Getting over the initial disappointment of pulling out of that other property, I threw myself back into my land search. It's not like that many parcels within my price range come up weekly, but I started to revisit my initial list of four (except for the one that was now under contract) as well as visit two others that had come up.
One of my original four actually was viable, I just didn't love the commute. Positioned midway between West Hollywood and the 101 meant I'd either have to drop down into LA and deal with local traffic or head north through through twisty canyon roads to get to the 101, to get to work each day. I ride a motorcycle so the canyon roads allowed me to channel my inner James Dean rebel, until I road them during rush hour. There is nothing fun about wall to wall cars barely moving, blind hairpin turns and rock/gravel slides taking away your shoulder. The stress level of riding north through all that was just as bad as going south and dealing with LA street traffic. But it did have very favorable geology and soil, based on reports that came with the listing - I would just have to come to grips with the commute.
Of the two new pieces of land that came up, both fell under contract during my initial investigation, and were now only accepting back-up offers, so I pulled back looking at them seriously. The other 'commuter hell' property mentioned above had been on the market for over a year, so I didn't feel the rush to get an offer in, while I pondered the downsides of living there.
Just when I thought, I'd have to play the waiting game, a new property popped up. This one was positioned pretty far north in the Hollywood Hills (above the reservoir, or to the left of the Hollywood sign if you're not from the area), had easy access to the 101, and I could walk to lots of shopping and entertainment (which is sometimes better than dealing with traffic). It seemed ideal, so I immediately visited and found it situated in a well established neighborhood with all basic services readily available. It's very steep, which would probably scare off some buyers, and the owner had been holding onto it for a long time, so this was its first time on market in decades.
Offer made, counter made, price agreed upon, and I am again in escrow. Yes, this is at the top range of my budget. Yes, I am going to have to pay a lot to research and develop the land (it only came with a simple boundary survey), but my man at GeoConcepts did some quick investigation and said everything seemed stable. Also, the seller was very reasonable and I have a lot more time to remove contingencies and get proper investigative work done. So far, so good. It seems like I'm on my way.