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Who's On First? When the calendar reads April, it means the start of baseball season. I am reminded of one of the most famous baseball comedy routines ever performed–—the “Who’s On First?” sketch between Bud Abbott and Lou Costello. For anyone unfamiliar with the premise of this skit, perhaps best known from a live recording made in 1945, the humor lies in Abbott rattling off the unusual names of team players to a confused Costello (who’s on first; what’s on second; I don’t know is on third; and so on.) The resulting rapid-fire dialogue between these two vaudevillians produces one of the most memorable moments in stand-up comedy (in 1999, Time magazine named the routine ‘Best Comedy Sketch of the 20th Century’.)
So what does all this have to do with real estate? Well, I see a little metaphor in the message of the skit when it comes to interpreting much of the news about the status of today’s real estate market. Turning the title of the comedy routine a bit, illustrates my point: “who’s truly on first?” In his weekly published column, political analyst Charlie Cook observed on April 20th that people are increasingly seeking comfort in news from outlets–—whether it’s TV, radio, print, or the Internet–—where they can feel a sense of shared values with the hosts or writers. Their feelings, Cook notes, are reinforced and often amplified rather than challenged or complicated by facts that do not concur with their beliefs. Cook suggests that people are adopting the old Burger King slogan of “have it your way”–—constructing their own realities based on their own sets of facts, which are free of nuance and leave little room for gray areas. Today’s 24/7 news cycle invites a lot of what would have to be considered negative news, since that–—as most people in the news industry know–—is what produces the kind of viewer/listener/reader ratings that “good” news can seldom match. In this climate, it’s no wonder that–—as Charlie Cook observes–—the already challenging circumstances of our current economic situation are easily amplified by the seemingly never ending drum beat of bad news about the housing market. It still holds true that until we can get the national unemployment rate down, address the volume of national home foreclosures/short sales and bring a renewed sense of optimism and equilibrium to the home buyer-seller equation–—then the reality of the state of the housing market will continue to closely parallel the negative editorial review coming from the media. So, if we look at ‘first base’ as symbolically being a starting point, then (stay with me on this one!) let’s use my word twist on the title of Abbott and Costello’s comedy routine, to offer up some good news about housing–—“who’s truly on first base?”:
So, until next month, I wish you good luck and good fortune in “ALL THINGS REAL ESTATE.” |
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Broker's Corner
April is National Poetry Month. On Friday, April 30th at 6:00 pm, a group of poets and fiction writers will read their work at Collected Works Bookstore on Galisteo St. The recommended donation is $10-$20. Proceeds will go to A Room of Her Own Foundation, a group that works to help “women of genius, who don’t have the time, privacy or money to devote to their art.”
As a Realtor, my association with AROHO has made me more aware of the importance of helping my clients, especially artists and writers, to find a home with the perfect environment for the work they create. When artist Sandra Boschet moved back to Santa Fe, her prerequisites for an in-home studio were high ceilings, good north light and solace. Photographer Elizabeth B. Henry said it is paramount that artists have an exclusive space to plot their dream. That place for her at one point was simply a converted closet, but now her 600 sq. ft. studio gives her work a room of its own. The poet Barbara Rockman, who is now blessed with a sunny addition, says the creative process occurs in surprising spaces. But she admits there is nothing like the privilege Virginia Woolf describes for a woman to have uninterrupted solitude: “a lock on the door means the power to think for oneself.” As real estate professionals, rather than seeing a property as a brokered commodity, we benefit both buyers and sellers by understanding the unique features of each home, appreciating the talents and lifestyles of the people that occupy the dwelling. Santa Fe homes are as distinctive and diverse as its people and culture, making our efforts as brokers more challenging and interesting. For more information on A Room of Her Own Foundation (AROHO) visit www.aroomofherownfoundation.org
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State of the Market The real name of a reverse mortgage is Home Equity Conversion Mortgage, and it is intended to be just that: a way to get equity out of one’s primary residence.
