Perfectly sited on almost 3 acres, this impeccably built Tesque estate is certainly worthy of a magazine cover! As you enter the home  you are immediately drawn to the unobstructed Jemez Mountain views framed by the formal living and dining rooms. Just beyond the dining room is the gorgeously appointed kitchen (as profiled in the magazine), and the adjacent large walk in pantry. Open to the kitchen is the family room, which serves as the media center of the home and a great family gathering area. The picture window in the family room also offers expansive views of the Jemez mountains in the distance. A spacious room on this side of the home works well as an office or 4th bedroom- as it is complete with  its own  3/4 bath and walk-in closet.

A  private master bedroom, graced with a large fireplace, continues the  with theme of  stunning mountain views. His and Hers closets, a master bathroom with an infinity tub, dual sinks, and stand alone shower complete the master suite. The remaining two guest/kids bedrooms and bathroom are located in their own wing, adjacent to the large laundry room. 

Every detail of this home has been perfectly and beautifully planned, and every finish is of only the highest quality. The Su Casa article profiles the kitchen nicely, but the entire house deserves it own book!

Check out the Su Casa video of the kitchen below.

Link to Article in Su Casa Magazine

Contact Ryan Bolton and Matt Desmond

ARTICLE

Time to Storm the Castle?
by Nick Timiraos and James R. Hagerty

Daniel Horowitz is ready to bargain.

The 55-year-old trial lawyer is trying to sell a four-bedroom villa with marble imported from Italy, a winery and a fruit orchard on 14 acres in Lafayette, Calif. Mr. Horowitz already chopped the price to $3.2 million from $4 million, the amount he estimates having spent on the land and construction. “We thought it would sell right away,” he says. But it hasn’t, and he is willing to consider lower offers, he says.

Three years into the housing bust, steep discounts are emerging in the market for high-end homes, which had been the real-estate industry’s last redoubt until now. Despite the budding economic recovery, demand for pricey properties is falling as potential buyers struggle to come up with money for big down payments and find it difficult to qualify for large mortgages. With buyers dropping out and homes languishing on the market, sellers are beginning to capitulate, cutting prices to move their properties.

The result: Buyers with lots of cash, or access to it, can find great deals. Not all million-dollar homes are castles, especially in coastal markets. But price drops and relatively small bumps in budget are landing shoppers the kind of amenities—kingly bathrooms, stables, gates—that were once beyond reach. Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley, says it is a “very good time to be a buyer at the high end.”

In some markets, houses that are more than twice the size of others are on the market for less than twice the cost. Shaun Rawls, a broker at Keller Williams Realty in Atlanta, points to two homes with similarly desirable locations in that city’s wealthy Buckhead district. The smaller home, with 3,060 square feet, is priced at $765,000, or $250 a square foot. The larger home, with 7,612 square feet, has an asking price of $1.2 million, or $158 per square foot.

Though larger homes often have lower square-footage costs than smaller homes, the gap today is often greater. In Mill Valley, Calif., a 1,127-square-foot three-bedroom listed at $898,000 just went under contract. Its per-square-foot cost: $797. A four-bedroom home five minutes away—and nearly three times the size at 3,077 square feet—is being listed at $1.5 million. Its square-foot cost: $486.

Similarly, in Scottsdale, Ariz., one four-bedroom home lists for $1.2 million while another lists for $1.48 million. That additional $280,000 buys a 5,400 square-foot home, 46% bigger than the cheaper house.

Room to Drop

The million-plus market seems ripe for falling prices. Until now it has been lower-end homes, which saw the sharpest run-up during the boom, that have borne the brunt of the housing bust. Though there aren’t national statistics that track the million-dollar market, local markets show that prices for top properties have room to drop. For example, the bottom third of the Los Angeles area market—currently homes under $300,000—has seen prices fall by 52.5% since the market peak in 2006, returning to April 2003 levels, according to the S&P/Case-Shiller indexes. Prices for the top third of the market—currently homes above $510,000—have fallen by 27.3% from the peak, to March 2004 levels. While prices at the bottom of the market gained 5% over the last quarter of 2009 from the previous quarter, high-end home prices dropped 0.5%.

Home sales across the board remain sluggish. Sales of existing homes fell 0.6% last month to a seasonally adjusted rate of 5.02 million units, while new-home sales fell by 2.2% last month to lows last seen in 1963. But the mismatch of supply and demand is now widest in the seven-figure market. In the most coveted Northern Virginia suburbs of Washington, for example, supplies are fairly tight up to about $900,000. But it is a buyer’s market between that level and $2 million, says James W. Nellis II of Re/Max Allegiance, a local broker.

