Piece of land in El segundo, 418 Valley st. Why is it unoccupied and what is it worth?

Asked by Ashleen, El Segundo, CA Sat Apr 30, 2011

I am interested in buying the land at 418 Valley st, el segundo. i'm just wondering, i've sent price estimates of it online for over $700,000. is there a reason why that 1 piece of land is more expensive than most of the houses on the street? Why would the land cost so much?

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Emily Knell’s answer
Emily Knell, Agent, Huntington Beach, CA
Sat Apr 30, 2011
I would need to do a bit more research to really give you a good idea on what it's worth. For the properties that are West of Main St., there just hasn't been a whole lot of sales activity even since last July. And, none of the sales since last July are on such a large lot. The avg lot size of the other properties (not other vacant land) have been about 6,000sqft.

This lot is 10,875sqft, the current owners paid $750K for it in 2006, it's zoned for a duplex. The other properties on the street are single family & multi family & of the properties that have recently sold, they're all OLD, 30's, 40's, 50's. Whoever builds on this lot on Valley is going to have a rare brand new custom home or duplex on a massive lot size.

I have another property in the area (Hermosa Beach) w/ ocean views on a 5,000sqft lot that is a tear down to build a single family or possibly a duplex on & I'm comping it out around $825K.

If you'd like to talk about the Valley property with me further, please email or call me directly, I won't look back on this same Trulia thread for answers.

EmilyKnell1@yahoo.com
562-430-3053
Realtor Since 1996
1 vote
Travis Siegel, Agent, El Segundo, CA
Fri Aug 10, 2012
First, You cannot rely on anything you see online to estimate the value of a piece of property, unless that information is from actual recent sales. Sites like Trulia and Zillow do not take into consideration a number of factors that are very important when pricing a property.

418 has vacant for years. There was a house there but it was destroyed by a fire, I believe. For many years only the facade of the house still stood, until the city discovered that it was a safety issue and demanded that it be completely removed. That was about 10 years ago or so and it has sat vacant since. I personally know several builders that have offered to purchase the property from the owners and they would not sell.

Travis Siegel
RE/MAX Execs - El Segundo
http://www.elsegundorealestate.me
310-597-3672 - Direct
0 votes
Dorene Slavi…, Agent, Torrance, CA
Mon May 16, 2011
Hi Ashleen,
in order to advise you property, you should contact a broker who works with land and is familiar with the area. This is normally a Commercial brokerage,but if it's only one lot of resiential it could be a residential agent. You cannot really go with what you find online, because many things have to be taken into consideration, the least of which is zoning.
Web Reference:  http://www.doreneslavitz.com
0 votes
Ashleen, Home Buyer, El Segundo, CA
Sat Apr 30, 2011
Thanks. I meant to write "i've seen" price estimates, not "sent". I know people own it but have not done anything with it for almost 5 years. pity, its such a pretty lot.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Apr 30, 2011
Your buyers agent should be able to assist you with all your questions. No one can render an opinion UNLESS tour the property / land determine all the facts involved.

Online appraisal usually cause problems with what is consider true value

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
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