Val Vista Lakes – Year in Review 2011
Val Vista Lakes for 2011
Basic Facts:
105 sales in the MLS (plus numerous trustee sales to investors that are not in MLS)
$98 / square foot
List Price to Sales Price Ratio: 97%
325k average list price (at end of year)
238k average sales price
106 Days On Market average (but several outliers weaken this as a measurement)
6 homes sold over 500k (highest sale at 700k) this is a low number, historically
Well, Val Vista Lakes data for the year 2011 is in the can. Much of what has made Val Vista Lakes a choice for buyers remained in place this year, namely the clubhouse, and the location. Not included in this data would be the fairly sizable number of trustee sales where investors bought the homes directly from the bank. Many of these homes DID end up as listed properties, most often after a renovation. This is a valuable function of a healthy market – investors saying that they believe in the market, and voting with their wallet. And, many buyers love the idea of having an updated home in an established family area like Val Vista Lakes. For the next year at least, there should always be at least 1 or 2 Fix & Flips available for buyers to add to their home search checklist. Short sales also are an important & large chunk of the market. Many banks have streamlined their short sale operations, and they are not the Shawshank Tube they used to be. Normal (equity) sales are also present, but are normally at the higher end of the price range (per sq ft). The sales prices have stabilized around the $98 per sq ft point. One year earlier, this number was $110, but at a point early in 2011, it was even lower than $98. Hopefully, the lowest interest rates in decades make for the perfect recipe of buyer interest turning into closed sales. A gently improving market is healthiest for everyone…
The community is in fine shape else-wise. The HOA has sufficient money in the bank, and zero debt. The usual issues that confront a 27 year old community face ours here as well. Fortunately, we have a good group of residents to draw from to volunteer as board members. They’ve done a good job. We have the best Executive Director that an HOA could have, in Richard Andrews. He is well liked, and makes wise business decisions. Most communities can only dream of having what we have here~~
Shameless Plug Dept. – For 25 years now, and 23 as a resident, Patrick Harfst has represented buyers & sellers in Val Vista Lakes. He has his finger on the pulse of this community day in, day out. If you are interested in Val Vista Lakes real estate as either a buyer or seller, contact Pat to see how you might best work together to meet your goals.
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