The lure of Santa Fe’s exceptional qualities is attracting buyers from all over the United States. The 2011, Travel and Leisure article identifying Santa Fe as one of the top 3 resort areas in the country sure didn’t hurt. In the last several months it seems buyers, mainly Baby Boomers, have decided to wait no longer to grab their dream.
Particularly for those retiring, Santa Fe offers beauty, great air quality and amenities that many large cities can not offer. Many of the retirees have large retirement accounts from major corporations and can decide where to move to improve their quality of life. Recently, one of my clients moving from Oklahoma after retiring from an oil and gas company expressed the advantages of the 7,000 feet altitude in terms of, “no cockroaches, no humidity and no ticks and fleas on our dogs. We thought about moving to Florida or California but the idea of giant fault lines and yearly threats from hurricanes turned us in the direction of Santa Fe.”
Ok, all of us living here have already been convinced that all of the above is true. We each have our own reason for being here. But, what we probably do not know for sure is what is really happening in the current real estate market and what to expect in 2012. Well, families retiring in the next few years are seeking accurate answers so they can decide their future life style...
Values in Santa Fe are exceptional and interest rates are still excellent. In 2012 interest rates will continue to be lower then any period since post World War II. What a perfect opportunity for retirees. I advise that if you want to live in Santa Fe in the next 2 to 5 years make your purchase in 2012 and do not wait until you actually retire. And this is happening. Buyers in their early 60s, from large metropolitan areas, are buying second homes now for their retirement homes later.
The smart retirees are keeping their assets invested and financing their home purchase in Santa Fe. They believe that inflation will follow this current difficult period. When that occurs their investments in stocks and bonds will increase to a higher yield and their home mortgage will still be at the 4 % range.
I have heard many times that Santa Fe is “The least expensive resort in the country.” This is true to a great degree. Buying now in Santa Fe gives you the same life style as say Aspen without paying $1,000 per square foot for your home.
Retired executive from the East coast are arriving. A recent client retired from the Federal government and sold their home in Washington, DC at a great price and bought in Santa Fe at also a great price.
So, if you are 60 + in years and don’t plan on working forever, grab your dream home in Santa Fe in 2012.