Albuquerque Real Estate is a website dedicated to giving you information about the Real Estate market in the Metropolitan Albuquerque, New Mexico Area. This website not only contains Albuquerque Real Estate information, but information we feel the average person would need to learn about the Metro Albuquerque Area. This site has information about homes, schools, libraries, local government, the local Indian Pueblos, Albuquerque Botanic Gardens, maps, guides, real estate, and much more. Sit back and take your time and view our virtual tour of the Metro Albuquerque Area: Albuquerque, Rio Rancho, Placitas, Corrales, and the East Mountains- Patrick F. Montrose - REALTOR®.
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Table of Contents: click on a topic |
Albuquerque and The Land of Enchantment: For more information: Click on Albuquerque- Rio Rancho- The East Mountains- Placitas- Corrales
Relocating to the Metro Albuquerque, NM area? Selling your home? Buying another home in the area? Looking to buy an investment property? Well, welcome to the Montrose team, we are ready to assist you with your next real estate transaction. We do real estate the way real estate should be done - we care about our clients, treating them like friends and family. We follow every transaction from start to finish, troubleshooting any problems to avoid those last minute stressful situations. It's hard enough moving into a new area, but to find the "perfect" home you can use some friendly and experienced help. Whether you're buying or selling Residential real estate (both resale and new construction), Commercial, or Vacant Land (even a Bed and Breakfast), contact us. With over a decade of experience in the Metro Albuquerque Area real estate market, you can be assured of a knowledgeable, professional, and experienced Realtor. We stay on top of the ever changing rules and regulations by attending continuing education courses on a regular basis to better serve our clients. As a veteran I can even help with military relocation and I'm on the F.E.R.S. list of approved Realtors. I'm associated with another Realtor, so if the situation calls for it, there is always another Realtor to back me up. This will insure full coverage on every transaction, with at least one of us available to answer your questions and guide your transaction. Check out our "client referrals" to see how our past clients feel about us. "Client Referrals". If you are unfamiliar with the Albuquerque, NM Area and would like a description, with pictures, of each neighborhood within the entire Metro Albuquerque Area, please click here to go to that web page. Clients have told me that they have found this page very helpful in choosing areas that may interest them for possible relocation. Albuquerque is in the middle of a Buyer's Market, so if you are thinking about Buying a home in the Metro Albuquerque, NM Area, now is the time to move ahead with the process of purchasing a home. Please feel free to call or e-mail me for more information about current market conditions in the Metro Albuquerque Area. Coldwell Banker Legacy New Mexico: *What percent of Coldwell Bankers Legacys listings have sold in the last 12 months? - 92% (national average is 85%) *What was the average time it took to sell those listings? - 34 Days *What was the average sale price for those homes? - $212,504.00 *What was Coldwell Banker Legacys list-price to sale-price ratio for those homes? - 98.22% Search the Metro Albuquerque MLS: Click here! and don't forget to return to my website. You can use the "back arrow" in the extreme upper left hand corner of your Internet Browser to return to this website or click on Favorites (a star in the latest version of Internet Explorer) or simply reenter my website address, "www.patmontrose.com." We can provide you a breakdown of the average priced home in the various areas with the Metro Albuquerque, NM Market. We maintain a relationship with New Home Builders and keep an up-to-date file on the amount of money down that is required for investors and can help in identifying those "Investor Friendly" builders. Builders encourage Buyers to be accompanied by a Realtor, so we can bring you to their model homes to see their style of construction and help in the contract writing phase of the purchase. Builders in New Mexico do not charge a premium if you are working with a Realtor- the home price is the same if you are working with a Realtor or go into the development on your own. In most cases, we have saved Investors money at the closing table; if you are from out of state, we can be eyes and ears locally and monitor the construction process for you. We have even attended the final "walk through" of the home, the last step before the closing of the sale. We have a 100% financing option made available by a local lender, with NO PMI for investment properties. The interest rate and monthly payment is lower than a 80/20 non-owner program; this mortgage option is available through one of the lenders our clients have used in the past and is currently available for investment purchases. For more detailed information about investing in the Metro Albuquerque, NM market, please click here to go to that page of my website. Currently, the only homes selling in Rio Rancho Estates are those in totally undeveloped areas for very small sums of money or those located within the city limits of Rio Rancho and that have full infrastructure (not all lots within the city limits have streets, utilities, electricity, etc and when the city brings in the infrastructure they are assesing individual lot owners for the section for the improvments that extend along the street side of their properties, these assesments can run as high as $22,000, payable over 10 years), those lots may sell to someone who is interested in building a home that has the utilities and roads already in. Unless the money is really needed at this time, i would wait until the Area goes through a correction, settles down and investors and regular Buyers start contacting Realtors for listed properties. Are you thinking about living in the East Mountains? The East Mountain communities are just a short drive away from Albuquerque, with country living in Sandia Park, Cedar Crest, Tijeras, Edgewood, and Moriarty. There are both high end developments and small cabins, so just about every price range is covered. For information about an area where land is measured in acres instead of feet, click here for information about East Mountains Real Estate, one of the fastest growing areas in the Metro Albuquerque Area.
Ski information for the State of New Mexico. (click here)
Stats, annual snowfall, number of trails, number of lifts, and more. We are
constantly adding new information, please bookmark this website for the latest
updates. If you have new information on ski sites, please contact us.
What's Happening in the Metro Albuquerque Area? If you know of an event occurring in the Metropolitan Albuquerque, New Mexico Area, please send me an E-mail with the details and we'll place it right here on our website. We try to make our website as informative as possible, and we rely on our visitors to let us know "What's Happening?".
