News

2011 Q4 Market Report: Signs of Life & Pleasant Surprise

Friday, January 27th, 2012

http://santafeproperties.com/MarketReports/MarketReport2011-4.pdf

Fourth Quarter 2011 (view)

There are new signs of life in the Santa Fe home market. For the past 3 years, the red trend-line on the Average Home Sale Price chart has been just about $400,000. The number of homes sold has averaged about 425 sales per quarter. It appears that this is about to change. Jim O’Neill, Chairman of Goldman Sachs Asset Management, said in a January interview with Charlie Rose that he expects the national housing market to bring a “pleasant surprise” this year. Many other respected advisors are also optimistic. Improved national home markets, coupled with low interest mortgage availability, will allow retiring baby boomers and others to go forward with their plans to move here.

GREAT NEWS! Home Sales in U.S. Beat Forecasts

Friday, December 30th, 2011

Bloomberg News    By Timothy R. Homan – Dec 29, 2011 8:00 AM MT

Purchases of new single-family properties (NHSLTOT) advanced 1.6 percent to a 315,000 annual pace, a seven-month high, figures from the Commerce Department showed Dec. 23. Photographer: Martin Adolfsson

The number of Americans signing contracts to buy previously owned homes rose more than forecast in November as falling prices and low borrowing costs boosted demand.

The index of pending home sales (USPHTMOM) increased 7.3 percent to the highest level since April 2010 after climbing 10.4 percent the prior month, figures from the National Association of Realtors showed today in Washington. Economists forecast a 1.5 percent gain, according to the median estimate in a Bloomberg News survey.

The industry that triggered the 18-month recession that ended in June 2009 is showing signs of stabilizing as construction (CNSTTMOM) picks up, builder confidence improves and the number of houses on the market declines. Nonetheless, another wave of foreclosures may weigh on real-estate values next year.

“It looks like buyers are becoming more confident and are attracted to record-low mortgage rates,” Aaron Smith, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said before the report. At the same time, he said, “activity still looks depressed by historical standards.”

Estimates for pending home sales ranged from a drop of 3 percent to an increase of 11 percent, according to the median of 30 forecasts in the Bloomberg survey.

Pending home sales were up 6.9 percent from November 2010.

All four regions showed an increase in contract signings from a month earlier, led by a 14.9 percent surge in the West and an 8.1 percent jump in the Northeast. Pending sales climbed 4.3 percent in the South and 3.3 percent in the Midwest.

Housing Affordability

“Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high,” NAR chief economist Lawrence Yun said in a statement accompanying the release. “Some of the increase in pending sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”

Today’s report showed an index level for pending home sales of 100.1 on a seasonally adjusted basis. A reading of 100 is consistent with the average level of contract activity in 2001 and coincides with “historically healthy” home-buying traffic, according to the NAR.

Because they track contract signings, pending home sales are considered a leading indicator. Existing-home sales are tabulated when a contract closes, typically a month or two later.

Home Sales

Reports last week showed a pickup in demand for houses. Sales (ETSLMOM) of previously owned homes, which make up about 94 percent of the market, rose 4 percent to a 4.42 million annual pace, the most since January, the National Association of Realtors said Dec. 21.

Purchases of new single-family properties (NHSLTOT) advanced 1.6 percent to a 315,000 annual pace, a seven-month high, figures from the Commerce Department showed Dec. 23. The increase pushed the number of new homes on the market to a record low.

“As the stabilization process moves forward, we are seeing inventory levels continuing to ease in many of our markets, which is a prerequisite for a housing recovery,” Jeffrey Mezger, chief executive officer of Los Angeles-based KB Home (KBH), said in a Dec. 21 conference call with analysts.

Even with the increase in sales, residential real estate prices continue to fall, showing a broad-based decline that indicates the market continues to be weighed down by foreclosures.

Home Values

The S&P/Case-Shiller index of property values in 20 cities dropped 3.4 percent from October 2010 after decreasing 3.5 percent in the year ended September, the New York-based group said this week. The median forecast of economists in a Bloomberg survey projected a 3.2 percent decrease.

The threat of continued declines could keep potential buyers waiting until they believe the market has bottomed, even as cheaper properties may make purchasing a home more affordable.

