Market Conditions
Santa Fe’s State of the Luxury Home Market
By Nobel Davis, Broker
 

Residential Sales
The most often asked question I receive from guests of Santa Fe, as well as current residents is,” How’s the real estate market?”  

In most cases, my answer is different than what they’ve heard or read elsewhere. By separating and analyzing the luxury home segment of the market—our specialty, the picture begins to change.  

Northwest Quadrant
Santa Fe has been blessed with several beautiful, new developments during the past several years. Located in the northwest quadrant in the county of Santa Fe – Las Campanas, Los Santeros, Aldea de Santa Fe, Tierra Preciosa, Sundance Estates, La Mirada, La Mariposa, La Serena, La Tierra, Las Dos, Puesta del Sol and Sonrisa subdivisions have provided us with many new homes to market. These areas are located only 10-15 minutes from Santa Fe’s downtown Plaza and most offer outstanding views. Prices begin at $429,000 for a patio home in Aldea de Santa Fe. At the other end of the spectrum, in Las Campanas, a 11,839 square foot home is being offered for $12,250,000. Out of a total of 668 luxury homes on the market today, Las Campanas subdivision has the greater percentage, 10%, of homes currently offered for sale, followed by the eastside/historic eastside’s 8% of the luxury home market. 

Northeast Quadrant
In the northeast areas of the city, recently completed subdivisions include Sierra del Norte, Los Cerros Colorados, and portions of The Summit. These communities have added another 8 new homes to our luxury home market recently. Prices start at $795,000 in Sierra del Norte and go up to $2,595,000. The lower end of the Los Cerros Colorados subdivision is currently 820,000. Homes in The Summit are being offered between $1,050,000 to $4,250,000 

Along with the demand for the quality of life that Santa Fe offers, the increase in inventory has created a record breaking year in Santa Fe’s luxury home market. The number of homes sold during Jan-Aug of 2005 increased by 24% over the same period in 2004. More remarkable is the increase in the median price between 2004 and 2005. This year the median price of luxury homes sold is $714,000, up 24%!  

For more information about these or other developments, email me: Nobel@SantaFeExclusives.com, or call me toll free: 888.300.5580 

Condos/Townhomes
As with single family homes, the condominium and townhome market presents exciting new possibilities. There are three noteworthy luxury developments described below. 

Bishops Lodge Villas is a 34-unit pueblo-revival style freestanding townhome development, located in the Rio Tesuque Valley north of Santa Fe. Amenities include walled patios, exquisite Santa Fe style finishes with beamed ceilings, plaster walls, fireplaces, tile and brick floors and plenty of windows to capture the sweeping panoramic views with fabulous sunsets. The property is gated and back to 200 acres of open space adjacent to the Santa Fe National Forest. There are 8 units currently available. Two bedroom/two bath units begin at $525,000; three bedroom/three bath units are priced from $615,000 to $745,000. 

Another development, El Corazon de Santa Fe, is located in the heart of Santa Fe’s Historical, Cultural and Commercial center across from the downtown post office. El Corazon is a 72-unit Master Planned residential community. There are 2 two bedroom/3 bath units currently offered for $710,000, and 1 two bedroom/2 bath for $788,000. Underground parking will be provided. Completion is near, but you don’t have to wait to secure your unit. 

Lastly, the Rosario Hill Compound is a 26-unit luxury condo development located 7 blocks from Santa Fe’s downtown plaza. Amenities include stone floors, refrigerated air, Jennair appliances. They are architecturally designed and have either a 1-car garage or carport. Completion is excepted in December of 2005. There are 4 units offered now, beginning at $399,000 for a one bedroom/1 bath unit to $665,500 for a two bedroom/two bath unit. 

For more information about these or other developments, email me: Nobel@SantaFeExclusives.com, or call me toll free: 888.300.5580 

Sales of luxury condos and townhomes during the past fiscal year have exceeded last year’s reported sales by 27%. Supplies of completed units in Las Campanas and the northeast and northwest sections of the city are more limited than usual. 

The Santa Fe real estate luxury home market is wonderfully healthy as the demand for homes continues in what many describe as one of the best cities in the world. 

Did you know???
In 2004, Santa Fe was rated second in the Condé Nast Traveler magazine’s Reader’s Choice Awards” as one of America’s top ten travel destinations for the thirteenth straight year! Up against competition like New York and Honolulu, this is no small feat for the City Different. Cities were rated on their ambience, friendliness, culture/sites, restaurants, lodging and shopping. With Santa Fe's unique combination of climate, history, people and landscape it's no wonder.  

Santa Fe was rated number ten on the World’s Best Cities list by the readers of Travel and Leisure magazine in August, 2003. 

Santa Fe was named one of ‘Ten Dream Towns” by Outside Magazine in its September, 2001 issue. 

Santa Fe was rated one of the Top Ten Places to Retire by Money Magazine in July, 2000. 

Santa Fe was rated one of “The West’s Best Places to Live” by Sunset Magazine in the spring of 2002. 

Santa Fe was voted number two in the Top ten Art Destinations for 2002 by American Style Magazine. 

Santa Fe was noted number four in Travel & Leisure magazine’s Best American Cities for 2002., as well as their fifth most popular North American travel city. 

In April of 2003, AARP Magazine named Santa Fe one of the 15 best places in the country to “reinvent yourself”. 

Santa Fe appeared in the “10 Best Places for Business and careers” as determined by Forbes magazine in the May 2003 issue. 

Where to Retire magazine listed Santa Fe as one of “Eight Great Tax-Friendly Towns” in its Winter 2002 issue. 

Santa Fe was named as one of the slimmest cities in the country and Men’s Journal named Santa Fe its number 5 Best Places to Live. 

Santa Fe was rated American’s Healthiest City by Organic Style magazine in September 2003. 

Source: Santa Fe Chamber of Commerce 

Note: Data for this market report was compiled from information provided by the Santa Fe Association of Realtors as of August 19, 2005. For purposes of this report, prices of homes in the luxury home category begin at $500,000. Sales data for the following outlying communities was not used in this report: South Santa Fe County (Edgewood-city), San Miguel county, Cochiti/Pena Blanca, outside county, Espanola-city, Fairview, San Pedro, La Mesilla, Chima/La Puebla, Velarde, Truchas, Dixon, Abiqui, El Rito, Chama, Youngsville, Hernandez, Jemez, Los Alamos, Tsikumu Village, White Rock, La Senda-Pajari, Glorieta/Canoncita, Pecos/Rowe, LaCienega, Madrid, and Cedar Crest.