Your Source for Santa Fe Real Estate by Emily Garcia!
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Residential sales in April were an all time high for monthly homes sales this year in Santa Fe, New Mexico. February, with horrible weather, saw an all time low of just under 100 sales. April saw and over 50% increase, with sales of homes at a yearly all time high of 157 transactions. This surpassed sales for the same period in 2008 and 2009. This trend appears to indicate that 2009 is the low and we are climbing on up! This summer should continue to show strength for property sales in Santa Fe.

Both March and April showed increases in the number of property showings. This is the number of showings over the previous year. In March of 2009 real estate showings were 874 for Santa Fe and in the same month of this year showings were 986, or an increase of 11%. And in April showing were up 6%. In 2008 there were 868 showing of homes and om 2009 there were 927 showings of homes. Showings are a leading indicator of sales, so the next fews months should continue to see increases in sales. These numbers are as reported by the Santa Fe Association of Realtors. If you would like more information about buying or selling real estate in Santa Fe, or would just like to know more about your unique situation contact me. I look forward to it! All the best, Emily Ivette Garcia, Real Estate Broker, CRS. “Excellence in Real Estate, with a touch of grace…”

Nationally sales of new homes increased in March by a huge 27%! (This is as reported by the US government.) This is over February sales figures. It is clear that the Federal tax incentives for home buyers has given sales a boost. With mortgage rates still low, economists are hoping that this spring and summer will continue to see increases in real estate sales.

Not only will the land be beautiful with all the snow we've had, I'm green now, too! This is my first monthly email blast rather than a quarterly newsletter. Contact me if you do not wish to receive these updates, if you have suggestions and/or want me to add someone to the list. (I will still be mailing an annual report as a comprehensive analysis of the year and upcoming trends.)

First, the real estate news

Buyers are getting off the fence
This can be seen in Santa Fe by the 4th quarter home sales, which were up from last year by a whopping 16%! Nationally home prices have risen or remained steady for eight straight months, according to Standard & Poor.

Other positive trends:

Locally the number of showings increased by 11% in March over the previous year! And nationally homes under contract increased by 17.3% over 2009. With the April deadline for federal tax credits for home purchases, it should be a great month for sales.

Bottom line, right now:

Homes that are well-priced and in good condition will sell. Buyers can still get a great deal with low homes prices and great mortgage rates.

Biggest trend the past ten years:

Well you won't be surprised... In 1999 only 37% of buyers began their search on line. Today over 90% of all buyers start on-line. So how can you tap into this?

If you are a buyer, I can set you up with an "automatic property finder" that will email you any new or amended listing that meet your criteria. Contact me to set you up today.

For my sellers, attached are all websites that I have your home listed on, in addition to my own. Sotheby's has the most comprehensive web presence of any brokerage. And in many cases, we have premier and/or an exclusive relationship.

The U.S. Treasury Department has launched a program that will provide financial incentives to mortgage servicers and borrowers who use a short sale or a deed-in-lieu to avoid foreclosure on a loan facilitated through the Home Affordable Modification Program (HAMP). HAMP aims to simplify and streamline the use of short sale and deed-in-lieu options so that there are more viable alternatives for borrowers.

The program summarized:
• Uses borrower's financial and hardship information collected in conjunction with HAMP to determine eligibility.
• Allows borrowers to receive pre-approved short sale terms prior to listing the property.
• Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction of the real estate commission agreed upon in the listing agreement.
• Requires that borrowers be fully released from any future liability for the debt.
• Provides financial incentives to borrowers, servicers and investors.

The guidelines become effective April 5, 2010.

A complete description of the program can be found on the HAMP website .

According to Forbes.com, it cost less to buy an existing home than it does to build. Foreclosures are the culpurit. Because the number of foreclosures is expected to continue, new building starts are expected to remain low this year. I had predicted this for Santa Fe and nationally in my New Years Newsletter. Contact me if you'd like more specific information about Santa Fe Real Estate and your needs.

The economic indicators lead the housing market. And last month saw and additional 2.7 million new job openings, as reported by the Labor Department. This is 200,000 more than the previous month. In addition the GDP, or Gross Domestic Product increased by 3% in the first quarter of this year. This should bode well for housing sales this spring.

