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988 Highway 84
Las Vegas, NM 87701
$1,950,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
1475
Property Description
Recently Reduced Again!! Seller says SELL!! Originally part of a Spanish land grant, this exceptional ranch is now available for personal enjoyment or investment purposes. Encompassing 1,316 acres, the ranch features a mile of Highway 84 frontage and has primarily served as a private family ranch in recent years.Majestic skies, dramatic landscapes, rolling hills, Piñon and Juniper trees, and approximately one mile of 300+ feet high rimrocks with more than 40 miles of stunning views await you. The fully improved ranch features multiple arroyos, high mesas, rock outcroppings, and the remains of an old trapper's cottage to be discovered. The 988 Ranch offers an array of impressive improvements, including a fully furnished three-bedroom, two-bathroom home encompassing 1,475 square feet of living space, accompanied by a two-car carport. In addition, the ranch boasts two reliable water wells that serve all tracts, along with two earthen stock tanks and three expansive watering holes. For the convenience of livestock, three well-fed above-ground water troughs are available, complemented by cattle handling facilities consisting of pens and a chute. Furthermore, the property features an extra two-car open-sided metal shed and a substantial carport with an attached storage shed, measuring approximately 20'x50 in size. Located within game unit 43, the area is teeming with diverse wildlife, including deer, elk, turkey, bear, coyote, and mountain lion. The ranch is currently divided into 3 parcels, however, much of the groundwork is in place to subdivide the ranch into eight smaller ranches, ranging from 142 to 205 acres in size. Notably, approximately 2 miles of underground water and electric infrastructure extend to the boundaries of the individual parcels, ensuring efficient utility access throughout the ranch. The ranch showcases numerous stunning potential home sites, allowing each ranch owner ample choices to construct their dream residence. Offering seclusion, privacy, tranquility, and natural beauty, this property holds significant potential for the discerning owner with a visionary mindset and the necessary expertise to transform it into a remarkable development. Its proximity to the attractions of Northern New Mexico only furthering to enhance its appeal. The lovely Victorian age town of Las Vegas is less than 12 miles away and offers shopping, restaurants and fun antique stores. It was once a meeting point for Teddy Roosevelt's Rough Riders and is a historic place of landmarks, legends, and lore with over 900 buildings on the National Register of Historic Places. The historic town of Santa Fe, with fine-dining, world-class shopping, golf courses, spas and a municipal airport is about a 1 hour drive away. Many nearby historic New Mexico towns were once home to Billy the Kid, Doc Holliday, Big Nose Kate and Wyatt Earp and offer interesting day-trip opportunities to learn more about these characters of the wild west.
Property Information
Lot Size
1,316 sqft square ft
Property Type
Residential
Year Built
2016
MLS Number
11188421
Location
Address
988 Highway 84
City
Las Vegas
State
NM
Zip Code
87701
County
SAN MIGUEL
Listing
Provider
Hayden Outdoors, LLC, original listing
Name
Hayden Outdoors, LLC
Phone
(970) 674-1990
Office Name
Hayden Outdoors Real Estate
Office Phone
(970) 674-1990
Agent Name
Greg Liddle

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.