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Martin Wright
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COLDWELL BANKER®
TRAILS WEST REALTY, LTD.
telephone     505  473  0698
toll free        800  775  5550
                     ext 355
Comprehensive professional information on the Santa Fe, NM real estate market. Search all the listings in the Santa Fe Association of Realtors Multiple Listing Service IDX database. Current MLS home sales statistics feature Martin Wright's insightful market analysis of the latest Santa Fe real estate trends.
Your Realtor in Santa Fe
Martin sells homes and land in the Santa Fe, New Mexico area. A Realtor with the designation of Certified Residential Specialist, an e-PRO Internet Professional, Transnational Referral Certified, and a licensed New Mexico Real Estate Broker since 1994, his specialty is the residential real estate market - houses and the vacant land to build them on.

Real estate buyers, whether you want to relocate to our area, purchase a vacation home or condominium, acquire investment property, buy vacant land, or you're simply moving across town, Martin is your Realtor in Santa Fe.

Sellers, maximize your potential with a top-notch broker utilizing contemporary web-based marketing strategies, combining worldwide connections with a deep understanding of what makes our City of Santa Fe special.

You want to talk to Martin before you make your next move.

 

 
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Now featuring a calendar of concerts and special events for 2010 with over 25 regularly scheduled Annual Santa Fe events, and quickie reviews of Martin's favorite restaurants.
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Santa Fe Real Estate Topics of Interest

June 2010 Home Sales Statistics - Median Price Up

Santa Fe, NM - July 14, 2010 - Median sale price for a single family residence in the Santa Fe area was $395,000 for the month of June 2010. This is up 11% from last month's $355,000. It's a decrease of 6% from the median price in the same month last year, and down 1% from two years ago. 

There were 77 homes sold in June 2010. That's down 16% from the 92 sold the previous month. It's a decrease of 9% from June 2009, and down 14% from June 2008. There were 1571 homes on the market for sale in June 2010. That's up 8% from the previous month, down 1% from one year ago, and down 6% from the same month two years ago.

View my most recent report on Santa Fe home prices June 2010.

© 2010 Martin Wright, CRS®, e-PRO®, Realtor®

Mortgage Rates Hit an All-Time Low

June 27, 2010 - Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac. 

Although rates have held below 5 percent since early May, Michael Fratantoni of the Mortgage Bankers Association notes that demand for purchase loans has fallen in six of the past seven weeks and now is at a 13-year low. "Consumers have grown used to low rates," he explains, adding that "they balk at buying because they are more concerned about stagnant wages and high unemployment."

Source: Washington Post, Dina ElBoghdady (06/25/10)

Housing Woes Threaten Economy

June 27, 2010 - Economists said May's decline in home sales may weaken an already tepid economic recovery. New-home sales tumbled 33 percent last month, the biggest drop on record, according to the U.S. Commerce Department.

"If there is a sharp decline not only in housing sales but in housing prices, that could threaten a recovery," says Susan Wachter, a real estate professor at the University of Pennsylvania's Wharton School in Philadelphia.

"A tepid economic recovery - that's what we're going to get, because housing is only very slowly going to return to normal, says Edward Leamer, an economist at the University of California, Los Angeles, and director of the UCLA/Anderson Business Forecast. "We've had a medicated market because of the tax credit and the meds have been removed, so it's going to be difficult to sell homes in the next few months."

"This is a recession that was induced by housing, and housing is not going to carry us out like it has done in the past," says Diane Swonk, chief economist of Chicago-based Mesirow Financial Holdings Inc.

Source: Bloomberg, Kathleen M. Howley (06/23/2010)

Geithner Says Bailout Costs Should Be Recouped

June 27, 2010 - Treasury Secretary Timothy Geithner told the Congressional Oversight Panel on Tuesday that taxpayers were likely to get most of their investments back from bailouts in the banking, insurance, and automotive businesses.

Geithner said that banks have repaid about $21 billion, 75 percent of the bailout money they received. He said General Motors and Chrysler will repay the nearly $60 billion that they received. But he acknowledged that insurer American International Group Inc. is unlikely to be able to repay the entire $182 billion it received.

Geithner blamed banks and other loan servicers for the apparent failure of mortgage modification programs, which received about $75 billion in tax incentives to reduce borrowers’ monthly payments. "Servicers have done a terrible job of making sure they have done everything they can to help struggling home owners," Geithner said.

