Though its reputation may be sleepy, Burbank’s housing market is active and in some cases downright hot! Some 450 homes are currently listed on the market here, and several have recently gone into escrow (assuming the “active” status changed to “contingent” indicates a sale).
This 1,446 sq. ft. 3 + 3 condo came on the market just a week ago (March 12th) for $400,000. Within easy walking distance of Burbank Town Center, it must have shouted “bargain” when compared with recent sales comps in the $500Ks and even the $600Ks. It was snapped up in six days flat. Sales records show it last sold in 2004 for $385,000, apparently almost flat with the latest sales price. The unmistakeable message: priced right, real estate still sells well, even briskly.
Coming on the market at $599,000 in August 2007, this 3-bed, 2-bath traditional single-family home lingered for more than seven months and saw four price reductions, reaching the $519,000 level last month. This week the seller and a buyer looked at each other eye-to-eye, and they both liked what they saw. Backup offers accepted.
Priced from the get-go at an eyebrow-raising $347 per sq. ft., this 1,600 sq. ft. bungalow touched down on the market for only nine days before landing a buyer. The fully remodeled kitchen, close proximity to the Chandler bike path and 10,000+ sq. ft. lot may have solidified the buyer’s interest. Listing price is $549,000. Backup offers accepted.
This spacious 3-bed, 3-bath townhouse near Toluca Village is an end unit with mountain views and a towering living room ceiling. The owner priced it nearly right when it was listed at the end of January at $529,000. Two weeks later it was cut to $499,900; last Saturday (March 15th) the listing morphed from “active” to “contingent.” Sold! Again, backup offers accepted.
Not one of these sales was short or bank-owned. They all resulted from motivated, realistic owners pricing their properties to sell, either from the beginning, or after a learning period. This is how it’s done, sellers: watch and learn!