Not too long ago, in a small village in New Mexico, I was driving on a gravel road known as County Road B010. It was early morning; the sun was just above the horizon. Everything was fresh and green.  To my right I couldn’t help but notice my neighbor’s 3 year old boy driving his little battery powered toy jeep. In the back he was hauling a slice of alfalfa hay. There was a horse, donkey, several goats, sheep, chickens, geese, and ducks following the little boy. Off to the feeding area they went; obviously a daily ritual complete with some kind of order to the lineup of critters in tow. The father was waiting at the edge of the barn to help with the chores and to keep a keen eye on the

eager participants as they gathered around their assigned eating troughs. What a sight to behold.  It reminded me of how fortunate we are to be able to breathe the fresh air, eat food that we raise, and teach family values so necessary to build a wholesome community. My neighbor’s little mini-farm is about 5 acres, plenty of room to create the environment he and his wife dreamed about. They both worked and were eager to raise a family especially in an area that promised a future of good  health and happiness. A place they could count on and would always have.

They started with just the raw land, and then installed a well and septic, soon they had a barn and beautiful home designed to their specifications. As I drove by today, I noticed another smaller child playing with her older brother, a few more farm animals, an extra barn and the same happy feeling watching this American dream turning to reality.

Just a small piece down the road is another parcel – this one is 11 acres and it is for sale.  Unlike my other neighbor’s situation, this parcel already has a large barn, septic system, electricity and a domestic well.  The real difference here though, this is an income producing farm. The 11 acres is in alfalfa and produces 6 or more tons per acre per year.  The agricultural well and EBID irrigation rights all included. The only thing this place needs is a nice custom built home.  Naturally this property will cost a bit more than regular raw land especially considering most of the infrastructure is already in and it produces significant income. This property just went on the market and is listed for $279,000.  If you would like to see it  or have any questions, give me a call…

Gary Beeson

Las Cruces Real Estate

575 520 5515

I've always had a thing for unusual properties.. In the Mesilla Valley (New Mexico) sits a piece of land coming on the Las Cruces market soon. It's about 10 acres, located next to a wildlife preserve and a lake, it's less than a mile from Chopes famous Mexican restaurant, and 12 miles to the Mesilla art colony. If you need to catch a plane it's 40 minutes to El Paso Intl. Airport.  It's peaceful and you can build from scratch - just the way you want it. Right now it is used a  Dressage horse arena - but I would build a tiny adobe, hobbit house or something really nice to take advantage of the views and space.. The owner said he would consider financing based on the credit history of the buyer.  This particular parcel is zoned T2 and pretty much allows you to build any kind of home you want. 10 Acres is a pretty big piece for a home site which means you can have a nice little farm with animals or it's big enough to grow crops. The neighbors have horses and grow alfalfa, other neighbors grow pecans and cotton. All water rights convey. The irrigation water rights are for 7.9 acres. The land sits next to an EBID irrigation lateral and is set up for irrigation with a concrete delivery trough.

I will have this one listed in the next few days.  Give me a call if you want to take a look.

Thanks,
Gary

Imagine a 100 acre ranch with a lake in the middle and two large homes, one 7,000 sq ft and the other 3,000 sq ft  close to two (NMSU) and (UTEP) major Universities, a thriving city, an International Airport  - you don’t have to imagine, it’s for real and for less money than an average little track house along any major highway in California. You could fly out on weekends with your family; enjoy your own version of the Wild West and still save money. That’s what I did back in 1980. My kids were able learn about wildlife and experience nature and true culture other than the concrete and glass environment that so many kids endure today because they do not get the opportunity to know the difference.  Go to the website www.viewlab.com  and check it out! This has been my haven for 38 years and now I must sell. I’ve kept this place as a wildlife sanctuary; the land is pristine and located in the Rio Grande Basin 10 miles from Las Cruces, NM (a great little city) and only 30 minutes to El Paso, Texas.  Contact me and I will tell you all about it. Since I’m also a New Mexico real estate broker, I can show you how to make this happen!

Here's a little short video of what it looks like as of January

Mortgage Rates are inching up in Las Cruces

So the mortgage interest rates are inching up. What does that really mean for an average buyer? Not much if the rates move a tenth of a percent over several months, however....

