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

By Ron Blessey, Senior Mortgage Banker, Peoples Bank

At the forefront for all providers of real estate related services should be their level of service on the mortgage side of the process. I have seen advertisements and flyers from a variety of online lenders and mortgage bank branch offices that tout low rates and promise the moon to anyone who contacts them for mortgage financing. It is not as simple as all that, however.   If the service provider cannot deliver or does not have the experience or availability to provide what is asked for, all the talk in the world will not make a difference. Borrowers do not want to hear that as they approach the end of their transaction.

There is a saying that most aptly applies to great service: “Quality in a service or product is not only what you put into it but what the customer gets out of it.” As a mortgage banker, the foundation for the service I provide is many years of experience and expertise coupled with the Bank’s lending platform. In this challenging lending environment, it is not as simple as quoting a rate and giving empty promises. It requires the analytical ability to look at each situation on its own merits and then determine what loan program fits that borrower’s specific needs. Also, as important is being able to think ahead based on my knowledge of the new qualified mortgage rules. Having a complete grasp of what underwriters require and how every detail associated with the borrower can impact the success or failure of the deal.

On the customer side, taking the lead of the loan officer, being educated in the process, cooperating, and asking questions throughout the underwriting timeframe is your responsibility. You should never go through with a real estate transaction and ignore what you think may not be important only to find out later that you should have asked a question.   Being educated in the process and asking questions will make your borrowing experience successful.

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

Set in the lush upper canyon of the Santa Fe River, Domicilio Cerro Gordo is one of the oldest farm houses in this historic area that was exclusively devoted to farming as late as just after the first World War. Cerro Gordo, translated as “fat hill,” was part of the Lucero Land Grant in 1732 and the property stayed within familial ownerships of the Lucero, Armijo, and Gonzales families until 1959.

In 1995 Ron Mann, a California designer, and his wife became the current owners and remodeled the home.  It was celebrated in the July, 2002 issue of Architectural Digest.  Special touches include pine flooring from an 18^th century New England barn used in the kitchen, sala, and dining room, and use of a felled white fir from the property to create the interior doors, kitchen counters, and shelving.  The white fir stump remains as a natural wood sculpture in the yard.

With three bedrooms and three baths, this south-facing double adobe includes a solar tracking system, raised-bed organic vegetable and flower gardens with an irrigation system, and views of Atalaya and Picacho Peaks.

Exclusively represented by CAROLINE RUSSELL
505.699.0909 caroline.russell@sothebyshomes.com

By Michael Anaya and Eric Schultz, Agents, New York Life Insurance Company

You and your family have worked hard to purchase your home, any rental properties, or other real estate holdings. You qualified for that mortgage due to your income level, excellent credit rating, and financial history. But what would happen if something unexpected happened to you? Besides the emotional stress, a surviving spouse may experience a significant decrease in household income that could lead to foreclosure. That’s why many banks and mortgage companies encourage homeowners to purchase mortgage life insurance.

Essentially, you purchase mortgage life insurance so that in the event of a sudden death, funds are available to meet any outstanding mortgage balance. The type of insurance you purchase can greatly affect your surviving family members’ options. Let’s look at some options.

Life insurance from a lender vs. an insurance company.

When you purchase insurance from a bank or mortgage company, in most cases you pay the premiums but the lender receives the proceeds at the insured’s death, and your family receives the deed to the house.

However, sometimes surviving families may not want to keep their homes. They may want to move closer to other family members or relocate for different reasons like a new job. Personally owned life insurance offers more choices and control because the surviving beneficiaries—not the lender—receives the insurance proceeds. Then they decide what to do with the money, whether it’s paying off the mortgage in one lump sum, continuing to pay it down periodically, or selling the house. And, personally owned life insurance is portable, which means, if you move in a few years, you won’t have to replace your insurance (which could be costly). Furthermore, even after the mortgage is paid, personally owned life insurance can provide other valuable benefits.

Make a choice today.
Whether you decide to purchase mortgage life insurance through a bank or insurance agent, the key is to be prepared. There is a real chance that someday one person will be completely responsible for your family’s finances. Taking the necessary steps today can ensure your family’s financial future tomorrow.

Real Estate Guest Commentary

by WIN Home Inspection

Those buying a home will likely be faced with the decision to have the property inspected. And while this adds a step to the home buying process, it is a worthwhile one. A home purchase is a large commitment and it’s critical not to take any shortcuts. An inspection can make all the difference for buyers, giving them peace of mind knowing there won’t be surprises once they move in.

Ignorance isn’t bliss. When it comes to homeownership, staying in the dark about issues with the property is a bad way to go. Just because a homeowner isn’t aware of potentially significant issues does not mean they will disappear. In fact, avoiding fixing an issue could lead to larger problems down the road, so it’s important to have a home inspected before you buy to adequately prepare for what’s to come.

Avoid buyer’s remorse. Whether it’s complications with the home they didn’t know about or any other expectations that weren’t met, all buyers will want to avoid regret, and having the property inspected is one of the best ways to do that.

A good home inspection is as thorough as it is necessary. Buyers can rest assured that an experienced home inspector will provide an adequate analysis of the property. An inspection will first look into the structural and mechanical components of the property, then move on from there, narrowing down the assessment to even minute details in a home.

