| Venturi Team's Albuquerque Real Estate Blog
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Saturday, March 29, 2008
The Official Site of Rio Rancho, NM: "The City of Rio Rancho has been selected by Fortune Small Business Magazine as the 83rd best place to live and launch in the United States. Cities and towns included on this list were selected based on successfully mixing business advantages and lifestyle appeal. In particular, Rio Rancho was identified as a business center with affordable land and spacious properties." http://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/83.htmlAlbuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
Best Places To Buy Foreclosed Homes - Forbes.com: "But in markets in other cities, where there are hints of stabilization, foreclosed properties might be a good investment. You'll find such spots in the Sunbelt, home to Charlotte, N.C., Raleigh, N.C., Oklahoma City, San Antonio, and Albuquerque, N.M. These five cities topped our list of Best Places To Buy Foreclosed Homes." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
NAR: Existing Home Sales Rise In February: "Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
Uptown Sector Plan Meeting - Official City News: "Uptown Public Meeting The Uptown Progress Team Neighborhood Association, District 7 City Councilor and the City of Albuquerque Planning Department will be presenting (for public comment) the revised Uptown Sector Plan (draft) at the Marriott Hotel on Tuesday, April 1, 2008 from 6 p.m. to 8 p.m." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
Friday, March 28, 2008
Realty Times - Real Estate News and Advice: "Spring is typically a good time for homeowners to start preparing to sell their homes because families interested in moving will often look now so that they can buy a home just in time for the kids to go on summer break." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
Sunday, March 23, 2008
Friday, March 21, 2008
KOB.com - ABQ and Rio Rancho plan on working together: "The mayors of Albuquerque and Rio Rancho have big plans to work together on projects and problems in the two cities. Thursday Albuquerque Mayor Martin Chavez and newly elected Rio Rancho Mayor Tom Swisstack announced that the two cities will start regularly meeting. The idea is to develop plans for challenges that face the two cities. Transportation is a huge issue that the mayors plan to tackle" Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
Realty Times - Real Estate News and Advice: "McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.87 percent with an average 0.5 point for the week ending March 20, 2008, down from last week when it averaged 6.13 percent. Last year at this time, the 30-year FRM averaged 6.16 percent." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
Wednesday, March 19, 2008
Albuqureque Real Estate, Spring 08 Update
Here is a rundown of what we see happening in the Albuquerque Real Estate Market. New home builders such as Pulte, Centex & DR Horton have been aggressive in moving inventory and have been offering large incentives to buyers. These new home sales are generally not listed in our Multiple Listing Service (MLS) database so these numbers aren't reflected very well in the statistics but from what we have seen, they were doing whatever they need to do to get through the slower time. It seems as though they were successful and sold their 'already built' inventory homes. So now… most of these new home builders are out of inventory and are quoting 7-9 months build time. It seems the only homes in inventory are ones that were started for a client who later cancelled. Recently we have seen some of these builders raise prices, reduce incentives and/or change standard features. Due to the nature of our available land, most of these new homes are located on the Westside, Southwest, and Rio Rancho. Speaking of those Westside and Rio Rancho locations, the new home sales seem to have slowed the re-sale homes in these areas. Buyers are comparing a re-sale home with new and finding the prices similar with the new homes often winning out for the buyer. Re-sale homes need to be priced competitively and be in great condition. But…with the changes mentioned above in new home availability, incentives, and build times, the re-sale market should fare better in the coming months. Also helping propel home sales are the favorable interest rates we continue to have (and look to have through the summer). We expect with the just released news from Fannie Mae & Freddie Mac, more money will be flowing into the mortgage market and should bring mortgage rates down. On a side note… you may also want to look into re-financing your current mortgage in the next few months if rates continue to drop. The general rule of thumb is to re-finance if the rate will be 1% less than your current mortgage rate. We can recommend lenders if you'd like to talk with someone about re-financing your mortgage. Here are some of the stats we've been following: Residential Properties: Currently there are 5941 homes for sale in the metro area. There are 1174 pending closings and 1299 closed since January 1, 2008. The simple calculation of these numbers equates to a 6.5 month inventory of homes based on the selling pace since the first of the year. We know that the next few months are the busiest months of the year for home sales and based on the level of activity we're experiencing, we have no doubt that our market will be fairly strong. Rio Rancho Vacant Land: There are 3506 active land listings with 28 pending sale and 65 closings so far this year and 615 in the past year. In 2006 there were 1750 land sales in Rio Rancho so the drop in sales is quite significant. We've also seen a steady decline in list and sales prices for Rio Rancho land. Rio Rancho continues to have many exciting development plans and we expect the pace of lot sales to pick up this summer. Rio Rancho just elected a new Mayor and it looks like he will do a good job moving Rio Rancho forward. There is a Land Auction for some large parcels of land in Rio Rancho and it should generate quite a bit of “buzz”. We went to a recent Sandoval County land auction and found that some lots went for good prices, while others sold for more than current value. To wrap it up...our market for homes is quite strong, especially when compared with many parts of the Country. The number of homes on the market has come down and the pace of sales has increased. As always, we appreciate your business. All the best, Tracy and Tego Venturi Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Tuesday, March 18, 2008
