Q3 2020 Santa Fe Market Review
Quarterly Reports
Summary
Santa Fe is growing steadily toward the south and southwest quadrants of the city. Residential projects, especially multifamily, have gained market velocity this year with four apartment communities near completion and three others under construction. Vizcaya III, Broadstone, Capitol Flats & San Isidro III are already leasing and are seeing strong activity. South Meadows Apartments, Markana de Santa Fe & El Camino Crossing are under construction. Four other projects are in the pipeline. The listed projects bring the total to more than 1,770 units that will come to market over the next 3 years. All this plus nine single-family residential development projects under construction.
Despite the fact that land is a long-term investment in terms of development, sales of commercial and industrial land in the last three months were strong on main thoroughfares such as Cerrillos Rd., Rodeo Rd. & Airport Rd. The third quarter closed with a median selling price of $6.76/SF with an average lot size of 5.28 acres. It is expected that by the end of 2020, even with the pandemic, the commercial land market will remain stable and with many new projects that will benefit the Santa Fe community.
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