You're basically correct about building homes (even with inflated wood prices), but when there's a housing boom (bubble?) land gets bid up like crazy as well.

You're basically correct about building homes (even with inflated wood prices), but when there's a housing boom (bubble?) land gets bid up like crazy as well. And no, I'm not talking about Midtown Manhattan. Rural Maine, roughly 3 to 3.5 hours from Boston, is where I was looking and it wasn't easy to find the right spot.