Albuquerque's rental market has been consistently stable, with rents slowly rising. The average rent price increased nearly five percent over the year, from $761 in September of 2015 to $799 in September of this year.
With rents stable, investors see Albuquerque as a good market for new development. With rents stable, investors see Albuquerque as a good market for new development. The new numbers come from CBRE's latest apartment market survey, a report that looks at rent prices from 191 apartment complexes across town, which accounts for more than 40,000 units.
The occupancy rate of the Albuquerque apartment market was 95.42 percent in September, also up from the same time last year. The report said historically, September is the high point for the apartment market, with January being the low point.
With rents stable, investors see Albuquerque as a good market for new development. The report estimates in 2017, Albuquerque will see between 500 and 700 new apartment units. Most of those units will be built in the Northeast Heights.
The report also predicts about 250 units will be developed each year after 2017, unless Albuquerque undergoes substantial population growth.
The apartment market is even stronger in Santa Fe, though. With so much demand for apartments there, the occupancy rates in Santa Fe are high—97.79 percent in September.
The rent for a market rate apartment unit in Santa Fe was $1,017, a 12.83 percent increase from September 2015.
"The affordability requirement for new residential development combined with few suitable parcels and high land and construction costs make development of Santa Fe market-rate apartments challenging," the report read.
Despite demand, relief is not on the horizon. CBRE said only two new developments are planned for 2017 in Santa Fe, which would bring about 115 units to the market.
Albuquerque's own Nob Hill was named one of five "Great Neighborhoods" on the American Planning Association's (APA) Great Places in America list. The APA program recognizes places that have exceptional character, planning and quality.
As excerpted from the APA Great Places in America description of Nob Hill's qualities and planning character:
"Get your kicks ... in Nob Hill. This quirky Southwestern neighborhood revolves around the culture of old Route 66, now known as Central Avenue for its position as the main artery and “Premium Transit Corridor” of the neighborhood.
The busy stretch of street is filled with local shops, restaurants, and businesses, decked out in unique southwestern style buildings and neon signs that harken back to the 1950s and the height of Route 66.
Community leaders and local groups have been fundamental to the neighborhood’s revitalization and exciting cultural scene. Residents and local businesses have pushed for planning efforts to strengthen the neighborhood. These community grassroots efforts resulted in the creation of Nob Hill Main Street Inc., a neighborhood-based revitalization organization.
Today, the group continues to work to preserve historic buildings, some of which are known for their Southwestern pueblo/mission design. It also strives to make the street more pedestrian friendly and welcoming for residents and visitors alike.
The planning successes of Nob Hill extend beyond its commitment to preservation. Nob Hill is the backdrop for two City of Albuquerque forward-looking visions — construction of a rapid transit route along Central Avenue, along with an update to the city’s comprehensive plan, and simplifying zoning in Albuquerque by implementing an Integrated Development Ordinance.
The Albuquerque Rapid Transit project, better known as ART, is expected to create jobs, spur growth, and encourage the development of better pedestrian infrastructure like other rapid transit projects of its kind. ART will be the first rapid transit project in country to use electric buses — a move that will not only create a cleaner and quieter Nob Hill, but also protect the character of the community from fossil fuels. The Federal Transit Administration recently approved the start of construction for the ART project in Nob Hill.
Nob Hill remains diverse and affordable. Rental prices have been stable over the past 10 years, and the neighborhood has maintained its percentage of Hispanic/Latino residents at 26 percent. There are significant plans to continue improvements and efforts to revitalize the portion of Nob Hill east of Carlisle. Transit routes run on all sides of the neighborhood and up and down Central Avenue. Bike lanes are also a feature of the neighborhood. Nob Hill has strong pedestrian connections to local businesses via sidewalks and paths. Solid pedestrian infrastructure is due in part to Albuquerque’s gridded street design.
In conjunction with Anthea @ Nob Hill, the City of Albuquerque Planning Department’s Metropolitan Redevelopment Agency is redeveloping a vacant Route 66 motel site in Nob Hill into a new mixed-use facility. The De Anza Motor Lodge will offer boutique hotel space, retail, and restaurants while preserving precious Zuni Shalako murals and historic building facades that face Central Avenue. The project is slated to begin in early 2017.
