Bought at the height of the real estate market and intended for conversion into high-priced luxury apartment buildings, empty plots of land are littered throughout Los Angeles, undeveloped and quietly back on the market at greatly reduced prices.
"These units were intended for buyers so wealthy that their main challenge wasn't coming up with millions of dollars to spend but rather to find a dwelling that suited their refined tastes, developers said. It turned out that the target market of international jet-setters, movie stars and corporate barons wasn't as deep as many had hoped.
So the fact that many of these parcels come with hard-won government approvals for platinum-level developments doesn't necessarily add to their value, said Norris of Norris Realty Advisors.
He estimates that such commercial properties are worth about 40% to 60% of what they were at their peak in late 2007 and early 2008. But with today's tight credit market and tougher lending standards, few deals are being done."
Now, the high-rise condo market has dried up in L.A. and the planned residential towers no longer seem like such a good idea. Many real estate experts are left wondering what will happen with these empty plots and whether they will be able to materialize into any built projects within the next few years.
FULL STORY: After the bust, prime parcels at cut-rate prices

Montreal Mall to Become 6,000 Housing Units
Place Versailles will be transformed into a mixed-use complex over the next 25 years.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

DARTSpace Platform Streamlines Dallas TOD Application Process
The Dallas transit agency hopes a shorter permitting timeline will boost transit-oriented development around rail stations.

Study: 4% of Truckers Lack a Valid Commercial License
Over 56% of inspected trucks had other violations.

Chicago Judge Orders Thousands of Accessible Ped Signals
Only 3% of the city's crossing signals are currently accessible to blind pedestrians.

Philadelphia Swaps Car Lanes for Bikeways in Unanimous Vote
The project will transform one of the handful of streets responsible for 80% of the city’s major crashes.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Mt Shasta
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)