Bought at the height of the real estate market and intended for conversion into high-priced luxury apartment buildings, empty plots of land are littered throughout Los Angeles, undeveloped and quietly back on the market at greatly reduced prices.
"These units were intended for buyers so wealthy that their main challenge wasn't coming up with millions of dollars to spend but rather to find a dwelling that suited their refined tastes, developers said. It turned out that the target market of international jet-setters, movie stars and corporate barons wasn't as deep as many had hoped.
So the fact that many of these parcels come with hard-won government approvals for platinum-level developments doesn't necessarily add to their value, said Norris of Norris Realty Advisors.
He estimates that such commercial properties are worth about 40% to 60% of what they were at their peak in late 2007 and early 2008. But with today's tight credit market and tougher lending standards, few deals are being done."
Now, the high-rise condo market has dried up in L.A. and the planned residential towers no longer seem like such a good idea. Many real estate experts are left wondering what will happen with these empty plots and whether they will be able to materialize into any built projects within the next few years.
FULL STORY: After the bust, prime parcels at cut-rate prices
In L.A., With a Reputation Sprawl, Homes Near Transit Selling at a Premium
Homebuyers are looking for locations with quality transit access in Los Angeles, and they're willing to pay more for the option having transit nearby.
San Francisco Home Construction Expected to Slump This Year
Due to various market and industry factors, developers are not planning to start many new construction projects in 2019.
Downtown L.A. Sees Vacancies Rise and Homeless Populations Grow
There's plenty of housing available in Downtown L.A. for the wealthy but, while those apartments sit empty, many looking for housing find costs too high to pay.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
The VW Bus is Back — Now as an Electric Minivan
Volkswagen’s ID. Buzz reimagines its iconic Bus as a fully electric minivan, blending retro design with modern technology, a 231-mile range, and practical versatility to offer a stylish yet functional EV for the future.
Healing Through Parks: Altadena’s Path to Recovery After the Eaton Fire
In the wake of the Eaton Fire, Altadena is uniting to restore Loma Alta Park, creating a renewed space for recreation, community gathering, and resilience.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Electric Vehicles for All? Study Finds Disparities in Access and Incentives
A new UCLA study finds that while California has made progress in electric vehicle adoption, disadvantaged communities remain underserved in EV incentives, ownership, and charging access, requiring targeted policy changes to advance equity.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research