Route 66 Summerfest in Nob Hill celebrates 1950s culture through jazz music, swing dancing, and scrumptious barbecue. The Twinkle Light Parade, which goes through Nob Hill, is a family-friendly holiday event featuring dozens of floats, marching bands, equestrian clubs, fire trucks, car clubs, businesses, and Mr. and Mrs. Claus. The parade dazzles audiences with over 300,000 lights.
Nob Hill celebrates its 100th anniversary in 2016, just in time for APA's New Mexico Chapter conference in Albuquerque."
Awsomeness TV a subsidiary of Dreamworksand is in its second season of filming of itsTV show T@gged.
There is our write up of T@gged TV in Albuquerque Journal see:
A link to the show itself can be fund on YouTube--see:
Outdoor Filming will occur mainly on the nights of Sept 16-18th. The following is the actual Film Notice as is being distributed to residents.
Dear Nob Hill Apartments Tenant,
Our production is scheduled to film in your areas. Please see detailed information about the shoot listed below:
Where: Filming will take place at Nob Hill Apartments at 4949 Roma Ave NE in/around Suites 6 & 7, alley, and parking lot.
When: Filming will take place on 9/15/2016 at 1pm through 9/17/2013 at 1am.
Night filming: This episode will film until about 1:30am on all three nights. If
production lights or sound are of concern please contact anyone listed below. It is our
goal to be as quiet and respectful as possible.
Work trucks will be parked on the east side of Monroe between Roma and Lomas.
Basecamp: Basecamp will be located at 4119 Central Ave. NE.
Parking: On the evenings of 9/16/16 and 9/16/16, we will request that residents and
guests abide by our parking guidelines. This is to allow set-up for our night sequences.
Street closure: N/A
Scene specifics: There will be special effects on the evenings of 9/16/16 and 9/17/16, in
addition to interior and exterior filming.
Scene Description: Two teenagers move into an apartment of their own, and discover
that their high school teacher lives in the same complex.
Equipment Placement: Generators, lights, condors, etc. will be placed in legal street
parking on Monroe St NE. A condor will be placed in the parking lot at 5003 Lomas Blvd
Special Effects: We will be fabricating an explosion over the nights of 9/16/16 and
9/17/16. On 9/16/16, we will have a “dust cannon” launch. There will be an audible pop, but softer than an average firecracker. On 9/17/16, we will film the aftermath of the explosion, where a propane flame bar is placing in a gutted truck.
Thank you again for welcoming us into your area. This production is being made in cooperation with the City of Albuquerque Film Office. If you have any questions or concerns please contact anyone listed below. Please call for further information before or during filming.
We are dedicated to preserving and protecting New Mexico Film locations.
Ben Roe, Assistant Location Manager (917) 509-6374
Patrick “Mack” Puhl, Location Manager (505) 217-5448
City of Albuquerque Film Office
Carrie W ells (505) 331-8347
Ann Lerner (505) 401-8761
ALBUQUERQUE JOURNAL June 6, 2016— The Albuquerque metro area’s rental market, called one of the most stable in the nation, is tightening up. So, if you’re looking to move to a new complex in the Northeast Heights, Nob Hill or Rio Rancho, you might be on a waiting list. If it’s a nice apartment community with a good school, shopping and other amenities nearby, the high demand for rentals are evident, said Bill Eagle of commercial real-estate services firm CBRE Albuquerque, which conducts three surveys a year. The overall occupancy rate in the metro area nudged up to 95.3 percent in May compared to 94.4 percent in May 2015, according to the Eagle Multi-Housing team The average monthly rent increased from $755 to $789, with all unit types showing gains. The percentage of surveyed properties with occupancy of 95 percent or better in May 2016 improved to 68 percent from 57 percent the prior year. Market rate units saw average rent increases from $767 in May of 2015 to $804 in May of this year. Affordable living units, which usually have tenant income limits, saw average rent increases from $702 to $724. “Albuquerque enjoys a reputation as one of America’s most stable rental markets, having avoided the severe occupancy and rent declines experienced by most other Sunbelt markets from 2009 to 2011,” according to the survey authors. In the Santa Fe area, the occupancy rate was 97.3 percent, about the same as last year’s 97.2 percent, the survey said. Market rate average rent of $985 per month increased by nearly 13 percent from May 2015. In Santa Fe, the number of properties offering rental concessions was 4 percent. This low number illustrates the strength of the market and a severe supply/demand imbalance, according to the survey. Nationally, the average asking rent was $1,239 last quarter, up 21 percent from 2009, according to New Yorkbased Reis Inc., a real estate research firm. The U.S. vacancy rate last quarter, 4.5 percent, was down from 8 percent in 2009 but up from 4.3 percent in both 2013 and 2014, Reis found. Also telling over the past year was the decline in incentives by Albuquerque landlords. Properties offering some form of rental concession dropped to 31 percent in May from 45 percent in May 2015. “The low number of properties offering concessions reinforces Albuquerque’s improving economy and strong apartment market,” said Eagle, pointing to a decline in the unemployment rate that was 5.6 percent in April, an improvement from 6.3 percent a year earlier. “With jobs comes demand” for housing, said Eagle. A few other things have helped the Albuquerque rental market, said Eagle. Many folks are recovering from the hit they took during the real estate state crash, and their credit is still suffering from foreclosures, short sales and bankruptcies, he said. Instead of homeownership, they are forced to rent and wait it out a few more years. Millenials are entering the rental market and are not financially ready or are simply unwilling to take on a mortgage.
