To add to this.
I built a house In 2010 and it cost around $200,000
I built another house this year and priced my original house and the price was now around $260,000.
So 9 years later it had increase around $60,000 or 30% -- which sounds about right.
So the land should also have gone up at the same rate, right? Why should the land value almost double? What could possibly cause that when the actual build cost just goes up with inflation, as the land is just sitting there?.... well I would say its because of speculators that would think housing always goes up in price -- its not like the land cost anymore to develop besides the inflation costs........ hmmmmmm we are in for some interesting times.
