NM real estate: 7,783sq/ft of dated, gaudy liquor empire for $1.15 million

"ITA97, now with more Jag @ opposite-lock.com" (ita97)
08/06/2019 at 17:58 • Filed to: None

!!!error: Indecipherable SUB-paragraph formatting!!!

For those of you familiar with the insanity of the Pacific NW market, here’s what around a million would get in Albuquerque. This house represents one of the last connections of the Maloof family to NM. Those in Vegas may know the name, and sports fans in Northern CA likely know them. The family came from New Mexico, and built their fortune initially as the biggest alcohol distributor in Northern NM. They became politically and economically important in about 1980-2000 NM.

This is the house of Mom and Dad (died young in 1980), and it looks about what you might expect from an old lady who came into a lot of money. In a local market where $250k would buy a nice house in a nice neighborhood, I can’t imagine listing this house with an avocado green kitchen straight from the 70's, but I’d probably guess getting top dollar for Mom’s old house in city and state they long ago moved on from is not really a concern for this billionaire family.

DISCUSSION (56)

CarsofFortLangley - Oppo Forever > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:26

Or you could have this home in Vancouver! Fuck... . help us.

Kinja'd!!!

ITA97, now with more Jag @ opposite-lock.com > CarsofFortLangley - Oppo Forever
08/06/2019 at 18:30

In ABQ, I would guess that is a sub $ 200k house, if it is in a nice neighborhood. In Las Cruces, that would likely be a sub $ 150k, if it is in a nice neighborhood.

CarsofFortLangley - Oppo Forever > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:31

I really doubt I will ever own a single family home.

CB > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:35

Carpet and bar seems like a bad combo.

Sovande > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:35

Sweet wiggling fuck.

Brickman > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:40

That kitchen is ewww

My X-type is too a real Jaguar > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:40

Something of the same era with a similar price point near me.

The lake lot size, dock and location make the price.

https://www.zillow.com/homedetails/8075-Dogwood-Trl-Cumming-GA-30041/14642509_zpid/

ITA97, now with more Jag @ opposite-lock.com > Sovande
08/06/2019 at 18:41

Speaking of which, those multiple walls of mirrors in the master bedroom... I can’t imagine getting it on in that room. I’m guessing at some sort of feeling like you’re either star ring in your own film , or having an audience, or something... I just can’t imagine doing it in there.

ITA97, now with more Jag @ opposite-lock.com > CB
08/06/2019 at 18:43

So much of this house seems like a bad combo.

gin-san - shitpost specialist > CarsofFortLangley - Oppo Forever
08/06/2019 at 18:50

Vancouver is fucked.

I stopped looking for work in Toronto because to have a centrally located 1-bed condo like I have now, it will cost me, at minimum, another $700/month more on top of what I pay right now (for a mortgage and condo fees) just to rent a similar 1-bed condo. That’s on the optimistic low-end, when in reality I’ll likely be paying around $1,000/month. It basically negates any extra salary I’d make.

Basically, if I want to live in Toronto/Vancouver, I need to be fucked in the head and making well into the six-figures. I’ve started on the former but completely lack the latter.

International buyers plus the lack of control over shit like Airbnb is really fucking with rents and housing prices, something really needs to give.

smobgirl > Brickman
08/06/2019 at 18:54

I love it.

SPAMBot - Horse Doctor > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:54

Just looked at zillow. That much coin can get you one of two 1300 square ft houses in my zip code.

Kinja'd!!!

Cool little house, though! Too bad it’s listed at $1,199,000

Deal Killer - Powered by Focus > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:55

I’m so glad I don’t live in a crazy real estate market. Makes my job much easier. Still, there are some outliers in my neck of the woods. This just sold in March of this year, and is one of just two homes to break the two million dollar price point in the past two years.

https://www.zillow.com/homedetails/30431-E-River-Rd-Perrysburg-OH-43551/35674733_zpid/

Kinja'd!!!

gin-san - shitpost specialist > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:55

This house looks fucking awful but I’d live in it as is because it’s too much work to redo the everything.

