Article:

By S. Mitra Kalita in the Wall Street Journal

Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.

On Mercer Island, Wash., waterfront sales nearly tripled in 2010, compared with a year earlier, reaching par with 2006 volume there. Sales on Hilton Head Island, S.C., rose 14% for the year. Palm Beach, Fla., experienced a 40% annual increase and a 54% increase in homes under contract, indicating an especially strong fourth quarter. Palm Beach sales volume now is comparable to its 2007 peak. These figures were gleaned by brokers in each locale.

.”The proverbial train has left the station,” said Ned Monell, an agent with Sotheby’s International Realty in Palm Beach. “We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough.”

The question now is whether the momentum will last. The strength of second-home sales paints a stark contrast to the overall housing market, which is expected to worsen in 2011.

Existing-home sales in November rose 5.6% on an annualized basis, according to the National Association of Realtors, a trade and lobbying group. Last month, the Case-Shiller housing index of 20 cities showed prices across the U.S. fell in October, and most analysts predict another 5% to 10% slide in the coming year.

Data for the nationwide vacation-home market aren’t tracked regularly. The National Association of Realtors conducts an annual survey of home buyers, but results for 2010 won’t be out till March.

Yet the market for vacation homes, based on local sales data, appears to be booming. The comeback, NAR economist Lawrence Yun said, has been helped by gains in the stock market and an improving economy, which have made wealthier Americans more upbeat about the future. “It also implies that prices in some markets have come down so much that people are fighting for those properties,” said Mr. Yun, noting that demand is strongest in areas close to stable labor markets.

According to the NAR, one in 10 real-estate transactions in 2009 was for the purchase of a vacation home. And though a small fraction of the overall market, it is significant because vacation homes are often big-ticket properties and attract discretionary buyers. Just four houses sold last year on Madeline Island, Wis., for example, but the island’s average dwelling sells at two to three times the price of the county average, said Eric Kodner, a realty broker on the island.

Sales of second homes are showing an uptick even in more-affordable communities. In some locations, prices are even inching upward. Cape Cod sales climbed nearly 9% in 2010 from 2009, while prices rose 7%. Monroe County, Pa., in the heart of the Pocono Mountains, saw a 3% decline in transactions, but its Lake Naomi resort community was up nearly 15%. A one-acre plot off Lake Naomi recently fetched $1.1 million, a record deal for the area.

Still, in most markets where demand has improved, prices haven’t. For Realtor Andy Twisdale in Hilton Head, S.C., it is too soon to rejoice; prices are down almost a third over the past five years. “People are buying at the very low end of the product,” he said. “The financing is very difficult. Banks are requiring 25% down and crystal clean credit.”

Buyers who qualify or can pay cash say this is the time to take the plunge. On New Year’s Day, the Makarewicz family arrived in Pocono Pines, Pa., to look for a vacation home. They already own their primary residence in northern New Jersey and own a property in Damascus, a northeastern Pennsylvania town along the Delaware River. But the family says the latter doesn’t offer enough things to do: Not enough shopping. Not enough activities for kids. Not even enough fish.

“How’s the bass here?” Joe Makarewicz, a vice president for sales at a financial-services firm, asked Re/Max Realtor Rob Baxter as the two looked at floor plans.

The family plans to sell the Damascus house, which would allow them to pay cash for one near Lake Naomi. The resort community at Lake Naomi boasts pools, tennis courts, a recreation center and a golf course—and is equidistant from New York and Philadelphia.

Some second homes had been stuck on the market because sellers wouldn’t budge on price; unlike owners of primary homes, they often aren’t in a hurry to move.

“Sellers have become aware that they have to price their homes accordingly,” said Harald Grant, a senior vice president at Sotheby’s in New York’s ritzy Hamptons region. “There’s a perk in the market because a lot of prices have come down to where they should be.”

This shift became clear to K. David Hirschey, who runs a consulting business in Minneapolis, as he hunted for a home on Madeline Island.

After competing in a summer swimming competition on the island, Mr. Hirschey decided to buy a home there, perhaps to rent it a few years and maybe retire there eventually. The first offer he made was rejected, he recalled, because the seller said, “We don’t negotiate on properties here.” The same thing happened with his bid on the next house.

Then he found a third property—four bedrooms, three baths—that began as a sale by owner, was taken off the market, then relisted under one broker, then another. It had been initially priced at $1.25 million, and remained on sale for two years.

“When I saw it, it was listed at $687,000,” said Mr. Hirschey, a father of four children. He offered $530,000, furnishings included. “They wanted to negotiate and I said no,” he said.

