Unlike the frothiness that some coastal areas are experiencing, Santa Fe, New Mexico real estate is steadily rising but not at a bubbly rate, say local Realtors.

"Spring in Santa Fe means sunny days and cool nights, but there is nothing cool about Santa Fe real estate," says Realtor Steve Rizika. "I would anticipate another record summer for Santa Fe based on limited existing inventories and strong demand. While most communities have begun to talk about the "real estate bubble" we continue on an even, steady upward trend when it comes to home and land prices. Our limited water supplies act as a check and balance against unmitigated growth and should act as a protection for our "small town with big city amenities" reputation. Strong demand versus limited supply should be the situation well into the next five years. My hot investment tip of the month: Buy land and hold it!"

"America's most unique and oldest city is as fun to live in as to visit," says Realtor Aysha Griffin. "Experience more than 300 days of sunshine, spectacular sunsets, four-season climate, exceptional arts and cultural offerings year-round, unlimited outdoor recreational opportunities, 200 restaurants, 200+ galleries, friendly people, clean air, and no traffic jams!

Griffin advises, "Houses under our median price (approximately $370K) tend to go quickly and there is a need to "act fast" when "close-in" investment properties come on the market. There is a lack of turn-key homes in town in the $400-$600K range and prices to continue to climb across the board, except in the luxury market where reductions are creating some wonderful opportunities."

From Santa Fe north to Taos and all the villages east and west of the Rio Grande River," says Realtor Sandra Wright Page, "and whether you like old adobes in a village setting or a mountain cabin near a stream, northern New Mexico offers a wide variety of settings, both in the towns and villages and off the beaten track. From New Mexico's state capitol, Santa Fe, with it's strong art and cultural offerings, north through the town of Espanola and on up to Taos, you will find a wide range of properties being offered for sale. Generally speaking, properties in Santa Fe are priced higher than comparable properties north of Santa Fe whether in the town of Espanola or further out in the villages and countryside. Taos and Santa Fe are fairly comparable in price, though with different kinds of locations since Taos is also a thriving art market, but a much smaller town."

She adds, "Espanola is undergoing a lot of changes right now with the opening of a Lowe's Home Improvement store on the north side of town and other chain stores planning construction nearby, including a Staples, a Hastings Book Store and a Chili's restaurant. Investors are looking at houses in the Espanola area to rehabilitate and remodel to accommodate the influx of employees that will be arriving in Espanola looking for housing. Espanola is bounded on both the north and south ends of towns by Indian pueblos, so growth is highly restricted by way of expansion of the city limits, therefore, infilling is a must for adding new housing."

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Published: May 31, 2005

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