Eldorado Real Estate Report – October 2023 – March 2024

Eldorado Real Estate Report – October 2023 – March 2024

Here is the Eldorado Real Estate Report for the last six months – October 2023 – March 2024. There are eight properties on the market today ranging in price from 598K – $1,120,000. Our inventory remains low and buyer interest has picked up in the last couple of weeks. My three recent listings are under contract for well over the asking price. Multiple offers are back as are back up offers. Great news for sellers!
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In March:
 
11 Active Listings
 
8 Under Contract
 
6 Sold
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$354 was the average price per square foot last month. This number depends on such a wide range of factors –  the size of the house, age, quality of the finishes, views, heating, construction, etc.. and is not a fully accurate measure of value, just one tool of many. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot. This has ranged from $311 – $354 in the last six months. Keep in mind this is the average – some homes have a much lower price per square foot and some have a much higher number.
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55 – were the average days on the market in March. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 22 days to 55 days in the last six months.

97% – is the average of what sellers received on their listing price. This is based on the original price of the property, not the reduced price. This has ranged from 94% – 99% in the last six months.

820K – average listing price.

595K – average sold price

1.8 Months of Inventory – Months of inventory means the length of time it would take to sell all the homes listed in Eldorado at the current rate of sales. Historically, a six-month supply is associated with moderate price appreciation, lower levels keep prices up.

If you would like to discuss the current state of the Eldorado market or have questions about this wonderful neighborhood, please don’t hesitate to contact me.

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Number of Homes For Sale vs. Sold vs. Pended (Oct. 2023 – Mar. 2024)
Average Price per SQFT (Sold) (Oct. 2023 – Mar. 2024)
Avg Days On Market & SP/Orig LP % (Oct. 2023 – Mar. 2024)
Average Price of For Sale and Sold (Oct. 2023 – Mar. 2024)
Months of Inventory Based on Closed Sales (Oct. 2023 – Mar. 2024)
Eldorado Real Estate Report – May – October 2023

Eldorado Real Estate Report – May – October 2023

Here is the Eldorado Real Estate Report for the last six months – May – October 2023. Today’s average interest rate on a 30-year mortgage is 8.359% and has created some challenges in our market. Currently there are 18 active properties on the market ranging from $475,000 to $1,295,000. Eldorado has not had this much inventory since October 2021. There are four residential lots for sale ranging from 160K – 225K. 
 
The increase in interest rates has decreased buyer’s willingness to obtain financing. So they are now interested in submitting offers contingent on their current residence selling. Sellers are not so willing to take on that risk as they have not had to for years. We’ll see who blinks.
 
Inventory continues to increase, as are the number of Eldorado properties going under contract. If interest rates begin to drop in 2024, which is what we are hearing, buyers would be wise to buy now and re-finance later rather than get into aggressive bidding wars next year. 
 
In October:
 
12 Active Listings
 
11 Under Contract
 
13 Sold
 

$348 was the average price per square foot last month. This number depends on such a wide range of factors –  the size of the house, age, quality of the finishes, views, heating, construction, etc.. and is not a fully accurate measure of value, just one tool of many. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot. This has ranged from $308 – $364 in the last six months. Keep in mind this is the average – some homes have a much lower price per square foot and some have a much higher number.  

22 – were the average days on the market in October. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 3 days to 38 days in the last six months.

99% – is the average of what sellers received on their listing price. This is based on the original price of the property, not the reduced price. This has ranged from 96% – 100% in the last six months.

704K – average listing price

790K – average sold price – take a look at graph #4 and see how crazy this year has been.

0.9 Months of Inventory – Less than one month. Months of inventory means the length of time it would take to sell all the homes listed in Eldorado at the current rate of sales. Historically, a six-month supply is associated with moderate price appreciation, lower levels push up prices more rapidly. 

If you would like to discuss the current state of the Eldorado market or have questions about this wonderful neighborhood, please don’t hesitate to contact me. 