Source: Associated Press, Marcy Gordon (06/22/2010)
 

Santa Fe Named in 10 Cities for Retirement Property Steals 2010

Santa Fe, New Mexico - May 31, 2010 - US News and World Report named Santa Fe in their 2010 list of top 10 cities for retirement property steals, saying the decline in home prices has handed today's seniors a chance to scoop up properties in many top-notch retirement spots at attractive prices. Using price-to-income data for 384 metropolitan statistical areas from Moody's Analytics, the study compared a market's most recent price-to-income ratio with its longer-term averages to pinpoint areas that have become particularly affordable.

A 24 percent decrease in median home prices over the past two years has helped drag the price-to-income ratio in Santa Fe to 1.8 for the fourth quarter of 2009, which is below its 2.5 average for the 15 years ending in 2003. The article cited a number of reasons why seniors should consider taking advantage of this increased affordability and buy property in the area. Attractions include great skiing, hiking, medical facilities, arts, as well as a rich cultural history. What people come here for: the sun sets, the mild climate and the friendly people.

Source: US News and World Report (5/25/2010)

Another Summer Of Water Flow In The Santa Fe River

Santa Fe, New Mexico - April 2, 2010 - With the arrival of spring, the Santa Fe River is experiencing good flows from wet conditions and snow melt from lower elevations. Meanwhile, the Santa Fe City Council has taken steps to ensure continued flow through the summer months.

To provide for water in the river through downtown Santa Fe, the City will allow water flows varying from 2 to 7 cfs to bypass the City's reservoirs beginning April 1st. Up to 800 acre feet total will be bypassed this year, dependent upon the forecasted runoff from the Santa Fe River's upper watershed.

This initiative is part of the City's long-term strategy to revitalize the river and support a greenway corridor through town. As noted in the resolution passed by the City Council, river flows through town provide aesthetic as well as practical benefits such as wildlife habitat, shade and cooling, and support for plants that help control erosion. The stream flows will also compliment many planned community events such as commUNITY days, the Santa Fe River Festival and Fishing Derby on June 5th, 2010, the Santa Fe 400th Anniversary celebrations, the numerous blessings of the River such as San Isidro feast day celebrations in Agua Fria Village and at Cristo Rey Church, Spanish Market, Indian Market, and Fiestas.

According to Mayor David Coss, "City staff and the Governing Body have worked hard to balance providing water in the river with our water supply needs. Everyone enjoys seeing water in the river and it's great for our city parks and for the greenery and habitat that it supports."

Source: City of Santa Fe

Santa Fe Named Tree City USA in 2010

Santa Fe, New Mexico - February 23, 2010 - The City of Santa Fe will receive the award of Tree City USA from Arthur "Butch" Blazer, New Mexico State Forester on Wednesday February 24th at a special presentation during the City Council meeting.

To qualify for Tree City USA, a town or city must meet the following four standards which were established by The Arbor Day Foundation and the National Association of State Foresters. A City must have:

1. A Tree Board or Department.
2. A Tree Care Ordinance.
3. A Community Forestry Program with an Annual Budget of at Least $2 Per Capita.
4. An Arbor Day Observance and Proclamation.

These standards were established to ensure that every qualifying community would have a viable tree management plan and program.

"The City of Santa Fe is proud to have achieved this milestone during the same year the city celebrates the Santa Fe 400th Anniversary," commented Fabian Chavez, Parks Division Director.

"A community, its elected officials and its citizens that provide needed care for its trees deserves recognition and thanks," said John Rosenow, chief executive of the Arbor Day Foundation. "Trees are a vital component of the infrastructure in our cities and towns, and they also provide environmental and economical benefits. Cities that are recognized with a Tree City USA designation go to great lengths to plant and care for the community forest."

More information about Tree City USA can be found at www.arborday.org/TreeCityUSA.

About the Arbor Day Foundation
The Arbor Day Foundation is a nonprofit, environmental, an education organization of nearly one million members, with a mission to inspire people to plant, nurture, and celebrate trees. More information on the Foundation and its programs can be found at www.arborday.org.

Source: City of Santa Fe

15 Top Retirement Cities - Santa Fe Makes The List

February 10, 2010 - Boomers are willing to move farther than previous generations when they retire, and they are choosing places unlike stereotypical retirement hotspots, says Tom Brokaw in his report on Boomer retirement.

