[fintstone]

Far NE Albuquerque is currently considered by many to be quite a bit more desireable and prestigious for several reasons:
Houses are generally larger and custom in the far NE. The far NE area is bordered on one side by the mountains (can't be developed) and by undeveloped indian reservation on the other. In the farthest part of the corner..all lots are a "short acre" (@.8 acre) or more. The lots gradually get smaller as you move south or west. The roads are more than sufficient to support the traffic at close to 55 mph without even using the freeway (I25) to commute. There is no industrial or shopping in the area so the traffic is only autos and there is no possible significant growth in traffic/people. There are only a few of the large empty lots in the area and a few very small fill-in tracts available for building.
To reach Rio Rancho from Albuquerque, there are only a couple of fairly small roads/bridges crossing the Rio Grande so the traffic is terrible and adds 30 minutes to an hour to the commute at rush hour.
Historically, property in Rio Rancho has been dirt cheap because it is basically "waste land" and there are hundreds of miles of it available (no natural boundries. Lots of folks lost money on their new homes in RR a few years ago because builders were still selling the same house (new) as they paid for their house several years earlier. Most folks prefered the new homes where they coulsd select colors/materials/ect if the price was close. Plus the builders offer incentives..low interest, upgrades, etc and no wear and tear like the resale homes.
Historically the best rated schools in the state academically and typically in most sports are in the far NE Heights. Probably the newest/best physical campus/school funding is in Rio Rancho due to support from the Intell Plant. Intell is the biggest private industry in the Abq area and best paying...but it is mostly manufacturing and . The NE Heights proivide great access to the really big group of really high salaries is the Sandia National Labs/AF Research Lab/AFOTEC/Kirtland AFB Complex in Abq where there are hundreds of scientists making more thn 100k per year. Average household income is 3 to 4 times that of the typical Albuquerque family.
As the RR area continues to grow, there may well be changes to increase value. Better routes to get there and growth in restrauants, jobs, etc may help. The nicest mall in town is close by and the footprint has attracted some nice restrauants, businesses, etc.
While my neighborhood in the far northeast Heights is not the most expensive (about $350k), the prices have grown quite well compared to other homes in Albuquerque due to demand. There are usually only one or two for sale at any one time and many sell within a day if the price is reasonable.
I personally cannot see why the Las Vegas type price growth cannot spread to Albuquerque. The scenery, weather and landscape are similar...but typically Abq is about 10 degrees cooler in summer and has much less traffic/crowds. There are not a bunch of party-crazy tourists, but the Indian tribes run some very nice casinos. Real estate prices are only half to 2/3rds the prices in Vegas and perfect for retirees. Seems like those CA folks that are crazy to invest in SW property will eventually find their way there.