To qualify, one spouse need only be at least 62 years old, and the rest is easy. In a reverse, the lender is giving you money for your estate planning purposes. The amount you get is based upon the appraised value of the house less any liens, and for 2010 is capped at $625,000. The older you are, the more money you get. The quick explanation of payout is that you can take the equity in your home in four ways: as a lump sum, as a line of credit, as a monthly payment for a fixed period, or as a monthly payment for life. This can work into estate planning many ways. The scheduled monthly payments can be used to pay for an annuity or for insurance for long-term care. The lump sum can be put into the estate as an earning asset. Having no mortgage payment for the rest of the borrower’s time in that home, thus preserving the existing assets, is a real bonus. The only downside to a reverse mortgage is that they are somewhat expensive because the lender requires mortgage insurance that insures the chance that the value of the home is less than the loan. A reverse mortgage is a smart part of every retirement plan. | |||||||||
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Legal Topic of the Month A mortgage lender is a critical partner in most real estate transactions. After a buyer has submitted a loan application, the lender considers the document and then provides his answer through a mortgage loan commitment, or approval.
When reviewing the loan application, the lender verifies critical buyer information including employment, income, assets, liabilities, credit score and history. The lender also reviews the property the buyer is purchasing to confirm its value as collateral for the loan. At the end of this process, the lender evaluates the credit risk for making the loan, and decides whether it’s acceptable to proceed. Before the sub-prime loan bubble burst, this review process could be a minimal exercise. Now, however, lenders are much more careful and engage in far more quality control in the entire loan process. After receiving a loan commitment or approval, a buyer must carefully examine the terms of the loan to make sure they conform to the buyer’s understanding and needs. This review includes:
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Real Estate by the Numbers By Stephanie Yoder, Associate Broker, Santa Fe Realty Partners
The following information has been compiled to provide you with updated information on sales in Santa Fe and the surrounding areas from March 1, 2010 to March 31, 2010. Included are statistics for all residential home sales including single-family homes, condos and townhomes.
 There were a total of 102 home sales during this time period ranging in price from $117,500 to $2,325,000. There was a dramatic increase in the number of sales this month as compared to last month when there were 64 homes sold.The average sales price in March was $475,064, almost identical to the average sales price in February of $477,344. Homes sold for an average of 92.61% of list price as compared to 93.05% in February. The average number of days a property was on the market was 237, which is higher than the days on the market from the previous month (222 days in February.) Of homes sold, 58.8% were on the market for more than 120 days. Fifty of the homes sold for less than $350,000; 21 between $350,000 to $500,000; 23 between $500,000 to $1,000,000; and 8 for $1,000,000 or more. | |||||||||
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Featured Property Craig Huitfeldt 505.660.110 Stephanie Yoder 505.412.9911 | |||||||||
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Insurance Q&A By Robin Schritter, Regional Vice President, HUB International (An Interview with Managing Editor Rey Post)
 Q. Water damage ranks as one of the leading causes of loss in a home in terms of frequency and severity. What are some of the ways that homeowners can address this issue?
A. The single best way to help prevent water damage caused by plumbing problems or appliance failure is to install a whole-home active leak detection system. Q. How do these systems work? A. These systems are installed on the water main coming into the home and can instantly shut the water off, if the system detects a slow leak, or explosive discharge. They can also be programmed to easily close down a vacation home and not interrupt specific types of extensive water usage, such as lawn sprinklers or long showers. Q. What are some types of home water detection systems? A. The Leak Detection System uses strategically placed water sensors which are electronically tied to a shutoff valve on your main water line. When a sensor is activated due to a leaking pipe or appliance, the shut-off valve closes and prevents additional water flow. The Water Flow Sensor System, can be installed on your home’s main water line, and is programmed to allow continuous water flow based on your water needs during a given time. If the flow of water exceeds the programmed amount of time, a valve will close to stop the water. These sensors can be programmed for varying times, depending on whether you are home, or away from home for an extended period. Finally, the Low Temperature Sensor System is tied in with a centrally monitored alarm system, and is a terrific system for a seasonal home, or one located in a cold climate. These systems can detect even small amounts of water and will send a signal to notify you in the event of a leak. With the installation of any of these water detection systems, you may be entitled to receive a discount on your home insurance premium. | ||||||||
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Interior Design Today As we just celebrated Earth Day, it is time to think about the eco-friendly repurposing of your furniture pieces. This is an ideal way to eliminate waste for the landfills and slow the harvesting of trees for production of new furniture. If you inherit a high-quality heirloom bench from a cherished relative, it may confound you because it does not fit your individual style. The sentiment is rich but the functionality of the piece of furniture is poor for your home and lifestyle. The notion of repurposing is the answer to this dilemma.