The tactic—an all-cash offer—worked, and Mr. Hirschey closed on the house in November, just in time for his family to spend the holidays there.

Link to Original Article Here

Contact Ryan Bolton and Matt Desmond

The article features many of Santa Fe’s cultural events and spaces, restaurants, and going ons about town.

ARTICLE

36 Hours in Santa Fe
By Fred Bernstein

The Plaza, the heart of old Santa Fe, hasn’t changed much since the Spanish settled here 400 years ago. But surrounding the Plaza is an increasingly cosmopolitan city. Sure, it’s possible to focus entirely just on the historic center, where Native American handicrafts are for sale on every corner.

A Weekend in Santa Fe But the rest of Santa Fe now offers groovy contemporary art spaces, hot Asian restaurants and a park by a pair of trailblazing architects. Accept that Santa Fe isn’t just tacos and turquoise anymore, and you’ll find yourself loving the New Mexico capital not for what it was, but what it is.

Friday

5 p.m.
1) PUBLIC SPACE

For a beautifully curated introduction to Santa Fe, visit the New Mexico History Museum (113 Lincoln Avenue; 505-476-5200; nmhistorymuseum.org), which opened in 2009 and includes a gripping display about Los Alamos, where the Manhattan Project was conducted in secret during World War II. A large courtyard with ancient walls and shady trees separates the museum from the Palace of the Governors (palaceofthegovernors.org), the Spanish seat of government in the early 1600s and now a small museum of Colonial and Native American history. The two-museum complex is free on Fridays from 5 to 8 p.m.

7 p.m.
2) WHITE WALLS AND WINE

You’d have to be crazy to pay for a glass of white wine on Fridays. Canyon Road, which angles up from the center of town, has more than 100 galleries, and there are openings every Friday night. According to canyonroadarts.com, the largest category is contemporary representational (think brightly colored paintings of the desert). Check out Eight Modern (231 Delgado Street; 505-995-0231; eightmodern.net), where you’ll find the geometric scrap-metal constructions of the Santa Fe artist Ted Larsen. The backyard sculpture garden is a great place to marvel at New Mexico’s amazingly clear sky and savor its piñon-infused air before heading to dinner.

9 p.m.
3) AHI MOMENT

Martín Rios is a hometown boy made good: Born in Mexico and raised in Santa Fe, he apprenticed at the Eldorado Hotel and the Inn of the Anasazi — two local stalwarts — and made a brief appearance on “Iron Chef” before opening his own place, Restaurant Martín (526 Galisteo Street; 505-820-0919; restaurantmartinsantafe.com), in 2009. The main draw is the food — dishes like ahi tuna tartare ($14) and duck breast with smoked bacon polenta and Marcona almonds ($25) offer hints of the Southwest, with a dash of global aspiration. But the homey décor makes you want to stick around even after finishing the bittersweet chocolate truffle cake ($8).

Saturday

10 a.m.
4) SPICE MARKET

The Santa Fe Farmers’ Market (1607 Paseo de Peralta; 505-983-4098; santafefarmersmarket.com) dates back a half-century, but it stepped up a notch when it moved to a permanent building in 2008. Everything sold here, including dried chilies, yogurt and grass-fed meats, is produced in northern New Mexico. The market is part of a bustling district that includes the new Railyard Park by the architect Frederic Schwartz and the landscape architect Ken Smith, both Manhattanites whose taste is anything but quaint. As you wander around, be on the lookout for the Rail Runner, a gleaming new passenger train scheduled to pull in from Albuquerque at 11:08 a.m.

Noon
5) SUSTAINABLE SALADS

Santa Fe residents — as you learned roaming the Farmers’ Market — care where their food comes from. No wonder Vinaigrette (709 Don Cubero Alley; 505-820-9205; vinaigretteonline .com) was an immediate hit when it opened in 2008. The brightly colored cafe has a menu based on organic greens grown in the nearby town of Nambé. Choose a base — Caesar, Cobb and Greek are possibilities (around $10) — then add diver scallops or hibiscus-cured duck confit ($7) for a satisfying meal. Wines by the glass start at a very friendly $6.

2 p.m.
6) RIDING THE SPUR

Thanks to Santa Fe’s sometimes depressing sprawl, it’s getting harder and harder to find wide-open spaces. But drive (or bike) to the corner of Galisteo Street and West Rodeo Road, where there’s a small parking lot — then begin pedaling due south, in the direction of Lamy (about 12 miles away). What starts as an asphalt path morphs into a dirt bike trail that swerves around a 19th-century rail spur. There are some pretty steep hills, but they’re short, and the momentum from a downhill is usually enough to handle the next uphill. (If only life were like that!) The scenery is always gorgeous, especially in late afternoon, when the sun is low in the sky. Mellow Velo (638 Old Santa Fe Trail; 505-995-8356; mellowvelo.com) rents mountain bikes starting at $35 a day.

