Featured Community: North Valley – The heart of the Albuquerque area

Oct 15, 2021 | Albuquerque Real Estate News

Featured Community: North Valley – The heart of the Albuquerque area

(Transcript Snippet): “Tego:

All right, Tracy, let’s talk about our featured community this week, which, um, you and I were talking about it and I just said, you know what, let’s do the north valley because the north valley is the heart, if you will, kind of, of the Albuquerque area. Um, and, and, you know, we hear the term a lot. And so when somebody says north valley, Tracy, what, what exactly is the north valley?

Tracy:

So the north valley, uh, technically in our multiple listing service, but, but what we really know it to be too, is everything from the river to [inaudible] north of I 40 all the way up, you know, past tramway where it becomes Sandia reservation. Um, so everything between I 25, the river down to [inaudible]. Yeah. So we’re thinking about the east valley, not the west river valley, because there is some valley on the west side of the river between cores and the river as well. But we’re talking about the north valley. So the north valley encompasses Los Ranchos, right? Rancho stay Albuquerque, right? They’re their own, um, village within Albuquerque.

Tego:

Yeah. Well, not within Albuquerque, but within the greater Albuquerque area, but yes. I

Tracy:

Mean, it’s its own municipality.

Tego:

Absolutely. And the thing, the thing that’s interesting, when we say north valley, a lot of times people will say, well, you mean Los Ranchos? Well, yeah, Los Ranchos is part of it, but the, the w we kind of broadly call the north valley encompasses some parts of Albuquerque proper, right. Albuquerque city limits, but also unincorporated Bernalillo county is a good portion of the north valley as well. So there’s really three municipalities that kind of overlap throughout the north valley. For sure.

Tracy:

Right. And so when people are building in the north valley, it could be one of three different municipalities or a combination thereof, because sometimes you need county and city or village, or, you know, different implications.

Tego:

So Tracy, What type of homes are you going to find in the north valley?

Tracy:

Wow. Such a big mix, right. To go. We know that when people think of the north valley, they think of the big estates on lots of grass and horses and livestock and things. But I mean, there’s all sorts of neighborhoods that are either subdivided, like a Thomas village, Rio Grande compound, um, El Caballero [inaudible] well, I will call by our north tale. I was horses L cubby arrow set itself does not, but, you know, tenant farms is there, but there’s lots of neighborhoods like Griegos 12th street that are just like Northeast Heights only they happen to be in the north valley. Right. Yeah. What we do know though, is there are a lot of high priced estate properties in the north valley that tend to have an acre or more, um, which brings up average price in the north valley.

Tego:

Yeah. So the thing that, that, that we find, if we look at just the statistics north valley average price, when we’re recording this right now is, uh, $370,000 average in the entire Metro is 320,000 right now, again, at the time of this recording. And so it’s, it’s, it’s generally higher. One of the things that I found interesting when I was pulling the statistics together, Tracy is the north valley, or, you know, certain areas of the north valley holds a distinction of having the highest priced home sale, or actually a couple of the highest price home sales in the greater Albuquerque area ever in history. And so, you know, some of them are the, uh, the biggest state. So th so the one that’s the highest price sale ever is the, the biggest state that’s up across from El Pinto on north fourth, the reason that one was so expensive was it also included, uh, 13 acres of the north valley, which really, really helped with the

Tracy:

Luxurious state properties can definitely be found in the valley. And they tend to be lush, lots of trees, perhaps equestrian, or other type of, um, livestock and animal.

Tego:

So the interesting thing is though, so, you know, I said the average price is 370,000 more or less. We’ve had a $3 million, a couple, $3 million sales into north alley. However, you know, there’s homes that have sold for under $150,000 in the north valley of Albuquerque this year. So it is a broad range. Um, it is really the, again, I, I kind of call it the heart. I mean, obviously it’s north of old town where, you know, really Albuquerque started. Um, however, there’s, you know, there are some very old properties in the north valley that have been here a very, very long time and right.

Tracy:

Well, we have the sake. Yes. The, the irrigation ditches that flow through lots of parts of the north valley. And so w w original farmland, right. Went up the river. Um, you know, some of the notable things in the north valley, of course we have El Pinto restaurant, which is a staple this week with balloon Fiesta. I can only imagine how busy they’ve been, um, because all those out of area people are in town getting their chili fix right now, we’ve been staying away from the new Mexican restaurants this week. Right. Because we figured they’re very busy. Um, you know, also, um, the whole fourth street corridor, second street corridor, some of our favorite things. So, um, Rio Grande, just driving Rio Grande, going out for a Sunday drive and, and following the Rio Grande all the way up to Alameda and seeing the bigger estates and just feeling that, that feel of that low speed limit and just the relaxing nature of driving through the valley.

