There is a small North Orange County city named Villa Park ... and those who live there enjoy a very prestigious address. It is a serene, affluent island of large homes on large lots, completely surrounded by the lovely homes in the hills belonging to the city of Orange.
There is a quiet, rural simplicity to Villa Park, but one cannot help noticing the elegance and richness of the homes as well as a real sense of history. Over the years, I have listed and/or sold many homes in Villa Park. I have always been struck by the feeling of well-being and peace in the area. This is truly a little piece of the world that is so close to everything in Orange County ... yet so set apart!
A bit of recent Market History for Villa Park:
On 1/26/08: ... 41 Active/ 7 Pending - Ratio is 17% On 3/4/08: ..... 48 Active/ 5 Pending - Ratio is 10% On 4/12/08: ... 52 Active/ 8 Pending - Ratio is 15% On 5/15/08: ... 48 Active/ 9 Pending - Ratio is 19% On 8/29/08: ... 45 Active/ 8 Pending - Ratio is 18% On 10/17/08: . 40 Active/ 4 Pending - Ratio is 10% On 12/6/08: ... 37 Active/ 3 Pending - Ratio is 8% On 1/22/09: ... 36 Active/ 7 Pending - Ratio is 19% On 2/23/09: ... 37 Active/ 2 Pending - Ratio is 5% On 4/5/09: ..... 46 Active/ 5 Pending - Ratio is 11% On 5/19/09: ... 50 Active/ 9 Pending - Ratio is 18% On 6/27/09: ... 49 Active/13 Pending - Ratio is 27% On 7/30/09: ... 42 Active/14 Pending - Ratio is 33% On 10/8/09: ... 33 Active/14 Pending - Ratio is 42% On 11/22/09 .. 35 Active/12 Pending - Ratio is 34% On 1/12/10 .... 33 Active/10 Pending - Ratio is 30% On 3/1/10: ..... 47 Active/ 9 Pending - Ratio is 19% On 4/11/10: ... 47 Active/ 18 Pending - Ratio is 38% On 5/22/10: ... 36 Active/ 23 Pending - Ratio is 64% On 7/4/10: ..... 37 Active/ 16 Pending - Ratio is 43% On 9/6/10: ..... 51 Active/ 8 Pending - Ratio is 16% On 11/8/10: ... 41 Active/ 13 Pending - Ratio is 32% On 2/24/11: ... 30 Active/ 13 Pending - Ratio is 43% On 4/16/11: ... 29 Active/ 11 Pending - Ratio is 38% On 5/22/11: ... 35 Active/ 6 Pending -- Ratio is 17% On 8/3/11: ..... 34 Active/8 Pending --- Ratio is 24% On 9/25/11: ... 26 Active/4 Pending --- Ratio is 15% On 11/28/11: . 20 Active/7 Pending --- Ratio is 35% On 2/10/12: ... 18 Active/12 Pending - Ratio is 67%
The ratio is much improved. Villa Park inventory has fallen again ... in a season when it should be increasing.
We are now entering the Spring market ... the most active part of the Real estate calendar.
Statistically, the numbers of the Villa Park market are very small. A little difference, one way or the other, can mean a big change in the ratio. My reports are based upon conditions existing on one specific day. Real Estate numbers and comps are constantly changing! My figures are designed to show a trend.
Villa Park Real Estate closed sales are still VERY concentrated in the lower price ranges ... for this city, that means homes listed between $600,000 and $1,000,000.
It is a Seller's market in the lower price ranges. But, it is a Buyer's market for the homes above $1,000,000!
Only 11% of Villa Park Active listings are now priced under $1,000,000. Two Active listings out of the total of 18. But 58% of the Pending Listings have list prices under $1,000,000. The lowest priced Villa Park homes sell very well!
Villa Park homes are uniformly more expensive than other surrounding Orange County Real Estate ... with the possible exception of Orange Park Acres which is primarily an equestrian community, unlike Villa Park.
Villa Park is a tiny city of only about 6,500, and the number of listed homes is never huge. The Buyer pool is much smaller, also, for such upscale and expensive luxury homes.
The lowest priced Active Villa Park listing is a two story 5/6 bedroom home built in 1972. It has 3,419 sqft and 21,756 sqft lot! This is an Equity sale with a reduced price of $788,000.
The most expensive listing is a highly upgraded Villa Park residence built in 1976 on a 25,200 sqft lot. This distinctive home features 6,325 sqft, a pool and spa, a gymnasium and home theater .... and many more amenities! It is an Equity sale listed at $2,488,000.
There are now 2 Active listings priced between $788,000 and $998,000 in Villa Park. 8 homes are listed between $1,049,000 and $1,395,000. The remaining 8 Villa Park residences are priced between $1,600,000 and $2,488,000. Villa Park is a very exclusive neighborhood.
There are no Villa Park Condos or Townhomes.
The majority of current Villa Park Active listings are standard, or Equity, sales ... meaning that the property is owned by a regular Seller with equity and no banks are involved. Villa Park Bank Repos and Short Sales have been decreasing in number lately.
