One of the greatest attributes of this home is its location. The South Capital district is a cozy nieghborhood located within walking distance of nearly everything Santa Fe has to offer.  A two minute walk will get you to Kaune’s market, Ohori’s coffee, the State Capital, and the Guadalupe Cafe.  Walk another two minutes and you will be in the historic Santa Fe Plaza and all of the restaurants, galleries, museums, and shops in the vicinity.  The attractions of Canyon road are only a five minute walk from the house, and the Railyard district is only about seven minutes away. If you’re looking for a centrally located house, this is it.

This property also has income potential.  You could live in either house and rent out the other. Or, as an investment property, you could rent both. At a list price of $525,000, this house is a great buy.

For a full video tour of the property, check out the video below.

Contact Matt Desmond and Ryan Bolton

Additionally, the usually relatively negative Standard and Poors Case Shiller index also reported a rise in 14 of 20 major markets it tracks. This report represented the sixth consecutive month of price increases. 

The mortgage industry is also reporting good news for potential home buyers. Rates ranging in the 4.5% range (at least in the Santa Fe area) are being offered by the lenders we know in town, and they believe that this trend will continue for quite some time.

What does this all mean to the Santa Fe Home buyer? In our opinion…it’s a great time to buy.  The signs of a nationwide financial turnaround combined with relatively low home prices and historically low financing make home buying a better option than it has been in the past 30 + years. There are loads of great properties on the market in Santa Fe, and most seller’s have come to terms with the fact that their property values have taken a bit of a hit, resulting in competitively priced houses.

So if you’re in the market to buy in Santa Fe, give us a call!

Contact Ryan Bolton and Matt Desmond

Contact us for THE Highest Level of Service

1) The painting is finished!  Every room has received up to three coats of new white paint, and it’s amazing how different the house looks with all white on the walls.  The rooms feel significantly larger, the floors and ceilings really pop out, and the level of elegance in the home has risen significantly. All of the great details and characteristics of the home are now even more noticeable.

2) All of the new Myson heaters are fully installed and in working order.  Three different digital and programmable thermostats have been wired as well. The house is now warm and cozy!

3) The new cabinets in the kitchen have been installed.  This includes the installation of the washer and dryer and the new concrete counter top.  The concrete was still setting today when we filmed, so over the next day or two the guys will buff it up to bring the color out.

4) The floors have all been sanded and prepped for staining. Previously, the floors were  multiple shades and will now take on a darker stain that will match the vigas above.

5) In general, the guys have cleaned the place up a bit.  The ceilings and vigas have been wiped down and oiled, and many of the little messes here and there are now gone.

 All of the contract work should be finished in the next week.  We will then go into the design phase of the renovation which will entail the installation of window coverings, the building of specific furniture pieces (i.e. the bed), and the entire decorating process. Check back in for updates soon!

Contact Ryan Bolton and Matt Desmond

There are probably many reasons for the drop in house size. The obvious one is economics. During the recent economic and housing downturn buyers are needing to save money, and, thus, sacraficing space. Smaller bedrooms, smaller kitchens, and less “extra” rooms (I always think of the two, not one, “present wrapping” rooms that were noted in the Beverly Hills estate of the late T.V. producer Aaron Spelling). Additionally, larger homes are more expensive to maintain, heat, cool, etc. Here at homesinsantafenm.com we have also noticed that some people are wanting to “simplify” their lives. They are accomplishing this by living in smaller, more manageable homes that cost less money both to buy and maintain.

Looking into the crystal ball, what do we see? In Santa Fe we still have clients looking for all types of houses.  Families still want larger houses that can accomodate all of their needs, some retirees still want large homes to entertain, and some buyers want room to grow and roam.  However, other buyers are wanting to downsize, some retirees want less space to manage, and some families are realizing that they need less space. Basically, there is still a market in Santa Fe for all sizes of homes.

Contact Ryan Bolton and Matt Desmond 

The following article written by a director of the National Association of Realtors is a great read. It outlines the new government HAFA program, and discusses it’s potential impacts and implication.

Also, at the end of this post, take a video tour of the one listing we have that is listed as a short sale…it is an incredile opportunity and some savvy Buyer is going to to get a great deal.

