I've been blogging about listing this 3 bedroom, 1 bath cosmetic fixer for some time now and here it finally is. It will actually list Tuesday for $489,000, and the address is 2845 N. Lincoln, Burbank, 91504. Here's the description: This original 3 bedroom, 1 bath Burbank home just needs some updating to make it shine. Built in 1950, it features 1112 sq. ft, spacious sunny kitchen, separate laundry area, dining area, fp, hardwood floors waiting for finishing, covered patio, big green backyard (6050 sf) with fruit trees, and detached two-car garage. Plus, look no farther for excellent public schools* – Jefferson Elementary and Muir Middle are two of the best in the county! This great neighborhood is also close to entertainment, transportation and the studios. Bring your decorating talent and create a showplace or add square footage to make this your dream home. The first public open house will be Sunday, August 2, from 2:00 to 5:00.
*Seriously, folks, if you have kids that you don't want to send to private school, and if you've been reading the news about how California state is going to take even more money away from LAUSD, consider the Burbank public school system and especially this elementary and middle school. Because it is its own district and not part of LAUSD, BUSD will be providing excellent public education into the foreseeable future. Check out the Burbank school ratings on GreatSchools.net.
A 3-1 fixer is at best a median home. The median family income in Burbank according to CNN is $70,355 (this was the highest value I could find). This home is 7X median income. Do you believe A) this house is overpriced B) this house is too good for the median family to expect to own or C)leveraging to 7 times annual income is stable financing? You seem like a relatively honest dealer, but I just don't see how you can answer that with a straight face and continue to do this job.
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