I think that raw land is getting hit pretty hard right now. It usually does at this stage of a real estate deflation. Having said that, if one builds a house for around $150 sq/ft. That would make the construction price about $300K for 2000 sq/ft. And I think that’s a pretty cheap price to build in CA. I think Temecula homes can be bought for $300K right now that are not too old. So that would put the price of the raw land they’re on as pretty cheap. I think. And this land is far from “raw”.