U.S. policy makers have initiated programs designed to revive the housing market. The Obama administration this month started a new version of the federal Home Affordable Refinance Program, or HARP, after the original plan helped less than a quarter of the people targeted to lock in lower mortgage rates.

At the Federal Reserve, officials this month reiterated that they will keep their benchmark interest rate near zero until at least mid-2013. The central bank in September decided to reinvest maturing housing debt into new mortgage-backed securities instead of Treasuries.

To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net

Santa Fe: Best Place to Retire for Recreation and Culture

Tuesday, October 18th, 2011

http://www.marketwatch.com/story/us-news-media-group-releases-the-10-best-places-to-retire-in-2012-2011-10-17

 U.S. News Media Group Releases “The 10 Best Places to Retire in 2012″ New list features places with an affordable cost of living and top-notch amenities

WASHINGTON, Oct. 17, 2011 /PRNewswire via COMTEX/ — U.S. News Media Group today unveiled The 10 Best Places to Retire in 2012. The list can be found at http://usnews.com/retire .

 U.S. News worked with Onboard Informatics, the premier data services company for top tier organizations in real estate, media, and technology, to create a list of great places to retire in 10 key categories. “Everybody’s got their own idea of the best place to live,” said Brian Kelly, editor of U.S. News, “so we’ve created tools to make the search fun and useful. There are some great and unexpected choices.” Many of the categories focus on how to achieve the retirement lifestyle you want on a fixed income, such as the best place for water views on a budget (Traverse City, Mich.), an affordable mountain town for retirees (Boone, N.C.), and the best place to find affordable housing (Port Charlotte, Fla.). We also recognize Pittsburgh as a place that provides a great mix of affordability and amenities for retirees.

 This list also includes a place with pleasant weather year-round (Flagstaff, Ariz.), a locale with unique recreation and cultural opportunities to explore (Santa Fe, N.M.), and a college town that is also friendly to retirees (Ithaca, N.Y.). Retirement is a period of life in which many people reinvent themselves, so we’ve included a great place to launch a second career (Lincoln, Neb.) or form a new relationship in a city with plenty of single people age 55 and older (Pittsfield, Mass.).

 The U.S. News Best Places to Retire search tool provides extensive information for consumers considering relocating in retirement. The interactive search tool can help users find locations that best fit their individual lifestyles. Visitors can examine and sort through economic and quality-of-life data, such as housing prices, proximity to hospitals, and even the average temperature, to find a locale that best meets their needs. The cities honored as The 10 Best Places to Retire in 2012 are: Pleasant year-round weather: Flagstaff, Ariz. Affordable mountain town: Boone, N.C. Water views on a budget: Traverse City, Mich. Greenest place to retire: Walnut Creek, Calif. A college town for retirees: Ithaca, N.Y. Place to launch a second career: Lincoln, Neb. Best mix of affordability and amenities: Pittsburgh Best place for affordable housing: Port Charlotte, Fla. Best place for single retirees: Pittsfield, Mass. Best place for recreation and culture: Santa Fe

For more information about The 10 Best Places to Retire in 2012 and the U.S. News Best Places to Retire search tool, please visit http://usnews.com/retire .

About the U.S. News Media Group The U.S. News Media Group is a multi-platform digital publisher of news and analysis, which includes the monthly U.S. News & World Report magazine, the digital-only U.S. News Weekly magazine, www.usnews.com , and www.rankingsandreviews.com . Focusing on Health, Money & Business, Education, and Public Service/Opinion, the U.S. News Media Group has earned a reputation as the leading provider of service news and information that improves the quality of life of its readers. The U.S. News Media Group’s signature franchises include its News You Can Use® brand of journalism and its “America’s Best” series of consumer guides that include rankings of colleges, graduate schools, hospitals, health plans, and more. SOURCE U.S. News Media Group Copyright (C) 2011 PR Newswire. All rights reserved

Santa Fe Arts Markets 2011

Thursday, May 19th, 2011

Native treasures
Native Treasures Indian Arts Festival

May 28-29, 2011
Santa Fe Convention Center (downtown)

The Museum of Indian Arts and Culture hosts this annual festival. More than 200 museum-quality artists from over 40 tribes and pueblos will showcase and sell their pottery, jewelry, glass, painting, sculpture, carvings, textiles and other art.

