Archive for the 'Ruidoso real estate' Category
Summer Market Stats - Recap of Ruidoso home sales
September 14th, 2008 categories: Ruidoso Market Trends, Ruidoso real estate
With the Labor Day weekend behind us, and Fall coming on, I thought we might take a look at the numbers for Ruidoso real estate during the summer months (June through August), and compare this selling season with that of 2007. Specifically, looking at residential units sold (site built homes, town homes & condos) in a price range of $150,000 to $350,000. Currently the median price for sales in this category of property is $225,000.
The total number of units closed in this time period was down 40% from 62 units sold in 2008, to 37 units sold in the summer of 2007. The total dollar volume of closed units for summer of 2008 was down 38%, from $13,794,750 in 2007, to $8,643,150 in 2008. The median number of “days on market” was up 28%, from 113 in 2007, to 156 in 2008.
The median sq. ft. price for homes in this class went down by 3% - from $140.50 / ft., to $135.20 / ft., when comparing the two summer seasons.
The market in Ruidoso has experienced a slowdown similar to many residential markets across the country. Drops of 20% to 40% are common, with exception of a few strong markets in the Mid-West and Texas that have declined only slightly, and in some cases have even appreciated some.
With buyers on the sidelines, as indicated by increased “days on market”, we are beginning to see an increase in “price reductions”, where motivated sellers are aggressively adjusting their listing prices downward. With the recent reduction in interest rates brought on by the government take over of Freddie Mac and Fannie Mae, it is finally a true buyer’s market in Ruidoso!
The following Market Snaphot - shows all residential properties listed in Ruidoso as of 9-14-08, ( sitebuilt homes, town homes / condos, manufactured homes, and fractional ownership )
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Ruidoso Land - lots and acreage
July 27th, 2008 categories: Land, Ruidoso real estate, Subdivisions
I wanted to write a brief update on land - and just a few of the subdivisions in or near Ruidoso where you can buy lots or acreage, and compare how prices and features will vary among these areas.The areas I’ll be writing about are White Mountain Meadows, Alpine Village, Cedar Creek Ranchettes and Camelot.
White Mountain Meadows is one of Ruidoso’s mid to upper priced developments. Existing site built homes in this subdivision are listed at a median price of $449,900 (prices ranging from $175K to $690K, med. sq. ft price of $163 / ft) and currently there are 19 homes on the market.
Available lots in this area are in short supply. There are currently, 6 lots listed in White Mountain Meadows, prices range from $50,000 to $99,000. (Median price is $53,500) These lots generally will be at least a quarter acre to an acre in size, and offer amenities such village water & sewer, paved roads, restrictions, views, etc.
Alpine Village located on the Northwest corner of Ruidoso, just outside the Village limits. Home prices in Alpine Village are closer to the median for the Ruidoso area. Currently, there are 5 homes listed at a median price of $269,000, and median sq. ft price is $172 / ft.
Available lots in this subdivision are also limited, with only 3 listings in the local MLS.
Prices range from $19,500 to $27,000 and the median is $25,900. Lots range in size from one third to two thirds of an acre, roads are gravel, and community water is available.
Cedar Creek Ranchettes - shown in the photo on right, is located near the National Forest boundary in the Cedar Creek area, offers lots ranging from 1.6 to 4.1 acres in size. Median price on these parcels is $164,450. This is a gated community with underground utilities and a minimum building size of 2500 sq. ft. The terrain is heavily wooded and some lots have mountain views. Roads will be paved soon, and community water is provided for most lots. Click here for more details.
Camelot - located near on the south eastern side of Ruidoso (near the “Y”), this area offers a wide range of prices and features. Current home prices here show a median listing price $439,000 and price per sq. ft of $170 / ft., with 9 homes on the market at this time. Read the rest of this entry »
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Ruidoso Condos - A Wide Range of Prices and Features
July 16th, 2008 categories: Condominiums, Ruidoso real estate
Looking for a condo this summer in Ruidoso? Currently, our local MLS is showing 141 listings of either condos / town homes in the Village. Prices vary widely from a low of $54,900 for a 640 sq. ft, older unit on Mechem Dr. to a high of $600,000 for a 2550 sq.ft. new unit at River Crossing.
Ruidoso River Resort - near downtown
( Don & Nancy Lincoln, Coldwell Banker SDC, listing brokers )
The following chart shows the current condo and town home inventory by price, price per sq. ft., and days on market ( DOM ).
Features and amenities: The lower priced condos are generally smaller units ranging from 500-900 sq.ft, often 1 bed room, and older construction built in the 1980s, or before.
The mid range group priced between $100k to $200k, will generally measure around 1000 sq. ft, have at least 2 bedrooms, and slightly newer construction. Locations vary widely on this group.
The upper end group consists mostly of the newest, largest size and most modern features. These often measure over 2000 sq. ft, built in 2007-2008, high end features such as granite counters, 3 bedrooms, 3 baths, balconies, and much more.
