With 75 homes on the market (11.09) Eldorado saw sales last month of 9 homes purchased.
Most of the active properties have experienced an average price reduction of about 5% and the sold prices for October are about 95% of the most recent listed price.
This is another area where long term rentals are desirable.
ZIP Code: 87508 Location Characteristics: Once a 17,000 acre ranch, the Eldorado community dates to the 1970's and consists of about 2600 homes on 6000 acres. Green belts are spread throughout and no full perimeter fencing is allowed, giving a sense of much larger spaces. Minimum acreage per lot is one acre.
Eldorado's History
Eldorado lies entirely within the Canada de los Alamos Grant, a Spanish land grant which dates back to 1785. In 1883, the entire grant was sold for US$2,000. As recorded in 1894, and patented by the US government, the size of the grant was about 12,068 acres (49 km2).
In 1901, the Onderdonk Land & Cattle company bought both the Canada de los Alamos Grant and the adjacent Bishop John Lamy Grant for $10,000. The Lamy Grant was about 16,546 acres (67 km2) when patented by the USA in 1874.
The Onderdonk Ranch operated both grants as a cattle ranch into the 1950s. The ranch was sold to the Simpson family in 1956, who continued to operate the ranch until 1969, when the Simpsons sold out to the American Realty and Petroleum Corporation (AMREP) for $3.2 million, or about $118.50/acre.
AMREP proceeded to develop about 6,000 acres (24 km²) of their 27,000-acre (109 km2) purchase as Eldorado at Santa Fe, selling the first lots in 1972. For the first ten years, development was slow—only about 200 houses were built. After 1983, when AMREP won a lawsuit over water rights, the pace of development quickened. Many passive solar houses were built, and Eldorado remains the largest solar community in the USA.
AMREP platted about 2700 lots in the original Eldorado subdivisions. At present (2007) the original Eldorado subdivisions are essentially built-out, with only a few vacant lots on the market. There are large areas of vacant private land adjacent, but concerns over an assured water supply have, so far, precluded any new large-scale deveolopments.
There are an additional 20 or so newer subdivisions along U.S. Route 285, locally called the 285 Corridor, between Eldorado at Santa Fe and Lamy. Most of these offer larger lots and more expensive houses than Eldorado. Most are served by the Eldorado community water utility. Informally, the adjacent subdivisions, such as Belicia, Dos Griegos and The Ridges, are also called "Eldorado", but they have different covenants and no formal ties to the original AMREP subdivision [6].
While some homes enjoy private or shared wells, there is s community water system in place. Other community amenities include Eldorado Elementary School, a library, swimming pool, tennis courts, a 4000 wilderness area for hiling and horses, a small stable area, walking trails, and a shopping center that includes a supermarket, bank, restaurants and other services. A gas station is nearby as well as a planned multiscreen theater and other retail and office space.
