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Jared Murphy
Associate Broker - Allstar Realty Cell: 505.615.2718 Fax: 1.866.213.3119 |
Getting to Know AlbuquerqueNamed for Duke Alburquerque, the Viceroy of New Spain in the early 1700s, the city of Albuquerque is as rich in history as it is in culture. With a unique blend of Spanish, Native American, and North American cultures, Albuquerque has much to offer both tourists and residents alike. Albuquerque, which holds the status of the only major metropolitan in all of New Mexico, is seeing tremendous population growth in recent years with few signs that it will slow down. With growth in Albuquerque having pushed all the way east to the Sandia Mountains, north to the reservation, the Northwest pushing up against Rio Rancho, and with growth getting close to the southern border with Indian lands, much of the new development is focused on the West and Southwest sides of Albuquerque. With a business friendly approach to growth, Albuquerque has been able to attract new businesses and industries and further diversify its economy from what it was in past years. It has in recent years Albuquerque has made great strides to improve its aesthetic appeal. You will notice the ornate soundproof concrete barriers along the freeways which improve things for the drivers as well as the homes and businesses close to the freeway. The Big I interchange (where I-25 and I-40) was recently redone with turquoise coloring to decorate the aerial freeway corridors. The Sandia Tram (world's longest aerial tramway) is waiting to whisk you off from the city floor up to the tops of the Sandia Mountains (10,378 ft high) on a trip that will take your breath away. If time and money permit, there is an excellent restaurant at the peak. During the winter, the tram can be used to take you from the Albuquerque city floor up to the Sandia Peak Ski Resort, all without driving through a single mountain pass. To get a feel for the national attention Albuquerque is getting on the national stage, here are links to recent awards and rankings:
Complete List with more awards and rankings http://www.cabq.gov/about/toprank.html
Albuquerque as an Investment - Land or HomesGrowth Forecasts are Strong For those looking at Albuquerque to live in or invest, you have come to the rigth place. Having spent a good part of my youth in Albuquerque, I have been able to watch Albuquerque grow up. For a long time, Albuquerque was not the business friendly place it has worked to become. It has only been in recent years that the local politicians have worked hard to reach out to businesses through better incentives and then allow the businesses to drive the population growth that has made Albuquerque such an attractive place to live and invest. The greater Albuquerque metro area is now nearing the 1 million people mark. One million people is almost a magical number in that many businesses will now consider making a move to your market once you have reached that point. Prior to then, you are considered too small. In essence, growth causes more growth. As you also know, population growth is one of the major factors of real estate appreciation.
Albuquerque's Appreciation Like many of the markets across the nation, Albuquerque and New Mexico in general has experienced higher than normal property appreciation during the last few years. Unlike many of the other markets, Albuquerque's appreciation was much more reasonable. While some places like Phoenix and Vegas were appreciating at 30%-45%, Albuquerque was averaging 12% - 18%. While Phoenix and Vegas are now in a complete slump, Albuquerque's appreciation has slowed, but still continued. There are a few areas where short-term investors purchased too high of a percentage of homes and they will likely suffer during the next two years as many of the short-term investors sell off their homes. On the flip-side, other areas without the higher numbers of investors are much more stable sub-markets.
Prices are Still Low A major factor that continues to attract people to this market is that prices are still low. When comparable homes and land in Albuquerque are help up against homes and land in Phoenix, Salt Lake, or in Denver, you are paying at times 15% - 35% less for that equivalent home or piece of land in Albuquerque. Since income levels, tax rates, and climate are similar in those markets are similar, Albuquerque seems to make sense to a lot of people as a place to relocate to or to invest in.
Long-Term Growth Prospects are Good A major factor that continues to attract people to this market is that prices are still low. When comparable homes and land in Albuquerque are help up against homes and land in Phoenix, Salt Lake, or in Denver, you are paying at times 15% - 35% less for that equivalent home or piece of land in Albuquerque. Since income levels, tax rates, and climate are similar in those markets are similar, Albuquerque seems to make sense to a lot of people as a place to relocate to or to invest in. Businesses also look at affordability for their employees which has made Albuquerque that much more attractive for corporate relocation. If you add up the growth prospects provided by business creation, business relocation, and those coming for their retirement years, the growth prospects in Albuquerque are great. Land and homes hold great value because of it.
Master Planned CommunitiesMesa Del Sol Mesa Del Sol will be at completion one of the largest master-planned communities in the nation. This 12,900 acre community literally just minutes away from downtown will be one worth looking at when searching for a home in the Albuquerque area due to its proximity and most likely affordability in the early stages of the development. For more information on Mesa Del Sol, the community, and the builders please give me a call (505-615-2718) or contact me through email (link to contact page) so I can get in touch with you and get you the latest on Mesa Del Sol.
The Petroglyphs Named for ancient enscriptions on volcanic rock just minutes away, this conveniently located and historically significant community enjoys a relatively short commute time due to its proximity to Interstate 40, extensive trail systems, regional and neighborhood parks. This 6,400 acre master-planned community was designed to create a place where a diversity of people, wildlife, and natural landscapes will flourish together. If you are looking for a community with a short commute, some good trails, and fun history the Petroglyphs may work well for you. Please give me a call (505-615-2718) or send me and email (link to contact page) so I can get you current information on homes prices and availability.
Ventana Ranch and Ventana Ranch West Ventana Ranch is a nice retreat that takes you out of the city and up into the west mesa of Albuquerque. Conveniently located close to Cottonwood Mall and with fast access to Interstate 25 using Paseo Del Norte, Ventana Ranch is a community worth seeing. Currently Ventana Ranch is one of the farthest communities to the west of downtown Albuquerque, but with the continued high-growth and limited development areas, Ventana Ranch may be considered very centrally located in just a few years. Due to the hilly geography of the area, many homes here have stunning views of the Manzano mountains. Overall this community seems to be holding its reputation as a classy neighborhood without a huge price. There are a number of builders still building in the newer parts of the community as well as a large number of existing homes. Please give me a call (505-615-2718) or contact me (link to contact page) through email so I can get in touch with you and get you the latest on Ventana Ranch and Ventana Ranch West.
Albuquerque Demographic Information: Population: 697,080.County: Bernalillo Median resident age: 35 years Median household income: $51,925 (year 2000) Median house value: $192,000 (year 2006) Albuquerque Weather Information
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