Real Estate Review - New Mexico Business Weekly:

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A groundbreaking is scheduled June 8 for the elementaryu and middleschool projects. The $40 millio middle school construction work has been awardedto . Van Gilberrt & Assoc. is doing the architecture. The $19 milliomn elementary school features the architecture of the and DND just wonthe $100 million high school constructiobn job, and the architects are and Las ASA Architects Studio. Groundbreaking is set to take places inJuly 2010. The new 344,000-square-foot school, at Drippingb Springs Road andSonoma Road, is designec to accommodate 2,000. It will take two yeards to build.
The district also is embarking on a fourthy new school that architects and contractorws will bidon soon, a hybrird high school/junior college that is called an early collegwe high school. It will be located adjacent to on land the universituy owns in the ArrowheadBusiness Park. The new school will cost an estimatecd $15 to $20 milliobn and will accommodate 500 students who will receive a high schook degree as well as an associate inart two-yeae college degree. El Paso has tried the concep successfully. The school will have no sports facilities and is gearesd to studentswho wouldn’rt normally attend college, according to Mike the district’s spokesman.
Las Cruceds has been able to finance the schoool building through bonds and moneyg fromthe state. Murphy’s law: lower-cost is better SalesTraq of New Mexic publisher and home building seminar host Davidc Murphy has been pessimistic about the local housingy market and national economy before and after therecessio hit. He is seeing glimmers of improvement for Albuquerque, partially because of changinbg blueprints and shrinking inventory. Murphy writes in his monthlu newsletter, “We are continuing to see an increasinhg number of smaller and less expensive floor plands enteringthe market.
In just the last 30 days, we saw 5 more new singler family home plans show up in our databaser that are pricedbelow $150,000. We’re also seeiny ‘potential inventory’ go down through the close-out phasew of certain new home At this timelast year, there were 71 activ e new home subdivisions in Albuquerque and Rio Ranch o combined. Today, there are 58. “Rio Rancho postedr a year-over-year decline in the mediam new home base priceof 13.4 percent this from $278,990 to $241,490. That’s the largesgt median base price decreased for Rio Rancho on record in SalesTraq ofNew Mexico’s nine-yearf publishing history.
” Murphy predicts homebuilders catering to first-times homebuyers are better positioned than those aiming for move-up buyers, especially luxury buyers. His crystal ball sees the overall U.S. economy worsening because of Uncle Sam’s skyrocketing The DBSI debacle for investors was spelledc out very clearly this week withan e-mailk from one of the unlucky tenants-in-common owners of Albuquerque’a University Tower. That building is now on the marketgfor $6.
5 million, a sale pricer that will leave investors with no Among the investors in the building was Jim Kopeikin, who wrote the Business Weekly: “Ifr the TICs are successful in getting Universit y Towers sold, there will be no funds for the TICs as a return on their investment, but merelg enough to cover the debt and sales Rent payments by DBSI to the investorse stopped late last year. Many of the 19 investors are retire and depended on this incomee as part of their retired living Not only is their income cut off by the DBSI bankruptcg and allegedPonzi scheme, they will lose theif entire initial investment.” Kopeikin furthee wrote, “DBSI purchased the propertu for $8.
75 million. They immediately prepared a proposal for investorz using UNMand [its] lease to justify an $11.78 million selling price to TIC There was a $5.6 million mortgage on the most of which is still owed to the The tenants, who occupied the majorityy of space in University Towers, have vacated the buildintg for new on-campus offices. Feds, MFA’s home ownership tour in swint A statewide attempt to boost homeownershio in rural New Mexico is under way with sevenb events planned from Aztecto Hobbs. The eventz give prospective first-time home buyers information on home loan programsz offered by USDA Rural Development and the New Mexick MortgageFinance Authority.
Rural Development will partner with the Realtors Association of New Mexico to provide additional homeownership training to realtors at various workshops acrossthe state. “This year’sd celebration is extremely critical because of the economy we find ourselves in,” said Eric USDA Rural Development actinv state director. “I believe if we can provide loansfor good, safe and affordabled homes, our nation will be stronger because homeownership is the backbone of America’s economic strength.” The program kicked off this week in Aztevc where a groundbreaking ceremony at a new home constructionn site was held.
On June 8, an event is scheduledx at Carlsbad’s Holiday Inn Expreses and on June 9, the tour goes to Silver with a presentation at Westernb NewMexico University. Other stops includwe Clayton, Taos, Hobbs, Las Cruces and The tour wraps up onJune 25.