Visit their website for a full listing of associated events, artists and detailed information.
Find out more about this event on Facebook

art santa fe
ART Santa Fe - Tenth Anniversary

July 7-10, 2011
Santa Fe Convention Center (downtown)

This prestigious art fair brings art collectors together with artists and representatives from more than 50 galleries around the world. Celebrating its 11th anniversary this year, the event showcases work by acclaimed masters as well as emerging artists, including site-specific installations.

For TICKET INFORMATION, visit their website plus events, times & details.
Become a friend of ART Santa Fe on Facebook

art folk art

International Folk Art Market - 8th Year

July 8-10, 2011
Museum Hill (Camino Lejo)

The world’s largest international folk art market features more than 130 artists from 52 countries selling high quality, handmade folk art. Purchase one-of-a-kind pieces, from pottery and rugs to clothing, jewelry and so much more. It is one of the major reasons Santa Fe was designated a UNESCO Creative City in Folk Art. You’ll want to plan on coming early!

For TICKETS, see their website plus transportation & parking as well as times, artists & details.
Follow Folk Art Market on twitter
Become a Fan of Folk Art Market on Facebook

thumb spanish market

Traditional Spanish Market - 59th Year

July 30-31, 2011
Santa Fe Plaza (downtown)

More than 200 Hispanic artists gather on the Santa Fe Plaza on for the annual Traditional Spanish Market, which features an array of Spanish Colonial art works, including hand-carved furniture, tinwork, weavings, straw appliqué and images of saints. Live entertainment from the stage accompanies the events both days. This is the largest Hispanic market in the country.

claudia chavez
Contemporary Hispanic Market
July 30-31, 8am-5pm
Santa Fe Plaza
(downtown)

134 booths – Takes place at the same time as Traditional Spanish Market on side street (Lincoln Street) that lines the Plaza. There will be 134 booths with many medium forms of artwork created by New Mexico Hispanic resident artists and is free to the public.

See website for details.

sofa west

SOFA (Sculpture Objects & Functional Art) West

August 4-7, 2011
Santa Fe Convention Center (downtown)

Long heralded as the nation’s premier fairs for outstanding contemporary arts and design in New York and Chicago, SOFA’s 3rd annual Western edition returns to the Santa Fe Convention Center with new high-summer dates in August 2011.
For the first time, The Intuit Show of Folk and Outsider Art will share center stage in Santa Fe with the much-anticipated art fair mainstay, the International Sculpture Objects & Functional Art Fair, SOFA WEST: SANTA FE 2011.

For TICKETS, visit their website plus info on details & times.
SOFA West is on Facebook
Follow SOFA West on twitter

whitehawk artmarkets
Whitehawk Ethnographic Art Show - 28th Annual

August 11-13
Santa Fe Convention Center
(downtown)

More than 150 dealers showcase the 27th annual ethnographic art show including Oceanic, Pre-Columbian, Spanish Colonial, African, Oriental, Indonesian and other ethnographic art including jewelry, furniture, paintings, pottery and more at the Santa Fe Convention Center.

Whitehawk Invitational Antique Indian Art Show - 33rd Annual

August 14-16
Santa Fe Convention Center
(downtown)

The 32nd Annual Whitehawk Invitational Antique Indian Art Show is devoted to historic antique Indian art, featuring stunning indigenous art treasures, from Northwest Coast masks to California baskets and Southwestern pottery.

Visit their website for schedules, artists and more.

SWAIA
Santa Fe Indian Market - 90th Annual

August 20-21
Santa Fe Plaza

The world famous Santa Fe Indian Market is the largest market devoted to Native American arts in the world. It is Santa Fe’s largest and most popular event, drawing about 100,000 visitors. More than 1,000 artists gather on the Santa Fe Plaza to sell their traditional and contemporary works, including jewelry, pottery, textiles and more.

FREE Admission. Visit the SWAIA website for a complete list of associated events and information. Book your stay now!
Become a friend of SWAIA Indian Market on Facebook
Follow SWAIA Indian Market on twitter

Outdoor Artist Markets
Santa Fe also has a number of seasonal outdoor art markets, where you’ll find painting, photography, sculpture, glass, ceramics and other unique works of art to purchase.