Let’s say we are getting ready to buy a $150,000 in Las Cruces.  Last month we could have picked up a mortgage for 3.8% from a variety of local and national banks – assuming of course, that our credit is in decent shape. Our payments would have looked something like this: No PMI* because we are putting 20% down --- or $30,000

OK so our basic payment which includes property tax, no PMI *, 20% down, would be around $634.15 per month.  Also note that over the lifetime of the loan our total payments sums to a whopping $228,293 - imagine what that number would be if the interest was 8% ! Also in the state of New Mexico our property taxes are somewhat lower than other states. This is how I came up with the property tax percentage of .6%... Property tax is now based on the market value of your home divided by one third to get to the assessed value, then approximately 2% of the accessed value.  Therefore $150,000/3.333 = $45,000X.02= $900 tax which is .6 of 1%.

Now lets see what the numbers look like if the mortgage interest rate pops up to 4% which it just did. Everything else remaining the same.

The monthly increase is $13.75 - for the difference of two tenths of one percent (.2) interest rate. OK - that's not earth shattering, but over time it can mount up and make a difference. The difference in the total amount of payout is about $5,000 over the life of the loan. If we were talking about a 1% rate hike (not inconceivable) the difference would be 5 times or about $70.00 per month.

PMI stands for Private Mortgage Insurance that the bank or lender wants you to pay for if you do not have a large enough "vested" interest in the home that you are buying. In today's market it usually means that you have to purchase (monthly add-on) PMI insurance for the lender if your down payment is less than 20% of the sale or appraised value of the home. There are exceptions, such as when the government backs the loan, etc.  In the above calculations we assumed no PMI insurance because we illustrated a 20% down payment.

When looking to purchase homes, watch the mortgage interest rates, they can move quickly. Also waiting to purchase a home can mean hundreds of dollars in the mortgage payment especially when it comes to the value of the loan.

Soon I want to interview a couple of local bankers and let them tell us about developing trends that are emerging in the mortgage industry. 

Need help getting mortgage approval? Give me a call, chances are I can put you into contact with the right banker to help you get the home you want.

Gary Beeson

Las Cruces Real Estate

575 520-5515

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Buyer's Market in Mesilla Valley's Highway 28 Corridor

If you are thinking about buying a home or ranch in the Mesilla Valley, now is the time to do it. It is a buyer’s market for sure. I’m not sure how long that situation will last, but for now money talks.

The illustrated Highway 28 corridor from the southern edge of Mesilla down to Santa Teresa includes some of the most beautiful land and farms in Southern New Mexico, close to El Paso and Las Cruces with weather designed for growing things abundantly.

In the sample there are 41 homes and ranches available for sale. The median price is a little under $200,000 which means there are bargains available. 

As a Contrast...

Sometimes it is hard for the brain to wrap around the idea that right now in Silicon Valley, there are multiple buyers making offers over the same property. The average time on the market is 7 days. That’s what you call a seller’s market.

Of course, that is not likely to happen here because we have plenty of land and we do not have the plethora of technology centers that employ so many people. Also hard to imagine is the average price for a house in SV is somewhere north of $900,000.

Back to Reality and the Mesilla Valley ...

I’m particularly fond of an area where the houses (big beautiful ones) are lined up on a 4,000 foot runway so the pilots walk directly to their hangers and taxi out to the runway then off into the wild blue yonder!  Yes, the houses are on Highway 28 in the Mesilla Valley and I will do a feature video in the next week or so – stay tuned.

If you are looking to purchase in this area soon, make sure you have a good buyer’s agent to represent your interests. There is no cost to you and with a qualified Realtor you can (and probably will) save thousands on the transaction. 

If you don’t have one, give me a call. I will be happy to give you a tour of the area.

Gary 575 520-5515

Town of Mesilla, New Mexico, USA

A great little video about our town, Mesilla, along the Highway 28 in New Mexico

I know there is a lot of information, pictures and video of Old Mesilla, but it does ooze charm and I can't help but shoot a little video of the old town plaza. For those that have not been here,  the video below is a 4 minute drive around the plaza and a couple of side streets.

Old Mesilla in New Mexico

If you are close by - stop and see Joyce over at Cafe de Mesilla.  Next week I'm thinking a little wine might be fun - we have several vineyards, lets check em out....