Homes with History – The Lesnett House

147 Gonzales Road Lincoln, NM

By Adrienne DeGuere, Editor and Office Administrator, Sotheby’s International Realty

lesnit1In Lincoln, a small, historic village nestled in the Rio Bonito river valley of southeastern New Mexico, discover The Lesnett House, a territorial home built in 1878 that stood during the tumultuous Lincoln County War of 1878-1881. Sherriff Pat Garrett, famed for killing Billy the Kid, once owned a portion of the property and Billy the Kid himself is rumored to have hidden in a flour barrel while being pursued by soldiers from Fort Stanton.  Listed in the U.S. National Register of Historic Places and designated as one of three historic Lincoln homes remaining in private ownership, the 4,500 square foot home and studio offers 22” thick adobe walls, 12’ coved ceilings with vigas, white plaster walls, and wood and Saltillo tile flooring.  Zoned for residential and commercial use, the property includes 3 bedrooms, 2 baths, and a kiva fireplace on .84 of an acre.

Exclusively represented by MARY JOY FORD
505.577.0177 maryjoy.ford@sothebyshomes.com

Condominium Owners: Research Your Insuring Requirements!

By Vincent Marciano
Residential & Commercial Condominium & Homeowner Association Specialist
ADV Insurance Agency

Condominium insurance is a special insurance designed to fit the specific needs of condo owners. Condo owners need to take into consideration additional coverage for the building based on their condominium association’s master policy and coverage.

Condominium Association Master Policy

Your condominium association will insure the building and its common elements based on one of three approaches: 1) bare walls, 2) single entity (original specifications), or 3) all-in.

• “Bare walls” means that the association will insure only the building including walls, the roof, floors, elevators, etc. The association is not responsible for insuring anything inside your unit such as appliances, cabinets, carpeting, wallpaper, interior partitions, plumbing, wiring, and bathroom fixtures, among others.

• “Single entity” coverage means the association is responsible for all real property, but only the cost necessary to return the building and units to their original condition using materials of like kind and quality.

• “All-in” statutes differ from original specifications in one major respect. The association is not only responsible for all real property, but it is also charged with insuring unit owner-installed upgrades.

Determining How Much Coverage You Need

As you’re evaluating how much insurance you need for your unit and possessions, keep the following questions in mind:

• What is the association responsible for insuring? What am I responsible for insuring?

• How much coverage do I need for loss assessment?

• How much coverage do I need for my possessions?

• Do I have replacement cost or actual cash value coverage for my possessions?

• What does the liability coverage include?

• Do I need earthquake or flood coverage?

Finally, make sure you understand exactly what your policy covers. Review it at least once a year to make sure you stay adequately covered.

 

How Planet Forward Helps the Real Estate Community

Rod Gesten, Co-Founder & CEO
Planet Forward, LLC

planet-forward-your-moveAs some of you may be aware, Rey Post’s All Things Real Estate Program on KTRC 1260 AM in Santa Fe was co-hosted by me, Rod Gesten, of Planet Forward LLC for the first hour. The theme of the show was centered on how businesses in the local community assist owners, buyers, and sellers in the real estate community. Obviously it is not easy to serve any community as a business, as opposed to doing volunteer work, unless you are given the opportunity or create opportunity for which your company is needed. Let’s discuss.

To our way of thinking, whether you offer a product or service in any community, you must do what you say you’re going to do, show up, and complete delivery on time. It has become a ritual among many companies to ask consumers to accept four-hour windows in which products and services may be delivered. This is unacceptable to us and disrespectful to clients whose time is also valuable. It is just as bad to show up two hours late with excuses or not at all. This is what telephones are for.

Another annoying practice is to tack on additional costs to the original quotation. Charges such as delivery, travel, or extra time needed to perform a task should be thought about and discussed up front. With minimally 60 percent of our clientele coming from the real estate community and many of those being repeat customers, we cannot afford to ‘surprise’ people in that way and dismantle their trust in us.

A community of owners, buyers, and sellers of homes and buildings has common concerns and needs when it comes to their real estate. For example, things break and need repair. Other items cost owners a lot of money each month in the form of recurring bills.  Sometimes people want to plan an improvement but have no idea what the cost can range.

Let’s take the first situation. People buy and sell houses as a matter of course. Situations change, people want to downsize, whatever the reason. If you’re a buyer, you want to be sure that you aren’t falling in love with a flawed product; have items corrected or have room to negotiate a common ground before the purchase. If you’re a seller of a property, you are not motivated to improve your home or building to perfection before the sale. This is why it is so important to have somebody evaluate the symptoms listed in, say, an inspection report, find the causes, and produce alternative value solutions that everybody can agree to.

In another case, let’s say an owner wanted to save money by being his own contractor for services out-of-pocket. He’s got a cousin or an uncle that is skilled in a few things and is willing and able to do a lot of the grunt work himself. He gets to a certain point in the process and finds that he is out of money and there are finishes to complete and top-outs on electrical and plumbing fixtures yet to go. His wife is frustrated and wants the project, which is 6 months later than promised, completed so she can move in with the kids. The owner doesn’t have the skill sets it takes and not being familiar with local codes, has no idea what it is going to take to gain a Certificate of Occupancy from the local governing body. At this point, it would be handy, to say the least, to know of a licensed contractor who can speak to local authorities about code issues, develop a cost of completion estimate for lenders, and complete tasks as intended in a professional manner.