The Santa Fe Society of Artists hosts a juried outdoor art show in the parking lot of the First National Bank on weekends from late April to mid October (except for weekends of major events). Become a fan of the Society of Artists on Facebook

The Northern New Mexico Fine Arts & Crafts Guild presents the Cathedral Park Arts & Crafts Fair in May, July and September in Cathedral Park, on the east side of St. Francis Cathedral.

Girls Inc. of Santa Fe hosts an annual juried art show on the Santa Fe Plaza on August 7-8. Follow Girls Inc on twitter

The Santa Fe Council for the Arts hosts Art in the Park shows in August and October in Cathedral Park.

Santa Fe Convention and Visitors Bureau 2011

 

Foreign Buyers Recognize Value of Home Ownership in U.S.

Thursday, May 19th, 2011

Washington, May 18, 2011

The U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year, one of the highest increases in recent years. This is according to the National Association of Realtors®’ 2011 Profile of International Home Buying Activity.   According to the survey, total residential international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. Total international sales were split evenly between non-resident foreigners and recent immigrants, while combined total domestic and international existing-home sales in the U.S. were $1.07 trillion.

“The U.S. has always been a desirable place to own property and a profitable investment,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory. In addition to the advantageous market conditions, Realtors® in this country have a global perspective and experience in working with clients from different cultures and real estate practices, helping them bring value to their international clients.”

Historically, foreign buyers have been attracted to property ownership in the U.S. for a number of reasons. U.S. homes are generally less expensive than comparable foreign properties, homes in this country are viewed as a secure investment, and the U.S. market offers rental opportunities and long-term appreciation potential.

More recently, Realtors® have noticed new factors motivating foreign buyers. Many U.S. colleges and universities have a significant number of international students, and some foreign families are purchasing U.S. properties in college areas so their child has a place to live. Another source of international demand is foreign executives temporarily working in the U.S., some of whom prefer to purchase a residence instead of renting.

“Besides the strength of the dollar and the general economic trends in the U.S., international buyers are also recognizing the benefits of home ownership in this country, especially in the case of recent immigrants,” said Phipps. “Many foreigners perceive owning a home here as an important accomplishment in their efforts to become established in this country.” Recent international buyers came from 70 different countries, up from 53 countries in 2010. For the fourth consecutive year, Canada was the top country of origin, with 23 percent of sales to foreigners. China was the second most popular country of origin, with nine percent of international sales this year. Tied for third were Mexico, the U.K., and India. Argentina and Brazil combined reported an increase in foreign sales with five percent, up from two percent in 2010. The top five countries of origin accounted for 53 percent of international transactions in 2011.

The average price paid by an international buyer was $315,000 compared to the overall U.S. average of $218,000. However, 45 percent of international purchases were under $200,000. This price segment has grown significantly over the years, most likely due to overall price declines in the U.S. as well as the strengthening of some foreign currencies.

Almost every state had at least one international transaction in the past year. The four states with the heaviest concentration of international buyer activity have remained the same over the past five years. Florida had 31 percent of total international transactions this year, the most of any state. California had 12 percent, Texas had nine percent, and Arizona rounded out the top four with six percent of international transactions.

Foreign buyers are primarily interested in three factors when deciding where to buy in the U.S.: proximity to their home country; convenience of air transportation; and climate and location. Generally, the East Coast attracts European buyers. The West Coast remains popular for Asian purchasers. Mexican buyers are traditionally attracted to the Southwestern markets. Florida is most popular among South Americans, Europeans and Canadians.

Similar to last year, 28 percent of Realtors® in 2011 reported working with an international client. Fifty-five percent served at least one foreign client, while the bulk of international transactions were handled by a small percentage of Realtors®. Only eight percent of members obtained 50 percent or more of their transactions from international clients.

Sixty-one percent of foreign buyers purchased a single-family home while 36 percent bought a condo/apartment or townhouse. In addition, 62 percent of international purchases were reported as being all cash. This percentage is significantly higher than all-cash purchases for domestic buyers, mostly due to the differences in international credit reporting standards. Financing challenges continue to be a major hurdle for international buyers, with 32 percent reporting these as their reason for not buying a home. Many Realtors® reported that their foreign clients faced mortgage financing issues, as well as problems with legal, tax and immigration laws.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org.  This and other news releases are posted in the News Media section.