7 p.m.
7) TAPAS WITH STRANGERS

La Boca (72 West Marcy Street; 505-982-3433; labocasf.com) is one of downtown Santa Fe’s most popular new restaurants — thanks to its contemporary tapas, plus larger dishes like cannelloni filled with crab, scallop and Manchego ($11). You’ll find yourself sharing tips on what to order — and even forkfuls of delicious eats — with strangers.

10 p.m.
8 ) REGGAE FOR ALL AGES

Santa Fe isn’t a night-life town, but Milagro 139 (139 West San Francisco Street; 505-995-0139; milagro139.com) is helping to change that. A building that had housed a coffee shop was recently converted to a restaurant that becomes a club on Friday and Saturday nights. There’s no cover, and the drinks, including a house margarita called Beginner’s Luck ($5), are delicious. A recent visit coincided with performances by Rubixzu, a local band that performed a blend of reggae and Latin hip-hop to a diverse crowd, aged 9 to 90. For a trendier vibe, head to Meow Wolf (1800 Second Street; 505-204-4651; meowwolf.com), an alternative art space, or check its Web site for other parties hosted by Meow Wolf artists.

Sunday

10 a.m.
9) FREE-RANGE PEACOCKS

For a big breakfast and an early start, drive south on Cerrillos Road about 10 miles past the Interstate, until you see a handwritten cardboard sign that reads, “Pine wood stove pellets sold here.” You’ve arrived at the San Marcos Café (3877 State Road 14; 505-471-9298). Dozens of peacocks, turkeys and hens roam the property (which also houses a feed store), providing an Old McDonald-like backdrop for crowd-pleasers like eggs San Marcos, a cheese omelet in a bath of guacamole, beans and salsa ($12).

Noon
10) KITSCH TO CONTEMPORARY

If you ever thought that item you found at a roadside stand was one of a kind, Jackalope (2820 Cerrillos Road; 505-471-8539; jackalope.com), a sprawling, indoor-outdoor flea market, will disabuse you of that notion. There are hundreds of everything, including punched-copper switch plates and tote bags that depict Michelle Obama smiling on a swing. If you need to shake off the kitsch, head to SITE Santa Fe (1606 Paseo De Peralta; 505-989-1199; sitesantafe.org), a contemporary art space where the 2010 biennale, focused on moving image technologies in contemporary art, will run from June 20 to Jan. 2, 2011.

1 p.m.
11) YOUR OWN ADOBE

It’s difficult to spend time in Santa Fe without thinking about buying a home (or second home) here. So check out Zocalo (Avenida Rincon; 505-986-0667; zocalosantafe.com), a striking development by the Mexican architect Ricardo Legorreta. He is known for crisp geometry and super-bright colors — a welcome sight in this city of browns and terra cottas. Consider it real estate voyeurism, combined with a crash course in contemporary architecture.

IF YOU GO

Santa Fe has a tiny airport, which offers nonstop service to and from Dallas and Los Angeles on American Eagle. Most visitors fly into the larger Albuquerque airport, about an hour south. A recent Web search found round-trip fares from Kennedy Airport on Delta, from about $260 for travel in June. Sadly, the Rail Runner doesn’t run to the Albuquerque airport.

The Hotel St. Francis (210 Don Gaspar Avenue; 505-983-5700; hotelstfrancis.com), billed as the oldest hotel in Santa Fe, completed a top-to-bottom renovation in 2009, and it looks spectacular. Doubles from $120.

The El Rey Inn (1862 Cerrillos Road, 505-982-1931; elreyinnsantafe.com) is a retro-chic 1930s-style motel, with nicely furnished rooms and beautifully landscaped grounds to go along with the kitschy Native American-themed architecture. Doubles from $99.

Hilton Santa Fe Golf Resort & Spa (30 Buffalo Thunder Trail; 505-455-5555, buffalothunderresort.com) is part of a new casino complex, about 15 minutes north of town. Doubles from $159. Hilton also built a less-expensive Homewood Suites nearby (10 Buffalo Thunder Trail; 505-455-9100, with doubles from $109.

