The Avengers Comes to New Mexico

It's official!Marvel's The Avengers is in pre-production and will be shooting in New Mexico through 2011.While industry estimates vary, the production expenditure is projected to be at least $140 million dollars, making it the largest shoot in the history of New Mexico film.Productions of this size have a significant impact on our economy. They hire New Mexico crew, use our production services, and cast our talent. They stay at our hotels and furnished homes, eat our food, and shoot our locations. For several thousand individuals and hundreds of businesses, the economic impact is significant and evidence of how critical film has become to the New Mexico economy.

Thanks to Crew New Mexico for that announcement. And what a great time to buy a home if you are one of those on the crew for that film. Call me and I'll tell you about ABQ and show you some homes. Unlike California, we didn't go through a boom to bust so prices are great and home prices stable for the last six months. Call me at 505-220-9193.

New Mexico to Lead Job Growth

The jobs outlook is not rosy anywhere, but Moody's is projecting New Mexico to lead the nation in job growth over the next year with 2.6% increase. Click this link to see the story and interactive map:
http://www.usatoday.com/money/economy/2009-02-06-new-jobs-growth-graphic_N.htm

Mortgage Rates Inching Up

This just in from the Wall Street Journal: Mortgage rates rose again last week to their highest level since July.
The 30-year fixed-rate mortgage averaged 4.66% last week, up from 4.56% two weeks ago. That’s still below the year-to-date average of 4.74%, but it’s up from a low of 4.21% in October.
Rising rates are likely to further crimp refinance activity, which was down 1% for the week and down 8% from year-earlier levels.
But rising rates could encourage some fence-sitting buyers to close deals, and home-purchase mortgage applications jumped by nearly 2% last week, sending activity to its highest level since May.
Rates are closely tied to the 10-year Treasury, which has been on the rise over the past few weeks and jumped in recent days after the tax-cut compromise struck by the White House and congressional Republicans.

Where is the Real Estate Tipping Point?

I loved the book “Tipping Point” which speaks to a pivotal moment or event that will dramatically shift the course of a trend or behavior. For real estate, the tipping point was certainly the meltdown of the stock market and banking institutions resulting in loss of confidence and loss of jobs and investment nest eggs. The loss of confidence I think is still at the core of the issue. Buyers are not confident that they will continue to be employed or that their stocks or home will be good investments for the future. Of course, the fact that almost everyone had irresponsibly accumulated credit card debt is undeniable, and as those debts are reduced by paying them off or spending control, confidence in one’s own ability to manage money will return. The obvious indicators to look at to foresee a turnaround would be increased employment rates and improved home values and stock performance.
There are some other interesting trends contributing to the low volume of home sales. One is that the white-collar jobs are being reduced and these buyers were the “bread and butter” of a healthy market. Now we see first-time homebuyers, especially returning Veterans and higher end professionals but that range of $300,000 – 500,000 is like a never, never land recently.
Another factor of interest is the fact that home formation is way down. That would be people moving in together to buy a home and establish a home or family. Another indicator I follow is retail sales which was up this last week and even auto sales are up. Could a home purchase be next? I am hoping so because mortgage rates are at rock bottom so the opportunity is a once in a lifetime one.
What will be the tipping point to get people back into the housing market? I wish I could predict that and in fact what we may see is a slow turn of this Recession Ship as confidence returns to American homebuyers.

PROPERTY TAX ALERT

The Bernalillo County Assessors office is about to undertake a campaign to adjust the property taxes on non-owner occupied properties. The adjustments that have already been made have been quite discomforting. The way in which they will be determining "non-owner occupied" is by whether the property tax account does or does not claim "head of household". If the property does not claim "head of household", it will be assumed to be non-owner occupied. A protest option will be available if a property is designated incorrectly but who wants to go through that! Be sure to call the Tax Assessor to declare head of household or call me and I can check to see if you have that designation.

Realtors Virtual Tour blog reference

Got this email this morning:
Hi Judy,

My blog tomorrow will be talking about agent listing systems. Since you have such as well-tuned system, I will be using that as an example. I was sure you wouldn't mind the exposure, but wanted to be sure you knew that as well. Here is the blog: http://www.realestatevideotalk.com/2010/11/17/how-well-does-your-listing-system-work-online/

Hope things are going well!
Jim Gross
Realtor Virtual Tours

TRUE GRIT RETURNS

So excited that the remake of this great film with John Wayne is about to be released. We are all quite proud here in New Mexico that it was mostly filmed here. Perfect settings. We ARE historical USA.

