someone buying a condo is absolutely buying land. That land just is split up across x number of condos. The appreciation that you get on the Condo, is the fact

someone buying a condo is absolutely buying land. That land just is split up across x number of condos. The appreciation that you get on the Condo, is the fact that the land is usually in a very ideal location. That's when the economics of "Going up" even makes sense.