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New Mexico Land - Gold Investment Alternative
November 30, 2010
LAND - Gold Investment Alternative
All that Glitters is Not Gold!
Gold prices are soaring.
Last month, the price of gold breached a new all-time record high of over $1,387 an ounce.
But with gold increasing almost 20% in three months, speculators concerned with a correction in prices may want to consider other hard asset commodities as an alternative investment.
Gold Investment Alternative: LAND
Will Rogers famously said, "Buy land. They ain't making any more of the stuff."
The world's supply of land is rapidly being eaten up by an explosion in the growth of cities, suburbs, and farmland.
In fact the amount of arable land per person has been reduced in the past 40 years by half.
Like gold, land has historically served as a hedge against inflation. And owning a lot of land has traditionally been a popular investment for gold bugs and the autonomous.
Investors can get easy exposure to land through a handful of equities. You'll want to check out an article I wrote back in February that outlined the six best land stocks to own.
Without land, the next two gold investment alternatives couldn't grow.
Santa Fe Indian Market
August 21, 2010
Santa Fe Indian Market - World’s Largest – August 21-22, 2010
The Santa Fe Plaza plays host to the most prestigious Native American arts show in the world – the annual Santa Fe Indian Market – Aug. 21-22, 2010. The one-of-a-kind event provides a unique opportunity to buy directly from Native American artists from across the country.
“Santa Fe Indian Market gives New Mexicans and their visitors a genuine cultural experience,” said Michael Cerletti, Secretary of the New Mexico Tourism Department, “and is an integral part of life in the Land of Enchantment. I encourage everyone to experience its wonder and enjoy the beauty of the arts created by this state’s premier residents. The Southwestern Association for Indian Arts (SWAIA) is to be commended for its continued sponsorship.”
The Santa Fe Indian Market has long been the place where Native American art meets the world. Join thousands of collectors, artists, volunteers and visitors who return from across the United States and the world to join in the festivities that celebrate American Indian culture and artistry.
Nearly 1,200 artists will be presenting their newest and best work for sale and admiration. Experience the best of Native culture by seeing the clothing contest, tasting fry bread and other Native foods provided by our vendors, and visiting the youth participants throughout the Market.
The outdoor market provides a unique place to meet and buy directly from the nation’s top Native American artists, including youth, who represent nearly 100 tribes. Demonstrations by Native American groups and artists allow visitors a chance to learn more about different tribal and artistic traditions. A book booth sells educational and informative books with signings by Native authors, and American Indian food vendors offer delicious Native food choices for visitors.
Understanding Short Sales
August 1, 2010
Understanding Short Sales
As a foreclosure alternative, more sellers are turning to short sales as a way to avoid foreclosure. So, how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.
Sounds good right? Well, sellers need to know that a short sale may damage their credit, though probably not as much as a foreclosure. Also, lenders generally will only agree to a short sale if the seller is many payments behind and has received a default notice. Buyers may get a great property at a discount, but they also will need to go through some extra paperwork too. Not to mention, they also need to be prepared to roll up their sleeves if that new property needs fixing up.
Summary: In a short sale, a seller facing potential foreclosure strikes a deal with their lender to accept less than they owe on the property, in exchange for avoiding foreclosure.
The Real Estate Market Isn't Rolling Over
The Housing Market ISN'T Rolling Over
June 25, 2010
by Aaron Task
Fears of a double-dip in housing took on renewed urgency Wednesday after the government reported May new home sales plummeted 33% to a record low.
"That new home sales would decline in May following the expiration of the home buyers [tax] credit is not at all surprising," commented Dan Greenhaus. chief economic strategist at Miller Tabak. "However, we would be lying if we said the size of the drop was not shocking."
Coupled with Tuesday's disappointing report on existing home sales - down 2.2% in May vs. expectations for a 6% rise - the new home sales report confirmed, for many, that the government-sponsored housing recovery has run its course.
Not so, says Jim Gillespie, CEO of Parsippany, NJ-based Coldwell Banker, the nation's oldest real estate company.
"No, the housing market isn't rolling over," Gillespie says.
While you'd expect a real estate executive to be bullish on housing (now and forever), Gillespie provided a rational for his optimism:
While disappointing on a month-over-month basis, May existing home sales numbers were actually "very strong," Gillespie argues, noting they were up 19% vs. a year-ago. "What took place in May is a little bit of a clog in the pipeline" because of the rush of buyers trying to meet the original June 30 deadline for the homebuyer tax credit, he says. "I think we're probably going to see very strong numbers for June." (Even noted housing bear Barry Ritholtz notes "this data series is notoriously noisy, and you are much better off using a 3 month moving average than read too much into any single month.")
