Santa Fe still magnet for art, opera, adobe house lovers

The real estate market in Santa Fe, that ever-growing favorite of second-home owners who love art, opera and turquoise, is not what it was before the housing bubble burst, but there are buys to be had, as I learned last week. Example: a house with both a studio and a guest house on the property in the desirable South Capitol district (walking distance from the Plaza, if you're accustomed to lengthy walks) is offered at $625,000, which is $50,000 less than the original January price.

That may still sound high to bargain hunters, but the guest house is rented out for $775 per month and has private access, so income is already in place to help you pay the mortgage. It's a tri-level house with 2,443 square feet, 3 bedrooms, 3 baths, as pictured above. Interested? Call agent Laura Lichtenstein at Santa Fe Properties (505) 470-1098. And yes, we're related. (She's my cousin.)

Vacation Homes Still Hot in Rockies, Southwest

My recent trip to Aspen, Snowmass and Santa Fe showed that these second-home and vacation-home hotbeds are still going strong, although maybe not strong enough to suit some real estate agents. In Aspen, Snowmass and Vail, huge cranes signify ongoing big construction projects-- new homes, new condos, new fractionals. In Crested Butte, a smaller Colorado ski town, sales have slowed while new buildings abound. In Santa Fe, the action has also slowed down but that means you might have a little wiggle-room in making an offering on a house you crave. My recommendations: talk to top brokers such as BJ Adams in Snowmass and Aspen, Red Lady in Crested Butte, Barker in Santa Fe about their listings.