Location: Albuquerque, New Mexico
09/01/2007
Most people are more likely to know Albuquerque as a tricky spelling-bee question than as the largest city in New Mexico. That’s understandable, given that the twin stars of Santa Fe and Taos get most of the limelight with their Georgia O’Keeffe color palettes and limitless landscapes. But that is changing.Increasingly, retirees and business leaders are alighting at Albuquerque’s high-desert airport and staying put, intrigued by its staggering climate (more than 300 days a year of sunshine), natural beauty (accentuated by the nearly 11,000-foot Sandia Mountains and the mighty Rio Grande), and, perhaps most compelling of all, comparatively affordable housing (consider that in this natural oasis, $1 million puts you among the property-owning elite).
"You get a lot more house here than those other New Mexico hot spots," says David Waszak of Waszak Custom Homes, who for the past 17 years has been designing and building some of the city’s more interesting dwellings. "We’re seeing a lot of folks coming from the East Coast, Michigan and, of course, California. I think they find that property values are not overinflated, and there’s just more open space. Combine that with our climate and many are sold on the spot."Waszak’s projects typically unfold on an acre of land (priced from $350,000 to $600,000) and cost between $180 and $325 a square foot. Common elements include upscale kitchen and bath fixtures as well as pueblo-style plaster walls, or equally popular California Mission touches, such as clay-tile roofs and protruding wooden beams. Regardless of style, homes often boast a variety of shady retreats, given that the near-constant sun is that much more powerful at an altitude of 5,300 feet.
Another typical high-end home is one built by Steer Luxury Homes in Rio Rancho, a popular west side retreat due in part to its proximity to Intel, the California-based computer chip manufacturer that is one of a number of companies to open either satellites or headquarters in Albuquerque. Steer’s custom creation is a multi-peaked mini-mansion (4,233 square feet), which sits on 1.5 acres and features four bedrooms, three bathrooms, indoor and outdoor kitchens, a pool and a two-car-plus garage—the plus being a 55-foot-long and correspondingly high-ceilinged space designed solely for an RV. Price: $1.35 million.
"Most of the people who buy homes like this, either as a primary or secondary residence, are from out of state, because they can see the value instantly," says Steer co-owner David McDonald. "Things at the high end have been a bit slow of late, but that’s only because we don’t see the crazy surges and declines that places like Las Vegas and Phoenix do. So we’re more steady and, as a result, offer a more secure investment."
Albuquerque seems to be a town that wrinkles its nose at hype
and sizzle. Largely working class and decidedly multicultural, the town has yet
to see its average home price break a quarter-million dollars. Those
down-to-earth roots equal a natural insulation against overly inflated prices,
and in turn seem to guarantee that anyone spending north of seven-figures will
be able to demand the best in terms of materials and detailing—which is not the
case in markets where million-dollar homes are tear-down propositions.
"In the past few years we’ve seen 40 to 50 homes sell at over
$1 million, compared to none a decade ago," says Doug Vaughan of Christie’s
Great Estates affiliate Vaughan Company Realtors. "The growth is there, but it’s
gradual. Frankly, I’ve never seen such overall vibrancy in our market."
While most of Albuquerque’s tony enclaves are found either in the northeast, adjacent to the Sandia peaks, or across the Rio Grande on the west side of town, its overall building boom is a 360-degree proposition. And it promises to continue apace as demand for housing creeps north. California’s SunCal Development Company has big plans for its 2006 purchase of the 57,000-acre Atrisco Land Grant, while Forest City—the developers behind Denver’s conversion of the old Stapleton Airport into a residential neighborhood—is already underway with a 13,000-acre development plan near Albuquerque’s south mesa. The city’s metropolitan population is fast approaching 1 million, a figure it will likely surpass if it continues to lure new businesses as it has in recent years, thanks in no small part to having nabbed Forbes magazine’s crown as the top U.S. city for business and careers in May 2006.
"Besides Intel, we have brought in companies, such as [private aircraft manufacturer] Eclipse, and increasingly are welcoming leaders in the movie industry who not only want to shoot here, but are also looking at establishing headquarters for their more computer-intensive operations," says Terri Cole, president of the Greater Albuquerque Chamber of Commerce.
"As we grow, we are determined to maintain the quality of life we’ve all come to expect," continues Cole. "That means keeping a close watch on everything, from our schools to our transportation to our air quality." She also notes that the city has managed to preserve 28,000 acres of open space and create more than 80 miles of hiking and biking trails throughout the city. "Our newest push is to nurture what I call the ‘cool, hip crowd,’ meaning those entrepreneurs who are looking for a great city to work and live in while they pursue their dreams," Cole says.
Facts & Stats
On The Hunt: For guidance on finding what might suit you best in
the Albuquerque housing market, check in with experts such as 36-year veteran
Doug Vaughan of the Vaughan Company Realtors (www.vaughancompany.com,
505.797.1100) or new home construction specialist Linda DeVlieg of Coldwell
Banker Legacy (www.cblegacy.com, 505.440.7200). If you prefer to buy a plot
of New Mexico’s captivating land and build, try David McDonald of Steer Luxury
Homes (www.steercontractingservicellc.com, 505.334.1864) or David Waszak of
Waszak Custom Homes (www.waszakhomes.com, 505.250.7888). For a full listing of
area real estate agents contact the Realtors Association of New Mexico
(www.nmrealtor.com, 505.982.2442); for area builders try the Home Builders
Association of Central New Mexico (www.hbacnm.com, 505.344.3294).
A Bit of Culture: While Santa Fe may be famous for its surrounding Native
American Pueblos, Albuquerque can steal just as much of your time and attention
with an array of cultural attractions, including the Albuquerque Museum of Art
and History (www.cabq.gov/museum, 505.243.7255) and the National
Hispanic Cultural Center (www.nhccnm.org, 505.246.2261). For a touch of
history, hop in your car and drive to Sky City at Acoma (www.skycity.com,
888.759.2489). A stunning and still-vibrant community of Native Americans call
this mesa top home, and offer a glimpse at a way of life that has long since
receded into history. In fact, it’s billed as the oldest continually inhabited
city in the U.S. For more cultural information, contact the Greater Albuquerque
Chamber of Commerce (www.abqchamber.com, 505.764.3700) or the Albuquerque
Convention and Visitors Bureau (www.itsatrip.com, 800.284.2282).