Housing Slump In NM
Like many areas we suffer from a over priced market, high inflation, high gas, and a super weak dollar. When I 1st moved here I could see homes being built as far as the eye could see. I still see lots of building but the new home construction has slowed dramatically as many people are finding it hard to sell there own homes to move into bigger ones.
Over the summer we went to visit the neighborhood across from where we brought our home to see what Longford Homes had to offer in comparison to Pulte Homes new development. You can see the Longford home a few post below. The house shown was listed for 483,000 with a very small back yard. However, it also had:
3588 sq ft
3 car garage
Bonus room & Den
2 Fire Places
Balcony off the Master Bedroom
483, 575 is completely out of our territory so they waved us away like the peasants they assumed we were. 5 months later they can't sell any of these mega houses and were all to happy to lower the prices and sound more reasonable. This same house sold for 270k at auction this past Saturday.
Who is laughing now.
Now back home in DC no house will sell for less than 1 million with the same kind of stats; so I guess we shouldn't grumble to much about the original price tag.
But wait!... I'm in New Mexico... 483k for this ugly looking
Ok, it's not completely horrible. It's just that the entire neighborhood is this color. Where is the stone, or brick front, a little grass, and a decent back yard? They wouldn't even landscape the back yard. This is not a gated community and the houses are very close together. It's no wonder they had a hard time telling them.
For a complete listing of homes that homes that sold this past Saturday. You can go to http://www.auctiontoday.com/ and also check out the other auctions that could be happening right in your back yard.