Article:

Standardized Short Sale Process Will Benefit All Parties

by Bob Hunt

Two years ago the National Association of Realtors® formed a task force to address the vexing issue of short sales. A multitude of members had complained of lengthy and often incomprehensible processes that – although they varied in detail from lender to lender – all seemed to share the characteristics of being inefficient and irrational. Upon completing its studies the task force issued recommendations that the short sale process be standardized among lenders, that common forms be used, and that fixed time frames be adopted for various phases of the short sale process.

 Fast forward to November 30, 2009 when the Treasury Department announced the Home Affordable Foreclosure Alternatives (HAFA), a program that features – you guessed it – standardized short sale procedures, common forms, and fixed time frames. The program is directed to lenders and servicers participating in the Home Affordable Modification Program (HAMP). It applies to non Freddie Mac or Fannie Mae loans. It covers liens on a borrower’s principal residence up to an amount of $729,750 (higher if the property is 2 – 4 units).

HAFA is meant to help borrowers who either do not qualify for a HAMP loan modification or who have been unable to keep up their payments under such a plan. A major time-saving feature of the HAFA program is that the financial information already gathered in the loan modification application will be used to determine eligibility for the short sale program.

Prior to approving a borrower to participate in a HAFA short sale the servicer must determine the minimum acceptable net proceeds that the investor will accept. Each servicer must develop a written policy, consistent with investor guidelines, for making that determination. Then, once a borrower has been approved for the short sale program, the net requirement may not be increased for at least 120 days.

A borrower’s approval is expressed in a standardized Short Sale Agreement (SSA). The SSA must be good for at least 120 days. No foreclosure may take place while the agreement is in effect. The SSA requires that the property be listed and actively marketed with a “licensed real estate professional who is regularly doing business in the community where the property is located.”

Within three business days of an executed purchase agreement, the borrower is to submit a Request for Approval of Short Sale (RASS), which is also a standard form. Within ten days of receipt of a completed RASS, the servicer must indicate approval or disapproval. The approval cannot be contingent on a lowering of the real estate commission that had been agreed to. Also, the approval cannot require a closing in less than 45 days. Again, no foreclosure may take place during the period approved for closing.

One of the common hang-ups in short sales is the matter of junior liens. HAFA takes this into account, although perhaps not to a degree than junior lien holders might wish. The servicer may “authorize the settlement agent to allow up to an aggregate of $3,000 of the gross sale proceeds as payment(s) to subordinate mortgage/lien holder(s) in exchange for a lien release and full release of borrower liability.” Each lien holder may be paid up to 3% of their unpaid balance, but the aggregate of such payments may not exceed $3,000. They are paid up to 3% in order of their priority.

HAFA has financial incentives for all parties. The borrower receives a $1,500 relocation allowance, paid at closing. The servicer receives $1,000 for administrative costs. The investor will be paid one dollar for every three that had been paid to junior lien holders. If $3,000 had been paid to juniors, $1,000 would be paid to the investor.

The HAFA program will not apply to all loans, but it will cover a lot of them. Hopefully, it will bring a little more order and sanity to the process.

Link to original article here!

Contact Ryan Bolton and Matt Desmond

Those zaney fellas at Zillow.com decided it would be interesting to first put a value on the White House, and then caluculate how much value it has lost over the past few years.  As expected, its value has decreased significantly over the past few years, even though the Obamas updated the place a bit.  Anyway, check out the following article that showed up at CNBC.

Article:

It just goes to show you, not even the president is immune to the real-estate slump.

As analysts slice, dice, mince and wedge the president’s first year in office, Zillow.com decided to take a look at his property’s performance, and found that the value of 1600 Pennsylvania Avenue has dropped by $15.6 million, or 5.1 percent in the past year.

The 132-room, 55,000-square foot home, which includes an underground bunker, was recently valued at $292.5 million, down from $308.1 million a year ago and $331.8 million in 2008, Zillow reports.

That’s despite improvements the Obamas made in the past year, such as adding a vegetable garden and a fancy swing set – not to mention all the celebrities who’ve graced its halls, including Microsoft chief Bill Gates, Goldman Sachs honcho Lloyd “I’m doing God’s work” Blankfein, and her O-ness, Oprah Winfrey.