With respect to monthly costs, wouldn’t it be handy to know a local company that does free online assessment of energy usage in your home, using utility data from your own bills in order to compare your home’s performance to a neighbor’s? Further, what if this company were able to examine your home and explain the best value alternatives for lowering your bills instead of throwing money away on ineffectively small return fixes?

These are just a few of the activities that Planet Forward performs for its clients. It’s allowed for great relationships with other vendors, lenders, and brokers as well. In today’s world, things have become so specialized that no one entity can be everything to everybody. That is why professional relationships are so important in order to successfully serve all players in the real estate community.

July 2014 Home Sales

Real Estate by the Numbers

By Abigail Davidson   CRS, ABR, SRES, CLHMS, CNE
Broker Associate, Sotheby’s International Realty

The following information has been compiled to provide you with updated information on sales in Santa Fe and its surrounding areas for July, 2014. These statistics are for all Santa Fe residential home sales including single-family homes, condos, and townhomes.

There were a total of 170 home sales in July, up from June, which was 161.  Prices ranged from $65,900 to $2,625,000.  Total sales volume for July was $74,319,368, up from June which was $67,022,452.  The average sold to list price was 96.73 percent. 37 percent of the sales were cash transactions. These transactions accounted for 40 percent of the total sales volume.

The average sales price in July was $437,172, up from June, which was $416,288. The median sales price for July was $345,000, up from June’s median of $310,000.  The average number of days on the market in July was 168 and June’s was 188.

Here is how number of sales per price-band reported in July 2014:

  • 86 homes sold for under $350,000
  • 39 homes sold from $350,001 to $500,000
  • 35 homes sold from $500,001 to $1,000,000
  • 10 homes sold from $1,000,001 to $2,625,000

There was an increase in sales in the $350,000 – $1,000,000+ ranges.

 

Finding the Right Family Home

By Ron Blessey, Private Mortgage Banker, Wells Fargo Home Mortgage
NMLS ID # 214672

The goal of all parents is to provide a stable home environment for their children. Finding the right home configuration with all the features that fit the family’s lifestyle can be a process. Some buyers look at many homes over a period of months to find the perfect nest for their family.

These days it is not unusual for both parents to work. In some cases, both parents are salaried employees and receive a specific income every month for the services they provide their employer. In other cases one or both parents are self-employed. In that case, a two year average of their income is needed. And, of course, there could be a combination of salaried and self-employment income for me to document for my underwriter.

All good and responsible parents keep excellent records of all their financial documentation. When presented with the list I compile of the documentation I need, it is easy for the borrowers to collect what they have on hand and supply it to me for my file. I can then provide a program tailored to their needs and qualifications, as this is one of the most important parts of my job.

Much like a parent, I listen intently to what my clients want in the way of a mortgage and advise them on how they can qualify for those terms. The initial interview I conduct provides me with the information I need to make a determination for that client. On the other side of this process are the borrowers who should always articulate their wants and needs. Never shy away from asking questions throughout the process; after all, borrowing money to buy or refinance a home is an educational exercise.  Part of my job is to educate borrowers in how the process works and why we ask for documentation throughout the process, which is an integral part of getting loan approval.

At the successful closing of every loan I produce I can look back with satisfaction knowing I have done my job to the utmost and provided those clients with a loan that has met their expectations.

June 2014 Home Sales

Real Estate by the Numbers

By Abigail Davidson CRS, ABR, SRES, CLHMS, CNE, Broker Associate, Sotheby’s International Realty

The following information has been compiled to provide you with updated information on sales in Santa Fe and its surrounding areas for June, 2014. These statistics are for all Santa Fe residential home sales including single-family homes, condos, and townhomes.

There were a total of 161 home sales in June up from May’s total of 138.  Prices ranged from $29,900 to $3,475,000.  Total sales volume for June was $67,022,452, up from May’s figure of $59,624,461.  The average sold to list price was 95.81 percent. 43 percent of the sales were cash transactions. These transactions accounted for 52 percent of the total sales volume.

The average sales price in June was $416,288, down slightly from May’s figure of $432,061. The median sales price for June was $310,000, up from May’s median of $293,337.  The average number of days on the market in June was 188 and May’s was 171.

Here is how number of sales per price-band reported in June 2014:

  • 97 homes sold for under $350,000
  • 24 homes sold from $350,001 to $500,000
  • 33 homes sold from $500,001 to $1,000,000
  • 7 homes sold from $1,000,001 to $3,475,000

 

Considering a Move?