That makes for some deep discounts. In Mill Valley, Calif., the price on one four-bedroom home was reduced March 11 to $2 million from $3 million. The house has 2,500 square feet of decks overlooking San Francisco Bay, says the listing agent, Suzy Doyle. On Ranch Gate Road in Chula Vista, Calif., a foreclosed home with six bedrooms is being offered at $675,000. In 2006, when it was new, the home sold for $1.3 million.

Few people consider million-dollar homes cheap, of course. Stretching to buy a big home comes with obvious risks. Prices may be falling, but no one knows where the bottom is. Marc Carpenter, a real-estate agent in San Diego, cautions buyers in that battered market that, “If you buy now, [you should] plan on prices reducing over time.”

Another potential pitfall is that higher-end houses are much harder to value than lower priced cookie-cutter dwellings. Often, high-end homes are unique, and the prices they fetch may have to do with such intangibles as an ocean view or an address with more snob appeal than those just blocks away. That makes it much harder for buyers to find comparable sales indicative of true market value.

Bargain hunters also need to be realistic. They aren’t likely to get a steal on the best-preserved homes in the nation’s top neighborhoods—places like Central Park West in Manhattan, Santa Barbara, Calif., or the exclusive parts of Boulder, Colo. Supply is permanently constrained in such areas because there is little room to build. And lots of people with money are eager to move in, so prices are likely to come down only slightly.

The best deals will be on high-end homes that might need work or aren’t in the most highly sought-after locations. That leaves plenty of coveted neighborhoods with good schools and amenities to choose from.
Despite the risks, the mortgage market might be suggesting that shoppers buy sooner rather than later. Many forecasters predict that interest rates will rise from today’s unusually low levels, in part because the Federal Reserve this month is ending its heavy purchases of mortgage securities. Even if waiting another year might bring lower prices, at least some of that advantage could be wiped out by an interest-rate spike.

Interest rates play a huge role in affordability—and even more so in high-end markets. A $1.2 million home today might require a 25% down payment, says Lou Barnes, a mortgage banker in Boulder. At today’s rate of about 5.75% for a 30-year “jumbo” mortgage, that would mean a monthly payment of $5,252. But if rates were to rise to 6.5%, the monthly payment would rise to $5,688. The home’s price would have to fall $1.1 million to keep the monthly payment at a comparable $5,215.

On the demand side, the technicalities of the mortgage market are thinning the ranks of million-dollar home buyers more than usual. Most buyers need a mortgage and would much prefer a cheaper, mainstream one backed by Fannie Mae, Freddie Mac or the Federal Housing Administration. But loans that meet the government’s criteria can be no larger than $417,000 in most of the U.S.; in higher-cost areas like New York and San Francisco, that limit stretches to $729,750.

Loans above those limits are considered jumbos. While rates on jumbos are way down from a high of about 7.9% in October 2008, they remain well above the 5.1% found on conventional loans guaranteed by Fannie or Freddie, according to HSH Associates. What’s more, lenders also require heftier down payments for jumbo loans—in some cases 25% or more of the home’s value.

The shrinking pool of potential buyers is giving people of means unusual bargaining power. The inventory of all listed homes in February was enough to last 8.6 months at the current sales rate, according to the National Association of Realtors, a trade group. For those priced above $1 million, the supply was enough to last nearly 32 months.

Perfect Time to Buy

For these reasons, “this is the perfect time to buy,” says Eric Awad, a neurologist in Atlanta who thinks market conditions are forcing sellers of high-end homes to knuckle under. He and his wife, Nachwa Jarkas, an assistant professor at Emory University, are eager to trade up from their town home and buy a four-bedroom house in Atlanta’s posh Buckhead district. They are looking in the range of $1 million to $1.2 million, though Dr. Awad hopes to “knock the price down” below $1 million.

Like many potential buyers of high-end homes, the couple has a big hurdle to clear: Before buying, they need to sell their town home, which is on the market for $575,000, and they have no idea how long it will take for them to find a buyer. In this still-troubled real-estate market, success favors buyers who don’t have to sell first.

Link to Original Article

Contact Matt Desmond and Ryan Bolton

When I awoke this morning I heard this terrible news. Our heart felt condolences go out to the Trujillo Family.

Police: Las Campanas man drowns in golf course pond
By Dennis J. Carroll | For The New Mexican

2/21/2010

A 62-year-old Las Campanas man apparently drowned Sunday when he fell through the ice as he was trying to retrieve his two young dogs that had run onto the pond at the luxury development’s golf course, state police reported.