That’s what I would say at first but the more I look at these photos the more I want to re-do everything. Many people have said that money can’t buy taste, and they’re wrong. As you can see here, people can buy taste, but it’s the taste of crusty old ass.

USUSGTO > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:56

P ersonally, if I was going to buy a house in that area, I’d buy it. Since I am already in the market and building my ow n and the cost (52 00 sq-ft) will be similar to this on a small 22k sq ft lake lot.

Given a choice, and if I was looking in that area, I’d buy this one and spend money to

- replace the wallpaper

- repaint

- re- floor.

I’d do all that over 3-4 years.

It seems like a good renovation project with a lot of scope and lot of potential.

CarsofFortLangley - Oppo Forever > gin-san - shitpost specialist
08/06/2019 at 18:57

Hopefully something will give. I live in Langley (obviously) and we bought when we were super young (22) but really at the right time. I couldn’t own where I live now.

My X-type is too a real Jaguar > Brickman
08/06/2019 at 18:58

I like how they updated the appliances but left the integrity of the avocado intact

Dash-doorhandle-6 cyl none the richer > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 18:59

Have avocado kitchens come around to being cool again? (grew up with harvest gold kitchen)

facw > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:02

So I think you could keep the stairway railing, and maybe the kitchen appliances? Everything else needs to be redone.

M.T. Blake > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:04

This looks like Tony Montana’s wet dream.

punkgoose17 > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:10

I'd keep the avocado kitchen and stained glass that is about it.

koawaft1 > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:10

It has an indoor pool and it’s backyard is a tennis court.

Sovande > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:21

By “it” I assume you mean making sweet love to your number one gal?

Shit. I'm down with the mirrors. Keep it weird.

ITA97, now with more Jag @ opposite-lock.com > USUSGTO
08/06/2019 at 19:23

The problem is that ABQ isn’t a mansion kind of place, really. You could buy something very nice , 3,000-4,000 sq/ft, up to date, high- quality construction and on an acre or two of land for half the money. If you want to spend a million, you could buy a big house on many acres of land in more desirable and rural areas of the city than this.

ITA97, now with more Jag @ opposite-lock.com > facw
08/06/2019 at 19:25

I think that stairway and maybe the stained glass (because I’m a sucker for it) are one of the only things about that house I would keep.

WilliamsSW > CB
08/06/2019 at 19:27

That was popular combo around the time cocaine was a really popular drug.

Not a coincidence.

facw > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:27

I like stained glass, but not that stained glass. Too much yellow, if nothing else.

ITA97, now with more Jag @ opposite-lock.com > Deal Killer - Powered by Focus
08/06/2019 at 19:28

Most of ABQ is much more reasonably priced. I wouldn’t be surprised if this is the most expensive house on the market. When folks do spend that kind of money, it’s usually to buy a very nice house of about half the size but on a number of acres in a semi-rural neighborhood as a horse property. This house is in a nice neighborhood, but nearly that nice. Most other things around there a 1/3 the size and selling for 1/4 to 1/3 the price. Go beyond the immediate little neighborhood and the get a lot smaller and cheaper than that.

ITA97, now with more Jag @ opposite-lock.com > SPAMBot - Horse Doctor
08/06/2019 at 19:30

T he town up in Nebraska I was in last week, you could buy a bungalow like that for $30-$40k if you’re willing to do some work. Maybe $7 0K for a really nicely updated one.

SPAMBot - Horse Doctor > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 19:33

This probably cost $30-$40k at one point. Not anymore, though.

I’m just glad someone put a good amount of work into this one. Less of a chance for it to become a tear-down that way.

gin-san - shitpost specialist > CarsofFortLangley - Oppo Forever
08/06/2019 at 19:35

Holy shit you got really lucky there.

Also, Canada being as big as it fucking is, we really need to get off our asses in terms of tele-work and upgrading broadband infrastructure outside of cities. If people want to continue to have detached single houses (which I also think is unsustainable) this is what we need to combat the ridiculous suburban sprawl.