Meanwhile, the steep drop in new home sales is directly related to the expiration of the first-time homebuyer tax credit, he says. But rather than robbing from future sales, as skeptics contend, Gillespie says "the tax credit did work," by bringing previously gun-shy buyers off the sidelines. Moreover, he believes Congress should support a bill to extend the deadline to Sept. 30 for homes under contract by April 30. That extension would benefit "180,000 Americans that purchased homes that are struggling to get those properties closed," he says. "I feel Congress should do that and that's the right thing."
But don't dismiss Gillespie as someone looking for the government to bail out his business. He's opposed to the government's mortgage modification program and other efforts to forestall foreclosures. "We're kicking the can down the road," he says in the accompanying clip. Let's get these foreclosures through the system -- then the real estate market is a lot more healthy."
Real Estate Sales Surge
May 11, 2010
Pending Real Estate Sales Surge Continuing (U.S.)
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April 2010, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.
Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. "There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales," he said. "The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs." NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.
"The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure," Yun said.
HGTV Dream Home Winner NM
March 19, 2010
She lost her home during Hurricane Katrina. But 63-year-old Myra Lewis refused to give up. She's used to fighting the odds. As the mother of a special needs kid, Lewis was told when her autistic son was just five, that he wouldn't be able to learn. He's a gifted artist now, and finishing up his Associates Degree in Fine Arts. Despite the hardships that the New Orleans native has had to deal with, Lewis, a self-described homebody, thinks she is one of the luckiest people alive. She's the winner of this year's HGTV Dream Home Giveaway, worth $2 million. Along with the beautiful, Pueblo-style home near Santa Fe, New Mexico, the prize package includes a new GMC Terrain, and $500,00.
Lewis, is a former science teacher and Peace Corps volunteer.
Tour the HGTV Dream Home NM
Link: Tour the HGTV Dream Home NM
February 11, 2010
The HGTV Dream Home comes to New Mexico! Located between Santa Fe and Albuquerque in San Pedro Overlook, the HGTV Dream Home 2010 is the first to be built in the Southwest. This world-class home sits on three acres of high desert vistas and features 3900 square feet of gorgeous hardwood floors, stunning tile work, and 360 degree views. Don’t miss your chance to tour this amazing contemporary Pueblo home, with tour proceeds going to support East Mountain High School (EMHS).
Tour DATES: February 11 – March 7, 2010
Tour Info
• Thursdays and Fridays (The bus leaves EMHS every 45 minutes) 12:30 pm to 4:15 pm
• Saturdays and Sundays (The bus leaves EMHS every 45 minutes) 10:00 am to 4:45 pm
$20 / ticket
Call (505) 281- 7400, x.110 or On Line Click Here
Tour Guidelines
• Soft-soled shoes are required to enter the HGTV Dream Home 2010; high heels are not allowed
• Shoes must be covered to enter the HGTV Dream Home 2010; booties will be provided
• No smoking, food or beverages will be allowed in the HGTV Dream Home 2010
• Please do not sit on any furniture in the HGTV Dream Home 2010
• Please do not touch any items in the HGTV Dream Home 2010
• Children ages three and under are admitted at no charge but must be carried by an adult
• Strollers are not allowed in the HGTV Dream Home 2010
• There are no public restrooms available in the HGTV Dream Home 2010
• Please respect the surrounding homeowners during your visit
• Volunteers are trained; please ask questions during your visit
• All tour attendees must take a bus to the HGTV Dream Home 2010 from East Mountain High School
• Please call ahead for information about handicapped accessibility
• Photos are allowed
• Enter for a chance to win the HGTV Dream Home 2010 daily at www.hgtv.com/dreamhome until February 19
**Proceeds benefit East Mountain High School**
10 Must Home Features
The 10 Must-Have Features in Today's New Homes
by Steve Kerch
Monday, February 1, 2010
The kitchen is still king.
Americans want smaller houses and they are willing to strip some of yesterday's most popular rooms -- such as home theaters -- from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.
"This is a traumatic time in this country and the future isn't something we're 100% sure about now either. What's left? The answer for most home buyers is authenticity," said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.
Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed 'green' from the outset," she said. The key for home builders is "finding the balance between what buyers want and the price point."
For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said.
"What we're hearing is 'harvest' as a home theme -- the feeling of Thanksgiving. It's all about family togetherness -- casual living, entertaining and flexible spaces," Lavender said.
Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 "must" features in new homes.
1. Large Kitchens, With an Island
"If you're going to spend design dollars, spend them where people want them -- spend them in the kitchen," McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others "they are on the bubble," Cardis said.