***Sotheby’s is proud to be the Eldorado Market Leader for 2020 – 2022***

Number of Homes For Sale vs. Sold vs. Pended (May. 2023 – Oct. 2023)
Average Price per SQFT (Sold) (May. 2023 – Oct. 2023)
Avg Days On Market & SP/Orig LP % (May. 2023 – Oct. 2023)
Average Price of For Sale and Sold (May. 2023 – Oct. 2023)
Months of Inventory Based on Closed Sales (May. 2023 – Oct. 2023)
Eldorado Real Estate Report – April – Sept. 2023

Eldorado Real Estate Report – April – Sept. 2023

Eldorado Real Estate Report – April – September 2023
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This market is wild and will likely get even more so. Fall is typically a very busy time for buyers ad sellers and this Fall is no exception. Fifteen properties went under contract in September, the most activity since last November.
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Inventory continues to increase, as are the number of Eldorado properties going under contract. If interest rates begin to drop in 2024, which is what we are hearing, buyers would be wise to buy now and re-finance later rather than get into aggressive bidding wars next year.
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In September:
 
8 Active Listings
15 Under Contract
9 Sold
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$352 was the average price per square foot last month. This number depends on such a wide range of factors –  the size of the house, age, quality of the finishes, views, heating, construction, etc.. and is not a fully accurate measure of value, just one tool of many. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot. This has ranged from $308 – $364 in the last six months. Keep in mind this is the average – some homes have a much lower price per square foot and some have a much higher number.

17 – were the average days on the market in September. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 3 days to 77 days in the last six months.

96% – is the average of what sellers received on their listing price. This is based on the original price of the property, not the reduced price. This has ranged from 93% – 100% in the last six months. The percentage of reduced listing price vs sold price was 99% in September.

617K – average listing price

573K – average sold price – take a look at graph #4 and see how crazy this year has been.

0.9 Months of Inventory – Less than one month. Months of inventory means the length of time it would take to sell all the homes listed in Eldorado at the current rate of sales. Historically, a six-month supply is associated with moderate price appreciation, lower levels push up prices more rapidly. 

If you would like to discuss the current state of the Eldorado market or have questions about this wonderful neighborhood, please don’t hesitate to contact me. 

***Sotheby’s is proud to be the Eldorado Market Leader for 2020 – 2022***

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Number of Homes For Sale vs. Sold vs. Pended (Apr. 2023 – Sep. 2023)
Average Price per SQFT (Sold) (Apr. 2023 – Sep. 2023)
Avg Days On Market & SP/Orig LP % (Apr. 2023 – Sep. 2023)
Average Price of For Sale and Sold (Apr. 2023 – Sep. 2023)
Months of Inventory Based on Closed Sales (Apr. 2023 – Sep. 2023)
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*All reports are published October 2023, based on data available at the end of September 2023. 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.

Real New York Bagels in Eldorado

At long last, Santa Fe has authentic New York Bagels. New York transplants typically ask where to get a real bagel and good pizza.
    • Let’s get right to the point: East Coasters, we’ve got New York bagels.

You’ll find them just outside of Santa Fe at Eldorado Coffee Corral in La Tienda at Eldorado shopping center. They’re individually wrapped and stacked in a small display case featuring a mix of the bagels, Whoo’s Donuts and a range of other house-baked goodies.

 

And yes, they’re the real deal: This upstate New York transplant can vouch for it. Whether it’s that New York City water, the hand-rolling or the boiling that gives them that signature glossy, chewy consistency, these bagels are all that and a side of schmear (here made in-house with cream cheese, smoked salmon, capers, red onion and lemon).

 

Mark Hawrylak, who owns the coffee shop with wife Kathleen King and son Sam King, has them shipped in fresh from a bakery in Queens.

 

“We moved here from New York, and we both missed a good bagel,” said Hawrylak, now a longtime Eldorado resident. They’d been ordering bagels shipped by the dozen to enjoy at home, so when they began building the concept for the Coffee Corral, they decided to add the bagels as an option.

 

Whether you miss the incomparable mouthfeel of a true New York bagel or you’ve never had one and just want to finally understand all the angles of the Great Santa Fe Bagel Debate, $3 is all you need to pick up a plain or everything bagel or one of a rotating selection of other flavors. You can also preorder a dozen or half-dozen from among some 20 flavors.

 

The family opened the Coffee Corral on April 1 in the space formerly occupied by The Coffee Wheel. A chef who spent 16 years working for Sysco, Hawrylak retired in October and soon realized he wasn’t ready to slow down completely.

 

“Being around the food industry all my life … there was some osmosis there as to what I felt would work as a coffee shop,” he said. “My business plan was to have a locally roasted coffee that was organic and fair trade, and to have as much food as possible that was made in-house.”

 

They settled on coffee from local roaster Agapao as well as a medium roast from a small Colombian plantation owned by a friend’s family. An inventive hot and cold coffee menu features classics as well as drinks like the Metro ($4.50) — a refreshing mix of iced sparkling water, espresso and vanilla syrup — and the cheekily named Naughty Babysitter ($5) — a Cubano with honey, chocolate, toffee nut syrup, steamed milk, whipped cream and caramel drizzle. Other drinks include teas, blended tea drinks, and housemade Italian sodas and lemonade.

