Before this correction arrived, the Santa Clarita Valley housing market set records for five straight years. Both new and existing homes sold very quickly, due in large part to heightened demand, limited inventory and attractive interest rates. Although most economists predicted the nation’s housing market would begin to slow as interest rates increased, real estate experts insisted the Santa Clarita Valley would be largely immune to a significant slowdown because of dwindling supply and increased demand.

Santa Clarita Valley homeowners have seen the long-term value of their properties increase at phenomenal rates. Many properties experienced double-digit appreciation since 2001. Many speculators profited handsomely by flipping homes during this period, but the days of such speculative buying and selling appear.

Why has Santa Clarita Valley real estate been so resilient? The reasons are numerous, but paramount is the fact the Santa Clarita Valley is a desirable place to live. More and more people choose to make their home here because of its warm, comfortable climate, its secluded-yet-close proximity to the fun and excitement of Los Angeles, and its reputation as a great place to raise a family and enjoy the good life.

Housing options span a broad spectrum of lifestyles. Living here can be as down-home and casual as a sprawling equestrian ranch in locales such as Sand Canyon and Agua Dulce, or as uptown and stylish as a new home in Stevenson Ranch or the master-planned community of Valencia. Many new apartment complexes have built in or near Town Center Drive, giving people a semi-urban lifestyle with the area’s collection of restaurants, shopping and entertainment – all within walking distance. In short, the Santa Clarita Valley has it all: family-oriented neighborhoods, executive estates, apartments, condominiums and housing for seniors.

The topography of this valley lends itself to some spectacular living; if a beautiful view is what you’re after, you have many choices. From apartments and mobile homes to entry-level and executive-style houses, you’ll surely find a home that’s just right for you. Every type of accommodation and lifestyle can be found in the area’s valleys, canyons, surrounding foothills and mountains.

The Local Housing Market
Homes in the Santa Clarita Valley are an excellent investment. Of all the communities in the vast Los Angeles County, the Santa Clarita Valley is ranked the second-most desirable location for home buyers, according to statistics from the City of Santa Clarita.

The median price for a single-family home in the Santa Clarita Valley has risen steadily over the past decade. The median price was $376,600 in 2003, up 20 percent from the $312,900 recorded in 2002. In December 2003, the median price of a new home rose to $413,500. Then it rose to $477,883 in 2004, to $589,515 in early 2005 and $648,788 in 2006. The median price in April 2008 was $480,000, which is in line with prices from 2004. Even so, these figures are astounding considering that in 1997 the median price of a home here was about $180,000. The median price of condominiums in April 2008 was $279,000, a decline of 27.5 percent from a year earlier.

Despite the real estate slowdown, plans for more homes continue to move forward. Most of the new approved projects are located in the unincorporated areas of Canyon Country, Castaic and Stevenson Ranch – those areas outside the City of Santa Clarita. In fact, the California Economic Forecast stated that the extent of new home production, both in the pipeline and receiving permits, will position the Santa Clarita Valley as the growth engine for Los Angeles County well into 2008.

The Santa Clarita Valley is an area considered one of Los Angeles County’s “affordable” areas in which to live, according to the Southland Regional Association of Realtors. The valley has consistently outperformed Los Angeles County as a whole, as well as the state; home prices here are about 18 percent higher than countywide and 14 percent higher than the median price for a home statewide.

As for the future, it’s anyone’s guess. Real estate experts generally agree that the slowdown will continue at least through 2008 and into 2009, as many buyers continue to delay purchasing a home until the market “bottoms out.” Mortgage interest rates below 6 percent are favorable, but an increase by the Fed could hamper the real estate market even further, as would a slowdown in the economy in general.

Quaint or Stylish?
Whether you are looking for a luxurious home with many amenities or a family-oriented neighborhood with excellent schools, the Santa Clarita Valley has what you’re looking for. As you may have gathered from the opening paragraphs of this chapter, much of the housing here is new. Most of this valley’s growth has occurred in the past 10 to 20 years, but many of the more established communities feature attractive homes whose architectural styles are unique and distinctive. From the fixer-upper to the new home, you’ll have no trouble finding the right home for you and your family.

Although new home developments can be found throughout the Santa Clarita Valley, Valencia, Stevenson Ranch, Saugus and Castaic feature the most new-home activity. New home developments in Valencia and Stevenson Ranch tend to be more expensive but very popular.

Single Family Houses
Homebuilders can’t seem to build new homes fast enough across the Santa Clarita Valley. The concentration of new home building has been in Valencia and Stevenson Ranch, but there’s still much new construction activity in the outlying areas of Saugus and Canyon Country. A smattering of new homes is being built in Newhall, but for the most part this is the most-established community in the Santa Clarita Valley. A short hop north on Interstate 5 brings you to Castaic, which has experienced a housing boom, as well. Many of the homes here take advantage of the mountainous terrain by having spectacular views of the valley floor, canyons, even the waters of Castaic Lake. The valley’s new home communities are well regarded for their affordability, high-quality construction and beautiful locations framed by the canyons and foothills. Existing houses in established neighborhoods have a distinctive appeal for buyers.