2. Energy-Efficient Appliances, High-Efficiency Insulation and High Window Efficiency
Among the "green" features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.
3. Home Office/Study
People would much rather have this space rather than, say, a formal dining room. "People are feeling like they can dine out again and so the dining room has become tradable," Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the "shift from boom to correction," Cardis said.
4. Main-Floor Master Suite
This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.
5. Outdoor Living Room
The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.
6. Ceiling Fans
7. Master Suite Soaker Tubs
Whirlpools are still desirable for many home buyers, Cardis said, but "they clearly went down a notch," in the latest survey. Oversize showers with seating areas are also moving up in popularity.
8. Stone and Brick Exteriors
Stucco and vinyl don't make the cut.
9. Community Landscaping, With Walking Paths and Playgrounds
Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.
10. Two-Car Garages
A given at all levels; three-car garages, in which the third bay is more often then not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.
November Home Sales Soar 7.4 Percent
Home Sales up 7.4 percent in November as Federal Aid Spurs Sales
December 22, 2009
By Alan Zibel,
AP Real Estate Writer
WASHINGTON (AP) -- Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
About 2 million homebuyers have taken advantage of the credit so far, the National Association of Realtors said Tuesday. The group forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44 percent above last year's levels, a record jump.
"In the short run, its an effective stimulus," said John Ryding, chief economist at RDQ Economics. "If you give someone money to spend on something, they will spend it."
November's sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October, the Realtors group said. It was the highest level since February 2007. Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.
HGTV Dream Home NM 2010 Awaits Winner
Enchanting Contemporary New Mexican Home Awaits Winner of HGTV Dream Home Giveaway 2010
December 15, 2009 5:09 PM ET
All Business Wire news
A new, contemporary Pueblo-style home, as enchanting as its southwestern location near Santa Fe, New Mexico, awaits the winner of the HGTV Dream Home Giveaway 2010. The home is part of a $2 million grand-prize package that includes a 2010 GMC Terrain and $500,000 that will be awarded to one lucky viewer in March. Until then, online users can see a photo gallery and a 360-degree virtual tour of the 14th annual HGTV Dream Home at HGTV.com/dreamhome.
Located in Sandia Park along the Turquoise Trail between Albuquerque and Santa Fe, New Mexico, the custom-designed 3,900 square-foot home mixes southwestern architecture with modern design. Created with the bold, innovative ideas, architecture, art and design that make HGTV Dream Homes so exciting and unique, the newest home includes hardwood flooring, a state-of-the-art kitchen, designer furnishings, outdoor entertaining space, three bedrooms, three bathrooms, a home office, home theater and a guest casita. In addition, the entire house is solar-powered, taking advantage of the abundance of New Mexico sunlight.
The amazing home site is nestled under the gaze of the majestic San Pedro Mountains with breathtaking scenery and myriad outdoor activities. Nearby, the historic towns of Santa Fe and Albuquerque offer an international art scene, amazing cuisine and a rich, multicultural heritage.
“This is the first time in 14 years that the HGTV Dream Home has been built in the Southwest and we couldn’t be more excited about this amazing area of the country,” said HGTV President Jim Samples. “It’s a spectacular place and the design showcases Southwestern living at its best.”
During the January television special, host and HGTV designer Monica Pedersen, HGTV Dream Home interior designer Linda Woodrum and House Planner Jack Thomasson will take viewers on a visual excursion that includes every room in the house. Jamie Durie, host of the new series, The Outdoor Room with Jamie Durie, will introduce viewers to the panoramic views from the home and a landscape designed with outdoor entertaining in mind.
Viewers will want to tune in to find out who wins the spectacular home during HGTV Dream Home Giveaway 2010 on Monday, March 15, at 8 p.m. ET/PT.
This press release has an accompanying Smart Marketing Page providing further details about the organization, products and services introduced below. You can access the Smart Marketing Page via the following link: http://www.businesswire.com/portal/site/HGTV-DreamHome-2010/.
In addition, viewers can get an insider’s peek at the fully furnished, custom-designed home during the HGTV Dream Home 2010special that premieres on Friday, January 1, at 9 p.m. ET/PT. The HGTV Dream Home Giveaway 2010will be open for entries beginning January 1 at 9 a.m. ET through Friday, February 19 at 5 p.m. ET. Entrants may enter once per day on HGTV.com or as often as they wish by regular mail. Internet users can grab a sweepstakes entry widget for the HGTV Dream Home Giveaway from Facebook.com/HGTV and place it on their Facebook pages and personal websites.