As I look at a piece of furniture with my client, I explore how it can be incorporated into their home through changing the appearance and creating a new function. Remember when we bought 24" deep armoires to house our TVs? I recently re-purposed a gently used armoire into a functional dry-bar complete with a mirrored back splash. It immediately became a unique layer to the room. Look at the dresser or chest with an open mind and think about the possibilities of replacing the top with a piece of stone. The hardware on a desk, chest or night stand can be replaced with modern hardware to customize the look. The legs of a dining table can simply be shortened and converted to an extra large coffee table. Painting and lacquering is another exciting way to bring a modern edge to that heirloom. Turn vintage pieces to your advantage by following the principles of re-purposing. | |||||||||
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Editor's Tip of the Month Your refrigerator never sleeps. It's the biggest non-electronic energy consumer in your home. You can get a New Mexico tax rebate of around $200 if you buy a new energy efficient fridge after April 22.
So what should you get? Consumer Reports suggests two models with total scores of 82 out of 100. Both are 24 c.f. with French doors and bottom drawer freezers. The Kenmore Elite starts at about $1,600 and the Whirlpool Gold at about $1,270. And if you aspire to a Sub Zero, a similar model is scored at 78 and costs three times more – about $7,500.
An Energy Star label on your new appliance will qualify you for the rebate and guarantee you will get a product that will cut your current utility bill. The state will also help you recycle your old fridge when you buy the new one. Title Insurance News  What do Escrow Officers do for their livelihood? Well, we close transactions. But what does that entail? Wow—that’s a big question! Essentially, we put the puzzle together. Sometimes we refer to ourselves as the hub of a wheel. We bring all the pieces together, or tie all the spokes together to make the wheel function.
The “pieces” can be numerous. Here is a basic list of the items which we must coordinate among the various parties to make a transaction close safely and securely:
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Arts & Culture  Good reference books can help homeowners with design and budget decisions when making changes to their homes. A Pattern Language by Christopher Alexander, Sara Ishikawa and Murray Silverstein is the classic book to study for its simple solutions relating to how humans live in and enjoy their homes. If you own a home, or want to own a home, you must add this classic to your library — it will delight and entertain you with facts, drawings, and opinions that will help you navigate through the mysteries of what makes us humans comfortable in our homes.
Destined to become a classic, Gardens of Santa Fe by local writer Anne Hillerman and photographer, Don Strel, will give you a peek into the spectacular gardens here in our hometown. Ms. Hillerman has an intimate knowledge of the many private and public gardens that grace our city, and has carefully featured them in this beautiful book. A pairing of sumptuous photography and vivid descriptions of local gardens has prompted me to add this beautiful book, published in 2010, to my ever-expanding library. Also a contender for “New Classic” status is The Santa Fe House, by another local author, Margaret Moore Booker. Read this book to discover the “roots” of Santa Fe architecture and learn how the influence of cultures before us has defined our building design and function. Photos, maps and extensive descriptions of our historic city’s style and substance continue to be fascinating reading for both locals and visitors. Special Offer! Edward and Eva Borins, owners of Garcia Street Books recognize that readers of Santa Fe Realty Partner’s newsletter, “All Things Real Estate”, may want to purchase the above books for themselves, or for Mother’s Day, May 9th. The three books retail for $145, however ”All Things Real Estate” readers can buy all three books for $100 through May 16th, 2010. Just mention you read about it in ”All Things Real Estate”, whether online, via email, or good old print. | |||||||||
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By Matt Wyner, Cartwright’s Plumbing and Heating
At the change of every season, it’s important to make sure your house’s systems are in their best working order. Why not set up a regular schedule for that?
