Ruidoso Get-away… Cabin or Condo ???
April 3rd, 2008 categories: Condominiums, Ruidoso real estate
As summer approaches, I’ve received an increasing number of calls from people planning to visit Ruidoso over the next few weeks with thoughts of purchasing a “summer get-away”. In most, but not all cases, these folks are coming from somewhere in Texas and their primary goal is to purchase a second home that they can use in the summer to escape the heat. Most are not wanting to spend over $150,000, and many have a secondary goal of renting their property out on a nightly basis, to help recoup some of the expense. Most people are picturing a rustic but updated log cabin located on at least an acre with a creek running through it. Oops…we’re talking about $150K here, so lets get back to reality….
One of the questions I ask people in this situation is “are you willing to consider a condominium”. The reason I ask this, is that in this price range, you can often get a lot more “bang for your buck” with a condominium. Ruidoso has many nice condominium complexes… and a couple that are “not-so-nice”. Currently, there are 42 condos listed for under $150,000. Listing prices range from $59,900 for a 1 bdrm, 1 bth, 480 sq. ft. to $129,000 for a 2 bdrm, 1.5 bth, 1000 sq ft.
The majority of the condo complexes in the area were built in the late 1970’s and early 1980’s, but most have been very well maintained. (Over the next few months I will be blogging about pros and cons of the various complexes, so check back often if this is an area of interest to you). Condos, do of course have monthly or quarterly condo association fees, which can range from $50 - $400 per month. In most cases, the higher the monthly fee, the more the condo association will take care of ; this can include roofs, exterior siding, exterior insurance, grounds maintenance, snow removal, and in some cases even water/sewer and basic cable. If you are an absentee home owner, sometimes the peace of mind of knowing that your property is being maintained and that you don’t have to spend all of your vacation time doing “honey-dos”, is easily worth the monthly fee.
But I know some of you are the independent type, and you don’t want neighbors 3 ft away, or a condo association telling you what you can and cannot put out on your front porch. A rustic cabin may be a better fit for you. I sold some wonderful old
cabins in the Upper Canyon last year. One was built in 1929, and as charming as can be. In the $150,000 and under range however, you are normally going to be looking at something very small and/or something very “rustic” (i.e. fixer-upper). Currently, there are 28 listings in Ruidoso for site-build homes under $150,000 ranging from $35,000 for a 1 bdrm, 1 bath, 380 sq ft, to $149,000 for a 3 bdrm, 2 bth, 1170 sq ft. Be forewarned, these properties will NOT have granite counter tops or carpet laid in the last 30 years. They are likely to have Harvest Gold or Avocado Green appliances, but it you are willing to visualize and invest a little TLC, you might be able find a bargain.
Below is a chart that shows the change in price per square foot for condos, compared to cabins (2/2, up to 1500 sq ft) for the last 4 years. The appreciation rate is very close. For cabins it is 17% over the last 4 years, and for condos it was 18%. Not bad when you compare it to the stock market or CD rates these years, plus the priceless memories that you will create with your family over the years!
If you would like more specific information on cabins or condos in the area, please contact me at mary@ruidoso-homes.com
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