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Technology alert!: We carry a laptop with us that contains the entire Multiple
Listing System. EVERY home listed by every real estate company in the Metro Albuquerque, NM Real Estate area has
been downloaded to our laptop! (We update the listings every night) We can
send MLS Listings directly to your e-mail address or fax machine. We have added the Multiple Listing System to our PalmOne Zire PDA!
I can now bring up information about every home and land parcel on the market as we drive by it, answering your questions about
price, size, and other informative details about the property. If you need
information, we'll gladly e-mail it to you as a PDF File or Word Doc, whichever works best for you. PDF Files can not carry
a virus, so we tend to send PDF Files, unless a Word Document is requested. I even e-mail copies
of Purchase Agreements, Inspections, Counteroffers, etc. directly to your mailbox as a PDF File. As the real estate
industry goes further into the technological age, we try to stay in step with it to better serve our clients.
Trivia Fact - In the first 12 months after building a new home owners spend an average of $8,905
and buyers of existings homes spend and average of $3,766 on their home and grounds.
Quick Metropolitan Albuquerque, NM Real Estate Facts:
* Less homes owners stopped making mortgage payments in the first half of 2007 than did in the first half of 2006.
* Foreclosures rose 58%, in the first half of 2007, nationwide but DECLINED 30% in New Mexico.
* New Mexico averaged 1 forclosure for every 395 households, the national average is 1 in every 134 households.
* It has been estimated that as much as one fifth of foreclosures are started on investor groups rather than primary residences.
What does this mean? The Metropolitan Albuquerque Area continues to grow, mortgages are continuing to be offered to qualified
Buyers, and homes continue to appreciate!
Home Price Analysis for Albuquerque, NM
With home prices rising strongly, in most parts of the country, there has been widespread media coverage
on the possiblity of a housing market bust. A thorough analysis of the Albuquerque metro market reveals
there is very little danger of this. In fact, the local housing market is in excellent shape, with a potential
for significant housing equity gains, particularly for homebuyers who plan to remain in their home for
the long run. This is part of the report prepared by the National Association of Realtors (NAR) on the housing
bubble and how it effects Albuquerque. For the complete report, please
Click here to E-mail me for the complete report.
Want mortgage or financial information? Please
click here.
Want investor information? Please
click here.
Last Week in Review
"IT REQUIRES A GREAT DEAL OF BOLDNESS AND A GREAT DEAL OF CAUTION TO MAKE A GREAT FORTUNE." ~ Ralph
Waldo Emerson. And a great deal of caution was definitely important last week, as "earnings season" began on Wall Street.
First quarter earnings for Stocks got off to a bit of a rough start, with disappointing news from aluminum company Alcoa - always
the first in line to report. And General Electric surprised to the downside on Friday, with worse than expected earnings and
comments on future earnings, cautioning they'd likely be lower than previously thought. The Stock market didn't like the negative
tone and lost some ground, while Bonds moved both up and down during the week - hurt by some inflationary fears, but helped
by cash coming over from Stocks. For the week overall, home loan rates ended up close to where they began.
In other news last week, "Meeting Minutes" from the March 18th Fed meeting revealed that infamous Fed Presidents
Richard "Loose Lips" Fisher and Charlie Plosser both dissented from the recent decision to cut the Fed Funds Rate,
stating that "inflation expectations could potentially become unhinged, if the Fed continues to lower the Fed Funds
Rate in the current environment." Bold comments from two who clearly believe caution regarding inflation is of the utmost importance.
And caution, rather than confidence, seems to be the word of the moment, as Consumer Sentiment for April was reported far below
expectations, representing a 26-yr low for the index. This very ugly reading suggests that consumers may be hesitant to make large
purchases, which does not bode well for future economic prospects.
Despite the dark cloud cast from the negative economic news, the silver lining is that home loan rates are once again near
levels not seen since mid-2005. But remember, these low rates can change quickly. To see how you may benefit from the current
market conditions, feel free to contact me.
Forecast for the Week
And with the word "caution" in mind...there are several reports due this week which could impact the markets and home loan rates.
Monday's Retail Sales Report will kick-off the week with some potential for volatility, and Wednesday will bring the inflation
measuring Consumer Price Index, as well as a read on the housing market via the Housing Starts and Building Permits Report.
Bonds continue to bounce around in a wide range - and remember, when Bond prices move higher, home loan rates
move lower...and vice versa. The chart below shows how Bond prices are recently moving between a floor of support at the
50-day Moving Average, and an overhead ceiling representing recent price "highs".
If you like statistics and more detailed information concerning the Albuquerque Housing Market please click here to go to that page of my website.
Statistics for Rio Rancho Estate Lots as of January 25, 2008: Number of lots on the market= 3,235 Lots
The following statistics are for ALL lots in Rio Rancho Estates, both those in undeveloped and developed areas; the lots in developed areas have a
Fair Market Value that is much greater than lots that are in undeveloped areas and they greatly effect the higher prices shown. An undeveloped lot
can be have a Fair Market Value that is only 10% of a developed lot.
Statistics for Lots currently on the market in Rio Rancho Estates:
High: $14,947,900 Low: $4,000 Median: $30,000 Average: $63,464 These are List prices NOT Sale Prices
Days on market: High: 1,246 Days Low: 0 Days Median: 108 Days Average= 155 days
Most lots in undeveloped Units are selling in the $5,000 to $15,000 range; the closer a lot is to development, the higher its
Fair Market Value.
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Need more information? Pick a topic, listed below, and just click on it. We are constantly adding new information to our website, so please check back often. If you would like to see us add another section to our website please E-mail me.with your suggestion.
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Albuquerque, NM Real Estate is a website dedicated to giving you information about the real estate market in the Metropolitan Albuquerque, New Mexico Area. This website not only contains Albuquerque real estate information, but information we feel the average person would need to learn about the Metro Albuquerque, NM Area.
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