IRVINE, CA-Eight land sales that have closed recently for a total of $39 million and 335 acres indicate that buyers and sellers have adjusted to the new reality of the marketplace, says a broker involved in the sales. “While the land market has changed, buyers and sellers have finally adjusted to the reality of current market values. Land values have reset to 2003/2004 levels,” says Les Whittlesey of Irvine-based Whittlesey Doyle, which had the exclusive listings in seven of the eight sales, four of which were REO sales.

According to Whittlesey, co-founder and principal of the firm, one of the most interesting aspects of the transactions was their diversity. “At one end of the spectrum, we sold a graded super pad site in Temecula to a builder for a project that will open for sales next year, and, at the other end, a raw un-entitled land site sold to an investor doing an assemblage in the Banning market,” he said.

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