Ever wonder why this saying is kept around. Well, when they say this they are really talking about why Real Estate can be worth so much more in Beverly Hills CA versus Oklahoma City, OK. Image if you have the same house in both locations, which one is going for more?
So what are you really buying? You got it – THE LAND!! Because you can pretty much demolish and put anything up anywhere – zoning permitted- it just comes down to the land value. Think about it – no 2 parcels of land are the same. In this perspective, land has the quality of being unique. That means every single piece of land in Bellingham WA has a unique set of characteristics. That really goes for any piece of land. That is why you can get a better house in a less desirable location. However watch out for super adequacy. Ever seen a mansion in the sticks? More than likely not but it happens, and it brings down the value of the house. Land with a view or on some sort of water usually fairs best.
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