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There are still plenty of vacant lots left in Southern California. According to Redfin, there are 3,497 residential pieces of land currently on the market in L.A. County, and their values vary ...
As an example, an old, run-down, single family home on a typical lot in Washington, DC, would sell for about $1 million, but if it were legal for a developer to build a three-story, six unit condominium building on that lot, those units would sell for about $600,000; which is 40% less per unit and 500% more units.
Land banking originated in the 1920s and 1930s as a means of making low-priced land available for housing and ensuring orderly development. [2] The period of deindustrialization in the United States coupled with increased suburbanization in the middle of the 20th century left many American cities with large amounts of vacant and blighted industrial, residential, and commercial property.
Dingbat building named "The Mary & Jane" with styled balconies A stucco box. In a 1998 Los Angeles Times editorial about the area's evolving standards for development, the birth of the dingbat is retold (as a cautionary tale): "By mid-century, a development-driven southern California was in full stride, paving its bean fields, leveling mountaintops, draining waterways and filling in wetlands ...
As of early June, empty lots with as much as a quarter of an acre of land — approximately the average lot size in New Jersey, give or take — are available throughout the state for anywhere ...
Subdivision laws enforced by the Department help ensure that subdividers deliver to buyers what was agreed to at the time of sale. Before subdivided real property can be marketed in California, subdividers must obtain a public report from the Department disclosing to prospective buyers pertinent information about a particular subdivision. [8]
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