Laurie Farber-Condon

Market Update Santa Fe Las Campanas For The Week of October 17, 2016

QUOTE OF THE WEEK… “Worry is like a rocking chair: it gives you something to do but never gets you anywhere.” –Erma Bombeck, American humorist

INFO THAT HITS US WHERE WE LIVE … Well, FOMC Minutes from their September meeting revealed the Fed isn’t going anywhere with rates because they’re worried about the economy. Yeah, yeah, Fed Chair Janet Yellen said, “Our decision does not reflect a lack of confidence in the economy.” But then she expanded on this by saying the Fed preferred to take a more cautious approach to see if current growth would continue. Kinda sounds like she’s worried that it won’t. Nonetheless, the minutes also showed a cadre of Fed members pushing for a rate hike, so many economists feel there’s an increased chance for one in December. Our turn to worry.

One worry that’s going away is whether Millennials will ever have a real impact on the housing market. According to Freddie Mac’s October Insight, this latest and largest generation of homebuyers will actually be key to improving the homeownership rate, which has declined for a decade.

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Market Update Santa Fe Las Campanas for the Week of Oct 10, 2016

For the week of October 10, 2016 – Vol. 14, Issue 41

QUOTE OF THE WEEK… “The future ain’t what it used to be.” –Lawrence Peter “Yogi” Berra, American professional baseball player, manager and coach

INFO THAT HITS US WHERE WE LIVE … The future certainly isn’t as upbeat as it once was, but at least housing-wise, it seems to be moving in the right direction. New data from realtor.com says that following a summer housing market that saw both high demand and rising home prices, we could experience the hottest fall sales in a decade. Their chief economist explained: “House hunters who were shut out this summer because of fierce competition could fare better this fall, with more opportunities to buy.” He adds, “pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.”

A research firm projects the third quarter will be the best for mortgage lending since Q4 of 2007. Going forward, a blog by the National Association of Realtors (NAR) notes that sales should heat up even more next year, reaching 6 million units, up from their latest forecast of 5.8 million units for 2016. This post reported that the Mortgage Bankers Association, Fannie Mae and Freddie Mac all had similar predictions. Here’s the NAR’s explanation: “A huge wave of Generation Y-ers [aka Millennials], who have delayed home buying, are emerging into their key buying years. They are predicted to keep home and condo sales strong well into 2020, according to economists.”
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>> Review of Last Week

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Sold Homes October 2016

Back to Market Reports >> Sold Homes Las Campanas October 2016 Address List price Sell price %L/S Sell date DOM/CDOM SqFt $/Sqft LotSz  148 Sunflower Drive – Lot 189  $820,000  $810,000  98.78%  10/03/16  157 2600  $311.54  2.630  141 Wildhorse – Lot 680 $2,300,000 $2,075,000 90.22% 10/03/16 416 6167 $336.47 2.507  21 Bishops Dome – Lot 654  $1,095,000 … Read more

Pending Homes October 2016

Back to Market Reports >> Pending Homes Las Campanas October 2016 Address List$ Date DOM SqFt $/SqFt LotSz  7 Grillo Loco – Lot 874  $1,460,000  10/11/16  57  4290  $340.33  1.650  81 W. Calle Ventoso – Lot 852  $729,000**  10/13/16  88  3902  $186.83  2.680  71 Sunflower – Lot 242  $595,000  10/17/16  622  3108  $191.44  2.102  8 Camino … Read more

Sold Land October 2016

Back to Market Reports >> Sold Land Las Campanas  October 2016 Address List price Sell price % L/S Sell date DOM/CDOM LotSz  76 Graythorn Drive – Lot 127  $90,000  $42,500  47.22%  10/03/16  1292  2.740  6 Tierra Vistoso – Lot 789  $45,000**  $39,000  86.67%  10/14/16  319  2.776  8 Storyteller -Lot 705  $130,000  $105,000  80.77%  10/19/16  128 … Read more

Sold Homes September 2016

Back to Market Reports >> Sold Homes Las Campanas September 2016 Address List price Sell price %L/S Sell date DOM/CDOM SqFt $/Sqft LotSz  99 Calle Ventoso West – Lot 859  $1,025,000  $1,000,000  97.56%  09/01/16  136  2956  $338.29  1.985  41 Dayflower – Lot 157  $1,085,000  $1,085,000  100.00%  09/20/16  76  3356  $323.30  2.220 **Previously listed at a higher price.       … Read more

Pending Homes September 2016

Back to Market Reports >> Pending Homes Las Campanas September 2016 Address List$ Date DOM SqFt $/SqFt LotSz  19 Astor Circle- Lot 80  $849,000  09/12/16  139  2931  $289.66  1.806  148 Sunflower – Lot 189  $820,000  09/16/16  144  2600  $315.38  2.630  4 Camino Villenos – Lot 74  $1,850,000  09/26/16  216  4972  $299.74  1.590 ** Previously listed at … Read more

Sold Land September 2016

Back to Market Reports >> Sold Land Las Campanas  September 2016 Address List price Sell price % L/S Sell date DOM/CDOM LotSz  7 Clove – Lot 104  $49,000  $49,000  100.00%  09/06/16  67  1.820  12 Bishops Dome – Lot 649  $149,000  $149,000  100.00%  09/09/16  25  2.580  6 Camino Medianoche – Lot 823  $99,500  $93,000  93.47%  09/13/16 … Read more