Reputable inspectors are out there. Not every home inspector is the same, so it’s important to find those with experience, not necessarily those that are the cheapest. Buyers may believe they are purchasing the same service from each inspector and if they save a few dollars by finding someone $25 cheaper, they have been a smart shopper. This couldn’t be further from the truth. Buyers will want to find a trusted home inspection company with a great reputation in real estate and one that is known for hiring experienced inspectors. Choosing the right inspector can make all the difference.

Unique Destinations
By Lawrence Becerra, Chairman, Las Campanas Compadres

Las Campanas Compadres offers therapeutic riding and swimming lessons to people with special needs at the world-class facilities of The Club at Las Campanas. Lessons are free and 100 percent supported by private donations.

Britt Gladu, the Director of Membership Development at The Club at Las Campanas since December of 2012, became a proud supporter of the Las Campanas Compadres upon assuming the position with the Club. Britt now serves as an LCC Board member and an active participant when possible with the Equine Therapy Program.

“Raised in commercial fishing in Kodiak, Alaska under extreme conditions, we learned at a young age to embrace and support our community, as your community becomes your extended family. Upon moving to Santa Fe just over two years ago, I was fortunate to become introduced to The Club at Las Campanas and The Las Campanas Compadres. Both the Club and the LCC have now become my second family.

The Club at Las Campanas is an extraordinary member-owned private Club, unique to Santa Fe with two 18 hole Jack Nicklaus golf courses, a Hacienda Clubhouse which offers a quality, unique dining experience and diversified Club events, a state-of-the-art Fitness Center with a complete new line of equipment called Technogym, an indoor saline lap pool, outdoor resort pool, 7 classic clay tennis courts, as well as a full spa, Pilates, yoga, and spin classes with 30 exercise classes offered on a weekly basis included in all memberships. Seasonally, the outdoor pool is open from Memorial Day to Labor Day and seasonal Camp Campanas programming is also available for children between the ages of 7 and 14, which includes golf, tennis, and horseback riding lessons. Our Equestrian Center is quite an experience, especially if you tour the facility on Monday during the LCC therapy riding sessions. Our Equestrian Center has the capacity to board up to 90 horses, with each riding discipline represented.

The most unique Club attributes however, are the members and our staff. Our members, and in particular the founders of LCC, Lawrence and Suzanna Becerra, represent the generous nature of our members, dedicated to the community of Santa Fe. Our staff at The Club at Las Campanas inspire me every day to pay it forward and give back to the community.

Similar to last year and years past, our Directors have elected to participate in the annual Mini Tri event, held at the Club, where each participating Director sponsors a special needs student, comprised of a swimmer, runner, and cyclist. Many of our staff volunteer their time to the event. Kay Lee, our Director of IT and Communications, is here the morning of the event, in the dark at 4:30 AM, making certain participants know where to park. Todd Shaw, our Director of Fitness, along with Tom Egelfhoff, our Director of Agronomy, spend countless hours in preparation of the Mini Tri event, behind the scenes making certain the race course, amenities, and Club related details are perfect. Our General Manager, David Loan, and our Executive Chef, Andy Nichols, are already in training, excited to compete with another special needs team. This will be my second year competing in the event, representing a special needs team which has now become the highlight of my year.”

For the past five years Las Campanas Compadres has held a triathlon fund raising event on the grounds of The Club at Las Campanas. This year’s event will feature a sprint tri for adults and a mini tri for juniors. This is the charity’s only fund raising event and its success ensures the continuation of this worthwhile program. This year’s event will be held on Labor Day, September 1. Expectations are for 200 participants.

To learn more about the event, or the program and how you can help, please visit www.lascampanascompadres.org, a 501(c)(3) dedicated to providing therapeutic riding and swimming instruction to people with special needs.  Las Campanas Compadres is being profiled as part of the All Things Real Estate “Unique Destinations” series.

Vacation Rentals
By Donna Jones White, Director of Operations, Santa Fe Vacation Rentals, LLC

ALWAYS check the documents you receive from the reservations you have made.  You want to make sure the dates of arrival and departure are correct.  Make sure you are aware of the check-in and check-out times.  Is there an additional charge for an early check-in or a late check-out?  Make sure you know the address of the property and that this is the correct property you booked.  It is so easy to assume the person you booked with was well informed and got all this information correct.  But you know what happens when you assume…

Bring layers…yes, even in the summer, it can get very cold here.  After a rain storm, you will sometimes need a sweater or jacket, and other additional clothing.  Of course, if you were caught out in the rain without protection, you may need an umbrella as well.  Our rainy season can be anywhere from June 15^th to the end of August, even sometimes in September (this is rare).  And the evenings of a rainy day can be cause for a wonderful, romantic fire in our well known kiva fireplaces.

Cash – yes, cash…We are so plastic oriented in this day and age, that we forget the cash.  When you want to tip and don’t have the cash to do so, it is a true loss of expressing your gratitude to a deserving individual.  It’s always nice to be on the receiving end of that cash to put a smile on that person’s face.  Everyone loves being appreciated – you simply stand taller!

So, there you have it – when you look at the ABCs – you can interpret it as “Always Bring Cash”, LOL!!!  However, make sure you check your reservation documents and bring layers as well!  Just enjoy Santa Fe while you are here and come prepared!

Donna Jones White
Santa Fe Vacation Rentals, LLC
505.982.3966