One of the leading market indicators for sales is showings. Showings today are tomorrows sold listings. When comparing 2009 showings for January and February to the showings in 2010, the numbers are relatively stable. In January of 2010 we have record levels of snow, yet still posted 675 showings in January, compared to 781 in 2009. And February showed 711 showings, as compared to 721 showings for the same month in the previous year. These statistics are as reported by the Santa Fe Association of Realtors. For more information about Santa Fe Real Estate, go to my website.

The New York Times Sunday travel section is considered the primere travel advice column. This past Sunday, February 7, 2010 historic and innovative Santa Fe was featured. Ten new restaurants were named, many of which I hadn't been to yet! Check it out. It's a great article for old-timers and new-comers. And for more information about Santa Fe, visit my site at www.emilygarcia.com.

Web New York Times Travel 2/7/2010

Residential real estate sales for the month of January, 2010 were up 30% over the previous year in Santa Fe. In January of 2009 there were 72 homes sold in the city. In 2010 for the same period 105 homes were sold. Even land sales, which are lagging significantly behind the height of the market were up from 12 sales in 2009 to 18 sales in 2010. Though there is still room for improvement in sales, this continued growth is very positive. For more specific Santa Fe, real esate information, check out EmilyGarcia.com for complete information.

According to the National Association of Realtors (NAR) the U.S. residential, real estate property levels have gone down from two years worth of inventory to only seven months of inventory. This is considered a healthy level, and is yet another since of our economy improving. For more national and Santa Fe real estate information check out www.emilygarcia.com.

Through January 15th, 2010 there have already been 42 residential sales. This is compared to on 26 for the same time period last year, which is a 38% increase. This sure is a good way to start out the year and affirms that Santa Fe has turned the corner. There have also been 330 showing scheduled and an average sale price of $623,729; which is significantly higher than over yearly averages. For more information, contact Emily Garcia at Sotheby's International Realty, 505.955.7963 or emily@emilygarcia.com.

The total number of homes sold in Santa Fe in 2009 was 1904 units. This is down 11% from 2008. In 2008 the decline was 28% from the previous year, which was a major decline to our market and nationally. In 2009 the relatively smaller decline was due to a rebound the second half of the year as a result of interest rates remaining low, the government tax credit for home buyer and pent up demand. 2010 is expected to continue to improve at this steady pace and hopefully improve or level off. (The above statistics are from the Santa Fe Assocation of Realtors.)

The National Association of Realtors (NAR) has reported that Pending Sales, or sales of homes that are under contract but have not closed yet, are down a whopping 16% from October to November. Sales had been rising over the last 9 months consistently. Read the whole article for more details.

Nothing new... We all knew that sales have been declining, but sellers are only starting to really grasp the slimness of the buyer pool. On the cover of the New Mexican today, Santa Fe's local newspaper, the headline read "Rosy signs in the slide." This is discussing how Santa Fe is stablizing, dispite having declined. For more information check out their website at www.santafenewmexican.com.

On Sunday in the Santa Fe New Mexican the cover story was "bad boy" Las Campanas. And once again it was for breaking the rules or agreements it had made with the City of Santa Fe. However, this time it isn't the developer, Lyle Anderson, who will be taking the hit. It will be the homeowners. Mr. Anderson has left the association and unknown $4 million debt, in addition to all the other problems they are facing. For more information check out www.thenewmexican.com, Sunday, January 27, 2009 cover story

Web www.thenewmexican.com

Three things you better know about
the new real estate market in 2010

40% of transactions take place in the first 90 days of the year - 50 years of research from the National Association of Realtors has proven that
• NAR forecasts that first-time home buyers will again be a dominant force in 2010 at 45% of the market. A 2009 NAR study revealed that 53% of 1st time buyers were referred to an agent or lender to purchase their home.

Homes sales are expected to increase in 2010
• Lawrence Yun, Chief Economist of NAR, expects a 20% boost in existing home sales in the first half of 2010 compared to the same time last year. This will reduce inventory and set the stage for price increases in many parts of the country.
• One factor underlying the home sales forecast is that mortgage rates will continue to remain at near historic lows - from 5 - 5.5 percent.