Existing-home sales rise 8.3% in Q1

Tuesday, May 10th, 2011

Prices down 4.6% year-over-year (CHARTS)

By Inman News, Tuesday, May 10, 2011.

Existing-home sales rose 8.3 percent in the first quarter compared to fourth-quarter 2010, according to a report from the National Association of Realtors.

Sales remained nearly flat year-over-year, dipping 0.8 percent to a seasonally adjusted annual rate of 5.14 million.

Also in the first quarter, sales prices fell 4.6 percent nationwide compared to first-quarter 2010, to a median $158,700.

Sales of single-family homes, condominiums and co-ops, on a quarter-to-quarter basis, rose in every state and Washington, D.C., except Vermont. There, sales fell 7.1 percent.

Sales jumped the most in the West (13.5 percent), followed by the South (8.5 percent), and the Midwest (7.9 percent). In the Northeast, sales stayed nearly flat, rising 0.8 percent.

South Dakota and Minnesota saw the biggest quarter-to-quarter sales jumps: 123.3 percent and 45.7 percent, respectively.

Year-over-year, only the South and West saw sales increases: 2.8 percent and 2.1 percent, respectively.

Sales fell in 36 states compared to first-quarter 2010. Tennessee and Missouri saw the biggest drops: -14.5 percent and -13.5 percent, respectively.

Sales rose year-over-year in 13 states and Washington, D.C. South Dakota and Wyoming saw the biggest jumps: 86.1 percent and 26.1 percent, respectively. Sales remained flat in one state: New Hampshire.

The Midwest saw the biggest year-over-year drop in median sales price in the first quarter: 5.3 percent, to $124,400. In the Northeast, the median fell 5 percent to $234,100. The West saw its median fall 4.7 percent to $197,400. The median in the South remained nearly flat, however, dipping 0.6 percent, to $141,800.

Median sales prices fell year-over-year in 118 out of 153 metropolitan areas in the first quarter and rose in 34. Median price was unchanged in one metro area: Lincoln, Neb., which came in at $132,800.

Gulfport-Biloxi, Miss., and Akron, Ohio, saw the biggest price decreases: -22.8 percent (to $99,400) and -21.4 percent (to $74,900), respectively.

Metro  Q1 2010 Q1 2011 % Chg.
Gulfport-Biloxi, Miss. $128,800 $99,400 -22.8%
Akron, Ohio $95,300 $74,900 -21.4%
Salem, Ore. $193,300 $153,500 -20.6%
Dayton, Ohio $97,900 $78,000 -20.3%
Cleveland-Elyria-Mentor, Ohio $108,300 $87,000 -19.7%
Miami-Fort Lauderdale-Miami Beach, Fla. $191,200 $153,600 -19.7%
Ocala, Fla. $92,900 $75,400 -18.8%
Allentown-Bethlehem-Easton, Pa.-N.J. $228,200 $186,200 -18.4%
Tucson, Ariz. $166,800 $136,800 -18.0%
Cumberland, Md.-W.Va. $98,300 $80,700 -17.9%

Source: NAR

Charlotte-Gastonia-Concord, N.C.-S.C., and Buffalo-Niagara Falls, N.Y., saw the biggest price jumps: 12.2 percent (to $195,100) and 10.8 percent (to $118,100), respectively.

Metro  Q1 2010 Q1 2011 % Chg.
Charlotte-Gastonia-Concord, N.C.-S.C. $173,900 $195,100 12.2%
Buffalo-Niagara Falls, N.Y. $106,600 $118,100 10.8%
Burlington-South Burlington, Vt. $245,200 $271,200 10.6%
Jackson, Miss. $121,800 $133,900 9.9%
Florence, S.C.  $98,500 $107,600 9.2%
Decatur, Ill. $75,000 $81,300 8.4%
Canton-Massillon, Ohio $81,800 $87,300 6.7%
Columbia, Mo. $139,500 $148,800 6.7%
Shreveport-Bossier City, La.  $146,400 $156,000 6.6%
Cape Coral-Fort Myers, Fla. $86,400 $91,800 6.3%

Source: NAR

According to a separate NAR survey, distressed homes made up 39 percent of first-quarter sales, up from 36 percent in first-quarter 2010. Distressed homes are typically sold at a discount of about 20 percent, NAR said.