So I never met John Wayne when I lived in Hollywood, but Robert Mitchum his counterpart, was a great friend. His son and then wife were my best friends. She and I and Sharon Tate were a threesome that hung out at famous parties, Beverly Hills bars and all places to be seen at. Often we hung out at Robert Mitchum's home which was near mine in one of the Canyons. I remember one huge New Year's Eve party when they tented the backyard and had food and music all night. ARound three am after the caterers had left, I got hungry and Robert fixed me fettucine with some noodles he had just imported from Italy. The most delicious fettucine of my life but I got the worst stomach ache which I never told him. I spoke to him two weeks before he died and he was charming and feisty as usual.

BEST TIME TO BUY A HOME

Leading economist who predicted housing crash says now is time to buy
AN economist who was the only person in the property industry to label the housing market a bubble said yesterday that now is the right time for new buyers to enter the market.
Derek Brawn, whose book on the property market predicted the bursting of the bubble, said first-time buyers should buy now once they find a property at the right price.
The optimal time to buy a house was not at the bottom of the market but just before the market hit the bottom, Mr Brawn said.
A year before the bottom of the housing market is the ideal time to buy, he said.
Mr Brawn, who has launched a house price calculator at www.CompareBuy2Rent.ie, added: “House prices are only one factor that people should consider when choosing whether to buy a house now or wait for further reductions.”
The other factors include benefits of paying off the capital amount on a mortgage, plus the fact that homeowners receive tax relief on mortgage interest.
“People need to consider both these benefits and factor in further house price drops, so they can buy now — but at the right price,” the former economist with an estate agency chain said.
Mr Brawn, whose book ‘Ireland’s House Party: What the Estate Agents Don’t Want You to Know’ made him the scourge of the property industry, said renters were missing out on mortgage tax relief.
Mr Brawn gave an example of a three-bed semi for sale in Kildare for €200,000.
A couple with a €20,000 deposit who are now renting a similar property for €850 a month should buy now if they can get the price down to €183,000.
This is based on a likely further decline in house prices of 15pc over the next five years, with a rise in European interest rates, calculations on CompareBuy2Rent suggest.
- Charlie Weston Personal Finance Editor

Ablququerque Ranked 10 Best for Weather

by Peter Geiger Thursday, October 5th, 2006 From: Farmers' Almanac Blog
We all enjoy reading lists of the best and the worst of almost everything. From time to time I’m asked what are the best cities for weather and what do we consider the worst. I’ve even been asked to select a location for someone who’s trying to relocate from a part of the country they dislike.
In the 2002 Farmers’ Almanac™, we addressed this very issue. Keeping in mind that any list is highly subjective, the factors we considered included temperatures, sky conditions, precipitation, humidity and wind. Working on the assumption that heat is a good thing and rain, sleet and snow is bad, let me present our list of the 10 Best Weather Cities in the USA.
6. ALBUQUERQUE, NEW MEXICO—has an arid climate with abundant sunshine, low humidity, scant precipitation, a and wide, yet tolerable, seasonal range of temperatures.

AUGUST MONTHLY MARKET REPORT

Historic New Mexico Movie Site For Sale

Looking for a site to film a western or turn of the century film? Or just a funky old site? This is the place. Check out this great film set property for sale just west of Elephant Butte Lake. Nice thing is that the house on site is restored and could house staff and operations while shooting. The place needs some restoration and it could once again be a functional local area, old time bar and central hang with an incredible museum. The place is a New Mexico historic jewel. Check it out on it's website http://www.cuchillobar.com/ or to get the real estate details go to my site http://www.judypierson.com/ under My Listings.

http://listing.loopnet.com/16812994 is real estate summary flyer too.

Give me a call. 505-220-9193,

IS REAL ESTATE STILL GOOD INVESTMENT?

Over the last few months I have personally had the opportunity to ask several people (at random) about the residential real estate market. I did not mention that I was associated with the real estate industry. During our conversation, the majority had expressed a concern for future values. Most believed values would continue to drop. Combined with the media and some pessimistic people, it is our job to be the educator in our business.

Here are some facts of today’s market and these examples will apply to any value with the same percentages:

Let’s use a $200,000.00 value and to make things easier, let’s assume 100% financing. At 4.500% the P & I payment would be $1,013.37

Assume values dropped an additional 10% - NOW using a loan amount of $180,000. Assume 6.500%, the P & I payment would be $1,137.72. $124.35 higher!

Okay, for those who view as “half empty” – With a 20% drop using $160,000 assuming 6.500%, the P & I payment would be $1,011.31, only $2.06 difference!!!

