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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5 Real Estate Myths That Snag Buyers and Sellers

When you buy or sell a home, you’re likely to get lots of unsolicited advice from well-meaning friends and family. And a portion of the advice may be helpful while some of it, well, may not be so helpful.

When it comes to real estate, people tend to make generalizations based on their own experiences and speak in absolutes, when the reality is more nuanced.

Here are some examples:

You should wait to list your home until the spring. Yes, real estate is seasonal. In some cities this is more apparent than others, especially places with harsh winter weather. When Redfin crunched the numbers over the past five years, we found that 51 percent of homes listed in the winter sold above asking price, compared with 50 percent in the spring. If you want the best shot at selling your home quickly and for the most money, list in the first half of the year.

Ultimately, the difference between selling in the winter and spring is negligible, so choose the time of year that is most convenient for you. And don’t fret if you need to list in the summer or fall. Ultimately, a home that shows well and has a good pricing and marketing strategy is the most likely to sell, regardless of when it hits the market.

Look for a deal during the holidays. On the other side of the coin, I’ve seen many buyers who were convinced that they could score a great deal on a home by looking around the holidays. Like much advice, there is a nugget of truth to this concept. Fewer buyers are looking during this time period. Sellers who list during the holidays may be selling due to necessity, like a job relocation, and therefore be more motivated to sell quickly.

Sale price is ultimately a function of market dynamics and less a function of the season. The key is to be patient, since it may take many months for the right opportunity to present itself. I also suggest that buyers look at homes that have been on the market for a bit of time. These homes may be good opportunities for negotiating a sale under asking price. Once a listing gets stale, you’re likely to have more negotiating power, regardless of the time of year.

You don’t need an inspection for a new build or recent renovation.Some buyers are under the impression that they can forgo the inspection for a property that is new or recently renovated. How much could be wrong if everything is new, right? From an improperly installed dryer vent to faulty wiring, new developments can have minor and major problems that aren’t apparent until you get a professional in to do a thorough review.

While there may be competitive reasons to waive the inspection contingency in the contract, the decision to do so should not be taken lightly and should be made with full knowledge of the risks. Regardless of how shiny and new the property looks, it is in the buyer’s best interest to spend the money to get a thorough inspection from top to bottom.

Your home is updated and in a good neighborhood, so you don’t need to stage it to sell. Even the most beautiful, high-end homes should be staged and photographed by a professional photographer. Listing photos are a critical factor in the selling price of your home, how quickly it sells, and whether it sells at all.

A professional stager can provide objective advice on how to get your home photo-ready. They see a lot of homes so they can speak to design trends and features that are common in homes for sale in your area. You live in your home every single day and stop noticing little things that make a big difference in listing photos — a frayed rug, clutter in the entry way, chipped paint, etc. Spending a few hours to de-clutter and a few hundred dollars for a fresh coat of paint will go a long way in attracting the most interest from potential buyers.

Price your home above the amount you want to get, so you have room to negotiate. Determining what your list price should be is an art and a science. Before you list your home, ask your real estate agent for a comparative market analysis, which will help you determine a reasonable price based on sales of similar homes in your area. It’s very important to set a good price the first time, so you don’t have to drop the price later.

A Redfin study showed that the first week that a listing goes on the market, it receives nearly four times more visits online than it does a month later. Even if you drop the price later, it won’t get the same attention. When in doubt, start with a lower asking price.

Bidding wars are a good thing if you’re the one selling the home. If you underprice by, say, $10,000, you could get multiple buyers to bid up the price. If you overprice by $10,000, the home may sit on the market for months, and you’ll lose a lot more.

Marshall Park is a real estate broker at Redfin in Virginia who writes an occasional column on the real estate market.

