From the Albuquerque Journal comes news of housing inventory, sales and prices.
The Albuquerque Metropolitan Board of Realtors reported a record 6,189 listings of resale attached and detached single-family homes as of mid-July. Throw in those that are for sale by owner or new and being sold by builders, and there's even more. (,,,)
As of July 20, the lowest price for a new home in Albuquerque was $121,490, and that was for 950 square feet on the Southwest Mesa, according to SalesTraq. That equates to $127 per square foot. In 2003, the lowest price was $80,000.
In Rio Rancho, the bottom barrel price for a new home is $157,990. That buys 1,294 square feet, SalesTraq numbers show. Four years ago, the lowest priced new home cost $86,000. "Albuquerque has been less expensive (than Rio Rancho) for new homes in the past 24 months," Murphy said, adding that the first-time home buyer is going to find the best prices on the Southwest Mesa, where resale homes can still be found for less than $100,000.
Read this critically a few times then go for a fly over in google maps or local live at the photo images of mile after mile of some of this bottom barrel record inventory - conventional, mass-graded development apparently reselling for tens of thousands less than new - brown stucco box, auto-dependent, single family homes only a short step up from mobile home parks. Try not to be cynical. This is affordable housing success. Try and think of cheaper than Rio Rancho as a good thing.
Afterall, what's the alternative? Solar condos with a view in a village center on a train line? Reinvestment and residential reuse of some of that overzoned commercial/industrial land inventory in the Heights and Valley?
Dreamer. Get real.