I've been checking in and out of this thread for a bit. On my snooping I haven't seen to many folks break the purchase of a detached property into land value and home value. Land typically goes up in a growing city, the house itself is a bit of a depreciating asset that needs maintenance and renovation over time. My buddy in Houston was the same way when he was purchasing his latest place...it was all about the total price, not about maximizing land size.
On the condo side. The best real estate guys I follow talk about the cost of supply. If they can build it cheaper than you bought it for, then you're in trouble. If you bought it cheaper than the rebuild costs, you're in the clear for a capital return.
Anyway...property chats are always great fun.
