How to analyze a good deal on land for sale in LA?

[David Czech]

I've recently noticed that there is some land for residential developments for sale in LA that is relatively cheap given the overall housing market there. I am from the east coast and have the intention of either holding on to the land or eventually building something. From this particular offer, I've noticed that the price of the land has increased over the last 5-10 years. My idea is given the influx of recent new construction in the area and high value of neighboring properties, the value of the land will only increase. Does anyone know what other factors I should be looking at? Would this be advisable?