Tego:

So there’s a property that I’ve had a reason to go to a few times on Guadalupe trail in the north valley. And I thought, gosh, if I just ever just want to take a chill, chill out, it’s just go drive Guadalupe trail for a little bit. And it just it’s, it’s, you know, slows you down a little bit. It’s not quite as frantic. And it’s a nice part. So anyway, so that’s, yeah. Anything else

Tracy:

You want to say? The Indian prevalent cultural center is also a part of the north valley and, um, you know, that’s, that’s a great place if you haven’t been there to see, you know, the 18 pueblos is at 18 New Mexico pueblos, and just kind of what each one is all about, as well as the restaurant there. So I could go on and on about the north valley, because it’s kind of my neck of the woods. So

Tego:

Yeah. So north valley, the interesting part, people should check it out. If you’ve got any questions or, you know, really want to dig into the area, give us a shout.

Parade of Homes: Get to know more about Albuquerque’s builders

Oct 14, 2021 | Albuquerque Real Estate News

Parade of Homes: Get to know more about Albuquerque’s builders

(Transcript Snippet): “Tego:

So parade of homes, Tracy, fall 2021

Tracy:

Is this central New Mexico builder home builders association puts this on spring and fall. So this is the fall event. And I think the hours are till five Saturday, Sunday. I know we have the brochure right in front of us, but, um, you know, you can get online and Google it and get the list of homes and things. It’s in the SU Casa magazine. It was in third Thursday’s Albuquerque journal, but you know, the, the parade of homes is really geared towards new construction, uh, custom builders, production builders, as well as a few remodelers who liked to put there what they can do in, in the show. So w what we love, and we’ve always loved the parade of homes is seeing trends, right? And visiting these houses and just seeing what, what features are hot, what colors, what finishes those types of things,

Tego:

Design trend. And the thing that I always find interesting is some of the new tech, if you will in home. Right. And when I say tech, I’m not talking about electronics, I’m talking about, um, let’s talk about courts, right? So a few years ago, you know, we started to see the courts material versus granted, right. It’s been around for a while, but now it’s very commonplace to see courts countertop so that when I talk about tech, that’s what I mean. Or, you know, remember at one time, you know, no cabinet would have the soft, close drawers. Now just very, very common that all cabinets have SaaS soft-close drawers and doors. So when I’m talking about tech, that’s what I mean, it’s, you know, there there’s, there’s always upgrades. And then of course, you know, we get into efficiency stuff and, and as well. So yeah, get out there and check out these homes. There’s some beautiful homes out there.

Tracy:

So even if you’re not planning to build a custom home someday, you know, there’s just anytime you’re thinking of remodeling or updating, or just, you know, how to put together some design things or staging your home, you know, great stuff. But if you’re right, if you are thinking of buying land or you have land, and you’re thinking of building what a great opportunity to meet some builders, because the builders are usually onsite, ready to talk to you about how they build and what their philosophies are, and you can see their finished work. So, yeah.

Tego:

Yeah. So go check it out. Some, something nice to do on a nice Saturday after the balloon Fiesta and, uh, you know, go, go see some nice homes. And there’s not as many this year as there have been years past. And he kind of needless to say, I think just because of the way, uh, you know, it’s been difficult to build homes this year, so yeah.

Tracy:

So good.

Affordability: The big move in Albuquerque’s Real Estate Market

Oct 14, 2021 | Albuquerque Real Estate News

Affordability: The big move in Albuquerque’s Real Estate Market

(Transcript Snippet): “Tego:

Just one last thing I just wanted to hit on one of the big conversations out in the real estate world. These days is affordability. That’s kind of the new, the new bubble, right? That’s the new housing bubble thing. It’s the affordability bubble now. Right. And, uh, you know, it doesn’t look like we’re going to have a price bubble, but, um, there is, uh, there is concern about, you know, affordability that, that, you know, home prices have gone up nationally anywhere from 10 to 20% in a year or more depending on the market here locally. I think we’re, we’re probably in this 15% range, something like that again, and just, you know, it, it, it really depends, but we’re somewhere, I mean that that’s a big move, right? I mean, that is a big move. And, um, and policy makers, basically politicians are, are, you know, I’ve, I’ve seen a flurry of stories about affordability programs, um, in the pipeline, different ways to help folks, especially folks that are first generation, uh, homeowners.

Tego:

Um, you know, they’ve never been able to participate in the American dream that as a, as a family, as a generational family, and there’s some interesting programs out there. I saw one the other day, a proposal that says that that was saying, okay, instead of, um, um, a 20 year, instead of as a standard 30 year mortgage, they would make it a 20 year mortgage, but they would make the payments the same as a 30 year mortgage, um, and subsidize the interest so that that person could have built equity much faster than, you know, if you’re doing an a on a 30 year program, but this was for, this was targeted for people that would be first-generation, um, uh, you know, in their family homeowners interesting, interesting program. There’s a lot more of that going on. I’ve been talking to some lenders and there’s more first-time home buyer programs, uh, in the pipeline as well,

Tracy:

News. And honestly, when you talk about affordability because of the low interest rates, homes are very affordable as relation to incomes. Well,

Tego:

Historically as well,

Tracy:

Historically as well. So even though our home prices have jumped up quite a bit, the interest rates being so low are keeping it very affordable. So last year, somebody might’ve called us and said, yeah, I’m thinking I need to buy a house around 230,000 or a few years ago, right? This year they might be able to afford 2 75 or 300. And they may not know that that because of the lower interest rates that they can afford the houses that are here, uh, the higher prices right now. So

Tego:

Yeah, for sure.