History has proven that buying real estate is a good investment. Generally over time, most can depend on appreciation. The majority of business that we do generate is primarily consumers who are purchasing a home to occupy as their principal residence. The consumer’s concern should be narrowed to personal preference. As history has proven, the investment overtime should be sound. However, past results do not guarantee future performance.

If the consumer’s primary motive for purchasing is strictly investment, the approach is completely different. As we are all aware, timing is everything! Buying real estate does not provide a prospectus as does investing with stocks or bonds. That said, personally, I have done very well over the last twenty years by buying real estate. Today my real estate investments lie in a shallow valley, as do my other investments. I recognize that this is the time to buy. A buyer’s market combined with historic interest rates should help buyer’s fear.

If your purchaser’s are buying below $300,000, a great option is a thirty-year FHA fixed rate mortgage. FHA loans are assumable with qualifying. This will release the seller from any future liability along with creating a low interest rate for future buyers! Assuming values do decrease, the assumable mortgage will add a valuable feature for future buyers!

WHERE HAVE ALL THE BUYERS GONE????

The real estate market is dead, dead, dead. And the rates and deals are abundant. What's wrong with this picture???? Here's latest article from national association of realtors: Home sales and the job market - two key aspects to our continued recovery - are also areas we need to see change in an improving direction. Last week, the NAHB Housing Market Index came in a bit worse than expectations and showed housing to be at a 17-month low. It can be argued that the tax credits actually hurt the housing market by not adding any sales, just pushing them up. This has now resulted in a void or softer period in the market, potentially wasting billions of dollars. Housing Starts and Building Permits were also reported lower than expected last week. Clearly, demand for housing has slowed over the past few months, due to the expiration of the Home Buyer Tax Credit and persistently high unemployment.
Speaking of unemployment, awful is the only way to describe last week?s Initial Jobless Claims report. According to the report, 500,000 people filed to receive unemployment benefits for the first time, which was well higher than the lofty 475,000 expected and the highest reading since November 2009. In addition, between Continuing Claims and people receiving Emergency Unemployment Compensation or EUC, the combined total of people receiving unemployment benefits now equals 9.25 Million people.
The bottom line is this: The labor market is the foundation of our economy. Job growth and confidence is the best and most sustainable way for our economy to recover. The present anti-business regulatory environment is pushing Initial Claims, a leading indicator on the health of the labor market, in the wrong direction.
But home loan rates, meanwhile, continue to remain at historic low levels. Though keep in mind, inflation is the arch enemy of Bonds and home loan rates, which means it can cause both to worsen. Both the Producer Price Index (which measures inflation at the wholesale level) and the Consumer Price Index were recently reported hotter than expected. If rates do start to rise, they will likely do so quickly.

McEwan's "Solar" book set in NM

You may recognize him as the author of the book Atonement. He has written a thriller around the global warming issues called "Solar". He says it is mostly funny but presents his knowledge and passion about addressing global warming. He was interviewed on Tavis Smiley today. I think I'll go upload it to my Kindle. Should be a good read at many levels and then a movie......

"In Plain Sight" Renewed for Two Years

Here in Albuquerque, NM, we love that kind of news. The series has been a source of pride and shows off many parts of our city. I have worked with the site location scouts numerous times to find a location and it's always interesting. "Judy, I need a home that looks like it's in Cape Cod." Cape Cod in ABQ? ARe you kidding, but we have so much variety that we can come up with options. Also, our environment is so varied so we can show different environments. We are not all desert! We have a river with lush big trees for that East Coast look; a mountain area for the Montana mountain look. We have a typical University area with little old houses that could be anyplace. And we have gorgeous million dollar homes with views. The scouts love our variety and off course having 252 days of good weather makes a big difference. Congratulations to all the "In Plain Sight" production company. We love you too.

HOME UPDATES THAT ADD VALUE

Sellers are not happy campers. The market is still slow and the values have declined. Once under contract, deals fall through because of inspections or appraisals. Being one who sees the glass as half full, I thought maybe I would share some thoughts on what to do to make your home more valuable. The first thing to do is to DeClutter. We all have too much junk in our homes and buyers expect to see pristine spaces like in a model home. Rent a storage space or fill up your garage even. Recycling is IN! Next change fixtures and hardware. I need to do this as my home is 14 years old and the hardware yells Old! Old! Upgrading sinks, shower heads and faucets with water conservation models has double value. Then replace your appliances. White is out; red washer and dryers are in; brushed stainless steel is definitely popular. With energy efficient models you get a tax writeoff and add instant value. Then spiff up the landscaping. Are those landscape rocks full off debris? Are the plants woody and overgrown. Take them out! Shrink your lawn and there you have another cost savings on water. I just did mine and love it. Clean it inside and outside. Many forget to dust or touch-up the eaves, clean windows, or reseal windows for more energy efficiency. Might as well invest in adding value and saving money while you wait for this market to pick up. Call me for a free valuation. Lots of people spend too much and do the wrong things in getting a house ready. Put me to work!

