VISTA PROPERTIES
NT 10-K, 1997-03-31
REAL ESTATE
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 12b-25

                                            Commission File Number  0-11890
                                                                  

                           NOTIFICATION OF LATE FILING

(Check One):
|X| Form 10-K   |_| Form 11-K   |_| Form 20-F   |_| Form 10-Q   |_| Form N-SAR

               For Period Ended: December 31, 1996

               [ ] Transition Report on Form 10-K
               [ ] Transition Report on Form 20-F
               [ ] Transition Report on Form 11-K
               [ ] Transition Report on Form 10-Q
               [ ] Transition Report on Form N-SAR

               For the Transition Period Ended:_________________________________

     Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.

     If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:



                                     PART I
                             REGISTRANT INFORMATION


                                VISTA PROPERTIES
- --------------------------------------------------------------------------------
                            Full Name of Registrant


- --------------------------------------------------------------------------------
                           Former Name if Applicable


                             411 WEST PUTNAM AVENUE
- --------------------------------------------------------------------------------
           Address of Principal Executive Office (Street and Number)


                          GREENWICH, CONNECTICUT 06830
- --------------------------------------------------------------------------------
                            City, State and Zip Code


                                    PART II
                            RULES 12b-25(b) AND (c)

     If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)

|_|   (a) The reasons described in reasonable detail in Part III of this form
          could not be eliminated without unreasonable effort or expense;
       
|X|   (b) The subject annual report, semi-annual report, transition report on
          Form 10-K, 20-F, 11-K or N-SAR, or portion thereof, will be filed on
          or before the 15th calendar day following the prescribed due date; or
          the subject quarterly report or transition report on Form 10-Q, or
          portion thereof will be filed on or before the fifth calendar day
          following the prescribed due date; and
       
|_|   (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
          has been attached if applicable.


                                    PART III
                                   NARRATIVE

State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. All the required information for full disclosure is
currently not available.
<PAGE>

                                    PART IV
                               OTHER INFORMATION

(1)  Name and telephone number of person to contact in regard to this
     notification   

     ANITA MILLER                                      (203) 862-7080
- --------------------------------------------------------------------------------
       (Name)                                    (Area Code) (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months or for such shorter period that the
     registrant was required to file such report(s) been filed? If answer is no,
     identify report(s). |X| Yes |_| No

(3)  Is it anticipated that any significant change in results of operation for 
     the corresponding period for the last fiscal year will be reflected by the
     earnings statements to be included in the subject report or portion
     thereof? |_| Yes |X| No
    
     If so: attach an explanation of the anticipated change, both narratively
     and quantitatively, and, if appropriate, state the reasons why a reasonable
     estimate of the results cannot be made.


                                VISTA PROPERTIES
- --------------------------------------------------------------------------------
                  (Name of Registrant as Specified in Charter)

            Has caused this notification to be signed on its behalf
                  by the undersigned hereunto duly authorized.


Date: March 31, 1997           By: /s/ Frederick Simon
                                  ----------------------------------------
                                   Name: Frederick Simon
                                   Title: President


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