Lot / Land Report
Don Borgeson
Updated September 6, 2008
Lots – Angel Fire
TThere are currently 630 lots on the market in Angel Fire, listed with 20 brokerages in the Moreno Valley.
Lots "on" the Golf Course, Monte Verde Lake and in the spectacular view areas along the "Heading Home" ski run in Chalets II can be triple the average sale price due to scarcity.
Building site prices throughout the remainder of the resort appear to be stabilizing..
The 2007 vacant lot market in Angel Fire was 1/3 of 2006 sales volume. End of year sales for 2007 are 227 lots – 2006 was 665.
The Taos land market was down 42% during the same time period.
Acreage Listings
80% of all land sold in the Moreno Valley in 2007 was inside the Angel Fire Resort
Acreage inside the Angel Fire Resort totals 139 units at an average list price of $206,455 - $35,166 per acre - and has been on the market an average of 259 days.
103 small acreage parcels (2-15 acres) outside the Resort list at an average price of $141,796 – $22,589 per acre and have been on the market an average of 938 days. Most are accessible both summer and winter via county roads. All require septic systems (average cost $4,500, depending on soil conditions) and most require a well (average cost $18 per vertical foot).
Area Impacts
80% of all land sold in the Moreno Valley in 2007 was inside the Angel Fire Resort. The current time on market for
residential building lots inside the Angel Fire Resort is 658 days. Time on market for lots outside the resort is 2,151 days.
NRPI – National Recreational Properties, Inc. suspended its sales operation in Angel Fire in October 2007, after 2 years of record lot sales. In 2007 NRPI represented 38% of the lot market and 63% of the acreage market in Angel Fire. With the departure of NRPI the average list price of lots has increased and the average sale price has declined. Total land sales in Angel Fire have declined 75% year to date from 2007.
The average list price of a lot in the Chalets II subdivision is $87.568 – the average sale price over the last 12 months is $63,339. In the Country Club subdivisions the average list price is $58,164 – the 12 month average sale price is $52,374. 20 lots without utilities have sold in the last 12 months.
A ski to/ski from lot in Chalets II sold for $375,000 in 2005 – probably the highest price ever for a single family residential lot in Angel Fire.
Inaccurate reporting of sale prices by several companies may be causing significant overstatement in average sale prices.
The Village of Angel Fire has completed water/sewer extension in the commercial zone along State Highway 434. The change of values or sales of commercial land along SR 434 caused by an assessment district is not known at this time.
Lot sales within the limits of the Village of Eagle Nest, where the limited number of lots served by water & sewer has resulted in a scarcity market, is resulting in sale prices reaching as high as $30,000 per half acre. The Village of Eagle Nest has imposed a $2,000 per home impact fee for new construction in the village due to the need for additional water rights. The Val Verde V Association has declared a temporary moratorium on new water hookups.
Strict enforcement of New Mexico Environment Department regulations regarding septic system treatment standards for lots under .75 acre may reduce the number of lots sold in that size. Advanced wastewater treatment systems may add as much as $10,000 to building costs on lots less than ¾ of an acre.
