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Archive for the ‘Luxury Real Estate in Santa Fe’ Category

The Other Santa Fe Golfing Community and Experience

Tuesday, September 29th, 2009

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Played all the golf courses the Santa Fe area has to offer?  Ever played the Codorniz de Diablo?  Didn’t think so.  Few have heard of the elusive “Quail Devil”.  But for the seven Santa Fe pro’s who turned out last Monday for this “fiendish” 9-hole round, this was no Sunday school practice.

Even under the best conditions, Quail Run’s immaculately groomed fairways are narrow, with out-of-bounds lurking ever so close and glistening condominium windows just daring the swinger to slice.

The devil must have been at work in the wee hours Monday morning, as the players found the blue boxes as far back as possible in their respective tee boxes.  In several cases, the fairway distance was increased by 20 – 30 yards.  On the par three’s, pins were hidden behind copses of trees, invisible from the tee box.

And if there was a slope to be found on the manicured greens, the pin proudly stood at the severest of angles.

Hole #2 and Hole #8 particularly bedeviled the players:  Hole #2’s pin was inches off the rear collar on a 15 degree backward slope.  Hole #8’s length was increased to nearly 360 yards from the typical 340 and the pin placement was also adjacent to the rear collar sloping severely down and left;  A close miss ended in a ball rolling unhindered 10 or more feet away.

Described as one of New Mexico’s most difficult holes period, Hole #7’s par 5 distance was increased to over 540 yards – the tee box offering the narrowest of windows through the trees to the fairway beyond.  A beguiling hole on a typical day, most players over play this hole, refusing to lay up and tending to try for 150 – 175 yard green shots.  Dense trees on the left and an arroyo on the right foul 80% of these tried and true players. On this day, two of our seven pro’s birdied this hole – both taking a calculated second swing to lie 100 yards out and wedging their ball to the green on their third.  Arguably, two risky putts awarded the players with the lead – but this was only the 7th.

By the end of the ninth hole, four of our seven pro’s tied for a one-under par, or 31.  When asked, the five visiting pro’s all commented that the course pleasantly surprised them on this day and that they would never underestimate the Quail’s prowess again.

Quail Run offers a great but often overlooked golf course and other amenities.  Its located in Southeast Santa Fe and is a community worth exploring if golf is important to your lifestyle.

To see available properties visit here.

To learn more about the Quail Run community visit here.

To speak to one of our experts on Quail Run visit here.

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Million-dollar homes regaining their luster

Monday, September 28th, 2009

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The tumbling housing market has made them more of a rarity again

A million dollars doesn’t buy you what it once did. In most U.S. neighborhoods, it now gets you a lot more.

During the housing boom, prices rose so high and so fast that even cookie-cutter homes in the paved suburbs of South Florida and California could cost a cool million. In Santa Clara, Calif., a high-tech hot spot, the median price hit $836,780 in 2007.

That was a long way from the days when a million-dollar home evoked images of marble columns and swimming pools with vanishing edges. Subprime loans allowed more people than ever to buy houses that were once above their means. Higher demand fueled ever-higher prices until the spigot of cheap money was turned off and the housing bubble burst. The recession forced many well-heeled buyers into unemployment lines. And sales of homes over $1 million cratered by more than 50 percent from the peak four years ago.

“Everyone has less money than they once had,” said Amy Wright, an agent with The Real Estate Office in Rancho Santa Fe, Calif. “That has certainly affected the nouveau riche, and that’s definitely in that $1 million price point.”

For people who do have the money, however, it’s the best time in years to buy luxury real estate.

Rancho Santa Fe is a luxury enclave in San Diego County that has over the years lured the likes of Howard Hughes and Bill Gates. Equestrian trails border golf courses, and the most expensive home on the market is listed for $29.9 million.

A couple of years ago, the idea of getting a house in Rancho Santa Fe for a paltry $1 million was laughable. Now, foreclosures and financially distressed homeowners account for about 15 percent of sales, and home prices are down 30 percent.

In one golf-course community in the town, a 2,200-square-foot home is listed for $800,000. Residents live in a gated community where Spanish style homes surround a 250-acre Rees Jones-designed golf course and an accompanying 35,000-square foot clubhouse.

In the 20 largest U.S. metro areas, about 2,800 homes sold for more than $1 million in July — down by more than half from July 2005, according to MDA DataQuick. Nationwide, overall home sales were down about 27 percent, according to the National Association of Realtors.

In the month of August, sellers with homes priced above $2 million were cutting prices by an average of 14 percent, compared with the national average of 10 percent, according to Trulia.com.

The good news for luxury homebuyers is that they’re getting about 20 percent “more house” than they did two years ago, and the prestige of owning a $1 million home is returning, said John Brian Losh, CEO of luxuryrealestate.com.

That is, if they can afford the payments.

On Friday, the average interest rate for a 30-year “jumbo loan” (defined as a mortgage over $729,750) was 6.18 percent — about a point higher than a conventional fixed-rate mortgage, according to Bankrate.com. That means the mortgage payment for a $1 million home (with a down payment of 20 percent) would run about $4,900 a month, not including property taxes.msnbc

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Seeking Real Estate Bargains? Try Looking at the High End

Wednesday, September 23rd, 2009

11HeatherLn_15Falling real estate prices are becoming as much a feature of high-end neighborhoods as ocean views, infinity pools and four-car garages.

While the latest data suggests prices for mainstream homes may be stabilizing after several years of pain, the news for luxury homes isn’t looking as good.

That’s bad news for sellers, naturally, but anyone in the market for a home listed for $2 million or more will find deeply discounted asking prices—and may be able to command even lower prices.

On Tuesday, data from the Federal Housing Finance Agency showed that average home prices ticked up 0.3% nationwide between June and July, including a 1.6% bounce on the west coast. The gains are modest, and they are partly influenced by the season—higher-end homes tend to sell better in late spring and early summer, as families try to move before the school year. Analysts are disappointed the rise was not higher.

Nonetheless, prices have now risen three months in a row. And compared with the disastrous events of the past few years, anything other than Armageddon is apt to raise spirits.

But these numbers only relate to homes purchased with conforming loans backed by the FHFA—in most areas, that describes mortgages of up to $417,000, or up to $713,000 in the country’s most expensive regions.


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