As part of the Long Term Water Agreement, the City of Los Angeles agreed to auction off 75 acres of city-owned land in the Owens Valley to private hands. With the acreage to be sold off in three phases, the first parcels went on the block Tuesday. Of the 17 parcels of land up for sale, local DWP spokesman Chris Plakos reports that only three sold.
Whether its high prices, low awareness of the sales, the slow real estate market or a combination of all three, of the parcels sold, two were in Big Pine, and the third was in Laws.
Plakos explained that local buyers bought the three plots for the minimum bid. Lot number 10, 1.1 acres on Poplar in Big Pine sold for $444,000. Lot number 14, a .16 acre lot also in Big Pine sold for $79,000. A .96 acre parcel in Laws sold for $207,000.
What happens to the remaining lots that did not sell is yet to be seen. Plakos says that the second phase of land auctions should occur in about a year.