Land Value in Housing
Discussions emphasize that in desirable locations, the cost of land far exceeds building costs, driving high real estate prices rather than construction expenses.
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Not when the majority of the price is in the value of land.
Land is not cheap in many places
The land is worth more than the structure in these areas.
The cost of land ISN'T that much.
Land is cheap. Location is expensive.
Won't that only work if the land is in high demand?
The problem is the price of buildable land, not the buildings on it.
Is someone giving away land for free? Because in places where people want to live, the land costs more than the house.
Makes sense. Land is so cheap out there, that's the last place to be optimizing your trade offs.
In a place where land was expensive it might make economic sense. E.g. in Old Palo Alto houses cost about $1000 per square foot.