The top places listed by AARP and explored on the show are:
 
1. Loveland/Fort Collins, CO
2. Las Cruces, NM
3. Rehoboth Beach, DE
4. Portland, OR
5. Greenville, SC
6. Sarasota, FL
7. Ann Arbor, MI
8. Tucson, AZ
9. Montpelier, VT
10. Honolulu. HI
11. Santa Fe, NM
12. Atlanta. GA
13. Charleston, SC
14. Northampton, MA
15. San Diego, CA
Source: CNBC, Paul Toscano (02/05/2010)

City of Santa Fe Confirms Living Wage Rate Will Remain at $9.85 for 2010

Santa Fe, New Mexico - February 9, 2010 - The City confirmed today that there will be no increase to the City's living wage rate of $9.85 per hour for the year 2010. City officials use the Consumer Price Index (CPI) for the Western Region for Urban Wage Earners and Clerical Workers 12-month average from the preceding calendar year to calculate the hour wage rate for the new year. Beginning in October, 2009, the City started receiving calls from local businesses inquiring about the hourly wage rate for 2010. City Manager's staff responded that the hourly wage rate was likely to remain at $9.85 for 2010 and that the final determination would be made upon receipt of the December CPI information. City officials received the December CPI information in late January.

The Consumer Price Index average for the calendar year 2009 was -.4%. Many of the months in 2009 showed price declines with November and December showing increases of +1.2% and +2.2% respectively.

The Living Wage ordinance was adopted by the City Council to establish minimum hourly wage rates. All for-profit and non-profit businesses in the City are required to pay all employees, including part-time and temporary employees as well as city contractors, at least $9.85 per hour in 2010.

FHA Toughens Down Payment Rules

January 22, 2010 - The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.

The change is among a number of major changes the FHA is making to ensure its long-term financial soundness. 

Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.

The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.

For more information, read the National Association of Realtors Summary of FHA Changes.

Source: Reuters News, Corbett B. Daly (01/19/2010)

Property Tax Rates Increase

Santa Fe, New Mexico - September 11, 2009 - County Assessor Domingo Martinez announced that due to all of the taxing authorities increasing their budgets there will be higher tax rates, principally for non-residential properties, including vacant land and commercial.  The tax rates were approved 3-0.

Source: Santa Fe County

Sustainable Development Code Receives Unanimous Recommendation

Santa Fe, New Mexico - July 20, 2009 - On Thursday, July 16, the Santa Fe County Development Review Committee (CDRC) voted unanimously to recommend that the Santa Fe Board of County Commissioners publish title and general summary for the first five chapters, definitions, and the table of contents of the Sustainable Land Development Code.  The CDRC action occurred at a public hearing regarding the first five chapters of the draft Sustainable Land Development Code.

Comment is still being heard at sross@santafecounty.org or 986.6279.  The public hearing followed several public workshops and hearings regarding the draft.  During the meeting, the CDRC heard comment from members of the public and development community regarding the draft and process used to vet those chapters.  The unanimous feedback was that the process has been a success and the CDRC should request that the Board of County Commissioners authorize publication of title and general summary of the first five chapters of the draft code.

A copy of the draft code is available at www.santafecounty.org.

Source: Santa Fe County

Housing Tax Voted Down

Santa Fe, NM - March 16, 2009 - The unofficial results in the March 10, 2009, City of Santa Fe Special Municipal Election show that the Workforce Housing Tax was voted down.  The unofficial results show 4,557 ballots (54.2%) cast against the initiative and 3,845 ballots (45.8%) cast in favor of the initiative.

The following question appeared on the ballot: "Shall the City of Santa Fe impose on purchasers an excise tax on the use by purchasers of transfer services to effectuate and facilitate the transfer of certain real property in the amount of one percent (1%) of the portion of the purchase price in excess of $750,000 to be used exclusively for affordable workforce housing?"

Opponents of the home tax had argued that it was illegal and inequitable tax, pointing out that it would not apply to all areas equally, because some areas of the city with newer homes were exempted. In a statement from the Santa Fe Association of Realtors last Friday, the President said "the election proved that the people of Santa Fe were listening, and were not willing to accept a poorly conceived Ordinance."

Click to see the big picture: MOTHZILLA
"These creatures visit my Chinese Lilac in Santa Fe, NM nearly every year. We have called them "hummingbird moths" because they are almost as big as hummingbirds. My friend coined the term "MOTHZILLA." Do you know what they are? Please let me know." - Martin
Click on the image to see the big picture:
"MOTHZILLA"
© 2010 Martin Wright
Martin's web tip: web browsers (such as Internet Explorer) do more than just go forward and backward. To follow a link without losing the page you're reading:
1) right click on the link
2) click Open in New Window
3) on your keyboard, hold down the Alt key and hit the Tab key to switch from one window to another.
The whole world is talking about Santa Fe. Read these recent articles praising "The City Different."

