When you see mind-boggling home prices in places like San Francisco and New York, it's often not the "home" that's driving those prices higher. Those high prices represent the value of the land. The home is just window-dressing, and basically, disposable.
It might shock you to see a fire-damaged home, with charred holes through the floor and walls, selling for one million dollars. It's no doubt a "fixer upper" or even a “tear-down” so at that price, it seems almost absurd that anyone would buy it… unless you are in a city where the land is worth more than the homes.
Realtor.com came up with a list of 10 cities where the land is more valuable than the corresponding homes, and San Francisco was at the top of that list. The data came from the Lincoln Institute of Land Policy, and the Metropolitan American Housing Survey.
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