The Albuquerque, New Mexico, Ultra-Luxury Market: What You Need to Know

 

Albuquerque, N.M., is as enchanting as it is bustling with activity. The city's picturesque setting provides an escape to a world of culture, cuisine, and history. It's a nature lover's paradise, flanked by the Rio Grande River, the Sandia Mountains, and the Petroglyph National Monument located all within its boundaries. If you prefer to stay indoors, plenty of delights await you. You could even travel along the iconic Route 66 in search of eclectic shops, unique restaurants, and more.

Albuquerque's booming economy, affordable luxury, and fantastic commute times make people want to stay. High-end features at affordable prices put upscale real estate in high demand because of the low cost of living. You must know what to expect if you're ready to get in on all that Albuquerque offers. Let Jer and Rose Collins guide you so that you can invest wisely in Albuquerque’s ultra-luxury market.

Business Today defines luxury real estate as homes with extravagance. They use the best building materials, architectural design, and finishing touches. Ultra-luxury amps up those features by taking advantage of panoramic views and making the most of the home's interior or exterior space.

The top features of an ultra-luxury property may include:

Most also have a high-end price tag to ensure they provide stature to the homeowner.

According to GAAR, market statistics for July 2023 show an increase of 4.8% to 8.1% in home prices for the Albuquerque area, possibly because of a decrease in home availability. This could be something to watch for as we wrap up 2023.

Depending on your chosen neighborhood, most homes within Albuquerque average around $500,000, with some areas being more high-end. For an ultra-luxury estate in Albuquerque and surrounding areas, expect a starting price of one million dollars or more. Look at past home sales to see the quality of homes in this area.

The Wall Street Journal reported that New Mexico is home to over 40,000 millionaire households. It isn't surprising, considering its status as a technology-driven city.

According to the Institute for Luxury Home Marketing, affluent home buyers are typically middle-and upper-class investors. In 2023, many homebuyers look for smart-home features that may improve their quality of life, provide security, and help them handle daily tasks.

Those seeking ultra-luxury real estate have often gone through the home-buying process before. They have high expectations and know what they want, not out of necessity but because it satisfies their wants.

If you want to step away from the bright lights of downtown Albuquerque, you have several excellent neighborhood options nearby. Three of our favorites are:

Located at and near the base of the Sandia Mountains within Albuquerque, you'll discover the majestic beauty of Sandia Heights and North Albuquerque Acres nestled close to the mountain. It provides year-round hiking for nature enthusiasts or a quick ride on a Tram to the top of the mountain where you can find amazing views, skiing, a restaurant and abundant trails. It is an area where mainly established families live, with a median income of approximately $68,000.

The Village of Corrales borders Albuquerque and has the feel of a farming community within the city. From here, you're further from the mountains but closer to the Rio Grande River. If you still want to enjoy the great outdoors, there are many tree-lined trails to follow. It also features many restaurants and shops to visit and an abundance of festivals throughout the year.

The Village of Los Ranchos and the Rio Grande Valley has the feel of a rural type area with horses, farms, vineyards and abundant trails but is centrally located within the city. From here, you're close to downtown Albuquerque and even closer to the Rio Grande River. If you still want to enjoy the great outdoors, there are stables to board your horses, farm bees or fruit trees or just enjoy the trails. It also features many restaurants and shops to visit and an abundance of festivals and grower markets throughout the year.

Today's high-end buyers aren't looking for a home because they need one. They simply hope to find a home that checks all their boxes and allows them to enjoy living life. As a realtor specializing in ultra-luxury home sales, you must know how to show a home's features and prove that it is a desirable investment for them. The easiest way to do this is through video or 3D walk-throughs. Make a story using these tools to attract high-end buyers. They emphasize the property's gorgeous views, comfortable spaces, and extravagant outdoor areas and promote prestigious properties with marquee marketing.

As a seller, if you want to maximize your investment, take advantage of a luxury real estate agent's experience. Remember, prosperous home buyers aren't traveling door to door seeking a property. Your real estate agent knows how to attract clients who will pay top dollar for what you own. They can even help you capture the home's true beauty with the proper lighting to make it appear splendid and hide slight imperfections.

Buying a home in New Mexico can be complex. For instance, if you're taking out a mortgage, the home seller may need to purchase title insurance. This ensures that the home doesn't have liens or other issues with the title and that they can transfer it to you.

It isn't required, but most home sellers and buyers want a home inspection done before completing a home sale. Your lender may require you to do it before they lend you money. When hiring an inspector, ensure they're licensed to perform home inspections. The cost of an inspection will vary based on the size of the home. According to Home Inspection Insider, a modest abode could cost $450 to $600, while a 4,000 sq ft home will be $650 to $800 or more.

Albuquerque property purchases come with unexpected costs. In Bernalillo County, the estimated property tax is 1.18%. They typically include this in the closing costs. However, in New Mexico, buyers and sellers may have to pay a prorated amount of this within their closing costs, depending on the transaction details.

There's no denying it; everyone loves luxury. Albuquerque is a fantastic investment for future ultra-luxury market trends. You get more comfort for your dollar thanks to an affordable cost of living, and more people are moving in constantly to take advantage of all it offers.

As more people put off selling their luxury homes, the demand for housing could increase. With that in mind, you may want to act fast to ensure you get the ultra-luxury property you desire before the market becomes highly competitive.

The Albuquerque ultra-luxury market is hot right now, and it doesn't seem to be a trend that will end as we approach the end of 2023. Understanding what the market holds, and knowing how to invest in your dream, can ensure you get your dream home.

We're here to help. Reach out to Jer and Rose Collins for advice or help as you improve your quality of life through the most luxurious properties in Albuquerque and surrounding areas.


_{*Header photo courtesy of Shutterstock}