Market Conditions in Burbank>Question Details

Wadamanian, Home Buyer in Valencia, CA

what's with the insanely low sale prices on the burbank collection condos?

Asked by Wadamanian, Valencia, CA Wed Sep 17, 2008

i have noticed a lot of condos in the new burbank collection complex listed as sold for $163,500:

http://www.trulia.com/homes/California/Burbank/sold/28692604…
http://www.trulia.com/homes/California/Burbank/sold/28692603…
http://www.trulia.com/homes/California/Burbank/sold/28694195…
http://www.trulia.com/homes/California/Burbank/sold/28694196…

however, there's one that's listed as sold for $1,021,000:

http://www.trulia.com/homes/California/Burbank/sold/28693722…

what's with the discrepancy? i've come to realize that a lot of lowball sales figures (especially those purchased at strange prices, like $163,500) are sold at auctions. does this mean the burbank collection is being sold off at these insanely low prices? if so, why would someone pay over $1M for it?

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Answers

4
BEST ANSWER
Wadamanian
Unfortunately I am not going to have a lot of time to invest in this answer.
This is a project overseen by Burbank Redevelopment.
According to the title data there were two records for one of the listings. One was a Burbank Redevelopment
Mortgage for $226,500, followed by the buyer's mortgage for 163,500. The sum of the two together appears to be the actual sale price.

So it appears that there were some special arrangements and the end result is when the title information is recorded, it appears that the "last transfer" was for a lower amount. The market in Burbank is getting tighter, inventory is shrinking, so don't look for "great deals" from developers. Good maybe, but not great.
1 vote Thank Flag Link Wed Sep 17, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Good Afternoon,
The low prices that you see are restricted price units as a result of an agreement between the City of Burbank and the Developer Champion. These units were sold below market to buyers that met strict income, and other criteria established by the City and the Developer. I think there were 16 or so of 118 total units designated as such. This is a fabulous community with plenty of retail and is centrally located in the heart of Burbank.

If anyone is interested in pricing and availability please email me directly.

Thanks
The Bluewave Group, Inc.
j.mcwhorter@thebluewavegroup.com
1 vote Thank Flag Link Sun Nov 9, 2008
5th floor (the last one) is luxury lofts with around 10K plus square footage. The other units listed are the smallest floorplans.
0 votes Thank Flag Link Sat Nov 8, 2008
Hi,

I don't believe those numbers are accurate. I was not able to verify that info with other websites. The 1 bedroom condos in the complex start at $399K.

Let me know if you are interested in condos in Burbank. Call or e-mail me your criteria and I will send you a list.

Gary Gukassian
Beverly Realty
818-303-4093
0 votes Thank Flag Link Wed Sep 17, 2008
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