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Market Conditions for East Side in Santa Fe, New Mexico
Reported by Peter Kahn, CRS, CDPE, RSPS, SRES
Updated January 9, 2012.
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Current Market Rating: 2
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Buyer's
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Current Price Trend: 2
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Falling
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With 90 properties offered for sale (including condos and fractional ownerships) and 10 having sold in December, this is a very strong buyer's market. The caveat is that some of these property owners do not need to sell and their current prices do not necessarily reflect urgency.
Four of the active properties are either bank owned or a short sale.
There are currently 9 properties pending and this is a good sign of increased activity in the area and should translate into more sales in the coming months.
There are four properties offered that are either bank owned or short sales.
Some seller reality is evident in asking prices being closer to fair market value. Average days on market nears12 months.
Some properties have experienced major reductions in their offered price as sellers who must sell lower the prices approaching fair market value.
While some exquisite properties have shown significant reductions and real opportunity exists; one must make an offer to determine the seller's motvation.
ZIP Code: 87501
Approximate Location Boundaries: walking distance to the Plaza
Location Characteristics: Some brief history:
Thirteen years before Plymouth Colony was settled by the Mayflower Pilgrims, Santa Fe, New Mexico, was established with a small cluster of European type dwellings. It would soon become the seat of power for the Spanish Empire north of the Rio Grande. Santa Fe is the oldest capital city in North America and the oldest European community west of the Mississippi.
While Santa Fe was inhabited on a very small scale in 1607, it was truly settled by the conquistador Don Pedro de Peralta in 1609-1610. Santa Fe is the site of both the oldest public building in America, the Palace of the Governors and the nation's oldest community celebration, the Santa Fe Fiesta, established in 1712 to commemorate the Spanish reconquest of New Mexico in the summer of 1692. Peralta and his men laid out the plan for Santa Fe at the base of the Sangre de Cristo Mountains on the site of the ancient Pueblo Indian ruin of Kaupoge, or "place of shell beads near the water."
The city has been the capital for the Spanish "Kingdom of New Mexico," the Mexican province of Nuevo Mejico, the American territory of New Mexico (which contained what is today Arizona and New Mexico) and since 1912 the state of New Mexico. Santa Fe, in fact, was the first foreign capital over taken by the United States, when in 1846 General Stephen Watts Kearny captured it during the Mexican-American War.
Santa Fe's east side best reflects the city's historic past. Close to the Plaza, galleries, shopping and restaurants, the nieghborhoods offer a glimpse into the older Santa Fe and a genteel, unhurried lifestyle. From small historic adobes to some rather grand compounds, all lifestyles can be accomodated.
Prices range from 400K to the millions with average asking price at $1.35M.
Visit www.SantaFe.org for complete area information.
For More Information:
View Market Conditions of other areas served by Peter Kahn
Navigate: Top > New Mexico > Santa Fe > East Side
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
