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The land itself cannot be replaced. The physical house that sits on the land can.
by theseatoms 11y ago
The land itself cannot be replaced. The physical house that sits on the land can.
- refurb 11y agoTrue, but most of the value is in the land. A derelict house in San Francisco is worth over $1M, but $800K+ is the land.
- theseatoms 11y agoYes, San Francisco is fairly unique in this regard.
- nasalgoat 11y agoNot really, it's the same thing here in Toronto. Developers regularly buy tear-down bungalows on 50' x 120' lots for $1.2M and proceeds to put two tiny houses on the lot that sell for $1M each.