Apartments & Condominiums
The extensive number of apartments comes in a variety of structures ranging from affordable to luxurious, so that you can live in whatever style fits your needs. Floor plans start with cozy studios and encompass all types of features – spacious plans, several bedrooms and bathrooms, dining room, patios and balconies, and attached garages.

The amenities that come with living in an apartment add extras that you don’t always get in a single-family home. You may enjoy swimming in the pool, relaxing in the spa, playing tennis, or hosting a party in the clubhouse. A big draw, of course, is being able to enjoy such amenities without the upkeep.

Apartment vacancy rates remain low and rents continue to rise, reflecting the demand for living in the Santa Clarita Valley. Average monthly rents increased 2.2 percent from 2003 to 2004, from $1,343 to $1,372. Typical rent for a two-bedroom apartment in a newer part of the valley in early 2006 was approximately $1,500; for a one-bedroom apartment, $1,200.

Like apartments, condominiums and town homes are usually built in a community setting with recreational facilities and common yards. While tenants usually rent apartments, most residents of condominiums and townhouses own their homes. They typically must join a homeowners’ association and pay monthly fees for maintenance of the grounds and buildings.

In a possible portent of things to come, the valley’s first “live-work” condominiums were approved for construction in early 2006. Developed by The Newhall Land and Farming Co., these homes will typically feature living areas above or behind a retail-like work area. The first of these new hybrid homes will be built off Soledad Canyon Road, west of Bouquet Junction.

Retirement Housing
The National Association of Realtors reports that about 75 percent of seniors prefer owning their home but want properties that are easy to maintain and in prime locations that are central to recreation and services. That’s why seniors are moving to the region, seeking smog-free air, a pleasant climate and the various amenities they desire. One of the newest developments for active seniors is Belcaro, on McBean Parkway north of Newhall Ranch Road. And, soon to be built is a nine-acre senior apartment community in Stevenson Ranch’s new Parkside community. For a sampling of assisted-living facilities available here, turn to the health chapter.

Assisted-Living Facilities
Besides a choice of single-family homes, seniors may also choose from among independent retirement communities, senior-only apartment complexes and mobile home parks, and living-assisted facilities. Adult day-care centers assist clients with disabilities. For a sampling of assisted-living facilities available here, turn to the health chapter.

Home Safety
Even though Santa Clarita is one of the safest communities in the nation, it’s always best to take precautions to protect yourself, your family and your property. Keeping your home safe and secure involves taking the necessary steps to deter crime and address the possibility of natural disasters and pest invasions before anything happens.

Installing a monitored security system in your home will provide peace-of-mind around the clock. For those who can’t afford this service, motion-sensor lights can be located at any door or all doors around your home to detect an invader. There are also breaking-glass detectors and alarms that effectively guard the home.

Since the widespread devastation of the Northridge Earthquake in 1994, homeowners take earthquake preparedness seriously. Earthquake safety involves much more than keeping our buildings from falling down. You should secure anything that’s heavy enough to hurt you if it falls on you, as well as fragile or expensive enough to be a significant loss if it is destroyed. Secure the tops of all top-heavy furniture such as bookcases and file cabinets to the wall. Be sure to anchor to the stud, not just to the drywall.

Televisions, stereos, computers, lamps, and chinaware can be secured with buckles and safety straps attached to the tabletop or with hook-and-loop fasteners glued to both table and unit. Glass and pottery objects can be secured with nondrying putty or microcrystalline wax, available at many stores. Unsecured cabinet doors in the kitchen usually fly open during earthquakes, allowing their fragile contents to crash to the floor. Many types of latches are available to prevent this — child-proof latches, hook-and-eye latches and positive-catch latches designed for boats. To avoid shattering glass, windows made from safety glass or covered with a strong Mylar film are safer.

It’s always a good idea to draw up an evacuation plan for your family and hold regular earthquake drills. Have a portable radio with batteries and flashlight ready by your bed, as well as some rugged, comfortable shoes; you don’t want to fumble barefoot in the dark if, for example, there may be broken glass on the floor. Prepare a toolbox to use with your utility shutoff valves and switches, non-perishable food, bottled water, first-aid kit, personal medications and documents, money, blankets, and anything else you think you may need.

After earthquakes, storms or flood, water, gas and electricity may be out of service. Storing perishable food and water for seven days in your home, car and office is essential for emergencies.

Contact the local chapter of the American Red Cross, 23152 Valencia Boulevard in Valencia (661/259-1805) for more information on setting up a disaster-preparedness plan.

And, as for those annoying insects, it always pays to contract with a reputable pest-control company for regular visits to your residence.