 

In-house, Coffee Corral makes croissants, pastries, cookies, coffee cake and other goodies. The scones ($3) are a standout and can show up in flavors such as cranberry, cherry or apricot lemon ginger. Highly recommended: adding housemade clotted cream and jam for an extra $1.

 

Croissants come in plain, chocolate and almond varieties, as well as a savory offering that uses prosciutto and Gruyere from the new cheese shop, El Sabor, next door.

 

“I feel like our businesses complement each other well,” he said. “People will go buy salami, then come get a bagel and I’ll put it on there for them.”

 

For now, most of the shop’s customers have come from Eldorado and Lamy, and some have told him they appreciate not having to travel into town for one of those signature Whoo’s blue corn blueberry lavender doughnuts. And now, Santa Feans can find authentic New York bagels just down the road, too.

New French restaurant coming to Eldorado

French restaurants are thin pickings in Santa Fe, and French restaurants that serve dinner are even thinner.

 

Soon-to-be-married couple Alain Jorand and Suzanne Eichler will go full-blown French with their Le Pommier, opening in some form on Bastille Day, the big holiday in France on July 14.

 

They won’t be fortifying the French offerings in Santa Fe proper, instead opening a bistro at La Tienda at Eldorado retail center, 7 Caliente Road. Le Pommier will be in the former La Plancha de Eldorado restaurant space.

 

“We want people to come here and feel like we’re going to spend two hours in the French countryside,” Eichler said. “It’s not about turning tables. If you want to sit on the patio with your dog, do it.”

 

Jorand is from Reims in the Champagne province northeast of Paris. He has owned French restaurants in Quebec; Florida; Buffalo, N.Y.; and the non-French Flying Fish Café in Aspen, Colo. He briefly was part of the Palace Restaurant ownership group in 2002 but hasn’t owned a restaurant since then.

 

“Then he met me,” Eichler said.

 

She is already using his name on the Alain and Suzanne Jorand business card even though the wedding isn’t until Sept. 18.

 

“The menu will be in French with English underneath,” Eichler said. “There will be frog legs and paté. It’s a very French menu. One of my favorites is the jambon beurre — baguette with ham and butter.”

 

There will also be steak frites, steak tartare and lamb stew curry and apples (le pommier translates to apple tree). And the unexpected beef on weck, a nod to the time Jorand lived in Buffalo.

Bouillabaisse and pot-au-feu will make guest appearances on the menu.

 

One menu item specifically reads Chef Alain’s Salade Niçoise. He said so often salade niçoise strays from the traditional recipe. Among the traditional ingredients are tomatoes, hard-boiled eggs, olives and anchovies or tuna, dressed with olive oil.

 

“If you go to Nice, this is what you are going to get,” Jorand said of his eponymous salad niçoise.

 

Le Pommier will open first for lunch and add dinner about a month later, Jorand said.

 

Jorand worked for 14 years at Peter Dent‘s Adobo Catering before taking three years off and now getting back into restaurants. He left France in 1976 and made his first stop in Quebec, where he owned La Chaumiere, north of Montreal.

 

He arrived in the U.S. in 1986, opening Restaurant St. Honoré, Brasserie St. Honoré and Café St. Honoré in Florida.

 

“I was going nuts,” Jorand recalled. “My blood pressure went up.”

 

He moved on to Buffalo, opened Restaurant Enchanté and was introduced to the beef on weck sandwich that now defies the very French flavor of Le Pommier’s menu.

 

While in Aspen, he heard about Palace Restaurant & Saloon being for sale in Santa Fe. He and two partners bought it from Lino Pertusini, who had owned the Palace for 20 years. Jorand stepped away a short while later but stayed in Santa Fe.

 

Why pick Eldorado for a French restaurant?

 

“We took a house in Eldorado in the past year,” Eichler said. “We have a little community of friends here already. We were looking to open a breakfast and lunch cafe, and this became available. This is a big place. We can’t just do a little cafe.”

 

Le Pommier will join the already-eclectic dining options at La Tienda, including Thai Bistro, Santa Fe Brewing Co. and Mami and Papi’s food truck.

Eldorado’s Greek Community Celebrates Independence

 

 

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The Rev. Dimitrios Alex Pappas swings a censer of burning incense at the start of a service Wednesday evening to celebrate of the annunciation of Mary and also to celebrate Greek Independence Day at St. Elias the Prophet Greek Orthodox Church.