If you are looking for a condo for personal use, or to place in the rental pool, call or email me to discuss the current market.
If you would like more specific information on Ruidoso Real Estate, please contact me at mary@ruidoso-homes.com.
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Ruidoso Real Estate - Market Update June 08
June 18th, 2008 categories: Ruidoso Market Trends, Ruidoso real estate
So you may be asking…what IS the real estate market doing in Ruidoso New Mexico? If you watch the evening news it sounds like real estate around the country is cratering, but in reality, there are only a few states (California, Florida, Michigan and to some extent Arizona) that are really having issues with lower prices, high inventory and foreclosures. In most Midwestern and Western states prices and inventory are holding steady although not making great gains. Here is a recent assessment from the National Association of REALTORS
You can see in the tables below that for site-built, single family homes in the Village of Ruidoso, the numbers have not changed drastically from 2007. The number of units sold in March & April were actually up, but the number of sales in May were down a bit. Most people in the area will agree that there are not as many people visiting Ruidoso in May and June as there usually are, and most of us attribute this to $4/gallon gas, not a deficiency in our market. I am convinced however, that as temperatures in TX and AZ rise, that the cost of being miserable and paying to air condition a home in 100+ degree temperatures will lose out to cool mountain air and gas that costs more than we like to pay.
Ruidoso residential units sold - Mar 2008 - May 2008 ( site built homes only )
Ruidoso residential units sold - Mar 2007 - May 2007 ( site built homes only )
There are currently 329 single family home listed in the Village of Ruidoso. The average number of homes sold per month over the last year is 21.5. This gives us a current inventory of approximately 15.3 months if no other homes come on the market. Conditions are right if you are looking to buy in Ruidoso. Interest rates are still relatively low, and contrary to what you might hear on the news, people with good credit can still get loans for second homes and investment properties.
I hope this is helpful information, and if you would like an analysis of a specific town or neighborhood in Lincoln County, just let me know and I will be happy to provide it.
If you would like more specific information on Ruidoso Real Estate, please contact me at mary@ruidoso-homes.com.
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Champion’s Run Condominiums - Ruidoso Downs, New Mexico
May 22nd, 2008 categories: Condominiums, Ruidoso real estate
Champion’s Run is one of the largest condominium complexes in the Ruidoso area with 104 units. Officially, this complex is located in Ruidoso Downs, and is right next to the Ruidoso Downs Racetrack. For this reason, this complex is very popular with the “horse people”. Some of the units actually overlook the barns and work areas of the racetrack, others have great views of the mountains, east & north.
Most of the units were completed in 1984, and were originally named “Triple Crown Condominiums”. The complex got off to a rocky start, as the oil bust and savings & loan debacle in the 1980s had a heavy impact on this area, but in the last 5 years, this complex has really started to shine, and values are appreciating rapidly. The entire complex has recently been stuccoed, re-roofed, and the water system has been re-piped to allow multiple cut-offs instead of the one cut-off originally installed in the complex. Attractive river rock accents have been applied to all the chimneys, and the grounds are nicely landscaped. This complex is one of the few in town that have on-site management, and a full-time maintenance staff. Read the rest of this entry »
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Consider these factors when buying a second home
May 5th, 2008 categories: Ruidoso FAQs, Ruidoso real estate
The trend of purchasing a second home has become very popular, not just in mountain resort areas, but with vacation property across the nation, especially with the retirement of baby boomers. When evaluating a second home there are a number of important factors to consider:
- Will the home be for vacation / retirement or purely a financial investment?
- How close will your vacation home be to your primary residence?
- Recreational activities are important to most buyers. Research several areas, & compare cost, before deciding. Golf, skiing, hiking are just a few outdoor pastimes that Ruidoso offers.
- Are you planning to rent out the property? Knowing when and how long it can be rented, vacancy / occupancy rates, & property management fees will factor into the purchase.
For more tips and discussion on buying second homes, visit this recent article on HGTV.com.
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No Boom No Gloom - Ruidoso Real Estate Trends
April 4th, 2008 categories: Ruidoso Market Trends, Ruidoso real estate
Lately, there has been a lot of interest in the Ruidoso real estate market, from those who have been considering a home purchase for some time.
I’m often asked questions like “Is this a buyers market” and “Are we seeing a bottom” ?
I can’t forecast the future of real estate in Ruidoso especially with the uncertainty of the national markets for both housing and stocks. The historical sales trend and current seasonal slowdown for Ruidoso, along with the market forecasts from the National Association of Realtors, reflect a lull from the overheated markets of 2005 and 2006. A window of buying opportunity may be present now and for several months to come - depending on how you view the data.
Lets look at some historical trends for our area, along with some regional and national factors that influence real estate in Lincoln County. Read the rest of this entry »
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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….
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