Buying and Selling Vacant Land in the Greater Los Angeles area has many challenges and you need to be prepared to spend more time and money in the investigation phase of the purchase.
Vacant Land usually requires a great deal more investigation than a Single-Family Residences. This in turn translates to more costs. Keep in mind, when it involves costs buyers get more cautious. At least those who have never bought land before. Some buyers want to skip certain steps to save money. I , then must step in and advise them, that those investigative costs are a lot cheaper than buying a land that they will not be able to build what they had in mind.
I spend more time discussing, advising, teaching and it almost sounds like I am talking them out of the sale. The reality is I want them to go in with a clear understanding of the challenges land purchases can cause.
Now when it comes to sellers, it is a detailed discussion to find out if they have “old reports” these are all beneficial to the sellers when it comes to reassuring the buyers. Needless to say, “old reports” are better than “no reports”. A competent Architect can advise the land buyer to the changes that have taken place over the years.
I still remember twenty-two years ago one of my seasoned Developer clients told me about changes that will have dramatic effect on the buildability of Hillside Land in Los Angeles. I asked him what that was. He said I just talked to some of the politicians and they told me streets must be widened to 20 ft. Indeed, that changed the selling and building on land in the Hollywood Hills, as well as the entire Santa Monica Mountain Range.
Then changes kept being incorporated to the size of the homes that could be built. We called it the McMansion Regulation. All done because there were a few arrogant developers and the hillside community rebelled.
The last ten years this trend has continued. Hence the size of the homes is getting smaller and the building of foundations in the Hollywood Hills are getting more challenging and costly to get done.
There comes a time when it becomes hard to justify why all the crazy laws that are being created by the politicians to limit building of homes.
After all Los Angeles has a massive shortage of new construction homes, hence that is the main reason the costs of existing homes get to be so expensive. Seems to me logical and common-sense laws need to be created. This would help reduce the building approval times for developers and buyers would be able to have inventory to chose from hence the shortage would be resolved as well and it would have a direct effect on affordability.
Keep in mind building approval can range from eighteen months to thirty six months.
Now if you are looking for a Seasoned Land Expert in the Greater Los Angeles Area, please reach out to me
If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly!
If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or firstname.lastname@example.org or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations.