Monthly Archives: March 2010

Santa Fe in U.S. News & World Report’s 10 Housing Markets for the Next Decade (March, 2010)

In the March, 2010 issue of U.S. News & World Report (the 2010 Money Guide), Santa Fe, New Mexico was ranked fourth on their list of 10 housing markets that should see above-average annual price gains from the second quarter of 2009 to the second quarter of 2019.

The top ten markets that made U.S. News & World Report’s list, with median home prices from the second quarter of 2009 and expected annual appreciation are below, followed by the accompanying article by Luke Mullins:

City Median Price Annual % increase*

  1. Silverdale, WA $250,000 over 9%
  2. Glens Falls, NY $178,950 over 7%
  3. Corvallis, OR $232,000 over 5%
  4. Santa Fe $262,250 over 5%
  5. Decatur, IL $92,900 nearly 5%
  6. Duluth, MN $129,550 over 5%
  7. Charleston, SC $210,000 over 5%
  8. Pittsburgh, PA $95,500 nearly 5%
  9. Fort Collins, CO $208,000 nearly 4%
  10. Charlotte, NC $150,000 over 3%
  11. *U.S. News & World Report cited home price projections from Moody’s Economy.com.

10 Housing Markets for the Next Decade

    Home prices in these cities could appreciate handsomely over the coming years

    By: Luke Mullins, U.S. News & World Report (March, 2010).

Just as the real estate bust slammed different parts of the country with unequal force, each local housing market will emerge from the rubble at its own pace. The recovery in Detroit will look much different from the rebound in Denver.

To get a sense of which markets will see stronger home price appreciation over the next 10 years, U.S. News turned to Moody’s Economy.com. The economics firm sifted through employment and population data and analyzed geographic and industry trends to generate 10-year home price projections for each of the nation’s 384 distinct metropolitan statistical areas — everywhere from Abilene, Texas, to Yuma, Ariz.  Using these data, U.S. News compiled a list of 10 housing markets that should see above-average annual price gains from the second quarter of 2009 to the same period of 2019.

The neighboring cities of Bremerton and Silverdale, Wash., are located on the Kitsap Peninsula, a slip of land surrounded by more than 300 miles of coastline on Puget Sound.  Although the Pacific Northwest greenery is enticing, it’s the area’s stable economy that should drive home price gains in the coming years. A large military presence — of the Navy in particular — helps insulate the local economy from volatility. Moody’s Economy.com expects home prices in the Bremerton-Silverdale area to increase by an average of nearly 9 percent annually from the second quarter of 2009 through the same period of 2019.

At the foot of the Adirondack Mountains of New York you’ll find Glens Falls. With attractions like Lake George just a short drive away, tourism has long played a key role in the local economy. But the area, which has about 130,000 residents, is also considered “catheter valley” because of its thriving medical device manufacturing industry. Companies like Covidien, AngioDynamics, and C. R. Bard have outposts in the area, which has become a popular lower-cost alternative to nearby Saratoga County, N.Y., and a bedroom community for the state capital of Albany. Home prices in the area will increase an average of more than 7 percent a year over the next 10 years, Moody’s Economy.com projects.

Corvallis, a town of about 48,000 residents, is home to Oregon State University as well as numerous public agencies. About a third of the area’s workers are employed by the government, says Mysty Rusk, the president of the Corvallis-Benton Chamber Coalition.

At the same time, the people of this university town have long possessed a creative, entrepreneurial spark. According to Rusk, Corvallis has the highest number of patents per capita in the United States. Large companies like Hewlett-Packard and Samaritan Health Services are among the region’s leading private employers. Area home prices should increase an average of more than 5 percent annually over the next 10 years, Moody’s Economy.com projects.

Founded in the early 1600s, Santa Fe, N.M., has a mix of history, art, and outdoor wonders that attracts more than 1 million visitors to the city annually. Santa Fe also boasts 300 days of sunshine a year. While tourism helps juice the local economy, the city’s favorable employment outlook is linked to its abundance of more stable government jobs. “We are a government town,” says Simon Brackley, the president and CEO of the Santa Fe Chamber of Commerce. “We are the state capital, and we also have Los Alamos National Lab 30 miles away, which brings in a lot of federal government money and probably about 12,000 jobs.” Moody’s Economy.com expects area home prices to increase by an average of more than 5 percent annually over the next 10 years.

