OMG, cheapest condo EVER in Burbank

Pigs are flying.  I'm looking for a hat to eat.  And Burbank has its lowest-priced listing that I ever remember.  And it's not even a dump!  355 Maple, #114 in the Entourage development just listed at $99,000.  It's a 480 sf. studio and the building has lots of amenities.  It's close to the studios, too. Is it priced according to comparables or is it an auction price? I vote auction.  A similar unit there sold for twice this just last fall.  And in November, my buyers closed on a one-bedroom condo on Bethany which was the cheapest thing to list on the market in over a decade and it was $180,000.  And prices haven't dropped 50% in four months.  So yes, I do think it will go out much higher...still...stay tuned!

More about 1435 Pass, Burbank or the trouble with "auction prices"

See below for previous posts -- and comments -- on the listing at 1435 N. Pass, Burbank.  An agent in my office, whose client made an offer on it for $435,000, tells me that there were ten offers by last weekend.  His client's offer was not the highest, and he believes Pass went into escrow around $440,000+.  This is still less than what I think the house is worth, and in my opinion, the buyers got a fabulous deal.  I'll know exactly what it sold for when the price is published in the multiple listing service next month.

I think that if the sellers had priced this a little closer to the comps, it would have taken a longer to sell.  That's a bad thing.  But I also think they would have ended up with a higher price -- and that's a good thing, if you're a seller.

1435 N. Pass, Burbank: real price or auction price?

Update 11/9/10: I just spoke with the listing agent on this and he has five offers in. 1435 N. Pass in Burbank, CA is a 3+2, 1154 sf. house with a pool that just listed for $400,000.  I had sold the house two doors away at 1441 N. Pass in February for $480,000.  This new listing has one extra bathroom, a teeny bit more square footage, and is nicely done inside.  It has only a one-car garage where 1441 had a two car garage.  1441 also had an unpermitted guest unit with a bath.  Therefore, these houses are quite similiar; what gives on such a low price on this one?

I predict this is an "auction" price.  The sellers may have wanted to sell quickly and price it low to get a lot of offers really quickly.  And they will -- I also predict that they will have multiple offers by this weekend.

If you're a buyer that wishes to purchase this house, here's my advice: bring your A+ game and don't mess around.  Start high with your offer (certainly no lower than $460,000.  That's right.  $460,000.) and plan to go up to $475k or $480k.  I know the truth hurts, but trust me: this will go fast and will go out around that price.