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Carlisle condo project rising from arson’s ashes

Statewide, real estate agents say, 2017 could be a record-setting year for New Mexico’s housing market. The Realtors Association of New Mexico reports that 1,760 properties were sold in March, representing an increase of more than 6 percent over the same ...

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Success! — Manage subscriptions Sign up for our Newsletters 61° Share Carlisle condo project rising from arson’s ashes By Steve Sinovic/Real Estate Monday, May 1st, 2017 at 12:02am The Carlisle development team of Kenny Hinkes, second from left, and Adam and Jason Harrington welcomed guests, including Mayor Richard Berry, left, to a recent event unveiling reconstruction plans(Steve Sinovic/Albuquerque Journal) ...................................................................................................................................................................When The Carlisle developer Kenny Hinkes spoke to the Journal late last year, his 34-unit luxury condominium in Nob Hill was nearing completionThe Carlisle was being built in an ultramodern style for the eager purchasers who were getting ready to move in.Then, early on the day before Thanksgiving, an arson-caused fire reduced The Carlisle to ashes.Reeling from the shock, Hinkes and his development partners and general contractor HB Construction were encouraged by homeowners, business partners and city officials to rebuild the luxury condo complexAs the site was cleared of debris, one blessing emerged: The underground garage was essentially unscathed, said Adam Harrington, an HB Construction ownerThe prospect of having to excavate the site one more time would have been costly and time-consuming, he added.The opportunity to build twice offered some advantages, said Harrington of the two-story structure now rising at Carlisle and CentralWhile the footprint is essentially the same, change orders (from the first building project) are being incorporated into the current construction plan and will move things along faster.AdvertisementContinue readingThe project is expected to wrap up in early 2018The building is already one-third sold.Homing in on the statsWhile the inventory of homes for sale in the Albuquerque area remains tight, homes continued to sell at a record pace through the first quarter of 2017.Detached home sales totaled 2,296 units, a 6.4 percent increase when compared with the first quarter of 2016, according to the Greater Albuquerque Association of Realtors.The median sales price for detached homes increased to $187,000, a 4.4 percent increase from a year ago, while the average sales price also rose 3.2 percent to $223,288.Detached homes sold with fewer average days on market when compared to a year ago, which is likely a trend that will continue through the peak selling seasonDetached homes sold in 58 days on average, faster than the 65 average days on market in Q1 2016.The metro housing market continued to track low inventory of homes for sale, with a moderate 1.4 percent decrease in the amount of new detached listings when compared to Q1 of 2016.“The trends we are seeing in the real estate market parallel those experienced in 2016,” said Don Martindell, association president“Heading into the peak selling season, sales prices continue to rise; however, they are not rising at a faster rate than observed in 2016.”AdvertisementContinue readingStatewide, real estate agents say, 2017 could be a record-setting year for New Mexico’s housing market.The Realtors Association of New Mexico reports that 1,760 properties were sold in March, representing an increase of more than 6 percent over the same period last year.The figures also show that 19 counties across the state reported an increase in sales for the first quarter over the first three months of 2016.Association officials say inventory is still tight in many areas, and homes that are priced right are going quickly and sometimes getting multiple offersMedian prices are also on the rise, up 4 percent statewide from last year at this time.The group says property sales contributed more than $1 billion to New Mexico’s economy during the first quarter.Secure location Longtime New Mexico home security company A-Tech Security is now open for business at this site in the Jefferson NE corridor(Courtesy of A-Tech Security)A-Tech Security, one of New Mexico’s largest residential and commercial security firms, has expanded and recently opened a new 7,000-square-foot building at 4616 Hawkins NEFounded in 1994 by Rich and Lorena Rosley, the company has added four employees in 2017 and now has a fleet of six A-Tech vans to meet the growing demand for high-tech alarm and video surveillance productsVisit or call 505-821-5777.Material from The Associated Press was incorporated into this report.Steve Sinovic is the Journal’s real estate reporterHe can be reached at ssinovic@abqjournal.comOr call 505-823-3919 try{_402_Show();}catch(e){} Share Tweet LinkedIn Email Print Subscribe Business Business Insider From the newspaper Outlook Suggested Stories: New condos planned for the heart of Nob Hill – Mar 26, 2015 Massive fire destroys condos in heart of Nob Hill – Nov 23, 2016 Luxury Nob Hill condos to be rebuilt following massive fire – Dec 7, 2016 The Carlisle plans early 2018 opening – Apr 18, 2017 Advertisement Subscribe to the Journal for only $12. 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