With Caterpillar and Archer Daniels Midland serving as its largest employers, Decatur, Ill., considers itself “America’s agribusiness center,” says Randy Prince, the president of the Greater Decatur Chamber of Commerce. Leveraging its crop-rearing expertise, Decatur hopes to emerge as a key player in the green-energy industry.

Because home prices in Decatur never exploded as they did in other parts of the country, its downturn has been relatively benign. And while the long-term economic outlook is tepid, less aggressive home building should enable real estate prices to increase an average of nearly 5 percent annually over the next 10 years, according to Moody’s Economy.com.

Duluth, Minn., has a similar outlook. Although demand will be restrained by weak population growth, affordable prices and manageable supplies should lead to gains of more than 5 percent annually over the next 10 years, Moody’s Economy.com projects.

Charleston, S.C.‘s charming architecture has helped make this port city on the Atlantic coast a popular tourist destination, attracting more than 5 million visitors a year. “A lot of cities in America would love to have a couple of blocks with historic buildings,” says Charles Van Rysselberge, the president and CEO of the Charleston Metro Chamber of Commerce. “In our case, we have miles of those.”

A strong military presence brings stability to Charleston’s local economy. And Boeing recently announced plans to build a plant in Charleston that will bring in thousands of higher-paying jobs. Home prices in the Charleston area should increase an average of more than 5 percent annually over the next 10 years, Moody’s Economy.com projects.

For the past 30 years, Pittsburgh has struggled to transform itself from a rusting steel town to a dynamic center of forward-looking job providers. Its selection as the site of the 2009 Group of 20 summit — bringing together the world’s most powerful economies — seemed to validate this remarkable turnaround.

With a low cost of living and a strong network of universities, Pittsburgh is home to 1,500 high-tech firms, 500 biotechnology companies, and a robotics cluster, as well as a number of solar and wind energy firms. “You don’t have any one sector that is as dominant as it was before,” says Dennis Yablonsky, the CEO of the Allegheny Conference on Community Development. Home prices in the Pittsburgh area should increase an average of nearly 5 percent annually over the next 10 years, Moody’s Economy.com projects.

Not far from Colorado’s breathtaking Rocky Mountain National Park are the neighboring cities of Fort Collins and Loveland. Thanks to university research, local support, and private investment, this area of roughly 300,000 residents is evolving into a leading center for traditional and renewable energy, says Brian Willms, the president and CEO of the Loveland Chamber of Commerce. “We have this fantastic wind corridor to produce wind energy, over 300 days of sunshine a year — so it’s a great place for solar energy — and we have some of the most productive natural gas reserves in the country,” he says. Home prices in the Fort Collins-Loveland area should rise an average of nearly 4 percent annually over the next 10 years, Moody’s Economy.com projects.

Although the recent financial turmoil has hurt, Charlotte, N.C., remains the nation’s second-leading banking center and home to corporate giant Bank of America, says Bob Morgan, the president of the Charlotte Chamber of Commerce. Charlotte’s low-cost, business-friendly climate and diverse economic base should help push home prices higher. Home prices in the Charlotte area should increase an average of more than 3 percent annually over the next 10 years, Moody’s Economy.com projects.

59th Traditional Spanish Market To Be Held July 24 and 25, 2010

Spanish Market street scene

The 59th Traditional Spanish Market will be held on July 24 and 25, 2010 on the Santa Fe Plaza. This popular event celebrates the vibrant Hispanic culture of Northern New Mexico, both past and present. Visitors are provided with a unique opportunity to purchase a dazzling array of Spanish Colonial art works produced by over 200 traditional Hispanic artists, sample mouth-watering regional food specialties, attend art demonstrations and workshops and enjoy continuous live music and dance entertainment.  A separate youth exhibition area will line the side streets just off the Plaza and will feature the work of some 100 emerging artists. This is the oldest and largest Hispanic market in the United States. Admission is free.

For more information about Spanish Market contact the Museum of Spanish Colonial Art  at 505-982-2226 or  e-mail info@spanishcolonial.org.

