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Home Price Reports Show Further Declines

Bob Burbic — Thu, 08 Dec 2011 16:35:47 +0000

Price indexes from CoreLogic and Lender Processing Services both recorded continuing declines through the month of October

An article posted today from DSnews.com reads:

“CoreLogic’s study shows national home prices dropped 1.3 percent between September and October, marking the third straight monthly decline.

The company puts October home prices 3.9 percent below their year-ago levels. That follows a decline of 3.8 percent in September 2011 compared to September 2010.

“Home prices continue to decline in response to the weak demand for housing,” commented Mark Fleming,

CoreLogic’s chief economist. “While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance.”

Fleming says looking forward, CoreLogic’s forecasts indicate flat growth through 2013 for residential home prices.

LPS says its preliminary data indicates the same downward trajectory for home prices, with a 1.1 percent month-over-month decline for October, coming on the heels of a 1.2 percent drop in September.

Kyle Lundstedt, managing director for LPS Applied Analytics, says the latest data is consistent with seasonal patterns occurring since 2009.

“Each year, prices have risen in the spring, but revert in autumn to a downward trend that has not only erased the gains, but has led to an average 3.7 percent annual drop in prices to date,” Lundstedt explained.

LPS’ latest index of average national home prices continues the downward trend begun after the market peak in June 2006, when the company says the total value of U.S. housing inventory stood at $10.6 trillion.

The value has declined 30.2 percent since that peak to $7.56 trillion.”

The above article portrays a fairly accurate picture of the Real Estate market in Santa Fe. Demand through the fall has been weaker than anticipated resulting in continued seller price reductions. Inventory levels remain high and the release of foreclosed properties seems to be picking up. Expect home prices to decline in Santa Fe until we see buyer activity improve. A good trend – Overall, new listing activity has been slowing down since September. There may not be a stampede of buyers, but there is also no surge in new listing inventory.

For more information on the Santa Fe Real Estate market contact Bob Burbic at 505 670-9399.

Price Reduction at the Club Casitas in Las Campanas

Bob Burbic — Wed, 07 Dec 2011 21:22:49 +0000

NEW Price, now $689,900. An incredible opportunity to purchase in the Casitas at Las Campanas! Close to the clubhouse with care free living this home has two master suites in main house, plus a one bedroom casita perfect for guests or home office. The elegant kitchen is a cooks dream and opens to the expansive light filled great room. Wonderful outdoor courtyards are perfect for entertaining. Enjoy views of the Sunrise golf course and the Sangre de Cristo Mountains

See the complete listing
Call Bob Burbic for details at 505 670-9399

$50,000.00 PRICE REDUCTION IN EL CORAZON

Bob Burbic — Tue, 10 May 2011 18:50:58 +0000

103 Catron St #67

JUST REDUCED TO $599K AND NOW THE BEST VALUE IN ELCORAZON, Santa Fe’s preeminent downtown address. This one of a kind property is loaded with upgrades including finished plaster walls, 2 kiva fireplaces, stainless steel appliances, granite counters, slate floors & refrigerated air, plus two private covered patios! Each bedroom of this 1515 square foot home features an en suite bath. With location, class, superior pricing & investment income, plus the security of a gated community, directly across from the convention center, this property has it all. 2BR/2.5BTH, The property is expertly managed and maintained, making this a truly care free ownership experience. Zoned BCD for short term rental, 2BR/2.5 BTH, secure underground parking. TO SEE MORE OF THIS HOME CLICK 103 CATRON UNIT 67 OR CALL BOB BURIBC AT 505 670-9399 TO SCHEDULE AN APPOINTMENT.

JUST LISTED LAND IN SANTA FE

Bob Burbic — Mon, 09 May 2011 15:56:47 +0000

15 MINERAL HILL – SANTA FE, NM

Sangre Views from the lot

This is the lowest priced lot on an acre or more of land in Santa Fe in all of area 27, South of I-25. It’s also the most spectacular lot available at any price! Enjoy both Sangre and Jemez mountain views from this 2.2 acre Estate Lot in Rancho Viejo. To see more of this listing click 15 Mineral Hill or call Bob Burbic at 505 670-9399.