Joseph B. Trujillo was walking with his wife, Marcelle, 62, and their two terrier pups along a cart path above the pond shortly before 11 a.m. when the dogs took off and headed across the frozen water, said Lt. Eric Garcia.

The couple called out to the dogs but they did not respond, and Trujillo pursued them for about 25 yards onto the pond. However, a large section of the ice gave way, and Trujillo fell through.

“He was completely engulfed in the frigid water,” Garcia said.

A state police search and recovery diving team pulled Trujillo’s body from the pond about 3 p.m.

Garcia said the water was about 8 feet deep and 36 degrees.

After seeing “only a glove floating on the water,” Marcelle Trujillo also stepped onto the ice, Garcia said, but she turned back because of the risk from the cracking ice. She called 911 from a nearby home, and she and the neighbor returned to the pond, but there was no sign of her husband other than the glove.

Marcelle Trujillo was taken by ambulance to Christus St. Vincent Regional Medical Center, Garcia said, adding that she was suffering from trauma but was expected to recover.

He said the dogs, believed to be Jack Russell terriers or similar dogs, returned from the pond and were safe at a neighbor’s home.

Garcia said the Trujillos were Las Campanas residents, but their street address was not disclosed.

Joseph Trujillo’s body was taken to the state Office of the Medical Inspector in Albuquerque to rule out foul play, but none is suspected.

Here is the link to the Original Story from the New Mexican

Contact us

This house is conveniently located in the Bishops Lodge Hills and Villas. It is a short (5-6 minute) drive to Historic Downtown Santa Fe. The house is perched on the highest point of this 2.5 acre lot. On a clear day you can see to Colorado and the neighboring green space protects your view of the Santa Fe Ski area.

The house itself is the work of one of Santa Fe’s more exclusive “boutique” builders. This Kitchen will satisfy even the most discerning Chef…. Subtle Green features abound.

The amenities will make this a great vacation home or a full-time residence.  Included are a private pool and clubhouse for homeowners, and discounts at Bishops lodge resort, Spa, and Restaurant.

The Price is $999,000. 3 Bedrooms, 3 1/2 baths, 3470 square feet, on 2.5 acres. Please contact us for a private tour or more information.  

Otherwise Enjoy:

From the Santa Fe New Mexican :

The Club at Las Campanas has named James K. Muldowney as general manager and chief operating officer, effective Feb. 15.

The private club, which is undergoing a revival since a temporary shutdown in September, was developed as part of the housing subdivision northwest of Santa Fe.

Muldowney, 56, most recently served as executive placement partner with Master Club Advisors, a national private club management consulting and executive placement firm. The firm had been retained in October to help The Club at Las Campanas in its transition from a developer-owned club to one owned and controlled by its members.

An announcement said Muldowney “will be responsible for overall management of golf, tennis, equestrian, fitness/spa and dining operations; for staff selection and training; and for the continuing growth and improvement of all Club services and activities.”

Contact us for more information, including details statistics about Las Campanas.

Also chack out our website HomesinLasCampanas.com

Happy Holidays from Matt and Ryan

See Full Listing Information Here!

Here’s the article:

Prices have dipped, but some sellers are certain their nine-figure properties will attract buyers.

Last year, a 40-acre Greenwich, Conn., property with a 21,897-square-foot, 14-bedroom Jacobean manor was listed for $125 million. It was the world’s second most expensive home for sale.

It now sports a $60 million price tag and falls just short of making this year’s list.

It’s no secret sellers across the country are resorting to measures such as price cuts of 20% and higher to move their homes. What’s new: That group is increasingly including owners of eight- and nine-figure properties. Last year, investor Marty Zweig pulled the $70 million Pierre Hotel penthouse off the market after it was listed for four years. Financier Leonard Ross, who had asked $165 million for the Hearst Mansion in Beverly Hills, Calif., de-listed it in September 2008.

A few months later, Prince Bandar of Saudi Arabia removed his $135 million Aspen ski lodge from the ranks of available listings. This year, “Hillendale,” in Stamford, Conn., fell victim to the depressed housing market. It was listed for $95 million. It’s no longer for sale. Others, such as the owners of an $85 million Wallace Neff-designed mansion, are leasing their properties until the market picks up.

Such moves, says Jonathan Miller, president and CEO of real estate appraisal firm Miller Samuel, are to be expected.

“There was a frenzy that caused the prices of these properties to be astronomical,” he says. “Dramatic discounts are not as much a reflection of the market crashing, but a reflection of a reality.”

While the number of buyers willing to invest in eight- and nine-figure homes has always been slim, a pullback in jumbo loan-financing has shrunk the pool even further. And some with the means to pay cash are waiting to see when the housing market will return to stability.