I know plenty of people who make 90 minute commutes to work since they live out in a rural area where shit is affordable but we have to drag our asses in so that the veneer of work is applied.

It would make a huge difference in work-life balance for so many families, reduce unnecessary rush-hour traffic, and make life better in general. Any company or manager that says you have to be in the office to be productive can go fist themselves.

I honestly think teleworking is much more reasonable than trying to shift the average Canadian mindset from living in a detached house to living in more densely populated housing and growing vertically. Even that has major issues trying to design new, high-density housing in old-school streets that cannot handle it.

In short, if I was a city planner, I would’ve given up ages ago. Singapore is my template for an ideal city (in terms of layout, transit, traffic) and we’ll never have that here.

ITA97, now with more Jag @ opposite-lock.com > USUSGTO
08/06/2019 at 19:51

If I wanted to spend that kind of money in the Abq area, here’s the kind of thing I’d look at.

https://www.zillow.com/homedetails/5104-Piedra-Alta-Ln-NE-Albuquerque-NM-87111/2083737751_zpid/

https://www.zillow.com/homedetails/4673-Los-Poblanos-Cir-NW-Los-Ranchos-NM-87107/71835914_zpid/

https://www.zillow.com/homedetails/21-Manzano-Rd-Corrales-NM-87048/113475321_zpid/

https://www.zillow.com/homedetails/133-Kiva-Pl-Tijeras-NM-87048/2083314043_zpid/

BrianGriffin thinks “reliable” is just a state of mind > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 20:11

I used to do field work in ABQ and that was one of my favorite neighborhoods in the city. It had the Art Deco weird 60s vibe and so many homes have goofy shit like enclosed courtyards and crazy floor plans. Way better than the newer built Southwest Spicy McMansions out on Unser or even the snooty homes on Rio Grande

Honestly it’s probably worth about that much. ABQ hasn’t increased in value as much in the last five years compared to Santa Fe or even Valencia County, but that house will probably fetch close to asking (eventually) just due to its history. It’s good condition dated 70s nonsense, which is kind of fun and campy.

ranwhenparked > Deal Killer - Powered by Focus
08/06/2019 at 20:34

That looks like good value for $2million, honestly.

ranwhenparked > facw
08/06/2019 at 20:35

The fireplace and maybe the marble floors?

ranwhenparked > smobgirl
08/06/2019 at 20:37

Be careful about saying that out loud.

facw > ranwhenparked
08/06/2019 at 20:47

Fireplace looks kind of crappy to me. The marble floors might be ok, but the one in the bedroom looks a bit weird (are those carpets or rugs?). The hall might look ok if not for the shitty $5 registers strewn haphazardly around the floor. Probably you could replace those with something without needing to rip out the marble tiles, but still not at all ideal.

ITA97, now with more Jag @ opposite-lock.com > BrianGriffin thinks “reliable” is just a state of mind
08/06/2019 at 21:04

I’m with you on the Unser McMansions. I might tempted by a North ABQ acres McMansion for half the price of that house, or a great old house in the NE Heights for 1/3 the price, but more likely if I wanted to spend a million in Abq I’d buy a nice place in down Corrales or takeout good fire insurance on an awesome place in the East Mountains.

ranwhenparked > facw
08/06/2019 at 21:11

Not sure how much the heating situation could be improved, but maybe the registers could be moved up into the walls and reduced in number. Maybe cover them with some ornamental grillwork like you see in older buildings.

facw > ranwhenparked
08/06/2019 at 21:14

Yeah, I’d be looking for some nice heavy metal antique, or antique looking registers inlaid into the floor rather than cheap sheet metal on top of it. I think you’d also either have to get some made that match the curve of the wall, or else as you say relocate them up into the wall, I don’t think rectangular ones will ever look right there.

BrianGriffin thinks “reliable” is just a state of mind > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 21:19

I’m with you on that. A friend of mine had a place in Sandia Heights, almost to the tram, and got evacuated basically every year. Soooo pretty though.

Also there’s a new restaurant up there?