Now before you go blaming Obama’s health-care reform plan or his crackdown on Wall Street bonuses for the declining value, consider that the Zillow home-value index, which measures the value of homes across the nation, was also down 5 percent in the past year.

And, it’s an improvement from when the home’s value dropped more than 7 percent during the prior year-while a certain Texan with very different politics resided there.

Still, it’s tough to cope with declining real-estate values. Do you think Obama’s contacted his bank about refinancing?!

Link to the Article Here

Contact Ryan Bolton and Matt Desmond

Our first post is a video tour of our fabulous listing located at 7 Vista Calabasas.  Here is the property description and a link to the post:

Rancho Calabasas; an immaculate, private, & unrestricted compound consisting of a main house, 2 guest houses, & your own private spa! An ideal property for a family compound or retreat. Perfect for entertaining w/separate guest suites for family or staff. Lushly landscaped grounds, a stream, waterfall, & Koi pond, & multiple outdoor entertainment areas, all on 5 filled acres. This Santa Fe oasis can be available turn-key including art, bronze sculptures, antique wagons, & furniture.

Check It Out Here!

We are very excited about our new youtube page, and we look forward to posting on it regularly.  As a HomesinSantaFeNM.com user, you will always find links to our youtube posts on the website, but you can also find them directly on youtube. Thanks for checking it out.

Contact Ryan and Matt

That brings the donation by Brutsche and his wife, Janice, to a total of 335 acres. In 2007, the couple donated the first 77 acres. The land is part of a 495-acre parcel called the Grevey property that Brutsche bought for a high-end subdivision. The original preserve was 190 acres.

The conservancy plans to build a public trail through the property to connect to the 22-mile Dale Ball Trails system. “Our next task is to figure out how the trails will go through the preserve, probably just for hikers,” said Terry Sullivan, executive director of The Nature Conservancy in New Mexico.

The latest donation was part of Brutsche’s commitment to protect land between his 107-lot High Summit III development along Hyde Park Road and the Santa Fe Canyon Preserve.

Sullivan said The Nature Conservancy still has to review the deed for the property and record it with Santa Fe County before the donation is completed.

Property owners can take a tax deduction for land donations equal to the market value of a piece of property. Sullivan said it was hard to estimate the land’s worth now because of fluctuations in real estate values. “Certainly multiple millions of dollars, probably in excess of $6 million,” Sullivan said.

The Brutsches’ attorney, Karl Sommer, did not return a call for comment.

The preserve has a 1.5-mile loop trail that takes hikers past wetlands and remnants of the old Two Mile Reservoir. Black bears, cougars, beavers and a large variety of birds live in or near the preserve.

Sullivan said The Nature Conservancy is working with the Santa Fe Watershed Association to restore a part of the Santa Fe River through the preserve and expand the riparian area. And “we will continue to monitor and cheer on the large colony of beavers that have moved into the preserve,” he said.

The Nature Conservancy owns and manages six preserves covering more than 1.4 million acres of land in New Mexico and millions of acres more in the U.S. and around the world.

Staci Matlock | The New Mexican

By LAURA SAUNDERS

Last week, President Barack Obama signed a law that extends through next spring a temporary tax credit of up to $8,000 for some first-time home buyers, which was due to expire Nov. 30. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers. The package, which the government estimates will cost a total of $11 billion, is intended to help spur housing sales, a critical part of the economy.

Here are some answers to common questions about the new rules.

Q: What has stayed the same in the new law?

1) First-time home buyers still get a credit of as much as 10% of the purchase price, up to a maximum $8,000. “First-time” means people, including both partners of a married couple, who haven’t owned a principal residence for three years before the purchase.

2) All taxpayers who claim a credit must use the home as a principal residence for the next three consecutive years.

3) The credits offer dollar-for-dollar reductions of tax and are refundable. This means that a taxpayer who doesn’t pay enough tax to offset the credit can get a refund. For example, if you qualify for an $8,000 credit but only owe $5,000 in tax, you could receive a $3,000 check from the Internal Revenue Service.

4) Under the new law, as under the old, 2009 home buyers may claim the credit on either their 2008 or 2009 returns, and 2010 buyers may claim the credit on either their 2009 or 2010 returns.

