Monthly Archives: February 2012

Income Producing Professional Office Space – just $135,000

3600 Rodeo Lane, Unit B-1

3600 Rodeo Lane, Unit #B-1, Santa Fe, NM 87507, Offering Price $135,000, MLS #201105532. Listing Agents, Karen Meredith, Keller Williams Realty, (505) 603-3036 and Renee Edwards, Keller Williams Realty, (505) 470-7773

Attention Income Investors!!!  Get a 5.4% return on just $135,000 for Professional Office Space, C-1 Zoned Condo along Rodeo Road Corridor

3600 Rodeo Lane, office







3600 Rodeo Lane, kitchenette

Tenant is number 118 on the Fortune 500 list. Newer and well maintained end unit with excellent parking. Convenient location near Sam’s Club and other shopping along Rodeo Road. 2 private offices with windows, 3rd interior space can be another office or conference room. Has a kitchenette area, bathroom and storage room. Cap rate is 5.4%.

Call Karen Meredith, Keller Williams Realty, (505) 603-3036 or Renee Edwards (505) 470-7773 FOR MORE INFORMATION. Lease available upon request.

Report: S.F. housing more affordable

By Tom Sharpe| The New Mexican Posted: Friday, February 24, 2012.  This article is syndicated from The New Mexican, for a complete copy of the original article, click here.

The recent economic recession has made Santa Fe housing more affordable, says a report released Friday by the Santa Fe Association of Realtors.

“For the first time in years,” the report says, Santa Fe’s median household income is enough to qualify for the purchase of a median-priced home.

“The market rates of homes have declined which does, unfortunately, negatively affect current homeowners’ investments,” it says, “yet the result is a larger number of affordably priced homes in Santa Fe.”

The report, 2011 Affordable Housing in Santa Fe, cites how the economic collapse in late 2008 led to the loss of 4,600 jobs, increased unemployment rates, poverty rates and foreclosure rates while decreasing median incomes.

But the recession caused the median price of reported real-estate sales to drop from an all-time high of $425,000 in 2007 to $330,000 for the third quarter of 2011, says the report.

“There are a considerable number of re-sale homes on the open market at low prices that were unimaginable a few short years ago,” it says. In addition to the lower median prices, the report notes that prevailing interest rates also have fallen, although lenders have become stricter in qualifying borrowers, sometimes requiring larger down payments than before.

The report says that even though there is little residential building under way in Santa Fe, nonprofits have been able to pull together funding from federal sources, grants and tax credits to increase the number of affordable-housing units:

110 units at the Santa Fe Civic Housing Authority’s new Villa Alegre compound;

60 rental units for the Housing Trust’s Village Sage;

60 rental units at the old Stage Coach Inn on Cerrillos Road have been approved for the Housing Trust;

Habitat for Humanity has acquired eight townhouse lots and has started construction on four townhouses.

The report was researched and written by Jeri Chenelle, a former government-affairs officer for the Realtors Association of New Mexico, with funding by the state association and the National Association of Realtors.

Victoria Murphy, president-elect of the Santa Fe Association of Realtors and an associate broker at Santa Fe Properties, said the idea for the affordable-housing study began when the city proposed a 1 percent “transfer tax” on the sale of homes priced at $750,000 and up. Voters rejected the tax in 2009.

“Obviously, as Realtors, we were in opposition to that, but we did come to [the city] and say, ‘Look, we understand that there is a need here,’ and in that, we found out that at times the city didn’t know how many affordable homes they actually had,” she said. “So our thing was, ‘Let’s find a way that we can have a database that we can find out exactly what’s out there and what the needs are.’ ”

Murphy said her biggest surprise was finding out how many “stakeholders” are involved in affordable housing — not only the nonprofit housing groups, but also the many construction companies that specialize in affordable housing. An extensive list of stakeholders are included in the report.

Both the City Council and the County Commission recently lowered requirements for including affordable homes in new subdivisions. But Murphy said the report’s findings don’t suggest the need for further easing of affordable housing requirements.

“The whole idea is just saying, ‘OK, this is what we have out there,’ ” she said. “How can we start promoting this so we don’t have this perception that Santa Fe is unaffordable to our workforce?”

Recent Sales

Below is a summary of some of my recent sales:

2308 Calle Pacifica

SOLD 2308 Calle Pacifica, Santa Fe, NM 87505, Offering Price $249,500, MLS # #201104870

Pristine home in family neighborhood, near schools, parks, and shopping. Plenty of light with open kitchen/dining area, adjoined by family room with high ceiling, clerestory windows and pellet stove.

Front living room could be a library or media room. Unheated garage conversion provides a light filled studio or 4th bedroom. Master bedroom has French doors to private patio with hot tub.

Two more patios include movie screen for entertainment and wet bar and refrigerator. Indoor living space gracefully flows into outdoor living areas. Hot tub and 2 storage sheds stay.


47 Bouquet Lane


SOLD 47 Bouquet Ln, Santa Fe, NM 87506, Offering Price $355,000, MLS #201104079

Beautiful 4 bedroom, 2 bath adobe and brick home on a shady, tree-lined country lane in Pojoaque about 15 minutes north of Santa Fe. Close to one acre. Lovingly cared for home.

Kitchen and bathrooms have been upgraded recently. Approximately .40 acre water rights. Irrigated land. Fruit trees. Peaceful, private fenced backyard. Enormous cottonwood tree in front yard provides welcome shade.

