The real issue is simply supply and demand.
During the month of July 2010 a total of 17 condos and townhomes sold in Burbank.
The average list price was $387,106 , the selling price average was $375,606, and average market time of 104 Days on Market (DOM).
There are 78 units currently on the market, 34 which came on the market since July first.
Developers in Burbank have opted to sell their units, rather than lease them, which is what most developers in Glendale did. So the new development at 556 E. Palm has two units left to sell, the 250 N. First St. project, completed in 2009, still has five units (at least) on the market...and these are all Brand New Units.
When brand new units are available, pressure is placed on older, re-sale prices.
11 of the units for sale are bank-owned
26 are short sales, meaning that the owners are in financial distress and their lenders have agreed to let them sell their property for less than they owe, plus pay closing costs.
So with 37 "distressed" sales out of 78 units, this is not the time to sell a condo in Burbank. Anywhere.
The rule of supply and demand is also at work here. With almost half the market distressed sales, pressure is on prices. The bank HAS TO SELL to recoup it's loss. The lenders HAVE TO SELL to get the sellers out of foreclosure (the short sales).
Hope this is helpful. Wish I had better news for you.
The good news is that you can certainly sell your property if it is priced right, which will probably be less than you want. Remember, with the economy they way it is, things could get worse, so if you need to sell, now is going to be better than later.