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Posts Tagged ‘Luxury Real Estate Santa Fe’
Monday, October 5th, 2009
 Paul Weideman | The New Mexican
10/4/2009 – 10/4/09
This condominium is unique at Quail Run. A wall between two penthouse units on the second floor of the main Clubhouse building was taken out to create a 2-bedroom, 2-bathroom, 2-kitchen condominum suite. “This unit is the poster child for Quail Run,” said Realtor Paul Stenberg, who is representing the 1,730-square-foot property with Patricia Love.
The new owner could alter the space, which is configured as a larger unit composed of living room, kitchen, dining room, bedroom, and bathroom; and a smaller, caregiver’s suite, both with access to a balcony shaded by mature aspen trees.
Taken as a whole, there are bedrooms at either end, one with a wood floor and fireplace. Most of the common spaces are carpeted, but the kitchens and bathrooms have floors of Saltillo tile. The main kitchen is outfitted with a Kenmore Elite refrigerator, GE range/oven and built-in microwave oven, a Kitchen Aid dishwasher, and countertops of ivory-colored tile. Behind a pair of doors, in a closet space, are the washer and dryer.
The smaller kitchen has Whirlpool appliances.
This penthouse unit is one of about 20 on the second floor of Quail Run’s Clubhouse. In the same building are a restaurant, a bar and lounge, a library, swimming pools, a billiards and poker room, and a spa/fitness facilities with certified personal trainers available. The 103-acre property holds tennis courts, a PGA-rated, 9-hole golf course (par 32), and nearly two miles of walking trails.
Sales at the Quail Run development opened in 1988. Today about 150 of the 265 units are held by full-time residents. The rest are available to rent as vacation homes at rates ranging from about $300 to about $700. Condominium owners pay dues of $350 to $1,200, depending on the size of the home, and this entitles them to the use of all facilities and covers the costs of security, snow shoveling, and hazard insurance. A portion of the annual dues is held in a $4 million reserve, from which funds are dispersed for common-area maintenance, such as for roof, stucco, and paving work.
Quail Run offers 500 nonresident memberships for the privilege of using the bar, the fitness center, and the golf course. These memberships cost $2,000 to $5,000 initially, with monthly dues of $125 to $240. The demographic in Quail Run is “mostly 50 and up,” general manager Marla Thompson. “We don’t have restrictions against children, but we don’t have very many. We have a handful of attorneys and several doctors, working professionals, and when their families come in to visit, they just rent units for them to stay in.”
Asked about impacts from the recession, Thompson said the project’s vacation rentals have slumped a bit this summer, but the club facilities and the restaurant “are doing well, and our real-estate prices have held their own. Our brokers published a chart showing price per square foot of condominiums in Santa Fe, and Quail Run hasn’t dropped very much compared to Santa Fe as a whole.”
The reasons are that Quail Run is “a stable community, and well-respected,” she said. “We have a lot of old-time Santa Feans who have decided to downsize and came here. Also, with our $4 million reserve account, we don’t have to do special assessments, so it helps with the surprise factor. We have 265 homes and that’s a lot of stucco and roofs; we do it in sections, so when we do it, those are sizeable contracts.
“Quail Run has been well-maintained over these 20 years and the landscaping has matured nicely, and it’s just a bunch of nice people here,” Thompson said.
The double-penthouse unit is listed by Paul Stenberg and Patricia Love, Barker Realty, for $895,000.
View Available Listings
Tags: Barker Santa Fe, Luxury Real Estate Santa Fe, Quail Run, real estate santa fe, Santa Fe Real Estate
Posted in Barker Realty, Quail Run, Santa Fe Condos | No Comments »
Tuesday, September 29th, 2009
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.
Tags: Barker Santa Fe, Luxury Real Estate Santa Fe, Quail Run, Santa Fe Realty
Posted in About Santa Fe, Barker Realty, Luxury Real Estate in Santa Fe, Quail Run, Santa Fe Condos | No Comments »
Monday, September 28th, 2009
By MARK GONGLOFF
Investors expecting an upbeat chapter for housing should brace for a plot twist.
Two key pieces of housing data arrive this week, starting with August home resales, due Thursday from the National Association of Realtors. Economists think existing homes sold at an annualized rate of 5.39 million units last month, up 9% from a year earlier.
On Friday, the Census Bureau reports new-home sales for August. Economists estimate an annualized sales pace of 440,000 units, flat from a year earlier.
Both reports could add to a snowballing consensus that housing is rebounding. A vigorous recovery would be manna for the economy. Home sales spur purchases of fridges and lawn mowers, and rising prices make consumers wealthier and heal bank balance sheets.
But there are reasons to expect a halting recovery at best.
First, the recovery has leaned heavily on tax credits for first-time home buyers and the Federal Reserve’s buying of most new mortgages to keep rates low. The Fed on Wednesday said it would slow its pace of purchases, and the tax credit is set to expire in November.
Meanwhile, an unemployment rate pushing 10% and tighter credit standards are a drag on housing demand, offsetting high affordability.
More important, there are still too many houses on the market — 9.4 months’ worth of existing homes for sale in July, according to NAR data. The backlog is usually closer to six.
Nearly seven million housing units will eventually enter foreclosure, mortgage-backed-securities strategists at Amherst Securities Group, a brokerage firm that deals in MBS, estimated on Wednesday. That could add 1.35 years’ worth of inventory to the market.
That isn’t necessarily a bad thing. Foreclosure sales have provided steam for the broader housing recovery. But that momentum is petering out. Thanks partly to the effects of government loan-modification programs, there isn’t enough foreclosure inventory on the market to keep the recent gains going, says Mark Hanson, president of the Field Check Group, a California research firm.
California, for example, has seen its available foreclosure inventory slim. That could explain why, according to data tracker DataQuick, California home sales fell nearly 12% month-over-month in August.
Write to Mark Gongloff at mark.gongloff@wsj.com
Tags: Luxury Real Estate Santa Fe
Posted in Real Estate News | No Comments »
Monday, September 28th, 2009
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.
Tags: Barker Santa Fe, Luxury Real Estate Santa Fe, real estate santa fe, Santa Fe Realty
Posted in Luxury Real Estate in Santa Fe, Real Estate News | No Comments »
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