ResalesBurbank, California: Entertainment Capital Retains Small Town Roots
While some of the biggest names in entertainment have located corporate offices to Burbank, California, the town hasn"t responded by getting as unaffordable as some other California communities, and it is working hard to retain its small-town appeal, say local Realtors.
"Since Disney, Warner Brothers and NBC have made Burbank their home, this city has fast become the entertainment capital of the world," says Realtor Maureen Bogdon. "With its roots in family, Burbank has 22 parks totaling 2,199 acres, two municipal swimming pools, 20 tennis courts, three community / gymnasium facilities, 13 ball fields and an outdoor concert amphitheater."
Bogdon explains, "The first six months of 2003 we saw 220 homes sell with an average price of $373,844, compared to the same time last year which we saw 214 homes sell with an average price of $317,071, which was a 17.91 percent increase. In the beginning of 2003, we saw that homes sold much quicker, going from 43 average days on the marker to 33 average days on the market, which translates to homes sold 10 days sooner."
Agrees Realtor Phyllis Harb, "Burbank is heavily influenced by major studio-related employers, but it is a delightful community that still enjoys a bit of a small town feel."
Harb says, "As listing inventory remains low, the market continues to be a seller"s market this summer. Homes in move-in condition and those "staged for sale" continue to sell faster. Cosmetic fixers can be a good opportunity for buyers to obtain a "deal".
To sellers, Harb advises, "Stage your home for sale. Sometimes, inexpensive improvements will be recommended in order to further maximize your profits.
To buyers, she says, "Your flexibility on escrow period, rent backs, etc., often times means as much or more to the seller as the offered price. Of course, homebuyers should be prequalified and the prequalification letter as well as evidence of their down payment should be submitted with their offer."
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