If you are investing in real estate as a profession or if you realize that the primary residence you purchase is an investment, you should consider Burbank. This city has everything to offer to everyone, but the potential for growth is the most appealing to someone in the market for investing in residential real estate.
Burbank has a very strong and growing economy and population is steadily increasing with that demand. With the entertainment industry jobs being created and the need for writers and animators this will be one of the most solid moving property markets in Los Angeles county.
Single family residents in the 3 and 4 bedroom range are already starting to show solid increases in sales volume and the reason is because of the general sentiment that the economy is turning around. Whether or not is, that is a question many people are asking, but people in Burbank feel it is.
With the announcement last week by the VP of Freddie Mac that the national real estate market is expected to “bottom out by spring” and the sales volume increases in the 3 and 4 bedroom homes this city appears to be the one that will be leading the Los Angeles area back to recovery.
The entertainment industry is normally the last industry to fall during an economic downturn and it is the first one to bounce back at the first sign of recovery and everyone knows Burbank is the media capital of the world. Everything, well everything important is located there (from NBC to the Cartoon Network).
Many of the cities both north and west of Los Angeles are starting to either show the signs of recovery or the tension is building in everyone in anticipation of it and the Freddie Mac statement may be just what they are looking for. The potential for growth in all these cities is very strong because these were some of the harder hit areas for residential real estate and therefore a return to pre downturn values will mathematically produce a larger potential profit.
When you feel that the economy has taken a turn for the better or the signs of the recovery of cities and suburbs north and west of Los Angeles is inevitable then it is time to start finding a Realtor to help you out. Every one of the cities are unique and West Hollywood is not the same as Encino. If you are considering Burbank then get a specialist in Burbank and the surrounding area, the same would go for Glendale, Pasadena or Beverly Hills. You don’t need a generic Los Angeles based Realtor, you need someone that is a specialist in your area of choice.
When I am talking about a specialist I don’t mean someone that knows all the shortcuts and detours around the area, I am talking about someone solid that has been able to work in the specific market you are interested in during the downturn. The Realtor who has not only survived it, but has also thrived in it. This is the proof that they know the town and the town knows them.
If your primary purpose for investing in one of these areas for rental income then Burbank shows some of the best statistics for that market as the none homeowner population is steadily increasing (primarily due to the entertainment industry jobs) and the population is expected to increase by almost 10,000 people within the next 4 years.
There is not very many bad things you can find when you are considering living in and investing in Burbank. You will need to take the time to find the right property whether you are relocating or just investing but many of the indicators are already showing signs of economic life coming back into the city that brings us all the shows that we love to watch.