To celebrate the modern homeland’s 200th birthday, the Rev. Dimitrios Alex Pappas is showing off his great-grandmother’s amalia and great-grandfather’s foustanella. He estimates his heirloom Greek holiday attire is a century old.

 

The priest at St. Elias the Prophet Church has carved a bit of Greece into a hillside in Eldorado as a center for many second- and third-generation diaspora in Northern New Mexico who rely on the Greek Orthodox community as a cultural connection.

 

The white church, with its blue doors that match the New Mexico sky, is shaped like a Byzantine cross. Pomegranates hang on the door for the new year in January, and Pappas offers Mass in Greek, Spanish and English to a congregation that commutes from all over New Mexico.

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The Rev. Dimitrios Alex Pappas makes adjustments Wednesday to the flags he put up to celebrate Greek Independence Day at St. Elias the Prophet Greek Orthodox Church. 

“We drive up from Albuquerque because it’s about as close to church in a village in Greece as you can get,” said Vasilios Ninopoulos, whose parents emigrated from Larissa in central Greece to Toronto. “You go there and you feel like you’re in Greece.”

 

For many in the Greek communities of New Mexico, this is not just another March day.

 

On March 25, 1821, Bishop Germanos of Patras raised the flag of Greek resistance over the Monastery of Agia Lavra on the Peloponnese Peninsula. Thursday marks 200 years of freedom from the Ottoman Empire. According to tradition, the nine stripes on the blue-and-white Greek flag represent the nine syllables of a Greek phrase that means “freedom or death.”

 

Pappas, whose roots are in an area near Tripoli, Greece, a city in the central part of the Peloponnese, said St. Elias’ congregation consists of between 50 or 60 families, while St. George Greek Orthodox Church in Albuquerque serves around 500.

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Maria Brignoni makes the sign of the cross Wednesday while attending St. Elias the Prophet Greek Orthodox Church’s service in Eldorado. The hillside church, which is shaped like a Byzantine cross, draws a congregation that commutes from all over New Mexico. 

For the holiday, kids usually dress in traditional costumes and recite poetry around feasts.

 

“It’s a huge party usually that we’re toning down for the pandemic,” said Nicolette Panagopoulos, who also travels from Albuquerque to attend St. Elias and whose parents are from the Arcadia region of the Peloponnese. “It’s a small Greek world. Everyone is connected in some way.”

 

Pappas and Panagopoulos grew up in Denver learning the language and culture on the weekends in Greek school — a common experience for first-generation Greeks in the United States. Stavroula Labarge, who also travels from Albuquerque to St. Elias, said she started to pass the language on to her 16-month-old daughter.

“We’re starting to introduce her to phrases,” said Labarge, whose grandparents are from Grevena, Greece. “It’s hard over generations, and the language will be lost if you don’t keep it in their lives. The church really helps with that.”

 

Both Panagopoulos and Labarge said they try to prepare vegetarian meals, such as like eggplant moussaka, to celebrate the holiday during Lent. The Santa Fe restaurant scene has a strong Greek influence, although that’s not obvious on the menus.

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Ignatios Patsalis assists the Rev. Dimitrios Alex Pappas at Wednesday evening’s service. 

Leonardo Razatos said his dad, Dionysus Razatos, was the second or third Greek to own the Plaza Café when he took over in 1947.

 

“The Greeks are very good at understanding what people want,” Razatos said. “My dad understood people weren’t coming to Santa Fe for Greek food.”

 

While his mother still owns the Plaza Café, Razatos serves traditional New Mexican cuisine as owner of the Plaza Café Southside, and his brother, Daniel Razatos, owns the Greek restaurant Yamas Greek Rotisserie on Cerrillos Road. He said other Greek families own Tomasita’s, Atrisco Cafe, Tortilla Flats and Tia Sophias.

 

“If two Greeks happen to meet on the street, they’ll open a restaurant,” Razatos joked.

 

Pappas was ordained in Denver, worked in Seattle and Arizona, and was an assistant priest at a church in Athens when the bishop called almost 12 years ago and said he was needed in Santa Fe. In recent years, he added new religious icons on the inside of the structure and a covered patio outside. There’s more, though.

 

“Yeah, the building is nice, but the community is a family. That’s what makes the building what it is. Without the people there is no church,” Pappas said. “It’s just like Greece here with the shrubs in the mountains. All we’re missing is the ocean.”

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The Rev. Dimitrios Alex Pappas, holds up the Greek flag Wednesday at St. Elias the Prophet Greek Orthodox Church as he explains the flag’s significance in celebrating Greek Independence Day.