Real Property

But, what does that really mean? It means we do the following:

Acquisitions

The Real Property Division purchases sites for parks, open space, rights-of-way for streets and utilities, and for public facilities (such as police and fire stations, libraries, and community centers). Our goal is to negotiate fair compensation, making effective use of public resources.

Surplus Property

The City of Albuquerque owns tracts of land and/or buildings that are no longer needed to satisfy a public purpose. Once the Real Property Division identifies a potential surplus property, it seeks to have it declared non-essential by the City Council, and then as market opportunities arise, the surplus properties are sold through a bidding process.

Vacated Right-Of-Way

Once the Development Review Board approves the vacation of right-of-way, the Real Property Division determines compensation and prepares quitclaim deeds.

Information

The Real Property Division is creating and will maintain a comprehensive database in order to provide fast and accurate real estate information to the Mayor, the City Council, and the other Departments, which in turn allows the City to meet its objectives, goals and planned growth strategies. Additionally, the Real Property Division answers inquiries from the citizens of Albuquerque about City-owned properties.

Appraisals

The Real Property Division coordinates and reviews outside contracted appraisals, which are used to establish market value and rent rates. The appraisal staff acts as valuation consultants to the City when preparing preliminary recommendations for site locations, lease rates, budgets, and compensation for vacating unused right-of-way.