October One of the Best Months in Years
Metro Home Sales Continue Surge
Tuesday, 10 Nov 2009, 11:37 PM MST
Reporter: Maria Medina
Web Producer: Bill Diven
ALBUQUERQUE (KRQE) - Home sales in metro Albuquerque rose 36 percent last month compared to October the year before, according to a monthly report released by the Greater Albuquerque Association of Realtors.
With more than 500 home sold it was one of the best months in the past couple years, the report showed.
Realtor Gary Martinez attributed the higher home sales to the homebuyer tax credit of up to $8,000 that Congress passed for first-time home buyers.
"The market is pretty good right now," Martinez said. "As soon as it came out we started seeing the sales go up."
Martinez said he's selling more homes for $200,000 and below than before, and they're selling quicker.
He said you can get more bang for your buck on the West Side, so neighborhoods like Taylor Ranch, Western Hills and Ventana Ranch are where people are buying right now.
Martinez said he's also selling many homes in southwest neighborhoods but more because of a negative reason.
"Well, it's unfortunate," he said. "You're seeing a lot more foreclosed properties and short-sale properties."
While sales are way up, prices are still down. The average sales price for October was $210, 000, down 4 percent from a year ago.
The neighborhoods seeing the fewest home sales, according to the report, are the Northeast Heights, far North Valley and Nob Hill where more expensive homes are typically found.
Rio Rancho is doing even better than Albuquerque. The report said home sales were up 74 percent in October compared to the same month last year in the city.
The first-time homebuyer tax credit, originally scheduled to end this month, is now extended until April 2010.
Martinez said that's helped continue the increase in home sales, a trend could continue if Congress keeps passing incentives for home buyers.
He said without the rebate the real estate market would be hurting.
"We would be pretty slow," Martinez said. "Real slow."
Albuquerque's Isleta Casino to Become Hard Rock
FULL STORY LINK: Albuquerque's Isleta Casino To Become Hard Rock
Hotels, 10/14/2009 12:26:00 PM
Isleta Casino and Resort in Albuquerque, New Mexico, is being rebranded as a Hard Rock, Isleta officials have announced.
The change to Hard Rock Albuquerque will become official in the spring. It will be the only Hard Rock-branded property in New Mexico.
Campbell Ranch
FULL STORY LINK: Campbell Ranch Gets Another 'No'
Thursday, 08 October 2009 10:13
Although the Campbell Ranch subdivision was shot down again by Edgewood Planning and Zoning, the saga is probably nowhere near its end.
At issue is a part of Campbell Ranch, an 8,000-acre master-planned community east of N.M. 14 and north of Frost Road. A preliminary plat for the first 92-home section of the development was given a final approval by the Edgewood Town Council in March 2008 with a time limit of one year to start construction. During that time the developer was asked to satisfy a list of conditions, one of which was that the subdivision find a legal source of water.
So far, it hasn't managed to do that.
The initial attempt to get water from New Mexico Water Service Co. was abandoned. There is now an application before the Office of the State Engineer to divert up to 1,500 acre-feet of water to the proposed subdivision.
David Campbell, the attorney representing Campbell Corp. at the planning and zoning commission meeting Monday night, brought a document outlining the progress of the well drilling that said a test well has been drilled 1,725 feet deep and that it is expected that operations will be completed soon. It said the drilling had not yet hit the deep water source.
Although the request for an extension was struck down, Campbell pointed out a few issues which may muddy the waters a bit. He also indicated the decision would likely be appealed to the town council.
The issue actually springs from directions the town council gave the planning and zoning commission. It instructed the commission to make all their motions in the affirmative, meaning that if the commission wanted to vote against the extension, as they did on Monday, they would have to move to approve it, then vote no.
That method makes it difficult to include findings of fact, or the reasoning behind the decision. Because the commission struck down the motion that was made, it was difficult to include the reasoning.
And the technical issue of communicating those concerns may have left an opening for a legal challenge.
"It creates a procedural flaw in your system, which, unfortunately, will be tested," Campbell said.
There were about five motions, each a different attempt to work around the issue. The commission ultimately made a simple motion, then explained its reasoning in a discussion before members voted.
The reasons for denial involved more than just the issues involving water. Among other things, the developer had not gotten an infrastructure bond for the project, and had not updated its preliminary plat or gotten a permit for road access with the state Department of Transportation, according to the commission's discussion.
The motion-making issue wasn't the only bit of legal confusion. At the start of the meeting Commissioner John Bassett said he was under the impression that this was a "trial de novo" or a new trial.
Karen Mahalick, who runs the town's planning department, informed him that this was actually a hearing to examine new evidence, not an entirely new trial, a subtle yet important distinction.
