The prices of on-the-market luxury homes in Los Angeles have been steadily falling, but land-only listings ripe for development are having a moment.
Now, in Redondo Beach, one owner is thinking big. Very big. A 2.64-acre plot of land is on the market there for about $40 million.
The L-shaped development site is located at 750 N. Francisca Avenue. It is owned by Aria Shafiee, through 3600 Torrance Management LLC. Shafiee would not comment on the property when reached by phone.
The property was purchased for $3.4 million in 2012 from the Kranza Family Trust.
Mirian Duenas of Four Points Realty has the new listing. Duenas did not return requests for comment.
An official with the Redondo Beach Planning Department said that no entitlements have been approved for the property. A request for a “change of land use to allow hotel in industrial zone” was filed in 2014, but that plan has not advanced since.
While details remain scarce on the Redondo Beach property, L.A. has seen a growing market for empty plots of land. The price tags on those properties are getting slashed, with brokers often calling the initial listing a case of “aspirational pricing” that is happening throughout the high-end market.
The big daddy of them all: The 157-acre plot of land called “The Mountain of Beverly Hills.” It started at $1 billion last July, and has been cut to $650 million. There have been no takers.