Home Buying in Burbank>Question Details

Charlataylor, Home Buyer in Pasadena, CA

Thoughts on purchasing a home adjacent to an apartment building in Burbank?

Asked by Charlataylor, Pasadena, CA Mon Dec 16, 2013

I assume this brings property values down and restricts resale values. That's not even mentioning the lack of ownership pride, parking and the "neighborly" feel. But so many of the more affordable Burbank homes are near apartment buildings. :-(

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Resale will be affected but you are most likely getting the property for a discount as well. A positive take on it is that the home is most likely zoned appropriately for multi-units so you have the possibility for future developments.
0 votes Thank Flag Link Mon Aug 18, 2014
You mentioned the bad news ,the good news is that the property is less price than an other neighborhood .You can possible add a unit also in the future to increase your value or multiple units or sell to an investor in the future that may tear down your house & build condos or an apartment building ! Good Luck !
0 votes Thank Flag Link Sat Jan 18, 2014
it really depends on exactly where your home is and what the area is like? An apartment building can affect the value of your property but if there are other factors that come into play that balance it out it might be a good idea to move forward with the sale. My best advice is to speak with a local professional that knows the neighborhoods of the specific area and have them give you there professional advice. Best of luck!
0 votes Thank Flag Link Tue Dec 17, 2013
Purchasing a home adj. an apartment building will have an effect on your resale value however it's all about the location, the school district, and local amenities that can weight out the option of apartment building next door.

I've seen on home tours with my clients with apartment buildings next door. Here is a common idea to block the view of the adj. apartment building based on my home tour experience. Plant tall trees or bamboo along your property to add beautiful landscape to your property and hiding the apartment building.

Best of luck!

Yvette Betancourt
bre 01903414
Keller Williams Realty
http://www.BetancourtRealEstateGroup.com
0 votes Thank Flag Link Tue Dec 17, 2013
Hi,
Yes you are correct - purchasing a home near and/or adjacent to apartment buildings may affect the value as location, location, location is always the better rule. However you can look at location as having a sub-category of location. What we mean is that if you want to live in Burbank and this is the only option you have - you still basically live in Burbank. There are trade offs to everything and one can focus on the apartments or one can focus on the city and all that it has to offer. An awesome school district, our own police and fire departments, close to and easy access to Los Angeles and The Westside, family friendly and community oriented.

Here's an example - back in 1989-1992 homes adjacent to the railroad tracks off of Buena Vista sold at approx $150k-189k and in today's market prices are around $$389k-$400k. One got the noise from the trains, the busy street and.... well you get the picture - prices still increased and rents still went up.

Prices will tend to increase, people will continue to move in and out of Burbank and the city will continue to grow. Look at all that has changed in Burbank in a short 25 years.

Look at the purchase as a long term investment - something to call and make home. Whether you live in it to start a new life, have kids or raise your kids or move sooner than 25 yrs - as long as you enjoy it and are happy with it - that's all that matters. Remember you can always hold and keep it has an investment - no rent control will only give you more possibilities and who's to say that in the future some developer of condos or mega apartment complexes won't make you an offer to buy you out.

There are risks to everything - just buy whatever you purchase with the thought and intent of making it home ~ Everything else will work itself out.

Good luck :D

Norma and Kyle
The Achievers Group
RE/MAX Town Center
0 votes Thank Flag Link Mon Dec 16, 2013
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