Santa Fe Luxury Second Home Market is Strong

Santa Fe is known for a lot of things – art, culture, festivals, style, etc. But did you also know that Santa Fe is in demand as a luxury second home market?
 
In a 2018 report titled “Luxury Defined 2018,” Christie’s International Real Estate found that Santa Fe was the “hottest second-home market” in the world!
 
Santa Fe is desirable for a second home due to the culture, festivals, weather, activities, and environment.
 
In an article titled, “Santa Fe’s Luxury Second-Home Market Soars,” award-winning Mansion Global quoted leading Santa Fe luxury home seller, Darlene Streit, as follows:
 
“Santa Fe is a small town with big town sophistication,” Ms. Streit said, mentioning its high-quality opera and symphony performances. “We have one of the largest art markets in the country.” Canyon Road, for example, is famous for its more than 100 art galleries and artists’ studios in a one-mile-long stretch. She also pointed to the “almost nonexistent traffic—in a few minutes you can go anywhere.”
And in a July 2020 article titled, “As Demand for Second Homes Skyrockets in the U.S., ‘Spillover’ Markets Gain Popularity,” Mansion Global states:
 
“Most players in the second-home market right now are looking to pick up properties rather than unload them, and as brisk as demand is, the current climate has inspired some owners to hold on to land just as much as it’s inspired buyers to go after it. Meaning that for sellers in either primary vacation markets or the so-called spillover areas, this could be the ideal moment to make a move.”
According to a 2020 press release from Realtor.com, there was another luxury home surge due to the COVID-19 pandemic. They believe that luxury homes are helping to lead the recovery.
 
“The COVID-19 pandemic has reinforced the resilience of the housing market and unlike prior downturns, the luxury market is leading the recovery,” said realtor.com®‘s Chief Economist, Danielle Hale. “Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second-home that is within driving distance from their primary residence.”

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