STEALING FROM HOLLYWOOD

Today's ABQ Journal cites a study that claims the Calif. has lost 10,600 entertainment jobs since 1997 due to film and television productions going to other states and countries. New Mexico has benefited from some of that with major shows such as Terminator and TV series such as "Breaking Bad." While we offer 25% tax rebate incentives on direct in-state expenses, some argue that we are losing money for every dime we spend on that program. One wonders what the changes might be with a new governor since Richardson is clearly a big advocate of this program.

GREAT TIME TO BUY A HOME!

Now is the best time to buy in the last thirty years!!! And we are seeing more buyers. For one, the interest rates are in the mid-4% which is unheard of. The jumbo loans are back and even some equity lines to avoid the need to come up with 20% down. Secondly, there are some great houses at good prices. The Sellers who still have homes on the market have to sell so as we say are "motivated" to provide Buyers with good value. Those Sellers who don't have to sell are able to negotiate. And there are still some good Short Sales and Foreclosures for the Buyer who is not in a rush since those deals may take up to six months to close.
We are seeing more Buyer activity in all price ranges. ABQ and Rio Rancho's economic situation has stabilized and has even had some new job development which is raising everyone's confidence. Personally, I think the worst is over. We have hit bottom, are showing slight increases from that 50% drop in sales last year, and may even begin to see small appreciation on some homes. Life is good. Call me 220-9193 and we'll get you a great deal.

STRATEGIC DEFAULTS ON RISE

"Strategic" mortgage defaults (people who "walk away" from a mortgage they can afford to pay) are on the rise.This week FOX News did an interview with the CEO of HomeFlux and 1-800-CashOffer on the rise of strategic defaults, and how many of the people we talk to each month are considering it as an option. Most people doing "strategic" defaults would be much better off selling their home via a short sale through an experienced real estate agent. The banks are in much better position to expedite and approve short sales now. We haven't lost one approval! They would rather take a loss on your mortgage than to incur the expense of foreclosing and then selling it again. Give me a call if you are thinking of a strategic default or short sale.

FINALLY LOVE RANCH

My chiropractor, a petite gentle & quiet man, treated Helen Mirren when she was here filming Love Ranch. He had articles and pictures of her all around his office and was so impressed with her a another gentle soul. Now finally the film is to be released but sadly not yet in New Mexico.

Mortgage Rates at All Time Low

It's time to buy a home in Albuquerque or Rio Rancho! There are plenty of good deals and the interest rates are in the mid-fours. Give me a call.

GREAT TIME TO BUY A HOME

The volume of homes sales seems to have come to a crashing halt with the end of the Federal tax incentive, but the interest rates are the lowest in 30 years. Rates are just above 4% for most buyers. I don't get it. It's the best time ever to buy. Sellers are desparate, rates are low and there are lots of choices out there. Where are all the Buyers??????? Call me and I'll talk you into doing it NOW.

Val Kilmer Ranch Weekend?

So Val Kilmer apologized for badmouthing Northern New Mexico or the Norteonos and got the go ahead to have visitors stay at this ranch. The money will go to the Santa Fe Film Festival so a good cause. For $500 you can be the bossfor the day or fish on the Pecos River, if it has water that is. So good idea and koodos to Val for being so generous.

GREAT TIME TO BUY!!!

So whereas the announcement below may seem to be negative, for buyers it is great news. With demand low and interest years at a twenty year low, it is a terrific time to buy. As the article below indicates, homeowners who can want to just refinance but for those who need to sell, and are therefore more motivated, they are more willing to negotiate to get the deal done.


The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 28, 2010.
"With another week of historically low mortgage rates, the trend from the prior three weeks continued, as refinance applications increased while purchase applications dropped. Purchase applications are now almost 40 percent below their level four weeks ago, while the refinance share, at 74 percent, is at its highest level since December," said Michael Fratantoni, MBA's Vice President of Research and Economics. "In addition, the ARM share dropped last week to its lowest level since March of this year, as borrowers took the opportunity to lock in at historically low fixed mortgage rates."
The Mortgage Bankers Association application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment which can increase disposable income and consumer spending (or give consumers a chance to pay down other debts like credit cards). A falling trend of purchase applications indicates a decline in home buying interest, a negative for the housing industry and the economy as a whole.

