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Shalizi Real Estate

October Statistics
 
While the housing market struggles to stabilize, unemployment continues to grow. Uncertainty abounds and the results can be seen in Santa Fe's real estate sales. We see moderate gains year over year for the month of October in terms of single family sales both in the City and the County, however at the same time condo and townhouse sales have dropped.
 
The median price continues to drop which indicates that overall prices are still soft. With the extendsion and expansion of the Tax Credit program, low mortgage interest rates, the opportunities for Buyers to obtain a good home at a reasonable price continue.
 
 

This Month's Featured Property
 
1002 Hickox
$312,900
3 Bedrooms, 2 Baths
~1500 square feet
 
Newly remodeled 3 bed 2 bath semi-attached adobe home on corner lot. Two main entrances, separate entrance to one bedroom that could be an office. Fireplace, carpeted bedrooms, laundry room, basement. Walled in garden, with fruit trees. New exterior stucco. Carport.

"The City Different" is not interchangeable with other towns . . . The Collector's Guide offers some suggestions on what to expect when you are in Santa Fe. And while you are here check out our website or call us at 505.424.4203 to see what is availble for purchase in Santa Fe.

National Association of Realtors Annual Conference
 
The National Association of Realtors held its Annual Conference in San Diego this year. Thousands upon thousands of Realtors attended the Conference injecting some much needed money into San Diego's economy.
 
As always, there were hundreds of classes offered, governance meetings and economic forecasts for both the residential and commercial markets. My favorites have always been the International events. This year was no exception with real estate practitioners from over 50 countries attending. There are currently great opportunities to invest in real estate overseas and due to the weak dollar and the low real estate prices in the US, many foreign investors are flocking to the US.
 
According to the economic gurus, it would appear that the residential market has a good chance of stabilizing over the next year or two, i.e sales will not continue to go down, though prices may for a little while longer. We may then see a couple of years of the market remaining relatively flat before modest increases appear.
 
On the other hand, the commercial market seems to be in for a very difficult time as numerous buildings come up for refinancing. Unlike, residential real estate where an Adjustable Rate Mortgage (ARM) adjusts for a couple of years and then remains at that rate for the remaining term of the loan, commercial loans though amortized over a long period of time have a Call Date where they have to be refinanced. Generally Call Dates run 5 - 10 years. As a result, many properties that were purchased in 2005 - 2007 at the height of the market with abundant money available for loans will be due for refinancing in 2010 - 1017. Now, unfortunately, value has come down and credit is less available making it close to impossible for most to refinance. This could create an enormous strain on the real estate market and the economy as a whole as more and more commercial properties go into foreclosure or stop paying on their loans.
 
At the moment, there are a significant number of both residential and commercial properties that are behind on their payments but have not been foreclosed on either due to the lack of staff at the lenders or because the lenders don't want the bad loans reflected on their books.
 
Should lenders foreclose on these properties, they face a two fold dilemma -- one the one hand, it devalues their assets which means they have to have more reserves to offset the bad loans further tightening the lending market, on the other hand, they will have to flood the market with these properties in order to recoup some of their investment thus further exacerbating any effort at stabilization.
 
What a dilemma, I would not want to be a lender these days.
 

We all know this is the flag of the State of New Mexico. But did you know that...
  • The yellow field and red symbol colors are the colors of Spain?
  • That the flag was first brought to New Mexico by Spanish explorers in 1540?
  • On New Mexico's flag we see a red sun with rays stretching out from it. There are four groups of rays with four rays in each group. This is an ancient symbol of the Zia People.
  • The Zia believed that the giver of all good gave them gifts in groups of four. These gifts are:
  • The four directions - North, East, South and West
  • The four seasons - Spring, Summer, Fall and Winter
  • The day - sunrise, noon, evening and night
  • Life itself - childhood, youth, middle years and old age
 
All of these are bound by a circle of life and love, without a beginning or end.
Baro Shalizi
Qualifying Broker
ABR, CIPS, CRS, e-PRO, GREEN, GRI
shalizi@aol.com
Cell: 505-670-8431
Office: 505-474-4203
Michael Smith
Associate Broker
ABR, CRS
michaels_mith@msn.com
Cell: 505-310-4220
Office: 505-474-4203
Gail Samota
Associate Broker
e-PRO, GREEN, RSPS, TRC
mailto:gail@gailsamota.com
Cell: 505-603-5450
Office: 505-474-4203
Shalizi Real Estate | 2199 Candelero Street | Santa Fe, NM 87505
(505) 474 4203 | www.ShaliziRealEstate.com


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