ITA97, now with more Jag @ opposite-lock.com > BrianGriffin thinks “reliable” is just a state of mind
08/06/2019 at 21:22

There is, or at least there will be. I don’t know if it is completely done yet. My understanding was that the old restaurant was basically at the end of it’s lifespan up there. Both the building, and the footprint which couldn’t be changed without tearing down the whole thing and starting over again.

Deal Killer - Powered by Focus > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 21:42

Yeah, I did a quick Google street view, and one or two blocks down, most homes are just run of the mill ranch dwellings of average to below average quality. That house is way to dated to command that much money, typically, especially in a market that doesn’t have that many million plus properties. Someone spending that kind of money is looking for a fixer upper.

smobgirl > Deal Killer - Powered by Focus
08/06/2019 at 21:55

That house needs driveway karting.

coqui70 > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 22:23

Erm ... why is there a massive bed in the middle of the living room with two chairs facing it?

ITA97, now with more Jag @ opposite-lock.com > M.T. Blake
08/06/2019 at 22:36

Given the Maloof's, I'm not sure that wasn't the idea in the first place...

fintail > ITA97, now with more Jag @ opposite-lock.com
08/06/2019 at 23:37

Ha, the kitchen is one of the things I might change least.

Here’s what roughly the same money gets you in my zipcode, land value:

https://www.windermere.com/listing/WA/Bellevue/10255-SE-6th-St-98004/93346367

(only 4 detached houses at or below 1.2MM right now)

ITA97, now with more Jag @ opposite-lock.com > fintail
08/07/2019 at 00:49

I do give it credit in a no half- measures kind of way. It is certainly the full a vo cado.

I don’t make enough money to live in your zip code. Besides being independently wealthy, what it is that people do around there to afford the cost of living?

pip bip - choose Corrour > ITA97, now with more Jag @ opposite-lock.com
08/07/2019 at 03:44

https://www.domain.com.au/18-burt-crescent-hampton-east-vic-3188-2015504581

same amount of money gets you sweet FA in Melbourne

davesaddiction @ opposite-lock.com > ITA97, now with more Jag @ opposite-lock.com
08/07/2019 at 09:13

Wow, that’s terrible.

CarsofFortLangley - Oppo Forever > gin-san - shitpost specialist
08/07/2019 at 09:17

I'm lucky enough to work independently. I don't need to go in the office, nor do I need to work traditional hours. But yeah I agree

fintail > ITA97, now with more Jag @ opposite-lock.com
08/07/2019 at 09:18

I can respect preserved items, even if they are out of style. Tacky, but cared for, and probably still fully functional. Gut it and blow 100K on a new kitchen , and it will be out of style in a decade anyway (not to mention likely lower quality appliances) - money burned . If I had an old house with a period kitchen, assuming it was pristine, I wouldn’t redo it.

I realistically don’t make enough money to live here, which is why I live in a shoebox rather than a house. I don’t know anyone in my age demographic who owns and didn’t get some kind of help from the bank of mommy and daddy. Lots of techdork money here (who often have help from the bank mentioned above) along with luckyboomers and older who bought when the area was affordable to normal working class/middle class people (houses that were 100K in 1985 can easily be 1.5MM today), and in the past decade or so, the place has been a magnet for undocumentable offshore money looking to hide out and/or buy residency, Vancouver part II. The other living costs aren’t too insane - utilities aren’t bad, property taxes (rates) aren’t bad, etc.

Forrest > ITA97, now with more Jag @ opposite-lock.com
08/08/2019 at 01:57

Microsoft

TheBloody, Oppositelock lives on in our shitposts. > fintail
08/08/2019 at 11:30

Absolutely bonkers, people buying these houses are going to get fucked hard in the next downturn.

Full of the sound of the Gran Fury, signifying nothing. > ITA97, now with more Jag @ opposite-lock.com
08/08/2019 at 14:07

In my area that kind of money will buy some huge places including a genuine Frank Lloyd Wright that seems to have good bones but needs a little restoration:

Kinja'd!!!

fintail > TheBloody, Oppositelock lives on in our shitposts.
08/08/2019 at 14:21

That would really break my heart.