Rental Property Investor · Westfield, WI · Member since 2013 · 7 posts · 4 votes
I am looking for feedback from local realtors and investors in the greater Santa Fe, NM market. My interests are primarily in fix-and-flip single family and rental of single family and small multi-family properties. Are there strong economic indicators to sustain this market over the next 10+ years? What is the local vacancy rate and how can I find accurate renter demographics? What are the areas in the geo to stay away from (for whatever reason)?
Santa Fe, NM · Member since 2017 · 16 posts · 1 vote
6y
Cindy I don't do fix and flip so cant really speak to that. The inventory seems low at the moment so things are moving quickly when they come on the market if they are a good deal. I am in multi family rentals. I keep an eye on some single family units, but i haven't purchased any to rent. Santa Fe has been hit hard economically since it is a big tourist destination. Shortfalls for local and state budgets abound. If Santa Fe can diversify its economy, the 10 yr outlook would be better. The film industry is getting bigger in the state, though since that is currently shuttered due to the virus, hard to say if that will come back as strong as it was. Are you thinking of moving here or investing from afar? Victoria
Rental Property Investor · Westfield, WI · Member since 2013 · 7 posts · 4 votes
6y
Thanks for the additional information Victoria. Your insight on the economy is as I had suspected. Areas with little diversification of industries are seeing challenges, especially related to COVID.
I am looking at a few select areas. Santa Fe, Colorado Springs, and the greater Phoenix areas currently to either move to or invest in from afar. I have generally moved to a location and then done slow fix and flips, but I am not averse to investing in areas outside of my locale.
Realtor / Attorney · Phoenix, AZ · Member since 2018 · 388 posts · 265 votes
6y
Just to give you a few indicators on the Phoenix area:
* Both the rental and sales market are strong. Vacancy is near zero in many parts of town. We had a bit of a dip with COVID (as did all markets), but we're already coming back based on several performance indicators.
* Job growth projections are very strong in the coming years. Many big employers have already started investing in new work facilities. This means that the projections for both rentals and appreciation are strong for the coming years.
Happy to answer any questions I can about the area!
Santa Fe, NM · Member since 2017 · 16 posts · 1 vote
6y
Cindy, i also forgot to mention that Santa Fe is the state capital so there are a lot of government jobs here. BUT Santa Fe is expensive, and due to apartment/rental housing shortages, rents are on the high side. Several bigger apartment complexes are being built so that may ease the market for renters a bit. Many people commute from Albuquerque where housing is cheaper.
Pondering Colorado Springs and Phoenix, I’d go with CO Springs for weather. Phoenix is just too dang hot!! But if you aren't living there, or you don't mind the heat, Phoenix sounds like a booming market from what I’ve heard.