Over the past 8 to 9 weeks we have seen a number of lot listings come on the market that are priced under $100,000 and it's got the attention of many bargain real estate buyers. We have received calls from buyers who are looking for a small parcel of land so they can build their tiny house in an area that is known for it's expensive real estate well beyond the million dollar price point. As with anything that appears to be too good to be true there is always a catch. Understanding the finer details on this listings and you will understand why the lots are sold at this price point.
Many of the new listings that have come on the market have something written in the fine print. One listing wrote in the description that "Per the city this parcel is deemed unbuildable at this time." Another listing description wrote "Must check with the street in regards to it ever being buildable." So it's safe to say that many of these listings are not buildable lots so why even advertise these for sale? Well, for starters these are advertised as "investments" so if the city ever changed their mind and allowed you to build a home there you would be getting a very deep discount on what these lots should normally sell for. Also, many of these lots are land locked which means there is no road and no access to the lot which also makes building a home there more difficult. Is it worth the investment? We recommend you get all of the information you can from the city of Laguna Beach and make a decision based off of those facts. For further questions regarding buying in Laguna Beach please contact any of our local real estate agents at 949-355-1622.