Glossary of terms used, and art forms found, at Spanish Market

  • Santos – originally produced in New Mexico between the 1700s and late 1800s, these are depictions of religious figures in the forms of bultos (three dimensional wood carvings) and retablos (paintings on wooden panels).  Most materials used to make santos were indigenous to New Mexico: pine, cottonwood root, gypsum, pinion sap, yucca fibers and horse and human hair for paintbrushes, and natural home-ground pigments made from the vegetation, clays, ocres and minerals. Although New Mexico became part of the Republic of Mexico in 1821, it still remained isolated from the outside world. Consequently, most New Mexicans artists in the nineteenth century were self-taught or apprentices who learned from their local masters.   Santos played an important part of the religious lives of New Mexicans in the colonial period.   Retablos and bultos adorned local churches and families had private devotional altars graced with Santos. Santos convey the spirit of Hispanic New Mexico through their unique style, traditional Catholic subject-matter and the materials used to create them.
  • Straw Appliqué – crosses, chests and boxes decorated with applied wheat straw and corn husks which are adhered to the wood with resin.
  • Textiles – hand-woven on looms using handspun and vegetable dyed yarns
  • Tinwork – decorative and utilitarian objects of cut and punched tin.  Frames, mirrors, switchplates, candle holders, sconces, mirrors and crosses are examples of tin art. Tin art, especially in religious form, began to flourish after the United States Army occupied New Mexico in 1846 and the appearance of imported tin cans. 
  • Furniture – usually made from pine using mortise and tenon joints
  • Embroidery – unique regional embroideries employing the colcha stitch which was used for centuries to embellish priest garments, altar cloths and coverlets and produces rich and colorful textiles and tapestries
  • Ironwork – tools, fastenings, and household objects forged from iron
  • Precious Metals – silver or gold jewelry, utilitarian and devotional objects
  • Pottery – hand-sculpted bowls, pots, and other ware made from micaceous clay
  • Bonework – decorative items, anillos (rings) and tool handles carved from bones
  • Ramilletes – decorative paper garlands
  • Basketry – baskets handwoven from red and brown river willow

Retablos at Spanish Market

The Spanish Colonial Arts Society screens all of the artwork shown at Spanish Market for authenticity and requires that all artwork be handmade by artists practicing their craft in the context of their community.  Some families are represented by three or four generations

For more about the art you can see at Spanish Market visit the Collectors Guide.

History of Spanish Market

The Spanish Colonial Arts Society first sponsored Spanish Market in 1926 and continued to hold it until the mid-1930s.  In 1965 the Spanish Colonial Arts Society revived Spanish Market, which was held in conjunction with the annual Indian Market until 1972.  In 1973 Spanish Market became its own distinct event taking place on Santa Fe Plaza during the last full weekend in July. 

Since 1985 Contemporary Hispanic Market has been held at the same time as, and in conjunction with, Spanish Market.  It is sponsored by El Museo Cultural de Santa Fe and is located northwest of Santa Fe Plaza along Lincoln Avenue.   In 2009 Contemporary Hispanic Market showcased contemporary fine art such as photography, weaving, glass work, paintings, ceramics, sculpture, jewelry, textiles and mixed media from over 130 artists.  For more information call (505) 992-0591 or e-mail info@elmuseocultural.org  

Awards

Grand Prize, Best of Show Winner - 2002 Federico Prudencio, Spanish Hope Chest

The Society honors artistic excellence at Spanish Market by awarding prizes and purchasing outstanding works of art for its collection.  Its grand prize, first prize and other special awards recognize distinctive skill and innovation in various media.   The Society’s collection of more than 3500 objects is housed at the Museum of Spanish Colonial Art, 750 Camino Lejo (Museum Hill) in Santa Fe.   The collection includes Spanish Colonial art forms spanning four centuries and four continents.

Insider’s Tip

On Friday, July 23, 2010 from 6:00 pm to 9:00 pm the Spanish Market Preview takes place at the Santa Fe Convention Center for members only.  Be the first to see this year’s Spanish Market art and meet the artists.  Early Preview starts at 6 pm for upper level members ($300 – $5,000).  General Preview starts at 7 pm for all members.  Memberships are available at the door.

Food at Spanish Market

Vendors offer Spanish Colonial and Northern New Mexican specialties such as carnitas, carne adovada, stuffed sopaipillas, chile rellenos, fajitas, tamales, empanaditas, chile stew, taquitos, burritos, enchiladas and tacos.