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
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 (pene[email protected]byshomes. com) and Drew at 505-470-9194 (drew. [email protected]byshomes.com).