Ample parking area has enough room for an RV. Approximately 10′ by 10′ basement. Basement sq. ft. is not included in the 2,487 sq. ft. calculation of the home.

36 Vista Lagunitas

SOLD 36 Vista Lagunitas, Santa Fe, NM 87505, Offering Price $599,000, MLS #201102611

Birdwatcher and nature lover’s paradise!  Las Lagunitas custom built home, private, tranquil location on a cul de sac, surrounded by large cottonwood trees, borders a bosque area that is unique to Santa Fe, plenty of birds and wildlife makes it feel like a retreat yet is close to Santa Fe, incredibly private location with protected views, very nice Marvin windows which offer plenty of light, high ceilings for a wonderful open feeling, borders approximately 50 acres of common area containing a pond, many springs, hundreds of mature plum trees and Asian pear nearby and apple trees. 2,400 square foot Northern NM single level home with a 700 square foot guest unit over the garage. Southwest facing portal overlooks pond area. Surround-sound in living room, dining room, master bedroom and portal. Separate surround-sound in heated 800 square foot garage. Wood burning stove and two gas fireplaces. Refrigerated air. Water catchment system, 1000 gallon grey water storage tank, and security system.

Condominiums at Vegas Verdes

SOLD  1405 Vegas Verdes #105, Santa Fe, NM 87501, Offering Price $120,000, MLS #201104936

Very attractive condo in a complex with many amenities including outdoor pool, meeting rooms, and a work out facility. This unit is on the lower level with easy access to the main entrance, and a covered outdoor patio. Features include vaulted ceilings, wood beam accents, gas kiva fireplace, granite counter tops, stainless steel appliances.

The floor plan is an open concept with a pantry in kitchen, office area, powder room, large walk in closet. Also included is a separate storage area located across the hall from this unit for easy access. Furnishings are included in the purchase price!

138 East Santa Fe Avenue

SOLD 138 East Santa Fe Avenue, Santa Fe, New Mexico, Offering Price $443,000, MLS #201006182 and SOLD 140 East Santa Fe Avenue, Santa Fe, New Mexico, Offering Price $352,000 MLS #201006188

Purchase to include #’s 136, 136 1/2, 138, 138 1/2, and 140 E. Santa Fe Ave. Investors don’t miss this opportunity to own a triplex and a duplex in a great location with a proven rental history.

One building is a charming vintage Victorian brick two-story house, the other a Pueblo style two-story house with a laundry room and storage room.

1 block to State Capitol, walking distance to Plaza. Front building contains Units 136,138 and 138 1/2 with a combined 2,159 sq. ft. Units 136 1/2 and 140 and the laundry room in the back building have a combined 1,760 sq. ft. Beautiful shared courtyard garden. Shared driveway.  Profit/Loss statement available upon request.

Recent Transactions

Below is a summary of my most recent transactions where I represented the Buyer or Seller:

2308 Calle Pacifica, Santa Fe, New Mexico  87505, Offering Price – $249,500, MLS # 201104870, 3 Bedrooms, 2 Baths, 1,753 square feet.  Lot Size .19 acres.  Represented the Seller.  Sold – 02/07/12.

18 Primrose, Santa Fe, New Mexico 87506, Offering Price – $869,000, MLS # 201005531, 3 Bedrooms, 3 Baths, 3,300 Square Feet, Lot Size 1.5 acres.  Represented the Buyer.  Sold – 01/10/12.

1405 Vegas Verdes #105, Santa Fe, New Mexico, Offering Price $120,000, MLS # 201104936, 1 Bedroom, 2 Baths, 874 square feet.  Represented the Seller. Sold 11/30/11.

47 Bouquet Lane, Santa Fe, New Mexico, Offering Price – $355,000, MLS # 201104078, 4 Bedrooms, 2 Baths, 2,487 square feet, Lot Size .8 acres.  Represented the Buyer and the Seller.  Sold 11/03/11.

2924 Pueblo Pintado, Santa Fe, New Mexico, Offering Price – $220,000, MLS # 201105107, 3 Bedrooms, 2 Baths, Lot Size .13 acres.  Represented the Seller.  Sold – 10/31/11.

621 Old Santa Fe Trail, Santa Fe, New Mexico, Offering Price – $1,380,000, MLS # 201103504, 8,700 square feet. Commercial. Represented the Buyer. Sold 09/09/11.

36 Vista Lagunitas, Santa Fe, New Mexico, Offering Price – $599,000, MLS # 201102611, 4 Bedrooms, 4 Baths, 2,900 square feet, Lot size 1.499 acres.  Represented the Seller.  Sold – 7/27/11.

41 Camino de Milagro, Santa Fe, New Mexico, Offering Price – $635,000, MLS # 201006026, 3 Bedrooms, 3 Baths, 3,457 square feet, Lot Size 14.94 acres. Represented the Buyer. Sold – 6/23/11

138 East Santa Fe Avenue, Santa Fe, New Mexico, Offering Price – $443,000, MLS #201006182, a 2,159 square foot triplex and 140 East Santa Fe Avenue, Santa Fe, New Mexico, Offering Price – $352,000 MLS #201006188, a 1,760 sq. ft. duplex. Represented the Seller. Sold both – 3/29/11.