ABQjournal Homes: '08 May Be Good for Home Buyers: "The year 2007 was a banner one for home sellers in the Albuquerque area, with houses fetching the highest prices on record. But if January sales numbers are an accurate forecast, 2008 will be more favorable for the buyer. The average sales price for an existing single-family detached home last year was $243,089, a 6.3 percent increase over 2006; the median was $198,500, a 5 percent increase, according to year-end statistics from the Albuquerque Association of Realtors." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal Metro: Redevelopment Body Proposed to Ensure Progress: "Councilor Debbie O'Malley's fix for Albuquerque-area redevelopment projects that get stalled is a new authority that could take some power from elected leaders. O'Malley has introduced legislation to organize a 'work group' to study the issue and report on the viability of creating an authority." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal Metro: SunCal Defaults on Loans: "California-based SunCal, developer of Albuquerque's massive Westland project, has had a rough year with some of its California and Nevada ventures— but insists that will have no bearing on its plans here." Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Saturday, March 15, 2008
ABQjournal Business: SunCal Plans 1,500-Home Site: "Developer SunCal has submitted plans for a 1,500-home development west of the Stormcloud and Crossing neighborhoods, according to documents filed with Albuquerque's Environmental Planning Commission. Another submitted SunCal project, near the corner of Ladera and Unser, would include 12 commercial buildings— including five drive-through buildings and one three-story office building, according to EPC documents." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal Business: KB to Sell Remaining Land: "Buyers in KB Home New Mexico's five active communities will be neighbors to some vacant land— at least for a while. Although the builder will put houses on all lots that are already under contract, it plans to sell any remaining property within the communities to developers or builders, a spokeswoman for the builder told the Journal on Friday." Albuquerque Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal West_News: Proposal Would Remove Project's Impact Fees: "A proposal that would eliminate impact fees for a large commercial development on West Central has drawn opposition from one West Side city councilor." Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Friday, March 14, 2008
Freddie Mac's Primary Market Mortgage Survey30-Year Avg: 6.13 , 30-Year Pt: 0.5 , 15-Year Avg: 5.60 , 15-Year Pt: 0.5 , 5/1-Year Avg: 5.58 , 5/1-Year Pt: 0.6 , 1-Year Adj: 5.14 , 1-Year Pt: 0.7 Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Wednesday, March 12, 2008
ABQjournal West_News: Corrales Corn Maze Lives On: "Reports that the popular Wagner Farm's corn maze in Corrales had met its end may have been premature. It's here to stay, said Gus Wagner of Wagner Farm. 'The people of Corrales love (the maze),' he said. 'We have got so many calls already.'" Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal West_News: Pajarito Mesa to Get Water: "After eight years, several false starts, one lost grant and countless hours, it's official: Pajarito Mesa is getting water. On Friday, members of the Pajarito Mesa Mutual Domestic Water Consumers Association signed a memorandum of understanding with the Albuquerque-Bernalillo County Water Utility Authority, clearing the way for construction of a new fill station on the mesa for association members." Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
REALTOR® Magazine-Daily News-Getting the Most From an Architect: "Getting the Most From an Architect" Buyers searching for land to build a home on may find involving a residential architect early on to be a wise move, according to the American Institute of Architects.The architect can help evaluate the pros and cons of a location that an inexperienced buyer might overlook, such as whether a site is big enough to accommodate the home they want or whether a neighbor’s right-to-a-view will preclude building 12-foot ceilings.Here are some tips for getting the most out of the decision to involve an architect: Choose an architect who listens. If the architect doesn’t appear to be paying attention during the initial interactions, find somebody else. Bring visuals. Showing the architect pictures from books and magazines is more effective than trying to explain. Talk money upfront. Most architects charge by the hour in the concept stage and then a percentage of building costs. Flat fees are only appropriate for very small projects. For projects costing $1.5 million plus, expect fees to range from 12 percent to 18 percent, says James P. Cramer, chair of Greenway Group, a design-industry consulting firm. Consider hiring the architect to supervise the project. This can be expensive, but it can also prevent a lot of headaches later. Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Tuesday, March 11, 2008