The share of homes sold for $100,000 or less rose 8.9 percent in the first quarter compared to first-quarter 2010.

“The biggest sales increase has been in the lower price ranges, which are popular with investors and cash buyers,” said Lawrence Yun, NAR’s chief economist, in a statement.

“The preponderance of sales activity at the lower end is bringing down the median price, so what we’re seeing is the result of a change in the composition of home sales.”

All-cash buyers accounted for 33 percent of purchases in the first quarter, up from 27 percent in the first quarter of 2010. Investors made up 21 percent of transactions, up from 18 percent during the same period last year.

Repeat buyers accounted for 47 percent of purchases, up from 40 percent in first-quarter 2010. The share of first-time buyers in the marketplace fell to 32 percent, compared with 42 percent at the same time last year, when a federal homebuyer tax credit program fueled sales.

IRS Rule & Selling a home at a loss

Wednesday, April 20th, 2011

IRS imposes strict rules on real estate tax breaks

By Tom Kelly, Tuesday, April 19, 2011.

Inman News™

Four years ago, the Internal Revenue Service changed the law that required consumers to pay tax on mortgages forgiven by a lender. Those amounts used to be considered taxable income on a homeowner’s tax return. 

There is no relief or tax deduction, however, for selling your home at a loss.

Most homeowners are now clear on the ability to pocket up to $500,000 of tax-free capital gain ($250,000 for single people) on the sale of a primary residence. The huge benefit, which can be used every two years, was made possible by the Taxpayer Relief Act of 1997.

However, the tax law that provided the capital help did nothing for capital losses. There still is no benefit for folks who bought at the peak or made expensive remodels, then had to sell in a hurry and actually got less for their home than the cash they have invested in it. Long-term capital expenditures usually pay off over time, but changes for the short term are difficult to recover.

If you were hoping for some help on your 2010 return before April 18, (pushed back from the usual April 15), don’t count on chalking up a capital loss as a big tax deduction. There still is no deduction for a capital loss on the sale of your primary residence. This often causes confusion and provokes questions from consumers, but Uncle Sam will not let you show a loss if you sell for an amount less than the purchase price.

Why? The principal residence has always been viewed as a personal asset. The gain on the sale of a principal residence has been taxable as a capital gain but losses have never been allowed. Although the capital gain thresholds have been increased, proposals to address capital losses have been defeated.

The capital loss proposals first surfaced in the 1990s when complaints from homeowners in the Sun Belt states and New England said they were left with huge losses and no federal tax help when home values plunged — especially when the declining oil industry in Texas really shook the housing market around Houston.

Another hotly debated issue is the deductibility of loan fees. You can deduct the loan fees (“points”) paid to buy or improve your main home in the year of purchase. You cannot deduct these fees in the year you refinanced if you refinanced only to obtain a lower interest rate on your loan.

The term “points,” once used to describe only prepaid interest on government loans, now is used to describe charges paid by an owner to secure any mortgage. These points can be loan origination fees or prepaid interest to “buy down” an interest rate. To be deductible, these charges — or points — must represent interest paid for the use of money and must be paid “before the time for which it represents a charge for the use of the money.”

According to the Internal Revenue Service, most points paid when you are refinancing an existing mortgage must be written off over the life of the new loan. For guidance on closing costs, the best source may be the settlement sheet from the original loan.

And finally, if you manage your second home and investment rentals from your home office, make sure the office space you claim as a deduction is a dedicated room. Simply bringing a laptop into the family den in the evenings to respond to renters would not qualify the room as a home office under IRS guidelines. Accountants say some home-office deductions have raised red flags with federal auditors.

The home-office space can be depreciated. When the home is sold, however, the deprecation must be “recaptured” and subject to tax. The Internal Revenue Service’s Publication 587 “Business Use of Your Home” is accessible on the Internet at http://www.irs.gov/pub/irs-pdf/p587.pdf.

Top 10 Historic Places to Retire!

Wednesday, April 13th, 2011

Founded in the early 1600s, Santa Fe, which means “holy faith” in Spanish, is the oldest state capital in the country. The Spanish founded a town on the site of old Pueblo Indian settlements in 1610. Santa Fe was the capital of Spanish and then Mexican provinces before becoming the capital of the 47th U.S. state in 1912.