Generate leads or die
• The typical REALTOR® earned 18% of their business from past clients and customers according to the 2009 NAR Member Profile.
• Studies show that 84% of all homes are sold by professionals who were referred to buyers and sellers.

For more information, check out Brian Buffini's website. They are the largest coaching system in the country. They serve realtors, lenders and real estate professionals.

A bit of good news for your Thursday morning... From November 15th through December 15th (comparing 2008 to 2009) there has been an INCREASE (yes, you heard right) in closed residential sales (18 more sales in fact). Although average sales price is down about 7.9% and days on the market (153 vs 195) up by 27.5% I think this upward turn in sales has to mean something positive for our market. Contact me for additional information!

Sotheby's International Realty is now offering its coffee-table publication on-line. This very sleek and elegant presentation allows you to preview our primier properties on line, in book format. Check it out! Click this title to view and enjoy. For additional information about real estate in Santa Fe, visit www.emilygarcia.com.

In November, the President signed an extension and expansion of the Homebuyer Tax Credit through April 30, 2010, as long as the home is under contract by that date and closing occurs by June 30, 2010. An $8,000 tax credit is available for first-time homebuyers (those who have not purchased a home within the last three years) and a credit of $6,500 is also for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight. These credits are available to buyers with incomes below $125,000 for singles and $225,000 for married couples. Homes valued at more than $800,000 are not eligible. This is a big win for the real estate industry that should give troubled housing markets a little more time to heal.

AARP The Magazine has ranked Santa Fe fourth in its annual list of the Top 10 Healthiest Cities to Live and Retire.

The report, which the magazine said is its most popular annual feature, identified the healthiest cities using a number of measures of vitality, including the physical aspects of the communities (clean air and water) and the health and habits of people who live there. [Read more]

Reliable mainstays like New York City and Santa Fe, N.M., rising giants like Buffalo, N.Y., and quiet contenders like Asheville, N.C., have all earned top spots in the 2008 competition for AmericanStyle's Top 25 Arts Destinations.

Our annual readers' poll never concludes without at least a little upheaval, and this year was no exception. Rising populations in cities like Albuquerque, N.M., and Las Vegas, Nev., which ranked No. 2 and 3, respectively, in last year's Mid-Sized Cities category, moved them into our Big Cities list, but voters ranked them into lower positions. Charleston, S.C., on the other hand, benefited from its population increase, rising from No. 7 on last year's Small Cities & Towns list to No. 6 on the 2008 Mid-Sized Cities list.

In the Big Cities category, old favorites rounded out the top 3, with New York coming in first for the fifth consecutive year. Chicago, Ill., held the No. 2 spot once again, with Washington, D.C., (last year's No. 4) taking third.

The Mid-Sized Cities category saw more upsets, with 2007's giant, Pittsburgh, Pa., fueled last year by the citywide glass celebration, falling to No. 3. Buffalo rocketed to No. 1, climbing from last year's No. 14. Scottsdale, Ariz., came in second, up two spots from its No. 4 ranking a year ago.

Among Small Cities & Towns, Santa Fe once again earned its place at No. 1. Asheville rose from last year's No. 5 to take this year's silver ribbon, and Sedona, Ariz., dropped one place to No. 3.

For lists of all 25 winners in each category, see below. Click on the links for the top three cities in each category to read why they deserve their places in the sun.

The U.S. Bureau of Labor Statistics added more bad news this week for contractors and developers trying to get buildings out of the ground.

Construction material costs increased 10.4 percent during the past year, the agency reported. The bureau's producer price index measures materials used in construction, including diesel fuel. Meanwhile, highway construction materials increased 18.9 percent during the past 12 months.

Ken Simonson, economist for the Associated General Contractors of America, said in a statement "surging prices for diesel fuel, asphalt, steel and other materials are clobbering construction budgets."

He says asphalt prices during the first two weeks in July have increased by 40 percent. Rebar has increased $200 per ton.

Simonson says the situation could get worse.

"Unless Congress passes additional funding in the next few weeks to keep highway construction funds flowing, many states will stop awarding contracts," he said. "Other public agencies, as well as private owners, must adjust their budgets promptly to reflect the new price realities for construction."

Contractors and designers must now adhere to revised building, mechanical, plumbing and electrical codes set by the New Mexico Regulation and Licensing Department's Construction Industries Division.