Su Casa, Home Builders to announce green winners - New Mexico Business Weekly:: "Recipients of the first annual Green Homes of the Year Awards will be announced at a luncheon March 12 at the Marriott Pyramid North in Albuquerque. The awards were conceived by Build Green New Mexico, an organization that the Home Builders Association of Central New Mexico Recipients of the first annual Green Homes of the Year Awards will be announced at a luncheon March 12 at the Marriott Pyramid North in Albuquerque. The awards were conceived by Build Green New Mexico, an organization that the Home Builders Association of Central New Mexico" Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Monday, March 10, 2008
ABQjournal Metro: Mesa del Sol Is Starting to Appear on the Dusty Landscape South of Albuquerque: "An impressive new economic engine is starting to rev on the vast, treeless mesa south of the Albuquerque International Sunport. Construction will explode this year at Mesa del Sol, the giant master-planned 'city within a city' now entering its sixth year of development by Forest City Covington." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Luxury homes buck the trend - BusinessWeek.com- msnbc.com: "The housing market might be down, but that isn't stopping movie stars, hedge fund managers, and corporate titans from paying mammoth prices for the most lavish real estate on the planet." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Sunday, March 9, 2008
News :: New Mexico Tourism DepartmentOffbeatTravel.com, which has been seeking out offbeat towns and little-known places to visit since 2000, has included Taos in its list of the Top Five Offbeat Travel Towns for 2008. Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Saturday, March 8, 2008
REALTOR® Magazine-Daily News-Tax Benefits of Owning a Home: "Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
RealEstateJournal FHA May Be Tonic for What Ails the Housing Market: "Home loans insured by the FHA have become the cheapest and, in many cases, the only alternative for borrowers who can make only a small down payment. The agency is rapidly gaining market share as government-sponsored mortgage investors Fannie Mae and Freddie Mac, stung by combined losses of about $9 billion in last year's second half, back away from credit risks by adding fees and demanding higher down payments." Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Friday, March 7, 2008
Some Corrales History in this story. ABQjournal West_News: Corrales Corn Maze to Be Thing of Past: "Say goodbye to Wagner Farm's popular corn maze in Corrales. The village Planning and Zoning Commission on Wednesday unanimously approved the final plat subdividing an 8.5-acre parcel along Corrales Road adjacent to La Entrada Park." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal West_News: How To Avoid Home Improvement Fraud: "Each year the Consumer Protection Division of the New Mexico Attorney General's Office receives a significant number of consumer complaints about problems with contractors, unlicensed contractors, job abandonment in home improvement contracts, contractors who take their money but do not finish the job and other deceptive practices." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal Metro: KB Home To Pull Out of N.M., Three Other States: "KB Home, among the top five local builders in the past few years, has decided to leave New Mexico and three other states to focus on markets where it anticipates more growth and more money, the company told the Journal on Thursday. But KB home buyers and owners shouldn't panic— the exit is going to take a while." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
ABQjournal Business: Possible Rebate On Title Insurance: "SANTA FE— Some title insurance buyers in New Mexico could be eligible for rebates, as the result of a decision Thursday by the Public Regulation Commission. That is, unless the New Mexico Land Title Association decides to appeal the decision." Albuquerque Home SearchAlbuquerque Real Estate News
KOB.com - KB Homes is pulling up stakes: "ALBUQUERQUE (AP) - KB Home, one of the nation’s largest homebuilders, has decided to leave Albuquerque. The Los Angeles-based company says current conditions in the housing market are too difficult and it has decided for now not to build any more homes in Albuquerque, Chicago and the mid-Atlantic." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Tree Giveaway - Official City News: "5,000 Trees for Our Urban Forest On Saturday, March 15, 2008 Mayor Martin Chávez will show how important Albuquerque's trees are to him by giving away 5,000 trees to Albuquerque citizens! The event will be held at Tiguex Park on Mountain Rd. at 19th St. by the Explora! Museum and Old Town. Starting at 10AM until noon or trees are all given away, The City of Albuquerque Parks and Recreation Department in Coordination with Tree New Mexico will distribute free trees to any city resident." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Freddie Mac's Primary Market Mortgage Survey: "WEAK ECONOMIC REPORTS DRIVE MORTGAGE RATES DOWNWARD ACCORDING TO FREDDIE MAC'S WEEKLY SURVEY" 30-Year Avg: 6.03 , 30-Year Pt: 0.5 , 15-Year Avg: 5.47 , 15-Year Pt: 0.5 , 5/1-Year Avg: 5.34 , 5/1-Year Pt: 0.5 , 1-Year Adj: 4.94 , 1-Year Pt: 0.5 Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
Thursday, March 6, 2008
KOB.com - Site may have been found for ABQ arena: "The city of Albuquerque still wants a roughly 12,000 seat arena with apartments, retail space, and a hotel to go along with the development." Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate News
