After some weakness, Buena Vista Park home values appear to be stabilizing.
Located on Route 13 just to the north of Tybouts Corner and the Buena Vista Conference Center and south of the Route 13 / Route 40 split, Buena Vista Park is a nice community of about 220 homes. This location provides prime access to much of New Castle County and immediate access to Route 1 / Route 13 toward the shore. The Wilmington / New Castle County Airport and the City of Wilmington are directly north along Route 13. Route 1 runs just to the west and turns into Route 7 as you travel north providing easy access to I-95, the Christiana Mall, and the Stanton / Pike Creek areas. Plenty of dining and entertainment options are just minutes away.
Buena Vista Park itself is a nice mixture of townhomes and single family properties. Per the public tax records, the approximately 140 town homes were begun in 1988 and completed in 1990. They are almost all 3 bedroom properties with approximately 1425 square feet each with parking in front. The single family homes were completed between 1989 and 1992. These offer a mix of contemporary, colonial, and ranch style homes ranging in size from 1250 to over 2000 square feet in both 3 and 4 bedroom layouts.
As seen in most areas, Buena Vista Park was impacted by the recession and more recently short sales. The townhomes dropped from an average peak selling price of $164,000 with 7 sales in 2008 to a low average selling price of $77,000 with 7 sales in 2012. In 2013 year-to-date, there have been 3 sales with an average selling price of $86,000, two homes are under contract with an average list price of $65,000, and there is one property available for $89,000 so prices are showing some strength.
The single family properties have experienced the same decline. The average sales price peaked at $272,000 in 2008 with 3 sales. Prices then dropped to hit a low average of $173,000 in 2012 with 4 properties sold. In 2013, no properties have been sold or are under contract. There are currently 3 homes on the market with an average list price of $230,000 ranging in individual price from $225,000 to $242,000.
With a stronger local economy, active real estate market, lower inventory, and continuing low interest rates, it appears that we may have seen the bottom of the market for prices in the area. As prices rise, we should see decreasing pressure from short sales and foreclosures which should allow area homes to recover from their currently depressed values. With its prime location, competitive pricing, and variety of housing options, Buena Vista Park and surrounding communities should benefit quickly as the market recovers.
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)