Bank of America to Help Homeowners

Bank of America is going to forgive up to 30% of some customers' home loans to help troubled homeowners. it will start forgiving principal for those who owe more than 120% of their home'svalue. It is to begin in May.

So if you think you qualify, CALL ME and I will do a free market analysis.

Bank of America to Help Homeowners

Bank of America is going to forgive up to 30% of some customers' home loans to help troubled homeowners. it will start forgiving principal for those who owe more than 120% of their home'svalue. It is to begin in May.

So if you think you qualify, CALL ME and I will do a free market analysis.

HOME SALES UP IN ABQ NEW MEXICO

And like most areas, the prices are still hovering in the low range. I did read that California prices are starting to come up which shows that the higher end houses are starting to sell so is pushing the average up. Here in ABQ, I personally am seeing many more buyers and have 6 closings this month including one half a million dollar home. It had been on the market for 18 months. The buyers seem to be young working couples looking forward to building a home and a family. They have good credit scores and good incomes from two salaries. I do think we have hit bottom in the housing market.

A great time to buy if you are commuting to and from ABQ. Make the move; you will love it here.

New TV Shows to Film in ABQ

Albuquerque is attracting more studios who plan to film television series here. Face it with the studio resources we now have and talent, plus our incredible weather, why would anyone film anyplace else.

So for those of you coming here who realize this is a good place and a good time to buy a house. Give me a call.

Judy

Teen Acting Program in Albuquerque New Mexico

Teens with an interest n acting could have an opportunity to learn the trade from "Breaking Bad" star Steven Michael Quezada. Youth Development Inc is teaming with him t offer a four month, after-school program for youth between 14-18 years old. Twelve teens will be accepting into this free program.

"TRUE GRIT" REMAKE IN NEW MEXICO

Nothing will make you feel older than when some young punk doesn't know about movies like "True Grit" or even knows who John Wayne is!! One of my best friends in Hollywood in the seventies was married to Robert Mitchum's son, Jimmy. No one here in New Mexico seems to know who Robert Mitchum is, or was. I have fond memories of the old coot. He was a character and loved telling stories about himself like how he turned down a film lead after he had retired telling the director he was going to kill himself so couldn't do it. The director told him to just do this film and then he could kill himself. The film was "Ryan's Daughter" , one of my favorites still. Another time, the Mitchums gave a New Years Eve party with all the top A list stars of the time, or at least his time. Most people left but we stayed with the family and when I mentioned that I was hungry about 3 am, he took me out into his big kitchen and made me fettucine alfredo with noodles he had had sent in from Italy. He talked about his kids like any ordinary dad. I loved most when he wryly told stories of being the first star to be arrested for pot. He was so proud. I loved that guy and wish I could pick up the phone today to talk to him.

NEW MEXICAN WINS GOLDEN GLOBE - SORTA

Poor Ryan Bingham won the award for best original song for the film Crazy Heart over entries from Bono and Paul McCartney. Only problem was that when the award was handended out Ryan was out at the bar getting a beer. So sorry, Old Buddy.

ABQ #1 MOVIE PRODUCTION SITE

Well, I loved the smiling picture of our own Ann Lerner who heads up our city's film liaison office as she reported that MovieMaker magazine has ranked Albquerque as the best place in the nation to make a movie. In a few short years, we have beat out Los Angeles/Hollywood. Imagine. Last year alone there were 12 films or TV series made includng "Breaking Bad" and "The Book of Eli." Way to go. We are ready and I am ready to sell all those people wanting to leave LA like I did, a house!

Mickey Rourke in ABQ

Apparently the filming for Mickey Rourke's film was taking place last night in Downtown Albuquerque. I was there showing friends our Old Town and came upon the filming. It was too cold to get out and explore but it always gives me abit of a thrill to have this "Hollywood" action in my new home. Not that I miss Hollywood, but there is a larger than life grandness that comes with filming. Somehow, I think Mickey is just right for our Enchanted State. He just looks like he fits here. Want to buy a home, Mickey? Call me.

Green Filmmaking in New Mexico

We do like to see ourselves as green; not green like aliens, except maybe in Roswell, but green as in ecologically conscious. So there is a new book written by the Clarson's of New Mexico on "Green Filmmaking." It is a manual for film crews. So good for them. We like that here.