PR-USA.net - Boeing Awarded Air Force Contract for Advanced Laser Development and Testing: "The Boeing Company [NYSE: BA] has been awarded a $49 million U.S. Air Force contract to advance the state of the art in laser technology. Under the Laser Application Support and In-house Research and Development (LASIR) contract, awarded Feb. 1, Boeing will support research, design, development and testing at Air Force Research Laboratory sites at Kirtland Air Force Base in Albuquerque, N.M. Specific efforts will include:" Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
Tuesday, March 4, 2008
The Seven steps to Buying a Home
Seven steps to buying your home
1. Define your needs.Congratulations on your decision to purchase a new home! Before you go house hunting, it's a good idea to define what kind of home and neighborhood would best suit your desires and needs and make a wish list. Share this list with your real estate agent. The finer the details, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf. 2. Get prequalified or preapproved.Now that you know what you want in a home and neighborhood, you need to find out what you can afford. There are two ways to go about this: prequalification or preapproval for a home loan. Your real estate agent can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are pre-qualified. Your preapproved status lets the seller know:* You have gone through an extensive financial background check. * A lender is willing to do business with you. * The likelihood of unexpected obstacles regarding financing is minimal. 3. Let the house hunting begin!Now you are ready to embark on your home search - an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email - sometimes as often as daily, depending on the available inventory in your market. Let your agent know how you'd like to receive these alerts, whether by phone, email or fax.You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it's important to note that 82 percent of home sales are the result of agent connections.* That means it's more likely your agent will find your dream home through being in the real estate business than you driving around on the weekends.* National Association of REALTORS(r) 4. Make an offer.When you're ready to make an offer on a home, your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It's important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller's changes. 5. Strike a deal.Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent's experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process - that is, if you have adequate information and you use it in an appropriate manner. Some items you may negotiate:* Price* Financing* Closing costs* Move-in date* Repairs* Appliances and fixtures* Landscaping* PaintingRemain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect. 6. Prepare for the closing.When an offer becomes a binding agreement, your real estate agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will: * Conduct a home inspection.* Get an appraisal and finalize your financing.* Secure title insurance.* Shop for a home warranty.Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. A first-rate real estate agent should be able to serve as your "one-stop shopping" referral source for service providers. Your agent also should serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs. 7. Close the deal.Congratulations! The moment you've been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company's or lawyer's office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you'll need to bring to closing. Albuquerque NM Real EstateRio Rancho LandAlbuquerque Real Estate NewsLabels: Home Buying
Sunday, March 2, 2008
ABQjournal Business: Refinancing: a Good Option?: "If you're stuck in an adjustable rate or balloon payment mortgage, recent news coverage of the so-called subprime mortgage crisis may have you apprehensive about the future of your family's home." Albuquerque Real EstateRio Rancho Real Estate News
Albuquerque Real Estate News
Saturday, March 1, 2008
4 Bedroom, 3 Bath, 2159 ft, $259,900 KITCHEN LOVERS Rejoice! Chefs kitchen w/Viking Range & Dacor Micro/Hood. Master Suite down w/3 other bdrms up. 2 seperate living areas with a greatroom open to kitchen and dining nook. Cathedral ceilings, fireplace, formal dining, huge backyard, Covered Patio and big Mountain Views add to the charm of this home. Original owners have taken great care and this home is pristine. Easy access to Paseo makes for a better commute. Near schools, shopping, and park. Move in ready, Come see it! See more photos!Albuquerque Real EstateRio Rancho Real Estate News
Albuquerque Real Estate News
A Starbucks was set to open on Central Avenue near UNM until an exhaust-weary neighborhood group stepped forward - New Mexico Business Weekly:: "The Salvation Army and a drive-up window are at the heart of a battle between the city, a developer and a neighborhood association. The Salvation Army and a drive-up window are at the heart of a battle between the city, a developer and a neighborhood association." Albuquerque Real EstateRio Rancho Real Estate News
Albuquerque Real Estate News
Near Heights MRA Expansion Meeting - Official City News: PUBLIC NOTICE from the City of Albuquerque. This is to notify all property owners that the Albuquerque Metropolitan Redevelopment Agency is expanding the Near Heights Metropolitan Redevelopment Area Designation. The proposed MRA expansion will be heard by the Land Use Planning and Zoning Committee of the Albuquerque City Council. WHERE: City/County Building City Council Committee Room, 9th Floor One Civic Plaza NW Albuquerque, NM 87120 WHEN: Wednesday, March 12, 2008, 5:00 p.m." Albuquerque NM Real EstateRio Rancho Real Estate Blog
Albuquerque Real Estate Blog
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