Link to Original Article In The New York Times Here

Contact Ryan Bolton and Matt Desmond

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

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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

Contact us for THE Highest Level of Service

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:

Happy Holidays from Matt and Ryan

We are the future of Santa Fe Real Estate:

The range is from a quarter acre to over 5 acres, averaging about 1.5 acres. The prevailing architectural styles are Pueblo Revival and Territorial with variations that expand the range from contemporary to western rustic to Mediterranean influence. One story homes are the norm with flat rooves that allow for positive pitch for drainagage. The flexibility of the design guidelines allows for your personal expression.

The Estancias at Las Campanas is an area where the design guidelines have been expanded to include log homes, pitched roofs and second stories. Here the topography with its unlimited views and canyon vistas over looks open federal land and slopes gently to the Rio Grande.

Surrounded by adobe walls reminiscent of the old East Side of Santa Fe, Club Estates enjoys a superb location within walking distance of the Clubhouse and Spa and Tennis Center.

Directly across from the Spa and Tennis Center are the 12 homesites of Silver Mesa sited on 3 cul de sacs. Here semi custom homes built by Roger Hunter for Senterra Corp. are available for purchase, several sitting high above the golf course.

Lining the golf course, the Club Casitas are the ultimate in lock and leave convenience, being the closest homes to the Clubhouse. They range from 2100 square feet to 3665 square feet and all offer golf course and mountain views, with some overlooking the spectacular lake between the two 18 finishing holes. All feature outdoor portals with fireplaces for enjoying the serene landscape.

High atop Trailhead Dr. with magnificent views of both golf course and mountain ranages sit The Pueblos, 37 homes surrounding a park and behind their own gate. They vary from aproximately 2800 square feet to 4200 square feet in size, some featuring guest houses.

Across Trailhead Dr. is Park Estates which isby golf course and centered by a park. Lot sizes range from .6 acres to 1.85 acre homesites which are suitable for custom building. Resale homes are also available for purchase here.

The Terrazas, developed by Westman- Browning and built by Tierra Concepts. They range in size from 2390 square feet to just over 2500 square feet. Offering a variety of views from golf course, to open land, all have a mountain backdrop and enjoy a convenient location close to the core of the community and its amenities.

Aptly named, the Ranch Estates is a unique enclave bordered by ranch land and incorporating the Equestrian Center. Here 27 lots are zoned to include a home, guest house and barn to accomodate two horses. An interior trail connects each homesite to the Equestrian Center and the main trail to the BLM (Bureau of Land Management) which afford you 68,000 acres of riding terrain.

Surrounded by golf course, Los Santeros features a variety of lot sizes and home sizes from large estate homes to smaller patio homes. Neighborhoods with the area include the Villas, Puertas, Ventanas, and Las Melodias.

The remaining neighborhoods are called Estates and are identified by numbers corresponding to the order of their development. Here existing and undeveloped homesites are situated behind gates and offer a variety of topography and views.  Home sizes must be a minimum of 2500 square feet but can be as large as the developable area will allow. Guest houses are permissible.

The pending home sale index, compiled monthly by the National Association of Realtors, was up 21 percent higher this September compared with September of 2008. That’s the biggest year-over-year increase in the history of the index, dating back to 2001.

Plus the September gain in pending sales was the eighth straight month of higher numbers — and that’s also a record for the index. Pending sales were up by 10.2 percent in the Western states, 8.1 percent in the Midwest, 5 percent in the South.

Only the Northeast saw a decline, and that was by 2 percent.

Those numbers are pretty robust, but some economists caution that the index is likely to see a tapering off during the winter and holiday months, when fewer people are shopping.

David Semmens, an economist with Standard Chartered Bank in New York, said “we expect a far slower growth rate going forward.”

But other economists question whether that seasonal pattern might be overridden by the short term extension, and expansion, of the tax credit through next June.

That extension not only continues the $8,000 credit for first time buyers, but allows people who’ve owned their homes for the past five years to qualify for a $6,500 credit if they sign a contract by April 30th 2010 and go to closing by June 30.

In other key economic developments affecting real estate this week, the Commerce Department reported that spending on construction, both residential and commercial, was up by eight tenths of a percent during September. That’s a further welcome indication the recession is over.

Also, the Clear Capital “HDI” home price index rose by 3.7 percent on a national average basis between September 26th and October 28th.

Meanwhile, mortgage rates got even a little better last week, according to the Mortgage Bankers Association. Average 30-year fixed rates slipped just below 5 percent, while 15-year fixed rate loans dropped significantly — and now average just 4.3 percent.

Not surprisingly, given all these positive indicators, new applications for mortgages to buy homes were up again last week — this time by 3 percent.

The recovery looks like it’s well on track.

by Kenneth R. Harney