They may be holding off a while.

“First, the lower end of market started breaking,” says Mike Simonsen, chief executive of Altos Research, a real estate statistics provider. “Then, it was only 12 months ago when the luxury market started to break, and just recently when the ultra-luxury market started to break. It may be years–it may be many years–before that market recovers. For this level, it will be even slower than the luxury market at large.”

To entice buyers, owners and their brokers are resorting to strategies often reserved for sellers in more mainstream markets.

That’s the tack the owners of the BootJack Ranch in Pagosa Springs, Co., adopted. In the last year, they lowered their asking price from $88 million to $68 million.

The home’s broker, Bill Fandel of Sotheby’s International Realty, hoped the discount would ignite interest. He says inquiries are coming from overseas billionaires.

“For those who have the wherewithal for a property like this,” he says, “[they] now have to feel like they’re buying well, that they’re getting a great deal of value for these enormous prices.”

Herald Grant, also with Sotheby’s, de-listed an $80 million Southampton retreat that rounded out the World’s Most Expensive list last year, rather than let it sit unsold.

“You put emotional prices on properties when people were spending,” he says, “Now, sellers are being more conservative.”

Grim forecasts, however, haven’t deterred some sellers from listing their luxurious estates.

In March, Candy Spelling, wife of the late producer, Aaron Spelling, publicly listed their $150 million Holmby Hills mansion. Named “The Manor,” the 100-room property tops this year’s list. Despite plummeting home prices everywhere, it is priced higher than last year’s No. 1, “Fleur De Lys,” also in Holmby Hills and listed for $125 million. That property was modeled after Louis XIV’s palace at Versailles, and is spread over 45,000 square feet.

The $100 million Albemarle House, a Charlottesville, Va., estate, is another newcomer to the list. Situated on 300 acres, and neighboring Monticello and Ash Lawn-Highland, the eight-bedroom Georgian home was designed by architect/designer David Easton.

Owners of properties outside the States also seem to be betting their properties’ unique characteristics will draw buyers. Updown Court, the $117 million estate said to be larger than both Buckingham or Hampton Court palace, remains on the market. So does the $102 million, 11-bedroom, 29,000-square-foot Villa Leopolda on the French Riviera.

If their owners get antsy, perhaps they can consult Joel Horowitz, the co-founder of Tommy Hilfiger, and owner of “Tranquility” on Lake Tahoe. The $100 million, 210-acre property has been listed since 2006.

 $150 million

The Manor

Los Angeles, Calif.

Built by Candy and Aaron Spelling, this 4.7-acre estate rests flat land in Holmby Hills. Its numerous entertaining salons feature Palladian windows and views of the property’s gardens and landscaping. A grand staircase greets guests who enter the foyer, and a fountain sits in the center of the circular driveway.

It is listed with Jeff Hyland from Hilton & Hyland Real Estate and Sally Forster Jones from Coldwell Banker Previews International. 

$125 million

Fleur De Lys

Los Angeles, Calif.

Suzanne Saperstein’s Beverly Hills estate is modeled after Louis XIV’s palace at Versailles. The 45,000-square-foot home took five years to build following Saperstein’s accumulation of five acres during the 1990s.

Should strolling the grounds bore you, there is a 50-seat screening room and a library. A nine-car garage completes the home’s luxurious amenities.

 $117 million

Updown Court

Windlesham, Surrey

Said to be larger than both Buckingham or Hampton Court palace, this 103-room home has 58 acres of gardens and woodlands.

Several ballrooms and grand entrance ways punctuate Updown Court, which has a panic room, an indoor squash court, bowling alley, 50-seat cinema, helipads, space for eight limousines and a heated marble driveway. Marble bathrooms are nice, but some would say indoor spas, Jacuzzis and pools with views of the grounds are better.

$102 million

Villa Leopolda

Cote D’Azur, France

Situated on the French Riviera, this 11-bedroom, 14-bathroom mansion has 29,000 square feet of interior space that opens to manicured lawns and a swimming pool.

The spiraling outdoor staircases, balconies and terraces have waterfront views and of the surrounding hillsides. Working fireplaces, a sauna, outdoor kitchen and pool house are other features.

 $100 million

Albemarle House

Charlottesville, Va.

The $100 million Albemarle House is another newcomer to the list.

Situated on 300 acres, and neighboring Monticello and Ash Lawn-Highland, the eight-bedroom Georgian home was designed by architect/designer David Easton.

Also on the property: a barn, three-car garage and guest house.

Forbes Magazine

http://homesinsantafenm.com/listing/906041/