... The Newhall Land and Farming Co. property is considered prime real estate because its location is a relatively short driving distance from Los Angeles' job centers, said Delores Conway, director of the Casden Forecast at the University of Southern California Lusk Center for Real Estate.
"Newhall land is still a very prime property to own," Conway said, noting the land is also already entitled, a process that typically adds years to prospects for development...
..."In the downturns that we've seen in the past, land is usually the last to drop in value," Conway said. "What's unique about the situation that's happening now is we're seeing land prices starting to drop, but only in certain areas."...