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Why don't people in big cities buy land add a manufactured home and then sell it for way more money?

I've checked los angeles and buying a developed 5000 sq ft lot can be as cheap as 200k, so why not put a manufactured home on it and sell for 500k, or buy undeveloped land in the santa monica hills and make it ready for the home and then sell it for 2mil? And other major cities like Chicago or Detroit have lots for way cheaper than 200k so what would be the problem in doing this type of thing and why did nobody do it yet??

submitted by /u/amongusgusgus
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source https://www.reddit.com/r/RealEstate/comments/1k49ji4/why_dont_people_in_big_cities_buy_land_add_a/
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