These plots of land were once slated to hold towers and condo, now they're just parking lots or dusty parcels. The Los Angeles Times rounds up the city's most high-profile parcels, and included on the list are 9200 Wilshire, 9900 Wilshire, the Park Fifth site, 10000 Santa Monica Blvd, Campus at Playa Vista site, and a plot near Cedars-Sinai. But if developers are now all about snapping up distressed properties, no one wants these plots, according to the Los Angeles Times. "...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.
"The fact is," Norris said, "so far nobody has displayed the wherewithal to acquire these." The Franklin Avenue blog also notes the Times story, and there's some griping that landmark structures were either moved or destroyed (Tail O' the Pup was moved , for instance, from San Vicente), but nothing has been built. The Tail O' the Pup was moved to make way for a Turnberry project, seen above.
· After the bust, prime parcels at cut-rate prices [LAT]