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Condo skeptics get their hearts crushed

May 15, 2007

The National Association of Realtors just printed some first quarter figures on the national housing market. Unlike the vast majority of metro areas, the ABQ housing market hasn’t showed any real signs of significant cool-off — which really isn’t news to anyone living in Albuquerque, but what caught my attention were the condo numbers:

The strongest condo price gains were in the Salt Lake City area, where the first quarter price of $164,600 rose 25.6 percent from a year ago, followed by Albuquerque, where the median condo price of $147,100 rose 17.9 percent from the first quarter of 2006, and the Austin-Round Rock area of Texas at $169,000, an increase of 14.4 percent.

I’ve heard a lot of moaning about the recent condo boom in Albuquerque. “Is it good gentrification? Who would buy a condo… a loft… when you can buy a house for a little more?” We’ll apparently someone is — and someone is making money on those suckers, too.

There are some pretty sexy projects out there. One Ten Richmond, Glenwood Lofts, The Place in Nob Hill, Silver Hill Lofts, Silver Lofts, Lofts @ Old ABQ High, BelVedere… and the list goes on. All of these existing/soon to be condos and lofts have their critics — fair enough — but developers can’t ignore the numbers (in some cases, really big numbers). Will the momentum carry? Well, I think folks might be surprised at just how long ABQ’s condo crazy will continue. But what do I know? Nada.

One Comment leave one →
  1. John permalink
    May 16, 2007 7:48 am

    I live in the ABQ High Lofts. I can walk to the gym, walk to Downtown, take a short cab ride to Nob Hill. Kind of beats a ranch house in Corrales any day.

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