There is a lot of conversation these days about the new market reality. In 2006, home sales were easier, loans were no problem, and home values went up each year. I know, this is not “Breaking News”, but there are lessons to be learned, especially for agents, home sellers and owners. The following article, “Dry Your Eyes and Lower the Price”,  from the New York Times Real Estate section,  shows how it sometimes “pays”…. to lower the price.

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As I have mentioned before, there are a lot of potential home buyers on the sideline, looking for deals steals, and trying to gauge a market bottom. Nothing new with this strategy ( buying as low as possible ) especially in light of today’s uncertainty in the market.

The “experts” continue to weigh in, and I thought I would pass on a few points taken from today’s online article When home Prices Hit Bottom, over at CNNMoney.com .

1. If you are thinking of selling, you might want to wait due to high inventory & lower prices
2. Nationwide, home prices may hit bottom in late 2009, assuming government action works.
3. Recovery may be gradual. Prices may not return to 2006 levels for another decade.
4. Buyers need to think long term, take advantage of record low interest rates, and know thy market.

The Ruidoso area market is seeing signs of recovery, as buyers take advantage of the current market conditions (high inventory, motivated sellers and great interest rates).  In general, sellers in our market are not as desperate to sell and/or reduce prices, as in markets such as Phoenix, AZ  or Las Vegas, NV where foreclosures are common. The media reporting on these areas would lead one to believe that all sellers are distressed, and we may have a few sellers that are, but most sellers in our area will only accept offers that are reasonable.

It is important to remember that “real estate is local” and all buyers and sellers should follow their local market conditions, and weigh the factors necessary to make informed decisions.

I will continue to provide in depth analysis of specific areas within our market as well as historic data on local subdivisions.  If you would like information on an individual property or subdivision, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

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In looking at the current market for homes and town homes for sale in Alto Lakes Golf & CC,  I thought it would be interesting to compare the current stats to those reported in Aug, 2008 in Buyers Market in Alto – Aug. 2008 .

UPDATE: Sept. 2010:  View Homes for sale in Alto Lakes Golf & County Club

View recent articles – Alto Lakes Golf & Country Club – Real Estate

The number of site built homes,  with a full golf membership,  currently listed is 110, as compared to 82 in Aug. 2008.  The current median listing price for this group is $366,000 as compared to $407,250 back in August. The median price per sq. foot has dropped to a current price of $169 down from the previous number of $180 / sq. ft. The median listed home size is 1600 sq. ft. as compared to 2256 sq. ft. in August.

There are 26 homes currently listed in Alto with a social membership. The median listing price is  $356,000 with a median sq. ft. price of $167.  These numbers are down slightly from August, 2008 when the median price was $359,000 and price per sq. ft was $169, for the 23 properties that were listed then.

There are currently 8 town homes and condos  listed in Alto. Median price is $288,750 as compared to $399,000 in August. All but one of these properties have a Full Golf Membership.

If you would like to receive a list of all properties for sale in Alto Lakes Golf & Country Club, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

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Looking at the current listings for Alto Lakes Golf & Country Club, there is still ample inventory of available site built homes, and lots for sale. There are currently 82 homes, (with Full Golf Membership ) for sale in Alto Lakes Golf and Country Club, with prices ranging from a low of $219,999 to a high of $1,695,000 and the median price is $407,250. The median home size is 2256 sq. ft. The median sq. ft price is $180.50.

Alto Social Membership homes – show 23 current listings, ranging from $225,000 to 785,000 and a median of $359,000. Median home size is 2119 sq. ft. Median sq. ft price is $169.40.

Town homes and Condos in Alto – currently there are 9 properties listed, from a low price of $219,000 to a high price of $589,500 and a median price of $399,900. All but one of these properties have a Full Golf Membership.

Subdivision lots – Full Golf Memberships in Alto Village are currently at 66 listings available, from a low price of $34,500 to a high of $250,000. the median price lot in Alto is $57,000. Median number of days on market is 260. Social Membership lots number 42, and range for a low price of $15,500 to a high of $550,000, and a median price of $30,700. Median number of days on market is 144.

New construction cost: New homes listed in Alto currently number 22 properties, listed at a median sq. ft price of $190.00 / ft. Higher priced new construction homes ( median price $785,000 ) will are listed at about about $210.00 per ft.

With older homes priced at $167.00 per sq. ft., there may not be too much additional drop in price for bargain hunters. Alto Lakes continues to be one of the areas strongest residential markets for investment and appreciation. There are many benefits to ownership in this area including Golf & CC membership, strong covenants, views, and location.

National trends in real estate suggest a “buyers market”. A recent report from the National Association of Realtors, and reported by Bloomberg, says that in the second quarter of this year, existing single family home sales fell to a 10 year low, and the median price of a home declined 7.6 %. The market in Ruidoso and Alto is obviously off the highs of a few years ago, however, it has not been hit nearly as hard as some markets such as California and other areas where foreclosures and short sales are widespread. In comparison to other Rocky Mountain resort areas such as Durango and Telluride, we still have some very attractive home prices.

In summary, the larger supply of available homes for sale, longer days on market, higher cost of new construction, along with national real estate trends would suggest that sellers should be more motivated. Feel free to contact me to discuss any specific properties or market trends.

If you would like more specific information on Alto Lakes Golf & Country Club homes or lots, please email me at mary@ruidoso-homes.com, or call me at 575-937-5229.

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