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Let's say the price in your desirable NYC neighborhood is between $1,000 and $2,000 per square foot. New construction is between $100 and $200 per square foot,

Let's say the price in your desirable NYC neighborhood is between $1,000 and $2,000 per square foot. New construction is between $100 and $200 per square foot, so $900 to $1,800 has to be for the land it's built on, no? (And if that's a 10 floor condo, the underlying land value is actually 10x that number.) Even in not-so-fancy neighborhoods, you're paying a lot for the land itself these days. I live in a <1M provincial city in Belgium in a semi-detached house, and a property assessor calculated that our house represents 30-35% of the total value of our property.

kennend3 4y ago
> and a property assessor calculated that our house represents 30-35% of the total value of our property. THIS! I live in Ontario (Canada) and my property assessment shows something similar, the value of the home is ~40% of the assessed value. There are plots of land in Toronto where the house is not livable selling for north of a million dollars. Given they have no house, it is purely land value.