Outside Magazine
Outside Magazine, August 2009
Best Towns 2009
America's Best Cities: Albuquerque, New Mexico
No. 6
By Justin Nyberg
KEY STATS
845,000: Population (metro)
$182,000: Median home price
B: Multisport grade
278: Average number of sunny days
A few cities in the Southwest enjoy their own versions of Albuquerque's main attractions: a surplus of sunshine, mild weather, and easy access to trails, rivers, and mountains—like the 10,678-foot granite escarpment above town. But what sets the Duke City apart these days is stability. Off the speculators' radar, Albuquerque was relatively unscathed by the circus-tent collapse of the housing market, even as its economy—bolstered by growth in the high-tech, film, and renewable-energy industries—has remained stable. The upshot? It now boasts the fifth-lowest unemployment rate among major U.S. cities. And when all those workers are ready to blow off some steam, the city welcomes them with more green space per capita than any on our list—including easy-access singletrack and the 38,000-acre wilderness just east of the city. Plus three ski areas (including the steeps of Taos), fly-fishing in the Jemez Mountains, and Class IV whitewater are all within day-trip range. Take that, Phoenix. It's also a good place to save: The low cost of living and reasonably high wages in professional fields put Albuquerque fifth on Salary.com's list of the best U.S. cities for building personal net worth—meaning you'll have all the more means to gear up for time off the clock.
Sandia Mountain Foothills (courtesy of Kip Malone)
Best Places to Live 2009
U.S. News looked at areas with strong economies, low living costs, and plenty of fun things to do
By Luke Mullins
Posted June 8, 2009
Albuquerque, New Mexico
Along the banks of the Rio Grande, with the Sandia Mountains in the background, is the beautiful city of Albuquerque, N.M. The sunny climate and endless landscape have long drawn writers, poets, and artists to this spot, which includes an unconventional mix of American Indian, Hispanic, and Anglo cultures. But it's not just freethinkers who drift to this Southwestern city of 511,000. Kirtland Air Force Base, Sandia National Laboratories, and Intel Corp. have helped develop the area into a manufacturing and research hub. They provide a stable anchor for the local economy.
Albuquerque's clear skies, calm winds, and abundant sunshine present plenty of opportunities to explore its natural splendor. Each October, the Albuquerque International Balloon Fiesta fills the sky with more than 700 colorful hot-air balloons. Fourteen area golf courses are open year-round and allow duffers to tee off against spectacular backdrops of volcanoes and mountain peaks. Meanwhile, Albuquerque's foothills and network of trails make the area a wonderful destination for biking. Still, "it's kind of undiscovered at the same time," says Will McConnell of the Albuquerque Bicycle Center.
HGTV's 2010 'Dream Home' comes to NM
Friday, May 22, 2009
Construction is starting on the 2010 HGTV Dream Home give away at San Pedro Overlook, the upscale gated community along the Turquoise Trail north of Sandia Park. The 3,900-square-foot home will be featured on the popular cable television show starting in January and will be featured until it is given away late next spring to a winner who has signed up through the Internet.
The site is in the second phase of San Pedro Overlook, which is part of the sprawling Campbell Ranch development east of the Sandia Mountains. Campbell’s developers aggressively sought to be part of the Dream Home show that has a viewship of 97 million U.S. homes. The Dream Homes are given away annually, but some winners didn’t take them because of tax consequences.
Campbell Ranch has guaranteed to HGTV that it will buy back the home from the Home and Garden network if the winner does not want the $1.5 million home.
Some in the region’s housing industry say the show can throw a national spotlight on the local housing industry and promote higher-end homes that have suffered in the current downturn. San Pedro Overlook is embarking on a third phase of 70 lots, but many of its second phase lots have not been built yet because of the sluggish economy.
The new home was designed by Amy Coburn, a Harvard University-trained architect who worked at Mesa del Sol. Cedar Crest builder Mark Roccaforte of Allied Homes is the builder.
This is the first time Knoxville, Tenn.-based HGTV has built a dream home in the Southwest. The contemporary Southwestern Pueblo-style dwelling features three bedrooms, three bathrooms, a home office, home theater, gourmet kitchen and guest casita. It is being built to have unobstructed views of the Sandia and San Pedro mountain ranges.
“This is our first Southwest location for the HGTV dream home and we intend to show the features that make this location so amazing. It’s a spectacular place and the house we’re building is going to be a responsible example of Southwestern living at its best,” said HGTV Dream Home planner Jack Thomasson.
For more information on the home, visit HGTV.com, or watch the video touting New Mexico and the Campbell Ranch dream home site.
