And this is part due to the fact that real estate has to (at least in part) be valued on hypothetical replacement cost. Can’t have apartment buildings reading

And this is part due to the fact that real estate has to (at least in part) be valued on hypothetical replacement cost. Can’t have apartment buildings reading hands for $100mn when a new one costs $20mn (or have the land sell for $80mn when you only allow 2 stories to be built on it).