It depends what universities you are looking to buy next to. I would recommend around UCLA or on the Westside of Los Angeles and you will be in the $550K range for a 3 bedroom. As you head further east you can find condos in good areas for around $400k or less that may work as well.
I agree with Andrew that having a house may be a good investment for you as well and there are several more affordable options and typically houses appreciate more than condos.
I'm happy to help in your search. I have sold condos and homes all across Los Angeles.
Keller Williams Realty
Have you gotten the wheels turning as far as entitlement, tract map approvals, zoning requirements? If not, that's OK, but understand that you are not squeezing the most value out of your parcel. Developing in L.A. is brutal and I have personally been screwed but learned so much that I smile about the whole thing and pass on my knowledge happily to clients. If you have gotten something underway then loopnet is good, as is craigslist. I'll post it on the MLS for a resonable fee.
I don't think now is a good time to sell anything in L.A. Especially raw land. Just my two cents.... more