land is generally 90%+ of the value out here in santa monica. 1 story tear downs go for $2M in the area i live. the new owners usually want to build their own t

land is generally 90%+ of the value out here in santa monica. 1 story tear downs go for $2M in the area i live. the new owners usually want to build their own thing - a big spanish style ranch or weird japanese/modernist house - it's the land that's valuable and scarce, not the access to construction crews and building materials