Preventive Maintenance Agreements are arrangements between you and a qualified HVAC contractor for scheduled inspections and maintenance of your heating, ventilation, and air conditioning (HVAC) system. These agreements are generally scheduled semi-annually to maintain peak efficiency, prevent utility overpayment, and avert system failures through predictive maintenance that can help extend the life of your HVAC system. Also referred to as “planned maintenance agreements”, “start and checks”, “start ups”, or “service agreements”, Preventive Maintenance Agreements usually consist of fall and spring sessions when a qualified HVAC service technician goes through your entire system, preparing it for the upcoming season in a proactive approach to prevent system failure, and prior to paying your utility company more than you need to. At Cartwright’s Plumbing & Heating, we have a Preventive Maintenance Agreement called “The Service Buddy” with benefits that go above and beyond a normal program. Having such a program in place can save you money and wear and tear on your home's operating systems. | |||||||||
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By Peggi Mitten, Santa Fe Home Stewards
Santa Fe Home Stewards began 5 years ago to meet the needs of the absentee homeowners in the Santa Fe and surrounding areas. We heard horror stories about ice maker malfunctions that required tile flooring to be replaced, roof leaks damaging walls, pest invasions and outside faucets left on. We decided we could help prevent minor problems from becoming major repairs and renovations. We meet with our clients to learn about their house, their scheduled visits, special requests and any other information that will help us manage their property, such as contractors they use. We set a monthly fee based on their needs, then we thoroughly inspect the house weekly, inside and out, to make sure there are no issues that need to be addressed. If any problems occur, we contact our clients to see if they want us to facilitate the hiring of a contractor or repair person. We make sure the house does not look vacant and attractive to vandals or thieves. We become the eyes and ears for the owners who are away. We sometimes serve as concierge when they’re due to arrive, letting them know what’s going on in Santa Fe while they’re in residence; we offer to pick up pantry or refrigerator items; turn up the heat before their arrival; and we always entertain special requests. We maintain a log of every time we’re on the property, actions we take, and anyone we allow on the premises. We provide peace of mind for homeowners when they’re not here. If you are in love with Santa Fe, there’s a good possibility you love it because of its unique architecture and visible layers of history. If so, you do not want to miss the annual Historic Homes Tour. Four properties will be open to the public only on this day.
 Photo of Gustave Baumann Home by Hope Curtis The event this year is being held on Mother's Day, Sunday May 9th from 1pm - 4pm. “Artist Homes” is the theme for this year, and the following homes will be open:
The tour is sponsored by the Historic Santa Fe Foundation, an organization dedicated to the preservation of Santa Fe’s historic buildings and neighborhoods. The Foundation actually owns eight properties, and keeps a Registry of structures deemed worthy of preservation. The Foundation headquarters is in one of the seven apartments within El Zaguan on Canyon Road. The other apartments are used for their artists-in-residence program which provides artists and writers housing at an affordable rate. There is a beautiful garden which is open to the public and available for private events. Visit www.HistoricSantaFe.org for a tour map and more information and to view the registry of other properties which contribute to the character and history of Santa Fe. Spring is finally here and the Santa Fe real estate market is on an upswing! At last, good news and better times are returning. How can you take advantage of this new lease on life and help rejuvenate the Santa Fe community? Start a building project! Spring is a great time to design a new home, build an addition, convert a garage, replace old windows, turn your property into a compound by erecting masonry walls—simply start anew.
Although we have not seen much decrease in construction material cost, we have seen a drop in labor costs. General contractors and sub contractors are far more negotiable than they used to be; everyone is hungry for work. If you have been contemplating some changes to your home, now is the time to get things moving. Don’t wait until we return to the booming days of old, or you’ll miss all the deals. Once the construction trade is in full swing again, there will be a lot of down time to make up.
In recognition of this special time for homebuilding, Major Development is offering 20% off any project over $20,000, and we offer a free estimate and professional advice on your project. | ||||||||
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