By Ron Blessey, Private Mortgage Banker, Wells Fargo Home Mortgage
NMLSR ID 214672

When Horace Greeley purportedly uttered “Go West Young Man,” he may have planted the seed for those who seek to visit Santa Fe as a vacation destination today. Invariably, visitors to our great city fall in love with the beauty and ambiance and decide to relocate here. Real Estate prices are very attractive right now. That, coupled with desirable interest rates and loan programs that I can offer, make now the perfect time to make a move.
I have many loan programs available in the Private Mortgage Bank that offer some very creative financing solutions for not only high-net worth borrowers but anyone else considering a move here.
One program of note is our Asset Dissipation Program. I can take a borrower’s assets and do a depletion calculation over 15 years to come up with qualifying income. This is a great alternative for recent retirees who may have deferred receiving certain streams of retirement income until later in the future.  Those individuals may have a less than qualified income stream at the present; however, a substantial asset portfolio can be the source of qualifying income for that borrower. I will consult with one of our in-house Financial Advisors to assess and formulate a plan that is specific to that borrower’s needs.
In this current environment, each borrower’s financial situation can present a variety of challenges that requires the expertise of analyzing tax returns, asset statements, and other forms of documentation to present the file in the acceptable format per our underwriting guidelines that will result in an underwriting approval.
I am very proud to be a part of the strong Wells Fargo brand. This collaboration gives me the ability to be extremely creative in putting together custom-tailored loan packages specifically suited to any qualified borrower.
As a member of the Wells Fargo team, I share the vision that we want to satisfy all our customers’ financial needs and help them succeed financially.

Homes with History – Rancho Viejo County Road 142, Abiquiu NM

Rancho Viejo County Road 142
Abiquiu, New Mexico

By Adrienne DeGuere, Editor and Office Administrator, Sotheby’s International Realty

In the heart of Georgia O’Keeffe country sits this 115 acre working ranch with a 200+ year old territorial style adobe home and one mile of frontage on the Chama River.  The largest remaining intact portion of a land grant made to Bartolome Trujillo in the early 1730s, the property was once the headquarters of what was originally an 11,000 acre ranch. The 4,000 square foot main house of four bedrooms and three baths comes with vigas and latillas, radiant heated stone floors, and three fireplaces; nearby but still private is the one bedroom, one bath casita that once served as a bunkhouse for ranch hands.  The land includes two ponds, 156 acre feet of adjudicated water rights for irrigation purposes with a 1734 priority date, and multiple additional structures.  Special touches such as adobe handmade and formed by a local family and a pasture area peppered with Anasazi Indian pottery shards add to the appeal of this unique offering.

 Exclusively represented by CINDY VOLPER
505.901.1436 cindy.volper@sothebyshomes.com

 

Introducing Planet Forward, LLC

By Rod Gesten, Co-Founder, CEO

Planet Forward ReversedPlanet Forward, LLC is committed to improving the quality of your life through saving you money, reducing your carbon footprint, and helping the planet. With the invention of our FREE home energy consumption (HEC™) tracking system www.hecbenchmark.com, home buyers, sellers, and owners can determine the health of their building(s).

We all know that for our own bodies, eating too many calories a day can result in an unhealthy body. Similarly, your building may be consuming excess BTUs — think of BTUs as an amount of food calories, namely one food calorie equals 4 BTUs. Planet Forward principals Rod Gesten and Scott Irving bring over fifty combined years of architectural experience to the system, enabling you to find out if your structure is lean and fit or is taking in more than its share.

Simply create a user account at www.hecbenchmark.com, add your building(s) and input your recent energy usage from your energy bills. You can enter as many months’ worth of information as you like; the more you enter, the more the HEC™ system will learn about your structure’s energy usage. Once you determine how fit your building is, you can then begin to make energy efficient upgrades to your home, and continue to enter your energy usage afterward. The HEC allows you to monitor your building’s health post-changes, the same way a diet-tracking system would allow you to monitor your personal weight loss.

For more information, email info@planetforwardllc.com and follow us on Facebook, Google+, Twitter and LinkedIn to get updates on the company and the efforts we are making toward improving your quality of life.  Read more on how we came to the idea of calories/person within a home on our Blog here http://planetforwardllc.com/blog/calories.asp.

April 2014 Home Sales

Real Estate by the Numbers

By Abigail Davidson CRS, ABR, SRES, CLHMS, CNE, Broker Associate, Sotheby’s International Realty

The following information has been compiled to provide you with updated information on sales in Santa Fe and its surrounding areas for April, 2014. These statistics are for all Santa Fe residential home sales including single-family homes, condos, and townhomes.

There were a total of 140 home sales in April.  Prices ranged from $78,000 to $2,817,500.  Total sales volume for April was $60,956,698, up from March which was $60,651,266. The average sold to list price was 96.39 percent.

The average sales price in April was $435,404, up from March which was $421,189. The median sales price for April was $318,500, up from March’s median of $286,950.  The average number of days on the market in April was 170 and March’s was 165.   Here is how number of sales per price-band reported in April 2014:

  • 80 homes sold for under $350,000
  • 26 homes sold from $350,001 to $500,000
  • 25 homes sold from $500,001 to $1,000,000
  • 9 homes sold from $1,000,001 to $2,817,500