Oh yeah, I was surprised by that too. I broke out land separate from buildings in most of my notes specifically for that reason.
Turns out the buildings (and, implicitly, building permits in high-density areas) are generally worth a lot more than just land itself. At least based on whatever black magic these accountants are using.
Oh yeah, I was surprised by that too. I broke out land separate from buildings in most of my notes specifically for that reason.
Turns out the buildings (and, implicitly, building permits in high-density areas) are generally worth a lot more than just land itself. At least based on whatever black magic these accountants are using.