I posted here several months ago about the new downtown Burbank loft development, The Burbank Collection. It's right across from the AMC theaters and above Ben&Jerry's, the new Barney's Beanery, etc. The complex features almost 200 units ranging from 1 bedrooms to 2-story penthouses and the prices used to be $400,000 to $700,000+. No more.
A BC representative came to our meeting today to talk about the big price reductions the project has just announced -- about 20% across the board. I understood that this due to two reasons. First, the existing units in escrow did not appraise for their sales prices. The buyer of one unit actually received a $200,000 write-down from her original purchase price offer! Second, according to the rep, the lender on the project is breathing down the neck of the developer. No surprise there.
Further, the rep says that the code words for buyers and their offers are "yes," and "Whatever it takes." That's what we like to hear!
Other news from this rep: the development is almost 50% sold. No units can "go" FHA until the 50% mark is reached. And, I asked about a competing development, the lovely and talented Americana. Apparently, Big A is not giving out sales figures. To anybody. Period. No surprise there, either.