JUST LISTED CONDO IN SANTA FE AT EL CORAZON

Bob Burbic — Fri, 06 May 2011 17:45:15 +0000

103 CATRON STREET UNIT 67

Simply the best at El Corazon de Santa Fe. 2 bedrooms, 2.5 Baths, 1515 sqft. Gated and secure compound, with private parking garage. Literally steps from the Santa Fe plaza and convention center. An excellent vacation getaway home or short term rental. To see more of this fabulous Santa Fe home click 103 Catron St unit 67 or call Bob Burbic at 505 670-9399

Just Listed Home in Santa Fe at Rancho Viejo

Bob Burbic — Fri, 06 May 2011 17:12:14 +0000

30 CANADA DEL RANCHO

A great home in Santa Fe awaits. Located in Rancho Viejo, Santa Fe’s top master planned community. You’ll enjoy acres of open space and miles of walking trials. Located close to shopping, schools, health care, plus easy highway access makes this the ideal subdivision in Santa Fe. The home is 3000+ sqft, with 4 bedrooms formal living and dining plus a dramatic great room. Located on a walled and landscaped premium view lot. To see more click 30 Canada De Rancho or call Bob Burbic at 505 670-9399

Las Campanas Homes – Active, Pending and Sold for March 2011

Bob Burbic — Wed, 20 Apr 2011 14:44:37 +0000

Las Campanas Market Update:

We continue to see improvement at Las Campanas as six homes moved from listed to under contract status in March.

Three homes sold this March, one more than March 2010.

Six homes under contract is great news! This is a dramatic improvement from last year, as we had just 4 sales during the months of April and May 2010. The number of homes in Las Campanas under contract demonstrates a very positive spring with momentum building for strong luxury home sales in Las Campanas.

Listed homes took a dip from 95 down to 93. Expect to see this number rise as inventory reappears for the Santa Fe summer sales season.

Another good month in Las Campanas!

Las Campanas Activity Report February 2011

Bob Burbic — Tue, 15 Mar 2011 15:16:37 +0000

Las Campanas Market Update:

We continue to see improvement as 5 homes moved from listed to under contract status in February at an average listed price per square foot of $286.

Two homes sold in February, equal to the number of sales during February 2010.

Very good news is 5 homes under contract This is a dramatic improvement from last year, as we had just 4 sales during the months of March and April 2010. Based on the number of homes in Las Campanas under contract we should place ahead of last years first quarter sales.

Listed homes took a dip from 117 down to 95 primarily from the temporary removal of the builder/developer homes in Los Santeros. Expect this inventory to reappear.

Again another good month in Las Campanas!

First Report

Bob Burbic — Wed, 16 Feb 2011 20:34:07 +0000

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Santa Fe Luxury Home Sale Trends

Bob Burbic — Thu, 10 Feb 2011 23:56:25 +0000

Another indicator that Luxury Home sales in Santa Fe are improving!

In the Santa Fe MLS, 11 single family homes sold in January of 2011 versus just 3 homes in 2010. Our market has also experienced a significant increase in the average sold price from a dismal $1,389,335 in 1/10 to $1,675,409 in 1/11.

This is a positive trend and great news for Las Campanas and the overall Santa Fe real estate market.

More good news: Since 1/1/11 through 2/8/11 we have seen 15 homes priced above $1MM go Pending or Under Contract.

Prices Still Falling:
As of today we have 258 listed homes above $1MM in the Santa Fe MLS.

The average listed price of homes under contract is $1,670,000 (excluding one $13MM transaction). This number is slightly below recent solds and demonstrates that sellers are reducing prices to meet the market. Based on historic sold to list price ratios expect to see the final average sale price to be less, but still significantly above solds form the same period last year.

Increased Sales:
The increase we are seeing in sales is happening all over the county! Consumer confidence is coming back, Wall Street is flush with cash and many are spending profits realized during the past two years on real estate. Buyers are stepping up and taking advantage of the best opportunities of a lifetime. More and more sellers are pricing their homes to meet the market, realizing now is the time to sell.

Bottom Line:
We have incredible inventory levels that will take years to absorb. For sellers who have correctly priced their homes the long wait seems to be coming to an end. Buyers have finally arrived! For sellers not in the “sweet spot” your wait will be longer.

Buyers and Sellers: If you are looking for advice on how, when and at what price you should buy or sell contact me, Bob Burbic at 505 670-9399. I always look forward to the opportunity to help be your guide through what has become the most exciting real estate market of our lifetime!