I agree with Tony. The prices have dropped severly in the new construction market. Many builders have gone under. The banks supporting the building loans have gone under. 6500 sq ft lot in South Redondo is going for $675,000 (it used to be over a million) and the lots in North Redondo (7500 sq zoned R3 have been bought for under 600k (and they used to go all the way up to $900,000)
So doing the calculation of 6200 sq ft with a $700,000 lot value, probably around $112 a square foot.
I've been working with buildable lots for years.... more