alkemyst
No Lifer
I found an AWESOME fixer upper in Malibu. Check it out, an almost 8,000sf lot (!!) for only $3.5m.
http://www.redfin.com/CA/Malibu/20962-Pacific-Coast-Hwy-90265/home/6852471
I say "only," because right next door, look how much a fixed up house costs with a 30% smaller (!) lot:
http://www.redfin.com/CA/Malibu/26050-Pacific-Coast-Hwy-90265/home/6855268
You can buy for $3.5, invest $1 for reno and sell for $8-9. Holy fuck. If you don't believe that the $3.5 house will cost $8-9 when fixed up, consider the example above ($7 for a 5000sf lot), and this one as well.
$6.2 for a 3,500sf lot and a pretty crappy house:
http://www.redfin.com/CA/Malibu/20032-Pacific-Coast-Hwy-90265/home/6852349
Fuck, whoever buys that $3.5 property is gonna cash in large if they know how.
hmmm that first house is built in the 20's, it would take much more than a million to equal that new construction next door.