This is 403 N. Sparks. It's a foreclosure and has 3 beds, 2 baths, 1690 square feet, and is in a great Magnolia Park neighborhood. From the pictures, it's far from being a fixer, although it sure needs some landscaping. It was listed for $542,900 and went pending with multiple offers in only ten days. I think that's fast, even for a great price in a good neighborhood. I think this may be one of the first signs of increased buying activity for the spring season.
Really enjoy this blog. I'm curious as to WHO is buying in Burbank or in SoCal/SFV in general? What is the typical profile of people buying?
ReplyDeleteMy wife and I both can't figure out how people afford homes in this area. Are there THAT many people who make the high-income salaries necessary to afford mortgages this high? We look around at our peers and people we know who own bought years ago when it was "affordable" and those that don't, rent and are nowhere close to buying.
Sorry to vent, but when I hear stories about "multiple offers", I wonder "who ARE these people?!? What's the secret?"
Thanks for the compliment, Thund3rbox! There are several answers to your questions, but there's lots of mystery involved as well, even to us in the center of it. First, I think people see the word "foreclosure" and think they are getting a deal. On this particular house, I think they are. Perhaps these people pulled money out of an existing property some time ago to make a down payment. Perhaps it's family money. Perhaps it's foreign money (quite common in the area, as I'm sure you know). Perhaps they have really high incomes (also common, as I'm sure you know). It could be any darned thing. If it means anything, the husband and I still live in a townhouse purchased 14 years ago because WE don't want to pay a high mortgage.
ReplyDeleteI would imagine that the people purchasing this, if they plan to live in it, are a couple with kids (Burbank schools are pretty great) who maybe work at the local studios. If I ever find out, I'll let you know!