Real Estate Transfer Tax
On March 10, 2009 the voters in Santa Fe handily defeated a real estate transfer tax proposed by the City Council.
Ostensibly proposed to help with Affordable or Work Force Housing in Santa Fe, the tax not only fell far short of what will be necessary to provide Affordable Housing on the scale necessary in Santa Fe, but also appeared to be illegal and in direct conflict with New Mexico State Statute.
With the tax defeated, the Santa Fe Association of REALTORS® hopes that all stakeholders will come together and work on a viable solution to the Affordable Housing needs of Santa Fe. An Affordable Housing Summit may be a step in the right direction.
Short Term Rental Ordinance
On January 30, 2008 the City of Santa Fe passed a Short Term Rental Ordinance. On February 29, 2008 a couple of property management companies filed a suit against the City in an effort to stay the Ordinance on the grounds of unconstitutionality.
Recently a court heard the case and upheld the City’s ability to impose the Short-Term Rental Ordinance while stating that the $1,000 fee may be exorbitant.
Are you thinking about buying a house that is in foreclosure? REALTORÒ Magazine suggests six questions you should ask before you buy.
Shalizi Real Estate is pleased to announce that Baro K. Shalizi recently obtained his RSPS Certification. Introduced in January 2006, the Resort and Second-Home Property Specialist (RSPS) Certification is a nationally-recognized certification awarded by the National Association of REALTORS® (NAR) to real estate professionals who demonstrate and promote – to consumers and their peers alike – their expertise in the varied specialty.
According to an NAR survey, more than 140,000 REALTORSÒ currently work in resort area and second home markets. Santa Fe, New Mexico is known internationally as a resort and second home market. In addition to classic vacation homes, the niche also includes college housing and properties for investment purposes.
“The RSPS certification program is unlike any other professional certification or designation,” said Allan ‘Dutch’ Dechert, 2008 chair of the NAR Resort & Second-Home Committee and an RSPS. “It takes specialized skills and knowledge to maximize the business opportunities in resort and second-home markets. You need to be able to communicate your proficiency in this aspect of real estate. RSPS Certification lets everyone know you’re serious about lifestyle real estate.”
The program focuses on developing the knowledge and skill base that real estate professionals need to specialize in buying, selling, or managing second homes in a resort, recreational, and/or vacation destination and properties for investment, development, or retirement. In order to achieve the RSPS Certification, REALTORSÒ are required to take two core courses. They must also complete two electives or hold the ABRÒ, CIPS, CPMÒ or CRS designations.
In addition, Baro is in process of obtaining NAR's Green Designation.
NAR's Green Designation Program gives REALTORS® a broad understanding of green real estate principles--from the concepts of sustainability, New Urbanism, and smart growth, to the application of industry ratings and evaluation standards in real estate. As a practical resource, this designation helps real estate professionals explain to consumers what makes a home, building, or property green, how to list and market green properties while fulfilling ones legal and professional obligations, and how to implement green practices on the road and in the office.
1st Quarter Real Estate Statistics – Santa Fe, NM
1st Quarter of 2009 Single Family Homes sales decreased to 95 units sold compared to 138 units sold in the 1st Quarter of 2008, a 31% decrease. Condo sales for the same period dropped from 61 units in the 1st Quarter of 2008 to 27 units in 2009. However, median prices rose modestly.
In the County of Santa Fe, price reductions occurred in all but one market area. County home sales also remained slow with 82 Single Family Homes sold in the 1st Quarter of 2009 compared to 103 units in the 1st Quarter of 2008.
However, it is not all bad news. Looking at the month of March 2009 compared to the same period in 2008, Single Family Home sales remained stable, 75 units sold in March 2009 compared to 73 units sold in March 2008. This may be an indication that the market has bottomed out, however it is too early to know for sure. Sales over the next couple of months will help confirm the trend.
The Stimulus package and the First Time Home Buyer Tax Credit of $8,000 should help jump start the market. Normally, Santa Fe’s real estate market picks up in May. I expect that to be the case this year as well.
NEW MEXICO FACTS AND TRIVIA
New Mexico became the 47th state in the Union on January 6, 1912.
The Zia symbol, not only appears in the center of the New Mexico flag (see above), it has been the symbol of the Zia people for centuries.
New Mexico is one of the few states with an official state cookie, the biscochito.
Hatch, NM is known as the "Green Chile Capital of the World".
New Mexico is one of the four corner states, boardering at the same point with Colorado, Utah, and Arizona.
The leaves of the Yucca, New Mexico's state flower, can be used to make rope, baskets and sandals.