Residential Lot Sales - Angel Fire West Resort---------------Angel Fire East Resort
# sold avg price cost/ft- market days # sold avg price cost/ft mkt days %of lst
1996 149 $14,064 .53 87% 77 $12,982 $.55 87%
1997 126 $14,960 .49 502 87% 77 $15,493 $.48 405 89%
1998 79 $15,935 747 86% 49 $18,664 $.62 1,321 88%
1999 136 $15,180 .49 835 85% 65 $17,172 $.46 945 87%
2000 157 $16,319 .52 828 88% 98 $16,278 $.43 1,070 87%
2001 102 $15,721 .49 847 89% 63 $19,842 $.49 466 91%
2002 159 $17,394 .56 1,000 89% 110 $15,253 $.40 1,154 90%*
2003 166 $19,750 .68 1,048 89% 120 $22,627 $.59 1,072 91%*
2004 133 $25,064 .81 1,616 91% 110 $29,580 $.89 927 91%*
2005 277 $32,787 1.00 1,038 95% 197 $49,784 $1.16 730 91%*
2006 188 $64,603 2.14 299 94% 241 $69,334 $1.67 215 96%
2007 89 $63,727 2.34 289 92% 117 $71,029 $1.73 248 92%
2008 27 $66,850 1.73 563 77% 23 $58,958 $2.06 341 67%
*2002 AF West - 13 not reported AF East - 23 not reported
*2003 AF West - 35 not reported AF East - 28 not reported
*2004 AF West - 22 not reported AF East - 18 not reported
*2005 AF West - 100 not reported AF East - 31 not reported
*2006 AF West - 47 not reported AF East - 37 not reported
*2007 AF West - 42 not reported AF East - 43 not reported
*2008 AF West - 4 not reported AF East - 5 not reported
Acreage – Angel Fire
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# sales Avg price cost/acre mkt days % of list price
1997 39 $ 71,978 $10,025 94%
1998 52 $ 92,371 $12,776 261 94%
1999 30 $109,611 $22,294 426 91%
2000 22 $117,787 $19,003 562 88%
2001 9 $119,762 $27,754 529 95%
2002 16 $112,157 $22,009 951 92%
2003 13 $107,409 $27,208 668 93% 2 sales not rptd
2004 10 $110,884 $36,911 603 93% 1 not rptd
2005 42 $108,878 $21,278 1,314 93% 9 not rptd
2006 26 $172,612 $31,843 476 97% 10 not rptd
2007 59 $140,217 $48,487 669 96% 9 not rptd
2008 - only 1 sale is reported
Lot Sales by Subdivisions - Overview
Year Village Chalets Country Club Monte Verdes West Resort East Resort
1995 15 28 61 15 64% 6%
1996 26 35 112 30 70% 30%
1997 14 49 100 16 65% 35%
1998 20 29 68 9 61% 38%
1999 11 59 120 17 66% 34%
2000 15 80 146 16 63% 37%
2001 11 46 88 15 64% 36%
2002 31 93 160 16 58% 42%
2003 16 93 122 28 58% 42%
2004 14 96 113 20 55% 45%
2005 50 152 156 46 50% 50%
2006 31 184 142 15 43% 57%
2007 38 105 75 10 37% 63%
Acreage - Moreno Valley ------- (cost/acre) ---- Lots Moreno Valley----------
1994 36 $57,856 $6,241 22 $16,841 .67
1995 84 $36,505 $5,930 17 $13,550 .66
1996 103 $52,576 $7,413 29 $13,332 .62
1997 83 $67,410 $7,093 493 93% 24 $20,550 .64 734
1998 60 $74,077 $8,430 786 92% 21 $18,586 .74 793
1999 62 $72,227 $9,311 848 92% 19 $13,050 .83 893
2000 70 $72,313 $9,058 926 91% 30 $15,793 .75 1,692
2001 50 $99,624 $9,399 896 91% 20 $17,713 .69 1,789
2002 48 $65,339 $9,560 910 92% 20 $21,845 .78 1,314
2003 40 $108,830 $10,278 1,306 92% 22 $15,731 .64 1,787
2004 60 $117,184 $9.012 1,193 90% 14 $19,236 .79 2,393
2005 116 $113,161 $11,289 1,826 95% -47 42 $24,292 1.00 1,558 -31
2006 81 $145,856 $17,554 1,511 95% 55 $27,986 .94 2,134
32 not rptd 22 not reptd
2007 35 $105,307 $20,214 850 88% 31 $24,886 1.38 1,385
22 not rptd 14 not rptd
2008 11 $123,125 $24,182 3,511 99% - 7 not rptd 24 $41,300 1.62 1,795
19 not rptd