Santa Fe In 2009 List Of Top 10 Housing Markets For The Next 10 Years

US News and World Report has compiled a list of the top 10 housing markets for the next 10 years. The basis of the list is an analysis by Moody's Economy.com, of employment and population data together with geographic and industry trends, to generate 10-year home price projections for each of the nation's 384 distinct metropolitan statistical areas. Here's the projected average annual percentage change in home prices from the fourth quarter of 2008 to the fourth quarter of 2018.
1. Bremerton-Silverdale, Washington, + 5.22 %
2. Glens Falls, New.York, +  4.71 %
3. Fort Collins-Loveland, Colorado, + 4.06 %
4. Corvallis, Oregon, + 3.95 %
5. Anchorage, Alaska, + 3.8 %
6. Duluth, Minnesota, + 3.74 %
7. Sandusky, Ohio, + 3.66 %
8. Santa Fe, New Mexico, + 3.57 %
9. Pittsfield, Massachusetts, + 3.51 %
10. Decatur, Illinois, + 3.44 %

National Trust for Historic Preservation Names Santa Fe to 2009 list of 12 Distinctive Destinations

The title of Distinctive Destination is presented to cities and towns across the country that offer an authentic visitor experience by combining dynamic downtowns, cultural diversity, attractive architecture, cultural landscapes and a strong commitment to historic preservation and revitalization. In each community, residents have taken forceful action to protect their town's character and sense of place. "Amid a spectacular setting of mountains and mesas, and basking in the magical glow cast by the high desert sun, Santa Fe is a dynamo for American art and culture," says Richard Moe, president of the National Trust for Historic Preservation.
Santa Fe #2 Top City for Artists

Sperling's Best Places and Businessweek.com in a 2007 Survey named Santa Fe the second best place in the United States for artists and creatives. View the slide show of the top cities. Read why Business Week calls Santa Fe a great place to invest in real estate right now. 
 

Santa Fe #2 Best Place to Live

Santa Fe takes the number two spot in the nation in Sperling's Ten Best Places to Live. Describing the city as a "haven for artists," Sperling notes that "Santa Fe's air is crisp and clean" and it is "surrounded by over 1.5 million acres of national forest, offering excellent hiking, camping, and downhill skiing." Their Cost of Living Calculator can give you an idea how expensive it is to live in Santa Fe.

Santa Fe Rated #2 for Air Quality

Santa Fe places #2 on the list in MONEY Magazine's Best places to live 2006: Top 25 cities with the best air quality index. The city scored an air quality index of 100%, which is the percentage of days the AQI is ranked as good. View more Santa Fe information from the article.

Santa Fe cited as the Southwest's best place to live in 2007

Outside Magazine notes "Each year, more than a million tourists come to ogle the signature adobe buildings, along with conquistador-era streets, world-class opera, and the 300 galleries that make the city the third-largest art market in the U.S." Outside moved their operations here in 1994. In their recent publication of Best Towns 2007  they say "the 12,500-foot Sangre de Cristo mountains east of town offer year-round adventure, from the powder of Santa Fe Ski Basin to the singletrack of the Winsor Trail, which rises 3,500 feet as it winds through ten miles of pine-and-aspen forests. Add the whitewater of the Rio Grande, and four more ski resorts within two hours, and the 300 sunny days a year aren't enough."

Santa Fe #4 Healthiest Hometown 2008

AARP The Magazine notes, "Santa Fe has been blending Spanish and Native American cultures since it was founded as a Spanish trading post 400 years ago." The article focuses on cities which have made robust living, and active retirement, a priority. "Artists flock to Santa Fe for the kind of light you get by combining low humidity, clean air, and an elevation of 7,000 feet. Of course, those are some of the same qualities that make Santa Fe a healthy place in which to live and retire, too. Its rates of diabetes, hypertension, and high cholesterol are among the lowest in the country. Known for its outdoor lifestyle and emphasis on healthy eating, Santa Fe boasts a network of trails that leads into the foothills of the Sangre de Cristo Mountains." The magazine also states that "The City Different" has the highest U.S. art-per-capita rate - even greater than New York City's."

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Martin  Wright, CRS®
e-PRO®  TRC®  Realtor®
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505  473  0698
800  775  5550  ext  355
martin@santafestar.com

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