In Albuquerque, the median home value is $192,700. The value of homes in the last year has increased in Albuquerque by 4.7 percent. A forecast has been given that in the following year, the home value will go up 3.3 percent.
In Albuquerque, per square foot, the median list price is $147. The Metro area of Albuquerque has a lower per square foot list cost median of $138.
$225,000 in Albuquerque is the presently listed home price median. When it comes to the cost of rent, Albuquerque has a rent cost median of $1,295. The Metro Area of Albuquerque has the same rent cost median of $1,295.
The foreclosure rate is important when it comes to real estate economic health. This is because the higher the foreclosure rate, the lower the value of real estate. A low foreclosure rate helps create positive economic health.
When a homeowner is moving in the direction of foreclosure, there is a first step that homeowner will experience. It is called mortgage delinquency. What is mortgage delinquency? Mortgage delinquency is what occurs when a homeowner does not make a mortgage payment.
Albuquerque, New Mexico has 2.3 percent of its homeowners being delinquent on their mortgages. The United States has a lower percentage of its homeowners being delinquent on their mortgages. It’s 1.6 percent.
Having mortgage delinquencies is a very serious matter. It can be devastating to credit scores and when a homeowner has several mortgage delinquencies, the bank could foreclose the home.
Also, foreclosures are a serious matter for banks. Banks lose quite a bit of money from foreclosures because the foreclosed homes a bank has cause financial loss.
We are going to move on to commercial real estate, and our subject is going to be Netflix. Albuquerque has been selected by Netflix to be the location that will house its operations. It is purchasing Albuquerque Studios which is 170,000 square feet of space. The seller is Pacifica Ventures. Netflix is in the last stage of discussion to secure the property.
This business deal is attracting others who use studios. Two new inquiries have been received by the Albuquerque Film Office regarding locating to Albuquerque.
The address of the new Albuquerque operations center is 5650 University Blvd. SE, Albuquerque. The building is ABQ Studios. In the State of New Mexico, it is the biggest production facility.
It has 4 stages of 24,000 square feet each. And there are 4 more stages each being 18,000 square feet. The property which is 28 acres has storage and set-construction space, office space, and back lot space.
In 2006, ABQ Studios, the operator and developer of the production facilities finished construction. SunCenter Studios located in suburban Philadelphia is also owned by the same operator and developer. In addition, it has been the manager of the production complex since its beginning in the year 2007.
The cost of the sale is being withheld by both Netflix and Pacifica. Funding has been provided by government funding at the local and state level. These funds have been allocated to help bring about Netflix’s new production hub.
The State of New Mexico it is estimated will earn as much as $10 million from Local Economic Development Act (LEDA) funds that are available for the company. $4.5 million will be given by the City of Albuquerque through Local Economic Act.
Albuquerque, NM has other production facilities, not just ABQ Studios. It has I-25 Studios which has 500,000 square feet of space, and it also has green screen of 400 square feet through Comcast Digital Media Studio, located at WESST, a small business development and training organization.
This new sale does cause a problem to solve and that is it takes ABQ Studios off the map for offering production facilities. This greatly lowers the amount of production facilities. It may just be a temporary problem. The City of ABQ Film Office is using its creativity to connect with people who own warehouse space to help fill the demand that is coming in.
The annual median household income for the city of Albuquerque is $47,413 a year.