Shalizi Real Estate Newsletters

 June 2009

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SHALIZI REAL ESTATE WELCOMES

Gail P. Samota

I am the oldest daughter of a career Naval officer dad and very savvy, professional real estate mom, who was adept at finding houses, frequently, and making them into homes for my two brothers, my sister and me. Having lived all over the United States and in Prague, the Czech Republic, I have a well embedded wanderlust gene. Born in Hawaii and armed with a Bachelor's from the University of California, Berkeley and a Master's from the University of Southern California, I have spent 20 years in national and international high technology sales management positions. These were successful years because I listened to and consulted with a broad range of professionals, from electronic technicians to CEO's of Fortune 500 companies, to find them wide-ranging solutions and opportunities, much like what is required in the world of real estate.

Lucky enough to land permanently in Santa Fe in 1997, my initial experience in New Mexico was much like Georgia O'Keeffe's who said, "Well! Well! Well! .... This is wonderful. No one told me it was like this!" When I am not helping folks with their real estate needs, I volunteer at Open Hands, travel, give gourmet dinner parties, enjoy music and art in every form, see independent and foreign films, enjoy our outdoor life and share laughter with old and new friends.

e-PRO, TRC (Transnational Referral Certified) & RSPS (Resort & Second Home Property Specialist)

Gail P. Samota

Cell:  505-603-5450
Office: 505-474-4203
Fax: 505-954-4446
E-mail:
gail@gailsamota.com

Gail joins Baro Shalizi and Michael Smith at Shalizi Real Estate

 


Michael Smith - Connecting People, Purpose and Place

When you choose Michael Smith for your real estate needs, you enter into a rare relationship. The kind you’ve always hoped for in a realtor. One based on attentive listening, respect and dependable service.Michael truly understands how deeply personal the buying or selling of a house can be, how a home can be a sanctuary as well as an investment. He is an elected member of the Board of Directors for the Santa Fe Association of REALTOR®s, where he advocates for sustainable development, affordable housing, ecological conservation, elder care, and community diversity.

Michael Smith

Cell: 505-310-4220
Office: 505-474-4203
Fax: 505-471-3132
E-mail:
michaels_mith@msn.com 
http://michaelinsantafe.com/


Baro K. Shalizi

Cell: 505-670-8431

Office: 505-474-4203

Fax: 505-471-3132

Email: shalizi@aol.com

 

The Housing Market, the Economy and the Future

                                by Baro K. Shalizi

I recently returned from the National Association of REALTORS mid-year legislative meetings in Washington, DC. The first day of the meeting was a "Housing Summit" from 8:00 AM - 5:00 PM.

Keynote speakers included Former Representative Harold Ford, Jr. (D-Tenn.); political commentator Patrick Buchanan; Dr. Robert Reich, former U.S. Secretary of Labor; Shaun Donovan, U.S. Secretary of Housing and Urban Development; Dr. Alan Greenspan, Former Chairman of the Federal Reserve Board;  Sheila Bair, Chairman of the Federal Deposit Insurance Corporation, and Lawrence Yun, Chief Economist for the National Association of REALTORS.

The one issue that all the speakers agreed on was that the Obama Administration has stopped the free fall to the economy. However, there was no agreement on how long it may take for the economy to turn around. The earliest estimate was the second half of 2009 and the worst case scenario was the economy goes into a deflationary cycle and takes 8 - 12 years to recover.

It was very clear listening to the speakers that the robust real estate market that we saw in 2005 - 2006 will not return in the near future, if at all and that the $8,000 tax credit for first time home buyers in the stimulus package is starting to turn the lower end of the market around.

Studying the MLS statistics from the Santa Fe Association of REALTORS for the months of April 2008 and 2009 we clearly see the impact of the economy.

In April 2007, a total of 67 homes sold within Santa Fe City limits of which 36 were in the lower price ranges. As credit tightened up by April 2008, only 29 homes sold within City limits of which 13 were in the lower price ranges.  As a result of the $8,000 tax credit for first time home buyers, we see the number of lower priced homes sold in April 2009 jump from 13 to 21, a 50% increase.

