Los Angeles

[Alec_E]

I have been looking to purchase a lot in Silver Lake to build a custom home. This task has been very difficult because the price range for lots in this area are all over place (99k to 500k+). I can say I would like to find a lot with a hilltop view of either the city, reservoir or both. I was watching the following property, http://www.redfin.com/CA/Los-Angeles/3019-Windsor-Ave-90039/home/7061988 ,because it offered both and was a decent size. The property sold for 230k, is this  what I can expect to pay for something comparable? 

Thanks,

Alec

[troy-mclure]

Alec - dont do it

have you ever built a house before?

there is a reason those/a lot is available in prime neighborhood(s)

[NAR_SHILL]

Yup, like Troy said.  If you're going to pursue this, make sure you do thorough due diligence.  On most hilly/hillside lots in LA it will be prohibitively expensive to develop, and that's if you can get the permits/approval whether or not you dot all your i's and cross all your t's.  It may still require enormous amounts of extortion payments/briber/graft city/county permit fees and whatnot, and even then, you very likely will have to contend with homeowner and neighborhood groups who may make it a living hell to see the process through to completion including litigation.

[Craftsmanluv]

I'm no expert, but isn't it easier to buy a tear down and build within the same foundation footprint?

[troy-mclure]

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Craftsmanluv wrote:

I'm no expert, but isn't it easier to buy a tear down and build within the same foundation footprint?

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"easier" = "much more expensive"

there are no hidden deals in SIlver Lake. 

[GEAH]

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NAR_SHILL wrote:

Yup, like Troy said.  If you're going to pursue this, make sure you do thorough due diligence.  On most hilly/hillside lots in LA it will be prohibitively expensive to develop, and that's if you can get the permits/approval whether or not you dot all your i's and cross all your t's.  It may still require enormous amounts of extortion payments/briber/graft city/county permit fees and whatnot, and even then, you very likely will have to contend with homeowner and neighborhood groups who may make it a living hell to see the process through to completion including litigation.

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There is no "due diligence." Unless you're a pro at bribing the appropriate underlings of Tony Villar and the County Supervisors, you will find all sorts of unexpected and unreasonable demands when you go to build. It is a nightmare--been there, paid that.