On the other hand, there are often gems to be scavenged from the feedback. Question is: are you willing to act on what you learn?
In the case of our listing at 133 Sombrio, we kept hearing disappointed noises about the kitchen and baseboards. Everyone loved the vigas and refinished red oak floors.  They admired the wood-framed double paned windows, the covered portal, kiva fireplace, extra garage space and laundry room.  But the kitchen? Nyeh. So we, the real estate agents and the owner, who flew back from California, took three days to replace tile, paint cabinets, change out hardware, upgrade light fixtures, patch and paint walls.  Two days after we finished, we received multiple offers.
If you want or need to put your home on the market soon, forearm yourself with somebody else’s hindsight.  Start by taking everything up a notch.  Declutter as if you’re a hoarder.  If your furnishings don’t show the house to best advantage, consider a stager.  Think you can’t afford it?  There are stagers who consult by the hour and use your own furnishings.  And if your home is empty, there are professional housesitter/stagers who will bring their eye-enticing furniture to your place and keep it looking warm and lovely while deftly accommodating showings. Curb appeal is often as easy to remedy with muscle as cash. Some landscape and nursery professionals will offer on site, low cost consultation to help you spend your DIY energy and money in the improvements.
What about a pre-inspection? Typically, buyers will schedule and pay for home inspections after the home is under contract.  Having a certified inspection report in hand for a buyer avoids potentially deal-killing surprises deep into the transaction.  Do you know the five most preventable problems that can scuttle a sale?
Did you work with your agent to price your home at the market rate–not what you think you need or want to have in order to buy the next house.  Don’t gamble on an inflated price. Pricing your home to sell out of the gate will bring you the highest ultimate return.
If you have some money to spend, Top 10 Must-Have Features in Today’s New Homes and Remodeling Magazine’s 2009 Cost vs. Value Report will give you ideas about what trends are attracting buyers. In the words of Kris Berg, FrontDoor.com, “Yesterday’s avocado green shag carpeting is today’s granite countertop.” Would you have this perspective?  Your home is your nest, but when it comes time to sell, you’re serving someone else’s taste.
Selling Your Home in A Buyer’s Market can be a success, but now more than ever, success favors the exceptionally prepared.  We have lists of reliable and flexible professionals and an arsenal of articles like the ones above. We also have muscles and out-of-the-box marketing we’re not afraid to use.  If you’re serious about selling your home, give us a call.
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Real estate agents Malissa Kullberg and Joshua Maes, AKA Changing Gallery, use their listings, where appropriate, to showcase the art, photography, sculpture and other creations of emerging and independent talents. Artists receive 100% of the proceeds from any sale. For up-to-date market info and full access to the MLS, visit: Santa Fe Real Estate Downtown.

Selling Your Santa Fe Home in a Buyer’s Market

Abundant inventory is described as a buyer’s market: great if you’re a buyer, but what if you’re a seller?  The tough news is that the value and appeal of your home will be measured against a greater number of homes than in a neutral or seller’s market.   You’ve got competition and potentially lots of it.  Your mission?  Don’t be a “comp.”

When agents set out to determine the price of your home, either because they are interested in listing it for sale, or because they have buyer’s interested in making an offer, they will do what is called a “CMA, “  or Comparative Market Analysis.  In a CMA, your home is stacked up against active, pending, sold and expired listings that have COMParable features and locations: “comps.” Homes with extras, such as a kiva fireplace, will command more money; homes without such extras, less. Because no home is exactly like another home–even tract homes may have slightly different lot sizes, orientations and upgrades–a CMA is both an art and a science.

Despite its limitations, a CMA is a fact based tool.  If you don’t like the results, don’t get emotional.  Mine it for info you can turn to your advantage.   People tend to focus on the active listings, the price for which someone in the neighborhood is trying to sell their home.  But the market value of an active is unknown until someone makes an offer. Pay close attention to the comps that have sold.  Pay even closer attention to the listings that expired.  Buyers voted in favor of the sold home.  The expired home was kicked out of office.

Once you’ve looked at what sells and what doesn’t, use that measure against your own home.  Understand that not having a fireplace might hurt you with some buyers, and accept the price cut.  Now, turn your attention to your home’s assets.  Barabara Corcoran addresses this brilliantly in her book If You Don’t Have Big Breasts, Put Ribbons on Your Pigtails: “What matters is that you identify and play up what you’ve got.”

