Key Factors for pricing and selling your Santa Fe property
Home pricing in a town as wonderfully diverse and historic as Santa Fe, New Mexico is clearly subject to a basket of subjective emotions hardened by some clear cut realities. Let’s begin first with some declaratory statements about this unusual and beloved City:
- It is the oldest capitol city in the United States, approaching 400 years old.
- Its architecture is unique to the Southwest and at its altitude of 7000 feet, Santa Fe has a transforming effect on visitors.
- It is an historic home and trading depot for numerous Native American tribes, a large Hispanic population, and a minority Anglo-American community.
- Annually, Santa Fe hosts over a million tourist visitors who come to absorb the regional and international arts and crafts, the broad richness of the music scene from the world-famous Santa Fe Opera to the Santa Fe Symphony, and the astounding variety found in its restaurants, its storefronts, and its wide far reaching landscapes that enhance privacy and spiritual enrichment.
- Santa Fe is the City Different …its cultural breadth has few limits…and its galleries and museums have fostered and invited artists from all over the world for over a century.
- New Mexico is the 5th largest land mass state in the United States … its population is only 1,800,000…and they are broadly dispersed throughout New Mexico’s vast mountain ranges, high deserts, river valleys, and grasslands. Santa Fe’s city population is 70,000 for comparison.
Santa Fe stands alone and its housing opportunities reflect this uniqueness. The list of criteria by which Santa Fe homes are judged is large, but nonetheless can be identified with care:
- Location: This is many investors’ first criteria as they want to be near the Plaza… to walk its side streets…barter with the jewelry vendors…sample the restaurants and see the galleries. Others choose the wide open spaces and privacy, enjoying more the stars and vistas over Santa Fe’s hustle and bustle. Land is abundant here and around every Ponderosa or butte is yet another breathtaking panorama. Mountain scenery remains a premium choice for many visitors while locals often look for school proximity and community corridors that meet their individual needs. Given that Santa Fe’s City limits only extend out in a 3 mile circle, many of its residents live in Santa Fe County where roadways, open spaces, community services, schools and neighborhoods are abundant.
- Architecture: What style is your style…? Territorial, with its accented brick lines and more linear feel; Pueblo style with its rounded edges, lower roofline and native touches such as vigas and latillas to nichos and adobe walls; Northern New Mexico style with its pitched roofs; or the relatively new influence of contemporary homes and lofts. A key criteria in Santa Fe homes is age…when was this house built and what was it made with..? Is that real adobe plaster or a more modern stucco..? Who was the architect of this home..? Is there a discernable style and following for a given home builder..? Does this house have a flat or sloped roof..? Is the Santa Fe “look” the choice for you or would you like a more modern update instead..? Do you prefer a single living level over a two-story home..? What are the environmental features that distinguish this house over another..? Do you have acreage and space..? Is there a “vistascape”..? Are you near any water features or do you have National Forest or BLM land access nearby..? Can you hike or ride for miles, possibly even from your front door, if you choose to..? The options are many and the pickings are rewarding. Much of the choice comes down to lifestyle and the amenities you want to prioritize.
- Styles: Santa Fe embraces its denizens with all kinds of history and charm. Small spaces are popular and condos have seen broad and continued demand. Condo interiors run the gamut from stylized southwestern chic to trendy more urbanized minimalist spaces with square footage running from 800-2200 depending on requirements. Single family homes are a dominant component among Santa Fe’s lifestyle choices and their presence is seen everywhere. These homes tend to start at 2000 square feet and peak out at 10,000 square feet. Santa Fe County has seen faster growth of late given its broader land availability, competitive building environment, and offered amenities. Single family homes, as a sub-sector in Santa Fe, comprise a large and diverse economic and social strata, and as a result exhibit a wide price parameter. The median price for a single family home in Santa Fe now rests near $450,000-$500,000 zone, with a low of $185,000 and a high of $12,500,000.
Other housing choices in Santa Fe include mobile/manufactured housing, apartment living, nearby ranches and country estates.
From sprawling ranches to native pueblos …from historic Plazas to elegant compounds …from the Rio Grande down to the Gulf of Mexico, Santa Fe is New Mexico’s showplace, its ambassador at large and its heartbeat that shares its history freely with visitors and locals alike.