Save the Rancho in Burbank

The Burbank Rancho neighborhood is one of the city's most unique features, especially if you're a horse or horse owner.  The homes are zoned (most of them) to allow the stabling and boarding of horses in the back yard.  There are Griffith Park riding trails close by, and the neighborhood blends into the Glendale Rancho area.  It is also home to the L.A. Equestrian Center.  The residents are understandably very protective of the Rancho and have faced -- and beaten -- challenges to development over the years.

Now, the GM training facility in the neighborhood has been sold, and the new developer wants to put up a 50-unit detached condo complex.  Most of the Rancho neighbors object as it affects the neighborhood's character and is just too damned big.  Last night's Burbank City Council held public comments on the issue and predictably, it was running about 20-0 against the project (some of the comments were, uh, very um, racist inappropriate).  The objecting area residents seem to favor an equine hospital instead.  If you'd like to learn more about this issue, please visit SavetheRancho.com.  Where do I stand? I understand why developers like big projects -- it's more money for them.  But why do cities like big projects? Why must all development be big, with all of bigness's attendant problems? If not the horse vet center, why not, say, 10 homes zoned for horses, such as the Dincara Street development?

237 S. Reese, Burbank is sold!

Buyer clients Shelley, Theron, and baby Hunter are the new proud owners of 237 S. Reese in Burbank.  The buyers have been looking for about a year and even had previously made an offer on a property in the Burbank Rancho.  However, they immediately fell in love with this property.  A senior citizen has lived there, and the house needs updated decorating, but is structurally very sound.  That's right up Shelley and Theron's alley.  My partner on this, Bryce, says it's the smoothest escrow he's ever had.  The buyers made a full price offer on the weekend that the property listed and okayed the inspection immediately, too.  I'll be eager to see how they transform the property.

Burbank house for sale comes with 100-lb. tortoise!

This is 415 S. Fairview in the Burbank rancho.  It recently listed for $795k and has 2 beds, 1 bath and a double lot.  It also has four horse stalls for you folks with lots of really large pets.  As if that wasn't enough, I'm told it also comes with a 100-lb tortoise! (That's a stock photo, not the actual resident tortoise, up top.)  I hope to see this next week.

House (tale of woe) of the week and news you can use

The house pictured above is a foreclosure in Burbank's Rancho district.  My clients, who are well qualified and have been looking for a home for over a year, made a very smart, clean offer on this cutie. The dollar amount offered was in line with comparable neighborhood sales.  Alas, we learned that another higher offer came in at the same time.  We countered, but ...sigh.  Stay tuned for the outcome.

Now on to the really good news: mortgage interest rates are hovering around 4%, with points, for a conforming loan.  Jumbo loans have rates at low as 4.75%! Nobody is predicting an interest rate rise any time soon, either.

And here are a few tidbits for condo owners.  California has passed a law permitting solar panels to be installed on any condo.  An HOA can issue restrictions, but those restrictions can't be prohibitive.  Also, all condo projects and HOAs must now allow pets! Yes, once again, an HOA can issue restrictions (like a weight restriction, for example) but the restrictions can't be prohibitive.