Invest in Debt
New Mexico has a long and lurid history with recreational subdivisions. Like all the western states the opportunity for quick wealth attracted all sorts of people. There is even a book titled "Unreal Estate" where many of the famous scams, swindles, and dirty deals are described. If you didn't loose money in one of these schemes, it makes entertaining reading. If you did loose money, it's more painful. Whatever the merits of the deals, the process involved money, scandal, and high stakes.
That being said, some of these old subdivisions have begun to have real value. I was at a seminar presented by one of Albuquerque's older brokers and he entertained us with his list of "Could have's". As in I could have bought lots in North Albuquerque Acres for $500 but I knew they would never be worth anything. As you might guess, lots in that part of town will now bring well over $100,000 for bare dirt without any improvements.
Some of the old boys were very clever marketers. One I know of bought land in Stinking Springs and sold lots in Sweetwater Hills. It was the same land of course.
Buyers from other parts of the country often have no idea how the presence or absence of water affects land values in arid New Mexico. Valley of the Estancia Ranchettes covered several square miles east of Moriarty and some people did jail time for it. I have been at Torrence county tax sales where people were buying these one acre lots for back taxes in the amount of $100 or so. Maybe they will make out eventually, but it's going to cost someone(s) a bundle. Why is that you ask?
If you drill a well in most areas out there you will go down about 600' where you will find a plentiful supply of salt water. So you have just spent about $6,000 to find out you are going to have to truck in water if you want to live on your land. There is frequently talk of bringing water out via a pipeline from closer to Ordinary but this hasn't happed yet.
I imagine there are two reasons for that. Number one is a pipeline several miles long will be expensive and there are no doubt right of way and other issues. The killer is that you will have to find and buy water rights if you want to have any water to pump through your lines. The east mountain developments east of Albuquerque need water to and the land values there are much higher. I suspect the lots way out east will remain priced out of that market for a long time.