El­do­rado dreamin’

Home - Santa Fe Real Estate Guide - - SANTA FEREÁL - PENE­LOPE VASQUEZ DREW LAMPRICH

The name “El­do­rado” evoked the search for the Seven Ci­ties of Gold. In the 16th cen­tury, Spa­niards in present-day Mex­ico heard ru­mors of “Seven Ci­ties of Gold” or “Cíbola” with un­lim­ited riches, lo­cated hun­dreds of miles to the north across the desert. These tales came from ship­wrecked sailors, ad­ven­tur­ing in­land. But when con­quis­ta­dor Fran­cisco Vázquez de Coron­ado fi­nally ar­rived at Cíbola in 1540, he found only adobe towns— and golden sun­sets.

Present-day El­do­rado is lo­cated about 15 miles south of Santa Fe. Buy­ers, both lo­cal and out-of-state, are drawn to El­do­rado as a master-planned sub­di­vi­sion that em­bod­ies the sense of place en­cap­su­lated in Santa Fe. Rec­og­nized for out­stand­ing view cor­ri­dors and spec­tac­u­lar sun­sets, an ex­em­plary com­mu­nity school, wilder­ness hik­ing, a slew of re­tail, ser­vice and sports ameni­ties, and the much-loved dog park.

At Sotheby’s In­ter­na­tional Realty, 2017 year-to-date sales for Santa Fe are ap­prox­i­mately 30 per­cent over the same time pe­riod in 2016. Ro­bust mar­kets, such as El­do­rado, have low in­ven­tory as a re­sult of quick sales. Turnkey homes are re­ceiv­ing mul­ti­ple of­fers. Prop­er­ties with de­ferred main­te­nance are an­other story.

So, is El­do­rado the barom­e­ter for the 2017 mar­ket? Does the ac­tiv­ity here her­ald the over­all health of Santa Fe mar­ket? In El­do­rado over the last 12 months there were 181 sales over­all rang­ing from $202,961 to $675,000. The short­est “days on mar­ket” (DOM - from the date of go­ing un­der con­tract to the clos­ing date) was 20 days. This was a cash sale, and com­pares fa­vor­ably with the in­dus­try guide of a 45-day close, typ­i­cally de­fined by the more in­volved steps to ob­tain cur­rent fi­nanc­ing.

High­light­ing El­do­rado as a trend­ing mar­ket, me­dian DOM de­creased by 25 per­cent and 23 per­cent in El­do­rado and Santa Fe City re­spec­tively from 2014 to 2016. Study­ing the me­dian prices for the same time pe­riod, El­do­rado rose by 12 per­cent and Santa Fe City by 5 per­cent.

Brisk move­ment be­tween the $200K to $400K mar­ket cre­ates con­fi­dence in sell­ing homes quickly and ef­fi­ciently with the goal of up­grad­ing to the next dream home. Those liv­ing in El­do­rado that love the strength of their com­mu­nity can move up without mov­ing out. To quote from a cou­ple of lo­cal res­i­dents, “Large lot sizes make great neigh­bors andwe have great neigh­bors in El­do­rado” and “We have lived in El­do­rado for thirty-plus years and raised our daugh­ter here. We love the El­do­rado school and the teach­ers.” A cou­ple of handy re­sources: www.greatschools.org/new-mex­ico/santa-fe/678-El-Dorado-Com­mu­nity-School

http://high­de­sert­dirt.blogspot. com/2015/09/santa-fe-rail-trail-im­prove­ments-up­dated.html

We could go on, and on… so let’s end with a song. Please hum along to the tune of “Cal­i­for­nia Dreamin”—

“All the homes are brown, And the sky is blue, I’ve been on a stroll, On an El­do­rado day…” And the rest is up to you! Call us for your real-es­tate needs.

We bring a new look to real es­tate to help in­te­grate you within our com­mu­nity. A pro­found love and knowl­edge of Santa Fe com­bine with a fresh out­look, vi­tal­ity, ex­pe­ri­ence, lo­cal in­sight and fun make Pene­lope and Drew your trusted real-es­tate ad­vi­sors. Con­tact Pene­lope at 505-6903751 (pene­lope.vasquez@sothe­byshomes. com) and Drew at 505-470-9194 (drew. lamprich@sothe­byshomes.com).

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