Buying land at a discount to build on...

[Curtis H.]

Has anyone ever done this? Bought a lot amongst other homes at a steep discount and built a home there? I live in Socal (the valley) and prices are out of this world right now. Besides, I don't want to live on a regular city street. I've always wanted SPACE. Regular sized house, huge lot in a niche community (rich, retirement, horse, etc) to help resale value later. 

So something like this...not this at all, but close enough. 

http://www.redfin.com/CA/Pasadena/0-SHAW-RANCH-Rd-...

If this land is right next to other homes, it probably has easy access to water, sewage, and utilities. Not a given, but probably. So my questions are...

1) Who would I hire/use so I won't be doing this blindly? To let me know this land is ok to build on? Land broker? The general contractor who would build? 

2) Is this a bad idea? I feel like screw that, if I can get .25 acre and build a modest home for the same money, why not? Especially in an appreciating neighborhood. 

Would love to hear from fellow Socal resident @karen margrave has to say on this one too. If I don't get into something by next summer, I feel I will be priced right out of this place and renting for life.