5) Taxpayers do not qualify for a credit if they buy from a lineal ancestor or descendent, including parents or grandparents and children or grandchildren.

Q: What has changed?

Several important features took effect as of Nov. 6:

1) To take advantage of the tax credits, a buyer must have a contract in place before May 1, 2010, and the deal must close before July 1, 2010. No further extension is expected.

2) The price of the house is now capped. For purchases made after Nov. 6, no credit is available for any home costing more than $800,000.

3) There is now a tax credit for repeat buyers as well as for first-time buyers. Taxpayers who have lived in one residence for five consecutive years of the past eight can now qualify for a tax credit of as much as 10% of the purchase price, up to a maximum $6,500, of a new principal residence. The new home does not have to cost more than the old one.

4) Income limits for people who qualify for a tax credit are far more generous than under the previous law. For single filers, the credits now phase out between $125,000 and $145,000 of modified adjusted gross income; for married couples, the range is $225,000 to $245,000. For most people, modified adjusted gross income will be the same as adjusted gross income.

5) The new law contains anti-abuse measures designed to stem fraud, which became a problem with the previous home-buyer tax credit. Most buyers must be 18 or older, and no taxpayer may take a credit if he or she is claimed as a dependent on someone else’s return. Taxpayers taking the credit will also have to furnish proof of purchase. According to Robert Dietz of the National Association of Home Builders, this will usually be a HUD-1 form.

6) People taking the tax credit, as under the old law, aren’t allowed to buy a home from a lineal ancestor or descendent. The new law, applying to purchases made after Nov. 6, also says a person may not take a credit if the home is purchased from a spouse or the spouse’s lineal relatives.

Q: If I bought a house last spring or summer, can I get a tax credit?

You qualify if you are a first-time buyer and meet the other requirements, but not if you are a repeat buyer. The new credit for repeat buyers applies only to purchases made after Nov. 6.

Q: What is the definition of “principal residence”?

If you own more than one home, your principal residence is usually the one where you spend most of your time. In determining residence the IRS may also consider where your family lives and your mailing address for bills and correspondence, among other factors.

Q: Can a principal residence be something besides a conventional house?

Yes. A principal residence may also be a condominium, co-op apartment, attached or semi-attached townhouse, or even—if it has eating, sleeping and toilet facilities—a boat, motor home or trailer. Manufactured homes qualify in some states.

Q: Does the person who claims the credit have to use the home as a principal residence?

Yes.

Q: If I buy a new home and live in it, do I also have to sell my old one in order to take advantage of the credit?

This is unclear. The law appears to allow repeat buyers to retain their old home, for which no tax credit was given, while claiming a credit for the new one. What is clear is that if you buy a new home using the credit, you must use it as your principal residence.

Q: How may the credits be allocated among two or more unmarried buyers?

This also is unclear. But if the IRS adopts the rules that applied to the previous tax credit, which are detailed in IRS Notice 2009-12, there is room for planning. The notice says that taxpayers may use “any reasonable manner” to allocate the credit. It even provides an example in which two unmarried buyers allocate the credit to the lower earner in order to qualify for it.

Q: I need the credit refund to help make the down payment. What can I do?

There’s no rushing the IRS. But one option is to adjust your current withholding from your paychecks to reflect the fact that you will be taking the credit later. But be careful: If you don’t make the purchase, then you may owe interest and penalties. Consult a tax adviser.

Q: Is it possible to qualify for a credit if I am building a home on a lot I already own?

Yes, according to the National Association of Home Builders. The purchase date is usually considered to be the date of first occupancy, so you would need to move in before July 1, 2010.

Q: May I take a credit if I am building a large addition to my home?

No; these credits apply only to the purchase of a home.

Q: Are there special rules for the military?

Yes. In general, members of the military and foreignservice and intelligence communities who are serving overseas on “official extended duty” for at least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of these credits. Consult a tax adviser who specializes in this area.

Q: Where can I get more information?

Go to federalhousingtaxcredit.com, a Web site sponsored by the National Association of Home Builders. You can also look for links from the IRS’s home page, www.irs.gov, or search for Homebuyer Credit. Another option is to consult a professional tax adviser.