ALBUQUERQUE JOURNAL Article from 9-22-2014, —
Colonel D.K.B. Sellers, wearing a fedora and greatcoat, saw only untapped potential in the sparse landscape when he had photos taken of himself next to a “NOB HILL” sign on stilts for his 1937 custom-made holiday greeting card that would become an iconic image of the area. “Happy New Year from the Newest & Finest Located Residential District in Albuquerque,” says the black-and-white card framed and hanging on the wall of his granddaughter’s house in the Northeast Heights.
Mayor of Albuquerque at the time of statehood in 1912, Sellers was a jack-of-all-trades in business whose imprint on the city is largely from real estate development. Granddaughter Sally Veseth remembers him as a Runyonesque hustler who was well-read, well-traveled and “very, very gregarious.”
He was called Col. Sellers, even in newspaper articles, because it fit into the rather grandiose image he had of himself, she said.
“He was never in the military. It was an honorary title someone gave to him,” she said. “He latched onto it.”
The historic and well-known Nob Hill photo, which shows one of Sellers’ beloved hunting spaniels, was taken in the vicinity of Tulane and Silver SE. The name “Nob Hill” was inspired by a high-rent area on one of the inner hills in San Francisco, where Sellers had worked and lived, Veseth said.
The photo, available from the Albuquerque Museum archives, shows up at some Nob Hill shops but gets its most dramatic commercial treatment as a wall graphic at the Nob Hill Bar and Grill on Central SE.
“It was a real easy decision for us — it’s a great photo,” said owner Matt Ludeman. “A stark photo from Nob Hill’s past that contrasts with the neighborhood’s vibrant present.”
Col. Sellers’ legacy includes naming streets after colleges and schools — Yale to Carlisle — in his University Heights subdivision and leading the effort to change the name of Railroad Avenue to Central Avenue.
“He believed no town would amount to anything if its main street was called Railroad,” Veseth said.
He championed state legislation to permit construction of the first permanent buildings at the state fairgrounds and helped to organize the first performance by Navajo dancers at what was then the Territorial Fair, now the State Fair.
Most of all, he is credited with developing an estimated 10 mixed-use subdivisions that define the Southeast and near Northeast Heights, including several in the University of New Mexico area that have stood the test of time and are popular with homebuyers even in today’s slow real estate market.
But Veseth remembers a grandfather who lived life large in a big house with a staff of three and what would today be considered a “man cave” with shields, knives and hunting prints cluttering the walls. The grounds had an apple tree, vegetable garden and greenhouse, a pond with rose bushes and a grape arbor.
The house at the corner of Vassar and Silver SE was torn down and in 1956, six years after Sellers’ death at age 89, was replaced by the 12,380-square-foot office building that’s now home to the Hartman + Majewski Design Group.
During summer visits, Veseth remembers her grandfather downing a ”beaker” of whiskey equal to several shots with his breakfast.
“He had a little bar in a hallway,” she said. “He would buy a good bottle of whiskey, drink it, and buy a cheap whiskey and put it in the good bottle.”