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Beautiful New Eldorado Real Estate Listing – Home For Sale

Living Room with Kiva
Living Room with Kiva

28 Monte Alto Rd. 3-2-2, 1.6 acres. 429K

Built by Yoder, this pretty Eldorado passive-solar home is on a paved road, has a flexible floorplan with two large living areas, a sunny studio and an office space. Gorgeous 2010 kitchen with granite and alder cabinets. A 42-jet hot tub, oversized, finished oversized 2-car garage, new hot water heater and 11 fruit trees including apple, peach, cherry, plum complete this wonderful Eldorado property. Brai roof with 2-year warranty transfers to buyer at no cost. Master bath has in-floor radiant heat. Rainwater catchment system includes two 1,700 gallon tanks for landscape watering. Instant hot water system. Do not miss this one!

Call Lisa for a private showing. 505-570-5770

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Eldorado 2012 Real Estate Report

The Eldorado market remains strong and very much in demand for buyers. Inventory is still decreasing, sales and pendings continue to be steady.

– 36 active listings – the lowest in the last 12 months. Less competition for sellers.

– 5 properties went under contract and 12 closed in the month of December. –

$164 was the average price per square foot for December. Remember it depends on the size of the house, the larger the house, the lower the price per square foot. Over this past year, the price per square foot in Eldorado has ranged from $138 – $180.

-132 were the average days on the market (DOM) last month. In 2012, this ranged from 108 to 237 days, again depends on which properties sold.

– 98% is the sales price vs. listing price for December. This means sellers are getting about 1-2% more for their Eldorado homes last month over the rest of last year.

– 360K was the average listing price for December.

– 352K was the average sales price for December.

– 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, so Eldorado still remains a very popular neighborhood.

*** Publisher’s Note ***:
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:
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TrendVisionTM  
Published Jan. 2013
Location : Eldorado Subdivision (area 14)
Number of Homes For Sale vs. Sold vs. Pended    (Jan. 2012 – Dec. 2012)
Price Range: $0 – No Limit
SQFT Range: 0 – No Limit
All Residential Prop   Prepared for you by: Lisa Smith, Santa Fe Properties
Bedrooms: 0 – No Limit
Full Bathrooms: 0 – No Limit
Half Bathrooms: 0 – No Limit
Year Built: 0 – No Limit

 

 

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.

 

TrendVisionTM  
Published Jan. 2013
Location : Eldorado Subdivision (area 14)
Average Home Sold Price per SQFT    (Jan. 2012 – Dec. 2012)
Price Range: $0 – No Limit
SQFT Range: 0 – No Limit
All Residential Prop   Prepared for you by: Lisa Smith, Santa Fe Properties
Bedrooms: 0 – No Limit
Full Bathrooms: 0 – No Limit
Half Bathrooms: 0 – No Limit
Year Built: 0 – No Limit

 

 

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.

 

TrendVisionTM  
Published Jan. 2013
Location : Eldorado Subdivision (area 14)
Avg DOM & SP/LP %    (Jan. 2012 – Dec. 2012)
Price Range: $0 – No Limit
SQFT Range: 0 – No Limit
All Residential Prop   Prepared for you by: Lisa Smith, Santa Fe Properties
Bedrooms: 0 – No Limit
Full Bathrooms: 0 – No Limit
Half Bathrooms: 0 – No Limit
Year Built: 0 – No Limit

 

 

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.

 

TrendVisionTM  
Published Jan. 2013
Location : Eldorado Subdivision (area 14)
Avg Price For Sale & Sold    (Jan. 2012 – Dec. 2012)
Price Range: $0 – No Limit
SQFT Range: 0 – No Limit
All Residential Prop   Prepared for you by: Lisa Smith, Santa Fe Properties
Bedrooms: 0 – No Limit
Full Bathrooms: 0 – No Limit
Half Bathrooms: 0 – No Limit
Year Built: 0 – No Limit

 

 

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.

 

TrendVisionTM  
Published Jan. 2013
Location : Eldorado Subdivision (area 14)
Months of Inventory based on Closed Sales    (Jan. 2012 – Dec. 2012)
Price Range: $0 – No Limit
SQFT Range: 0 – No Limit
All Residential Prop   Prepared for you by: Lisa Smith, Santa Fe Properties
Bedrooms: 0 – No Limit
Full Bathrooms: 0 – No Limit
Half Bathrooms: 0 – No Limit
Year Built: 0 – No Limit

 

 

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.

 

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