What is the REAL price of dirt in El Segundo. As I’ve mentioned real estate is priced at the margin. That means the “value” is the most any single person is willing to pay. Each potential buyer has his own reasons and we all know not everyone makes the best financial decisions. In this post we’ll look at three homes in El Segundo that are all priced for lot-value.
We’ve got three lucky contestants. One local realtor and two realtors that don’t live in El Segundo and from what I gather have no social or economic connection to El Segundo.
Let’s pretend it doesn’t cost money to tear down a house, get plans made and that it’s quick and easy to build a house.
I’ve written about Marc Faerber’s overpriced piece of crap at 403 Loma Vista. Priced at $1.225 million for a 6700 sqft lot. There’s all sorts of shady shit going on but at $182/sqft for dirt Marc is the MOST EXPENSIVE!
Local Favorite Lynn O’Neil’s latest (honest listing) is $879 for 6400 sqft lot. She comes in at a respectful $137 sqft. Priced to sell quickly and without hassles. This, IMHO, is close to the value of dirt in El Segundo. This might be a price a developer can wrap his head around.
And this week’s tear-down dujour is by another out of town realtor Julie Hughes out of Long Beach. Her listing is Chevron adjacent and priced at at $950k for a 5150 sqft lot that is zoned R3. Hmmm, looks like she may have pulled some comps and based it on Marc’s lofty price goal. If you take a look at the street view you’ll notice it’s a tiny plot sandwiched among apartment buildings on the farthest south end of town. You are so close to Chevron that you can see holding tanks if you look down the street.
The sad reality is that they all are. Some person that has been watching too much HGTV will think they can handle the project and blow $1 million in order to spend another $500k to build a home. Good luck.