The 2006 New Mexico General Building, Mechanical and Plumbing Codes and the 2008 New Mexico Electrical Codes went into effect July 1.

The Construction Industries Division sets minimum building codes and standards statewide, and certifies the inspectors who issue permits for commercial and residential projects.

"New Mexico is one of a handful of states that has adopted the International Energy Conservation Code," said Lisa Martinez, director of CID. "Out of those, we are one of the few that has implemented the IECC as a minimum standard for the state. By incorporating our green build initiatives into the building codes and adopting the IECC, CID has laid the groundwork for statewide continuity and conformity relating to important energy and water conservation initiatives."

The codes are viewable at www.rld.state.nm.us/cid.

Shares of troubled mortgage giants Fannie Mae and Freddie Mac surged in early-morning trading after Treasury Secretary Henry Paulson asked Congress for authority to buy shares in and lend to the companies, and the Federal Reserve opened its credit window to them. [Read more]

WASHINGTON _ Alarmed by the growing financial stress at the nation's two largest mortgage finance companies, senior Bush administration officials are considering a plan to have the government take over one or both of the companies and place them in a conservatorship if their problems worsen, people briefed about the plan said on Thursday. [Read more]

The Federal Reserve's Kansas District, which includes Albuquerque, Santa Fe and the rest of northern New Mexico, has reported modest expansions in the regional economy in late April and May.

The marketing materials call this home "quintessential Santa Fe Style," and it is a beauty. The house boasts a very nice layout and rich detailing. There is nothing too grand (read "ostentatious") here, despite the hefty square-footage figure of 7,400. "I think it really works well, simply stated elegance on the model of [the archetypal Santa Fe architect] John Gaw Meem," said listing agent Christopher Webster. "The original owners and Bill Lumpkins designed a house on this property; that no longer remains, but the original guest house, the casita, is still here."

After a contentious permitting process and a delay of almost five years, the new office complex for Thornburg Companies is about two-thirds complete on a 14-acre site on Ridgetop Road.

"Something there is that does not love a wall" _ or so Robert Frost observed (twice!) in his poem Mending Wall. But gardeners and other curious humans are always interested in what might be growing behind these familiar structures.

On two consecutive Tuesdays, July 22 and July 29, some lucky gardeners and other appreciators of unique gardens and home interiors will have the opportunity to see beyond some of Santa Fe's walls _ thanks to the 63rd annual Behind Adobe Walls tour organized by the Santa Fe Garden Club. The tour is the garden club's only fundraising event of the year, and it helps support a wide range of conservation projects from Amigos Bravos, a river advocacy group, to New Mexico Environmental Law Center, to the Wilderness Alliance.

Behind Adobe Walls is the only event of its kind in Santa Fe where both the inside of the home as well as the surrounding gardens are open to ticket holders, with four different homes featured on each of the tour dates...

This is a popular place. There are many tourists. It's a very unique city and has not suffered as bad as other areas. This is a desirable community to live in.

ActiveRain users can publish to multiple sites

Housing starts remain low, and so does builder confidence. Construction of new homes fell .6 percent in January according to the Commerce Department. HOWEVER, I would like to add a positive spin here... THIS IS GOOD! There are too many homes on the market, this is a wise decision on the part of builders and allow the market time to absorb the existing inventory. Stay tuned for Santa Fe market updates...

Santa Fe continues to grow! As many know and are anticipating, the railyard is expected to have many businesses opening as soon as this summer. Likewise the new, downtown Convention Center is expected to be completed by the end of 2008. However, few are aware of the Cerrillos Rd. Reconstruction Project. Plans include new roadway pavement, but also much more... bike lanes, a bus lane, desperately needed storm drains, landscaping, sidewalks and bus stops. The swank isn't stopping downtown. The city different is also the city beautiful! Check out my website, www.emilygarcia.com, the comprehensive Santa Fe site.

Sub-prime mess ... How did it happen and what does it mean? What is fear and what is real? Read my newsletter discussing the subprime mess impact both nationally and in Santa Fe. On my site there are many other articles discussing relevant market issues in Santa Fe.

Your source for Santa Fe Real Estate and a quality life style. Excellence, with a touch of grace.