Only correct if you choose the extremes. Regardless, open fields and under bridges in, e.g., San Francisco are lousy places to live. Without the improvements,

Only correct if you choose the extremes. Regardless, open fields and under bridges in, e.g., San Francisco are lousy places to live. Without the improvements, you do not have a home. So most people choose to pay for the "places" with improvements. The primary value of a property is therefore not the place. Location is sometimes the most significant variable in the value of a property. But that is not the same thing.