Where to buy land? In the Metaverse or in the Greater Los Angeles area?

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708

This question was asked by one of my  potential land buyers: Should  I  be buying Land in the greater Los Angeles area, or  should I be buying  land in the Metaverse? I hear there is a huge  real estate boom in the Metaverse.  What should I do?  My answer was not what you would expect: There are risks and rewards for both.

www.endrebarath.com

Call me old fashioned, someone who has been around a long time. I prefer to buy something tangible, such as a vacant lot in the greater Los Angeles area. I remember when people were buying land on the Moon. Seriously, I was a young kid, and I just scratched my head, and  I did not think it was a good idea. This is the same view I have  today of buying land in the Metaverse.

www.endrebarath.com

Now, just to be clear, every person who bought land in Los Angeles twenty-five years ago and either built or resold the land, managed to make mega profits. To put things in perspective, 25 years ago homes were selling in the Hollywood Hills somewhere between $350,000 - $600,000. Now these same homes are selling from $3 million - $30 million. Respectively the land values have increased as well.

www.endrebarath.com

I have  only known  of one seller in the greater Los Angeles are who paid  more originally for the land, than what the land sold for years later. Just to be clear, this person bought a vacant lot that was  with Ready to Issue Permit Status (RTI). For those who are not familiar with what RTI is, that means all he had to do was start building his home right after the purchase. Instead of waiting 15-18 months for the approvals.

www.endrebarath.com

Keep in mind, that the permits have a life expectancy, you need to begin building or the permits expire. Six months is the time frame you need to start breaking ground. Clearly if the permits expire the value depreciates as well. Most people who spent the  time, the effort, and the money to get to this point will begin the building process.

Now with that said, buying land in Los Angeles has a tangible value, even if you just hold on to it for a decade or more you will reap  huge financial benefits. I have noticed that people are scratching their heads how difficult some of these lots are when it comes to building.

www.endrebarath.com

True, building costs can range from $250 -$1,000 per square foot. Is it worth it? Absolutely, especially when homes are selling for $1500- $2500 per square foot. Hence, the idea is to get to the finish line, and then not only do you have a house that cost  you less to build then to buy on the open market, but more importantly it is specifically to your liking.

www.endrebarath.com

In conclusion my advice it to buy ‘real’ land and you will reap many financial and personal benefits, rather than buy land on the Metaverse.

If you are looking for a seasoned Land Specialist in the greater Los Angeles area, please reach out to me for straight advice.

 

www.endrebarath.com

 

 

 

Wishing you a safe and healthy life and I look forward to your comments. 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) homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations. Endre Barath, Jr. Realtor at Berkshire Hathaway HomeServices California Properties DRE#01238708

Comments (34)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Endre if anyone is qualified to answer land questions in the Los Angeles area it is my friend the Land King.

May 15, 2022 03:29 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Endre- I had never heard of  Ready to Issue Permit Status!  Very interesting!  If anyone knows about land in your area it's you. 

May 15, 2022 06:29 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Well the best way to buy land is to just call Endre Barath, Jr. 

May 15, 2022 08:11 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Your advice to stay with real land is very good advice.  For now, I will not be buying any land in the Metaverse!

May 15, 2022 08:33 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Endre - I am in totally agreement with you.  If you manage to get land in Los Angeles and get the approvals just get the construction done.  You won't regret it.  As far as Metaverse that is way to futuristic for me.

May 16, 2022 05:26 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Nobody buying LA Land should go down a slippery slope without you! Buying land in the metaverse is not for the faint of heart or people who don't know what they are doing. Endre Barath, Jr. is the only one I would trust in LA! 

May 16, 2022 11:10 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400  yes looking back we do have perfect vision:)Endre

May 18, 2022 06:16 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kat Palmiotti  here we have one more thing we agree on:) Endre

May 18, 2022 06:17 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Brian England  make sure that you put in your will that all four or five generations after you are not allowed to sell the land on Mars.... probably longer before anyone will colonize it:)Endre

May 18, 2022 09:15 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina Hollander, Broker  building in Los Angeles is not for the faint at heart:)Endre

May 18, 2022 09:16 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Michael Jacobs  clearly they are trying to make more :))) at least on the Metaverse:))))))))Endre

May 18, 2022 09:17 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Wayne Martin  I agree with you, now if you know those who do not want to see it, don't care about Title Insurance etc. I would love your referrals:)))))))))))))))Endre

May 18, 2022 09:19 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Carol Williams  let me know what your budget is and I will send you listings:)))Endre

May 18, 2022 09:20 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sheri Sperry - MCNE®  it was Toluca Lake and go figure you just mentioned it, his old estate is on the market for give or take $29 million and about 12 years ago, I sold a house  two lots from his for about $3 million.... so it was a great investment on his part:))Endre

May 18, 2022 09:22 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Will Hamm  thank you for stopping in glad you liked it:)) Endre

May 18, 2022 09:23 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sam Shueh  if your Cousin is an Architect in Brentwood why have you not connected us? You could get referrals, he could get new project and I could sell a lot more land???:)) sounds like a win win, Endre

May 18, 2022 09:25 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Anna Banana Kruchten CRS, Phoenix Broker  there are short cuts:)) please Google Councilman Huezinga in Los Angeles:)))Endre

May 18, 2022 09:26 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

George Souto  my friend thank you for your kind comment:)Endre

May 18, 2022 10:28 PM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Hi Endre, They're not making more dirt but they can create more property in the Metaverse.

May 19, 2022 04:21 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Endre:

I agree with all that you said, and you've shared a very convincing argument for buying real land in LA basd on your market experience and knowledge over the years! You're the LA Realtor to call for buying or selling land in the LA metro area!

Jeff

May 19, 2022 07:57 PM