The city’s architecture has earned it the nickname “City Different.” Santa Fe was laid out, following Spanish traditions, around a central plaza that witnessed everything from bullfights to public floggings. In the 1920s, officials began encouraging all new construction to follow the adobe style. This movement was codified in 1957 with the adoption of a zoning ordinance that helped to preserve the city’s Spanish-Pueblo texture.

Santa Fe’s alluring panorama has drawn scores of artists over the years. None became more intimately connected to the region than Georgia O’Keeffe. More than 1,100 of her paintings, sculptures, and drawings can be found at the Georgia O’Keeffe Museum. In addition, the Museum of Fine Arts hosts a top-notch regional collection, and the Institute of American Indian Arts has the nation’s most comprehensive display of contemporary Indian art.

Encircled by thousands of acres of wilderness, Santa Fe offers plenty of opportunities for hiking, horseback riding, and mountain biking. During the colder months, snow sporters can head into the Sangre de Cristo Mountains, 16 miles from the city. The area also has several nice courses for golfers.

U.S. News Editorial Pick: Best Places to Retire for Single Retirees

Because of Santa Fe’s large number of singles over 65 years of age and abundance of outdoor activities, U.S. News selected Santa Fe as one of the country’s top 10 places for single retirees to live.

Santa Fe Schools

Santa Fe’s public school system has 20 elementary schools, four middle schools, and three high schools. The College of Santa Fe, Santa Fe Community College, and St. John’s College are in the city.

Santa Fe Health Care

There are six hospitals in Santa Fe County. Santa Fe is home to St. Vincent Regional Medical Center, the state’s oldest hospital (established in 1865). A staff of 300 physicians practices 22 different medical specialties and serves a 19,000-square-mile, seven-county area. St. Vincent is the only level III trauma center in the northern part of the state.

Santa Fe Jobs

State and local government agencies are the leading providers of jobs in Santa Fe. St. Vincent hospital and the tourism sector also are important parts of the local economy. Los Alamos National Laboratory employs more than 9,000 people, and the Santa Fe Business Incubator—which helps new small businesses get off the ground—is considered first class.

Santa Fe Real Estate

The average home price in Santa Fe was $342,125 in 2008. That’s a decline of nearly 13 percent from the previous year.

U.S. News Ratings
Population 66,506
Crime Rate Low
Cost of Living Average
Health Care Comprehensive
Median Home Price High
Median Income Average

From a blend of history and traditions, Santa Fe has emerged as a leading center for arts and culture in the Southwestern United States. With almost 300 galleries and dealers, New Mexico’s capital is the nation’s third-largest art market. Located in the shadow of the Sangre de Cristo Mountains—at 7,000 feet above sea level—Santa Fe has a bright, dry climate; the sun shines an average of 300 days a year. Its population is 67,000, but it attracts more than 1 million visitors each year, making tourism a key component of the local economy.

Demographics

Demographic Detail

Population:
66,506
Population under 55:
68.0%
Population over 55:
32.0%

City Detail

Crime rate:
Low
Closest large city:
Albuquerque

Marital Status 2009

Weather

Weather Detail

Air quality:
Good
Temperature:
86°F July High, 14°F January Low

Jobs & Economy

Housing

Median income:
$42,448
Median home price:
$235,827
Average property tax:
$1876

Income & Jobs

Unemployment rate 2009:
6.2%
Low
Cost of living:
Average

Employment Projections

Education

K–12

Elementary schools:
32
Middle schools:
20
High schools:
17

Higher Education

Best Colleges at the location:
3
Best Colleges within 30 miles:
3
Best Colleges within 50 miles:
4

Health Care & Retirement

Hospitals

Hospitals/Best Hospitals at the location:
3/0
Hospitals/Best Hospitals within 30 miles:
5/0
Hospitals/Best Hospitals within 50 miles:
9/0
Overview information and high school, college, hospital, and nursing home rankings copyright ® 2011 U.S.News & World Report.

Other data and information copyright 2011 Onboard Informatics or as otherwise sourced. Information is represented by Onboard Informatics as reliable but not guaranteed.

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Christie’s Great Estates Has a New Name!

Friday, April 8th, 2011

Christies International Real Estate is the new name for worlds leading network of luxury property specialists

The change from Christies Great Estates creates clarity in the global market and strengthens the ties between Christies art and real estate businesses

January 11, 2011 Christies, the worlds leading art business, has today announced a corporate name change for its exclusive property brand Christies International Real Estate, formerly Christies Great Estates. The prime and super-prime sectors of the property market – where Christies International Real Estate operates exclusively – have a global clientele. The name change will instill in these consumers a more immediate grasp of the companys mandate and clarify that Christies and its real estate arm are one and the same.

Christies International Real Estate is the only real estate network wholly owned by a fine art auction house. The network is uniquely positioned to follow the footprint of its parent company, Christies, into the growing markets of the Middle East, Russia, and China, as well as established economies across the world, most notably North and South America and Europe. The new name further underscores that the values that distinguish Christies?commitment, expertise, integrity, discretion, and five-star customer service are likewise embedded in the companys luxury residential property specialists.

The Christies International Real Estate rebrand will be spearheaded by Lisa King, Chief Operating Officer of Christies and Chairman of Christies International Real Estate, and Neil Palmer, Chief Executive Officer and architect of the real estate businesses global strategy. Mr. Palmer brings to his position a broad range of real estate experience that spans the residential and commercial sectors in Asia, the Middle East, and the United Kingdom. Ms. King comes from a three-generation family business in property development and, prior to joining Christies, practiced real estate law.

Christies International Real Estate affiliates represent some of the most prestigious trophy properties in the world, which include estates, resort properties, second and third homes, and super-prime new-build developments, all priced above US$1 million. Clients have included Lord Andrew Lloyd Webbers Trump Tower Residence in New York City; Lyons Demesne, the historic Irish landmark fully restored by Dr. Tony Ryan; Ingmar Bergmans island retreat in Sweden; and the Astor Beechwood Mansion in Newport, Rhode Island. Among the most valuable properties currently in the Christies International Real Estate portfolio are Palais Montmorency on Avenue Foch in Paris, France, valued in excess of US$100 million, and Cornwall Terrace, the historic Grade I?listed Regency terrace in The Regents Park, London, which was recently voted the most significant luxury property development in the United Kingdom.

Lisa King comments: This change of name confirms Christie?s continued commitment to extend its real estate reach by creating a closer alignment between our art and real estate businesses. The new name best positions our valued and highly qualified network of Affiliates to capitalize on our global market presence and the opportunities presented by our high- quality client base.

Neil Palmer comments: With our Affiliate network continuing to rapidly expand globally, this name change reinforces what we do and the high standard of service that we deliver to participants in the luxury residential property market, whether they are buyers or sellers of the most luxurious, the most significant, or the most glamorous homes around the world.

About Christies International Real Estate

Christies, originally founded in 1766 by James Christie, pursued an innovative real estate venture in 1995 by acquiring Great Estates, a luxury real estate network founded in 1987 by Kay Coughlin. Christies International Real Estate is an Affiliate network by invitation only to the worlds most proven and qualified real estate specialists. The company has central hubs in London and New York; field offices in Beverly Hills, California, and Palm Beach, Florida; an operations centre in Santa Fe, New Mexico; and circa 130 Affiliates in Europe; North, Central, and South America; and the Caribbean as well as Asia, Africa, and Oceania. In 2010, new Affiliates were signed in Mallorca, Spain; Milan, Italy; Stockholm, Sweden; Bordeaux, France; Luxembourg; Cancun; Cayman Islands; San Juan, Puerto Rico; and Toronto, Canada, as well as in the U.S., including Stowe, Vermont; Nantucket and Boston, Massachusetts; and Guildford and Ridgefield, Connecticut.

Santa Fe Move’s New Look!

Tuesday, April 5th, 2011

Improved listing search and display! This is a RETS database, it was a hard transition and costly but it will be valuable for all of my web site users in terms of improved usefulness for the site.

Features include:

  • Automatic Accounts and Property Finders
  • Large image display
  • Real Time Sales Data
  • Client interface, giving you control over your RE search process!

 

Thank you for visiting the site!  I look forward to working with you on all of your real estate needs!

Best Regards,

Amber Haskell

Associate Broker, Santa Fe Properties

1000 Paseo de Peralta, Santa Fe NM 87540  505-982-4466

505-470-0923 ahaskell@aol.com

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