What's it worth?

$50K? Or $1 million?

We go out to look at houses, and find that houses in certain school districts are worth more; houses near Interstate highways are worth more; houses with a view of the ocean are worth more.

But how does that work? Are the boards and mortar, nails and shingles worth more because they're near the ocean? We check building-supply prices, and find them to be just about the same in each location. What accounts for the difference in price? It would have to be the land under the house, would it not?

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