Sellers was estranged from his only son and Veseth’s father, Harrold, who resented the colonel’s lack of ethics, she said. Anecdotal stories from the family paint a picture of a vain man who was not above conning people for personal profit or gain.
Born in Ohio in 1861, Sellers tried to make a name for himself as a civic-minded broker of food and tobacco products in the city of Eureka in Northern California in the 1890s. He started to keep a scrapbook of newspaper clippings in which his name appeared in about 1893.
“There are many ways in which a man in business may keep himself prominently before the people and Mr. Sellers appears to know the value of printers’ ink,” says the Humboldt Times in 1893.
The clippings are plentiful, documenting his activities coaching a baseball team, chairing the Sequoia Carnival, investing in residential lots, serving on the board of the chamber of commerce and a right-of-way committee to get rail service extended to Eureka. He was married with two kids.
The Panic of 1896, which was an economic downturn caused by deflation, apparently hit Sellers hard. He filed for bankruptcy in mid-1897 and, less than a year later, was in Alaska trying to make his fortune in the Klondike Gold Rush.
“I and four others were the first to locate claims on El Dorado and America creeks,” Sellers wrote in an April 1898 letter to an uncle that was published in an Ohio newspaper.
“I am now cut (sic) with four Indians and 12 dogs for supplies,” he wrote. “The truth is we are short on grub and long on gold.”
He was back in San Francisco in 1899, attempting unsuccessfully to make a comeback as a broker of tobacco products. There’s no family lore on whether or not he actually got rich from his claims in Alaska, Veseth said, but El Dorado and America creeks produced significant gold.
He moved his family to Farmington, N.M. in late 1900, where he was involved in the dried fruit business, mainly apples, and organized an effort to get telephone lines. He started a newspaper with the telling name of “Farmington Hustler,” but his scrapbook has few clippings from this period.
In 1903, he moved to Albuquerque, where he was in charge of the reorganization and subsequent sale of the Mutual Automatic Telephone Co. He quickly got involved in running the Territorial Fair, which earned him some criticism when it lost money in 1905.
By 1906, Sellers was back to his publicity-hound ways. His scrapbook is thick with newspaper clippings from this period, including one detailing how he caused a local sensation by ordering two Oldsmobiles at the same time.
At a time when dirt streets and horse-drawn carriages were the norm, Sellers was an advocate of the car and paved streets. He was the first vice president of the New Mexico Automobile Club when it was formed in 1908. For all that, he was a notoriously bad driver who was no stranger to one-car accidents.
“My father didn’t want me to travel in a car with (the colonel),” Veseth said.
He’d developed land and built some houses in what is now EDo, but it was in 1906 that he launched the University Heights subdivision, which was his breakthrough development. As it was built into an upper-middle-class neighborhood, Sellers kept one entire block vacant for decades.
“When I was young, my father told me the reason my grandfather didn’t sell the block was because that was where he buried his hunting dogs,” Veseth said.
An Albuquerque resident for only eight years, Sellers ran for mayor largely on the strength of his reputation as a booster of what he called “the city of progress.”
“We have the best city and most energetic people in New Mexico,” he said in a news article on the eve of the April 1, 1912, election.
His campaign theme was to conduct government affairs like it was a business, which has since become a cliché in politics. The Albuquerque Morning Journal endorsed Sellers, describing him as a “live wire” and his opponent as a “peanut politician.”
Sellers was elected and unabashedly undertook public projects that benefited him as a land developer. He started a street-paving program and expanded the city water system in the Southeast Heights. Critics were told that development was good for the local economy.
He established a program charging nominal rents for farmers to grow produce on city land to sell at local markets, thus saving consumers from paying the cost to truck in produce grown at out-of-state farms.
Albuquerque was described as full of “saloons,” not bars as we call them today, at the time.
“The saloons which prove troublesome places should be put out of business and licenses revoked without any discussion,” he said.
Sellers stirred up a controversy in 1913 when he proposed the placement of warning placards outside houses with tuberculosis patients inside. He didn’t go through with the proposal.
In 1914, he lost his re-election bid by a close vote, but later served in the state Senate as the only Democrat in the 1920s. Clippings in his scrapbook trail off and end after the re-election loss.
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