Are you thinking about building your dream home, but you need to find alot to build on? You’ve come to the right place.
Lots are available all over the city of Albuquerque, but unless you get in your car and start driving around for days, it can be difficult to find them. They just don’t get the same attention and marketing that homes for sale do.
Click here to search Land for Sale in Albuquerque
Can I Get Financing on Land?
Buying land to build on is not as easy as you might realize. Financing on land is nearly impossible to find, so you’ll have to pay cash unless you purchase the land using construction loan. So the idea of buying the land now and building a home down the road? You’ll need to have the cash.
One terrific financing option if you want to buy land and build a home is the FHA One Time Close Construction Loan:
How Much Does Land Sell for in Albuquerque?
Well that’s a great question, and of course it depends what size parcel you are talking about and what part of town it’s located on. It also depends on whether or not the lot has views, if it’s flat or hilly and perhaps most importantly if are there utilites nearby.
Over the last year there have been 163 land sales recorded on the Albuquerque MLS. They ranged in price from $5,000 to $750,000, but the average sales price was about $150,000. That’s for an acre.However, there were several high dollar sales. The median sales price for an acre was much lower, around $115,000. The MLS software takes all the sales and adjusts them to give me a price per acre.
Where Can I Buy a Lot for a Luxury Home?
North Albuquerque Acres had the most land sales according to the MLS. There were 29 sales over the last year ranging from $97,000 to $425,000. The average lot sold for about $190,000. The median lot sold for about $175,000. Most of the lots in the area were .89 acres. Some of Albuquerque’s best Luxury homes are in this area.
Another great area to buy land to build a custom home on is High Desert. Lots are more scarce, only 7 land sales can be found on the MLS over the last year ranging in price from $105,000 to $510,000.
The North Valley is another area suitable for building a luxury home. Over the last year I found 27 land sales ranging from $35,000 for a city-size lot to $435,000.
Where Can I Find More Affordable Land for Sale?
Northwest Albuquerque has some great options for more affordable lots. You can find lots for as little as $15,000, it you’re lucky, all the way up to $340,000. The $340.000 lot was a bosque view lot that sold recently was in the Oxbow Subdivision along the river. It backed up to the bosque.
Lots in Volcano Cliffs on top of the mesa near Volcano Vista High School sell for less, but beware the special assessment district which comes with a $48,000 bill. Yikes! One recent view lot sold there for $80,000 but the assesment was paid off by the seller at closing. That’s what you’ll want to search for, but that’s pretty rare.
Other Options for Buying Land and Building a Home
Some custom home builders have lots that aren’t listed on the MLS. You’ll have to contact them directly to see what they have to offer, but we’re talking about a minimum total $300,000 project (land and house).
Rio Rancho has a ton of land for sale, but you’ll want to mmake sure you buy a lot that has city water and sewer plus paved roads. Otherwise you risk having a new assessment and a large bill to pay.
by Rich Cederberg, eXp Realty (505) 803-5012.