NAIOP Group Presentation – First-time buyers are discovering the Albuquerque NM area

(Transcript Snippet):

“Tracy Venturi:

So, Tego. You were on a panel this week for the national association of industrial and office properties group, which is, you know, the commercial brokers, basically

Tego Venturi:

Commercial broker, real estate commercial real estate investment folks. Yeah. Pretty, yeah, pretty good.

Tracy Venturi:

So it was a really interesting presentation and unfortunately it was on zoom, but fortunately it was on zoom because myself and many others who wouldn’t normally attend their monthly get togethers, got to listen in. And I know a lot of us, residential realtors and people listened and really interesting things. If you want to give us a few bullets of some of the top, top takeaways from,

Tego Venturi:

So Steven Hamway did an article, he put it out on Thursday afternoon after the I’m sorry, in the Albuquerque journal, excuse me. Yes. Thursday afternoon. And you know, he pulled a couple snippets out of there, you know, it’s really, I have to give reporters, you know, it it’s difficult because we had an hour and a half worth of content there and he had to, you know, put together a short little article and he pulled out a couple of snippets. One of the things Kathy Colvin is one of our colleagues, she’s this year’s Southwest MLS board president. I’m on the MLS board here too. But she, she said something that he really picked up on and it’s like he said, she said, we need to think and realize that Albuquerque has been discovered by a lot of the country. Would you agree with that, Tracy?

Tracy Venturi:

I would say yes. There’s still so many people that don’t know about New Mexico though, but you know, are we seeing more people from out of state coming to New Mexico? I don’t know if it’s a lot more, but yes. Yeah, yeah. And it seems like when people ask me, why, where are they coming from? And who are they? A lot of them are people who have lived here before, have relatives here and have visited or had been stationed at Kirtland air force base at some point. Right. But, you know, do we have others? Yes. Do we have somebody who works at Google in San Francisco that decided to move here? Yes. Do we have people who can work for home in flux? No. No. It’s not a mass influx. And honestly, a lot of our home buyers are people who live here that are changing and want a bigger house, a smaller house, a different part of town, a new home instead of an

Tego Venturi:

Well it’s it’s household formation also known as first-time buyers. A lot of first-time buyers know that are, that are local. One of the quotes that got picked up that I said is that, you know, $200,000 houses are kind of becoming extinct ein our market, you know, in, in the sense that you know, whatever it was 10, 15 years ago, I guess it was probably more like 15 years ago. You know, we used to have sub $100,000 houses all over them.