The most expensive Villa Park luxury home, currently in escrow, is listed at $1,375,000. 5 of the 12 Pending listings are listed above $1,000,000 which is a nice move up for the market!
Only 5 Villa Park MLS listed homes closed escrow between 10/15/11 and 1/14/12. Three months! Two closed in October and 3 closed in November. There were no closings from December 1, 2011 to January 14, 2012.
Four of these closed listings had been reduced in price at least once by time of final sale. One List price was unchanged at time of final sale.
All of the figures below refer to these five sales.
Four Villa Park closed listings in this time frame were Equity sales! One was a short sale.
Four closed listings were under $1,000,000 final price. The highest sale closed at 1,050,000. The lowest sold price was $750,000.
Closed to List price ratios averaged 94% on the four Equity sales. Ratios ranged from 91% to 97% of List.
The Short Sale closed at 100% of List price.
The ratio of sales to list price can swing widely based upon so many factors! These include PRICE (#1), location, condition, Seller motivation and length of time on the market. Type of sale matters a lot also! Short Sales can take forever to process and the market can change during this process. All of these factors also influence DOM.
DOM (Days on Market) is the number of days from the date the listing is signed until the day that it is reported as a Pending sale. Time spent in "Back Up Offers" status also counts as Active time.
DOM on these five final Villa Park sales ranged from 42 days to 152 days! Average DOM was 109 days.
The market has definitely slowed down compared to the pace of a few years ago. Prices have fallen a lot. The relative and uniform high cost and luxury of Villa Park may make it a little more difficult for this small city to recover from the Real Estate Slump.
However, well priced, well appointed and well located homes can still sell quickly even in the higher price ranges.
Some homes stay on the market much longer than others and can go through multiple price reductions. If there is no serious flaw in the location or condition .... they do not sell because they are simply priced too high for what they offer. These are the homes that can wind up selling for substantially below list price after many months on the market.
Most experts predict that immigration into Southern California will continue to exceed available housing for years to come. If this is the case, prices should begin and continue to rise slowly, in the future, even if interest rates rise as well.
There are few special tax assessments or homeowner's associations in Villa Park. You will see an occasional smaller home built in the 1940's-50's, or even before .... next door to a huge, elegant home built or renovated in the 1990's or later. One by one, the smaller, older Villa Park homes are being bought up and reconfigured.
Most lots, in the central, northern and southeastern part of Villa Park, are about 20,000 sqft or more. In the southwestern part, you will find beautiful homes that are likely, but not always, to be on smaller lots. There are very few vacant lots left in Villa Park.
You will find many custom homes in Villa Park. However, the majority of homes were built in the very late 1960's or 1970's as upscale tracts of spacious, single story homes on large lots. You will also find an ample number of two story homes. As time went on, these homes have been added on to, upgraded and individualized until it is usually hard to tell they were built as a tract.
About 35-40 Villa Park homes back onto a beautiful reservoir that is also a bird sanctuary. You can live in Villa Park and have a water view! Or, you can hop on the freeway and be at the beach in 20 minutes!
Villa Park begins to climb into the hills as you go North. Most of these homes have beautiful views of Orange County city lights! Many of the most expensive homes are in this area ... but you will also find them in all areas of Villa Park.
There are no townhomes or apartments in Villa Park. Also, there is almost no commercial development ... only a supermarket, gas station and a few small shops in a strip mall on the Western side. This is not a problem, however, because the freeway and the stores, offices and malls of Orange county are just minutes away!
Villa Park schools are part of the Orange Unified School District. Villa Park High School is known for excellence in it's academic and athletic programs.
If you are looking for quality, tranquillity, space and elegance ... you must experience Villa Park. Let me show it to you! You will love it!
About Marlene Prescott:
Thank you for viewing my Market Conditions report! I have been happily and successfully representing Buyers and Sellers in North Orange County and the Corona area Since 1982. I love Real Estate and it shows!
I am a member of the Prudential Leading Edge Society which means I ranked among the top 6% of all Prudential agents nationwide. I have been affiliated with Prudential California Realty for the last fifteen years. The prestige and clout of Prudential, combined with my own expertise and experience, is a winning combination.
You will find me professional and easy to work with! Your questions and concerns will be addressed promptly and completely. A transaction is about you ... and I will always keep your best interests as my primary focus. I really listen to what you say.
I am a native Southern Californian, but went to High School on the Oregon coast before graduating from the University of Oregon. Following graduation, I was a social worker in downtown Los Angeles for eight years before I married and moved to Yorba Linda in 1972. I have a son and a daughter who are both currently living on the East Coast ... I try to visit them often.
I love to garden, read, attend live theater, travel and paint rooms in my house (among other homeowner things). I love my cats and crafts .... and life in general! I am forever searching for a highly scented candle and a good novel with substance!
EMail me at MarlenePre@AOL.com or call me at (714) 998-7250 with any questions you may have about my little corner of the world or our Real Estate market. You will receive a prompt, thoughtful and reliable response!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