Most of the rest of the market has either remained stagnant or has gone down as is the case with the sales of condos in the City and County. They went from 33 to 29 to 18 respectively for the years 2007, 2008 and 2009.

Due to the credit crunch, sellers of homes in the lower price ranges are not moving up to pricier homes as was the case in the past, instead they are moving into rental properties. As a result, the stimulus is not having the far reaching impact expected. In November of this year, the $8,000 tax credit program will end, the National Association of REALTORS is pushing to have it extended for at least another year, however it is too early to tell whether Congress will agree. In my opinion, the future is still shaky, though steps are being taken to help improve the housing market.

With prices down and interest rates at a historic low, this is a great time for Buyers, who can qualify for a loan, to buy.


Renting or Buying: Advantages and Disadvantages

If you are considering buying a house, one of the first decisions you need to make is whether buying a house instead of renting one is the right direction for you. Since owning a home is the "American Dream", many people simply assume that it's always to their advantage to buy a home, and for most, it is. Take a moment to review the following table to see how your situation fits in. Items in the green boxes are advantages and in the red boxes are disadvantages.

Renting

 

Buying

Advantages

 

Disadvantages

More fixed costs for the
term of the lease

 

Variable costs

Not gaining equity,
but not losing it either

 

Equity may go up, down, or stay stagnant

When the lease is up,
you can just move

 

If you want to move, home generally must be sold

There is generally less work in maintaining a home or apartment

 

Work needs to be done by you--or paid for by you

Smaller amount of "up-front" cash

 

Generally a larger initial investment--the downpayment

Disadvantages

 

Advantages

No matter what happens with the value of the home, you will never gain equity

 

Over time, the mortgage balance decreases and equity builds, even if the value of the home does not increase

Limited--or no--ability to personalize
your living quarters

 

The ability to remodel and redecorate the home to match your needs and desires

No tax advantage to renting. Your landlord gets any and all tax breaks that are available

 

There can be tax advantages attached to home ownership. Consult competent legal and/or accounting advice for details for your situation


NEW MEXICO FUN FACTS AND TRIVIA

  • Roswell, the state's 4th largest city, was founded in 1869 when a professional gambler established a lone store on the cattle trail.
  • Moon rocks can be found at the International Space Hall of Fame, located in Alamogordo.
  • Tens of thousands of bats live in the Carlsbad Caverns. The largest chamber of the Caverns is more than 10 football fields long and about 22 stories high.
  • Taos Pueblo is located 2 miles north of the city of Taos. It is one of the oldest continuously occupied communities in the United States. People still live in some of the 900 year old buildings.
  • New Mexico's largest city, Albuquerque, was founded in 1706 as a Spanish farming community. It was named after a province in Spain.

Shalizi Real Estate | 2199 Candelero Street | Santa Fe, NM 87505
(505) 474 4203 | www.ShaliziRealEstate.com

 

We specialize in Santa Fe real estate, including primary residences, luxury homes, second homes, horse properties, studios, and all other types of residential property.  We serve you in Santa Fe, Espanola, Taos, Los Alamos, and all of Santa Fe County.  Baro Shalizi and the Shalizi Real Estate agents help you find and buy the home of your dreams.

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Baryalai (Baro) Shalizi, ABR, CIPS, CRS, ePRO, GREEN, GRI, RSPS
Qualifying Broker
Shalizi Real Estate
2199 Candelero St.
Santa Fe, NM 87505
 
2005 Santa Fe Realtor of the Year
2008 President, Santa Fe Assoc of Realtors
 
Office (505) 474 - 4203
FAX  (505)
471-3132
Email: shalizi@aol.com
 
 
Site Photos:  ©Prita K. Shalizi, all rights reserved
 


© Baryalai Shalizi, all rights reserved.