Burbank, California: Entertainment Capital Has Small Town Values
by Blanche Evans
Realtors in Burbank, California say that the dominant entertainment employers have helped to create a delightful community with a friendly small-town ambiance. "Burbank is heavily influenced by major studio-related employers," says Realtor Phyllis Harb, "it's a delightful community that still enjoys a bit of a small town feel." "Although, inventory remains low for this seller's market," says Harb, "recent interest rate increases have cooled the market a bit. Employment opportunities from the surrounding studios and the easy commute "over the hill", continues to fuel this housing market. Homes in move-in condition and those "staged for sale" continue to sell immediately. To sellers, Harb recommends staging your home for sale. "Often, simply rearranging furniture and decluttering enhance the marketability of your home," says Harb. "Sometimes, inexpensive improvements will be recommended in order to further maximize your profits. To buyers, Harb offers this advice, "Your flexibility often is as important to the seller as the offered price. Of course homebuyers should be prequalified and the prequalification letter as well as evidence of your down payment should be submitted with your offer. Cosmetic fixers may be the best opportunity for buyers to obtain a "deal. Cosmetic fixers are homes that offer updated major systems (roof, central air, etc.) but have unappealing flooring, wallpaper, etc." Realtor Cory Sterling says, "Since Disney, Warner Brothers and NBC have made Burbank their home, this city has fast become the entertainment capital of the world. 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. About the market, Sterling says, "The last six months we saw 220 homes sell with an average price of $373,844, compared to the same time last year in which we saw 214 homes sell with an average price of $317,071, which was a 17.91 percent increase. 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 selling 10 days sooner." |
