Plan would lift restrictions but requires all units to pay taxes

Posted: Tuesday, March 22, 2016 10:30 pm | Updated: 10:57 pm, Tue Mar 22, 2016.
Original posted by Santa Fe New Mexican

The city of Santa Fe is moving forward with a plan to lift many of the restrictions on short-term rental units, but stops short of removing the cap on the total number of rentals allowed citywide.

Members of the Lodgers Tax Advisory Board approved a plan Tuesday to more than double the number of short-term rental permits from about 400 to 1,000. It goes next week to the city Public Works Committee, and will be reviewed by two other panels before consideration, then a public hearing by the Santa Fe City Council on April 27.

The new law would set an initial number of permits at 1,000 and allow all unlicensed units to come under the new law within 90 days.

If an owner is unlicensed after that, the city would impose a fine of $500. If the violation continued for another 14 days, the fine could be continued at $250 a day or the unit could be shut down.

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Eldorado Real Estate Report – Sept. 2015 – Feb. 2016

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Here is the Eldorado Real Estate Report covering the last six months from September 2015 to February 2016. Inventory remains low. If you are considering putting your Eldorado area home on the market in the Spring or Summer, you may want to consider listing it sooner rather than later. Particularly if your property is in the under 300K range where we are starting to see multiple offers.
In February:
23 Active Eldorado Properties 
9 Homes Went Under Contract
7 Sold
– $191 was the average price per square foot in February. Remember it depends on the size of the house, age, quality of the finishes, views, construction, etc. The larger the house, the lower the price per square foot. This has ranged from $177 – $209 in the last six months.

102 were the average days on the market last month. This includes the number of days the property was under contract which is typically 30-45 days.

– 98% is the sales price vs. listing price for February. This is the listing price when the property went under contract, not the original listing price, which may have been higher. This has ranged from 97% – 99% for the last six months.

– 419K was the average listing price in November. The average sales price was 365K.

– 3.3 months of inventory – which means the length of time it would take to sell all the homes listed in Eldorado at the current rate of sales. Eight months indicates a healthy real estate market. Eldorado remains a popular and in-demand neighborhood.
If you would like to discuss current Eldorado market conditions, please feel free to contact me via phone or email.
Number of Homes For Sale vs. Sold vs. Pended (Sep. 2015 – Feb. 2016)
Average Price per SQFT (Sold) (Sep. 2015 – Feb. 2016)
Avg Days On Market & Sold/List Price % (Sep. 2015 – Feb. 2016)
Average Price of For Sale and Sold (Sep. 2015 – Feb. 2016)
Months of Inventory Based on Closed Sales (Sep. 2015 – Feb. 2016)
If your email program is not displaying the chart graphs properly, please click on the following link which will take you to a web page that contains the graphs: Show Chart

*All reports are published March 2016, based on data available at the end of February 2016. All reports presented are based on data supplied by the Santa Fe MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.