Look at your home as if it were a theatrical stage set or work of art.  Presenting is more than just decluttering and removing personal items.  “The ability to simplify means to eliminate the unnecessary so that the necessary may speak, ” said abstract painter Hans Hofmann.  Let the beauty of your home speak by taking away the visual noise that prevents its charms from being heard.  Try these 30 Can’t Miss Staging Tips from HGTV’s Lisa LaPorta.

If you can afford to invest a little money, Remodeling Magazine’s 2009 Cost vs. Value Report offers tips on how to get the best return on your investment. Do you have nice wood floors that are in shabby shape?  Have them refinished or DIY –if you can do professional quality work.  Ensure you have dynamite curb appeal: weed, trim trees and bushes, repair, remove or replace a fence, add color. (We removed a chain link fence in front of our listing, a Casa Solana Stamm located at 133 Sombrio in downtown Santa Fe.  Visitor feedback confirmed what a huge impact this small gesture had on the home’s streetside presentation.)

Showings are job interviews for your home. Make sure they are dressed-to-impress.

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Real estate agents Malissa Kullberg and Joshua Maes, AKA Changing Gallery, use their listings, where appropriate, to showcase the art, photography, sculpture and other creations of emerging and independent talents. Artists receive 100% of the proceeds from any sale. Currently displaying work by Mark Frossard, Laird Hovland, Jonathan Tercero at 133 Sombrio in Casa Solana, downtown Santa Fe. To schedule an appointment, call: 231.7598. For up-to-date market info and full access to the MLS, visit: Santa Fe Real Estate Downtown.

State of the Santa Fe Real Estate Market at start of 2010

On Sunday, January 3rd, The Santa Fe New Mexican rang in the new year with the article Promising Signs in Santa Fe’s Housing Market Slide.  Statistics compiled by Alan Ball, a title officer with Southwest Title and Escrow, showed the number and price volume of Santa Fe residential home sales at their lowest point in decades.  Comparing 2009 with 2005, the peak market of the last decade, showed a 56% decline over the 5 years –from 1.2 billion to $540 million. Indeed, the sales volume of 2009 ($540 million) was even lower than the sales volume at the start of the decade ($578 million.)

Still, Santa Fe fared far better than many markets. And there’s good news for both buyers and sellers.

Low interest rates and abundant inventory collectively offer a point of entry for many buyers shut out in the past.  A search for single family homes within the Santa Fe city limits, shows the following:
Under $200K = 33 homes
$200K-300K = 120
$300K-400K =95

Roughly 95 of those are within a few miles of the Plaza, including the downtown Santa Fe neighborhoods of Casa Solana, Casa Alegre and Barrio la Canada which we’ve covered in previous blogposts.

For those who qualify, the pot sweetens with the addition of the Federal Housing Tax Credit. Not just for first-timers, homebuyers who have “…owned and lived in their previous home for five consecutive years out of the last eight years” also may qualify for a $6500 move up credit.  Follow the link for a clear presentation of the incentives’ details.

Sellers face tougher competition on the market.  At present, the absorption rate–the number of months it would take to sell all the homes on the market at the pace at which they are currently selling–is 29.71 months. Add to this the fact that homes are selling at roughly the prices they were in 2005, meaning a net loss for those who bought at the market’s peak. To sell now demands realistic pricing, excellent presentation and smart marketing, if not patience.

Sellers can console themselves that Santa Fe is still a good investment.  Just one year ago, the absorption rate was a grimer 34.3 months.  Plus, median prices have risen 50% over the decade, from $296,000 in 2001 to $447,000 at the end of 2009.  We don’t hit the crests of California, neither do we spelunk down to its cavernous lows.

Ring out the old, ring in the new,
Ring, happy bells, across the snow;
The year is going, let him go…
–Tennyson

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Real estate agents Malissa Kullberg and Joshua Maes, AKA Changing Gallery, use their listings, where appropriate, to showcase the art, photography, sculpture and other creations of emerging and independent talents. Artists receive 100% of the proceeds from any sale. Currently displaying work by Mark Frossard, Laird Hovland, Jonathan Tercero at 133 Sombrio in Casa Solana, downtown Santa Fe. To schedule an appointment, call: 231.7598. For up-to-date market info and full access to the MLS, visit: Santa Fe Real Estate Downtown.

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